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it's the first time in hundreds of years when an individual can print money and not be called a criminal...thanks to blockchain there's nothing stopping you to

by NickM 8y ago

it's the first time in hundreds of years when an individual can print money and not be called a criminal...thanks to blockchain there's nothing stopping you to create a coin for your group, your neighbourhood or your town Local currencies have been created and used in many places all over the world for a long time, without needing anything like crypto. Nobody is being called a criminal over this, it's quite common. https://en.wikipedia.org/wiki/Local_currency https://en.wikipedia.org/wiki/Local_currency https://en.wikipedia.org/wiki/List_of_community_currencies_in_the_United_States https://en.wikipedia.org/wiki/List_of_community_currencies_i...

JoeAltmaier 8y ago
..and its always been ok to make coins. Its only printed money that was protected?
- Balero 8y ago
  It's legal in the UK: https://bristolpound.org/ https://bristolpound.org/ Plenty of places take this money. I have never seen one in the flesh.
- NickM 8y ago
  Nope, printed money is fine too. I used to live in Ithaca, NY, which had a fairly successful printed currency called the "Ithaca Hour": https://en.wikipedia.org/wiki/Ithaca_Hours https://en.wikipedia.org/wiki/Ithaca_Hours
  - XorNot 8y ago
    The only possibly illegal thing is you must settle your debts for state currency if your debtors request it. It's to ensure company scrip remains suitably illegal.
f055 8y ago
Yes, but which of these currencies are not operated by a registered or regulated entity?
- deleted 8y ago
  [deleted]
- pjc50 8y ago
  Trick question: all of them are regulated, because they're operating within the legal environment of some country, plus the US tends to claim global jurisdiction on anyone selling things to Americans. Technically everyone running a bitcoin miner is violating securities law. It's just that SEC enforcement of this is going after the most fraudulent crypto enterprises first.
  - jki275 8y ago
    That's a stretch. Bitcoin hasn't been defined (and probably won't be for a variety of reasons) as a security.

by NickM 8y ago

JoeAltmaier 8y ago

..and its always been ok to make coins. Its only printed money that was protected?

Balero 8y ago
It's legal in the UK: https://bristolpound.org/ https://bristolpound.org/ Plenty of places take this money. I have never seen one in the flesh.
NickM 8y ago
Nope, printed money is fine too. I used to live in Ithaca, NY, which had a fairly successful printed currency called the "Ithaca Hour": https://en.wikipedia.org/wiki/Ithaca_Hours https://en.wikipedia.org/wiki/Ithaca_Hours
- XorNot 8y ago
  The only possibly illegal thing is you must settle your debts for state currency if your debtors request it. It's to ensure company scrip remains suitably illegal.

f055 8y ago

Yes, but which of these currencies are not operated by a registered or regulated entity?

deleted 8y ago
[deleted]
pjc50 8y ago
Trick question: all of them are regulated, because they're operating within the legal environment of some country, plus the US tends to claim global jurisdiction on anyone selling things to Americans. Technically everyone running a bitcoin miner is violating securities law. It's just that SEC enforcement of this is going after the most fraudulent crypto enterprises first.
- jki275 8y ago
  That's a stretch. Bitcoin hasn't been defined (and probably won't be for a variety of reasons) as a security.