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You actually can't. Nevada law is explicit that casino chips are not allowed to be used "for any monetary purpose" and federal law prohibits the creation of cur

by CPLX 7y ago

You actually can't. Nevada law is explicit that casino chips are not allowed to be used "for any monetary purpose" and federal law prohibits the creation of currencies. Casino chips are highly regulated and only permitted to be used as a stand in for gambling funds where it is permitted. In real life if a casino doesn't think you got a chip from them directly as part of gaming at that casino they won't pay out on it. That actually happens with some regularity.

lammalamma25 7y ago
Well I learned something new today. But I'm meaning there are many examples of business that will take your money and give some other form of "currency." Like if Libra where called a "facebook gift card" would it be a significant different thing. (Joking)
- wil421 7y ago
  A lot of times when you exchange money for chips or coupons there are signs everywhere saying “no monetary value” or something like that.
lmm 7y ago
> In real life if a casino doesn't think you got a chip from them directly as part of gaming at that casino they won't pay out on it. That actually happens with some regularity. Really? In Bringing Down the House there was a plot point of the crew enlisting strippers to cash in their chips, because they could do so easily and without attracting suspicion because it was normal for them to get paid in casino chips.
- TuringNYC 7y ago
  That supports the parents point — they had to go thru difficult means to actually use the chips.
  - lmm 7y ago
    Only because they didn't want to tip the casino off as to how much they were winning from them.
rootsudo 7y ago
This is correct. South East Asian Casinos were a huge money laundering front because of no KYC or questions. Not anymore.
MaxBarraclough 7y ago
> federal law prohibits the creation of currencies I'm reminded of the 'Liberty Dollar', a 'private currency' that ended in a raid by the FBI and Secret Service. It didn't help their case that their coins looked suspiciously similar to real US currency, mind. https://en.wikipedia.org/wiki/Liberty_dollar_(private_currency) https://en.wikipedia.org/wiki/Liberty_dollar_(private_curren...

by CPLX 7y ago

lammalamma25 7y ago

Well I learned something new today. But I'm meaning there are many examples of business that will take your money and give some other form of "currency." Like if Libra where called a "facebook gift card" would it be a significant different thing. (Joking)

wil421 7y ago
A lot of times when you exchange money for chips or coupons there are signs everywhere saying “no monetary value” or something like that.

lmm 7y ago

> In real life if a casino doesn't think you got a chip from them directly as part of gaming at that casino they won't pay out on it. That actually happens with some regularity. Really? In Bringing Down the House there was a plot point of the crew enlisting strippers to cash in their chips, because they could do so easily and without attracting suspicion because it was normal for them to get paid in casino chips.

TuringNYC 7y ago
That supports the parents point — they had to go thru difficult means to actually use the chips.
- lmm 7y ago
  Only because they didn't want to tip the casino off as to how much they were winning from them.

rootsudo 7y ago

This is correct. South East Asian Casinos were a huge money laundering front because of no KYC or questions. Not anymore.

MaxBarraclough 7y ago

> federal law prohibits the creation of currencies I'm reminded of the 'Liberty Dollar', a 'private currency' that ended in a raid by the FBI and Secret Service. It didn't help their case that their coins looked suspiciously similar to real US currency, mind. https://en.wikipedia.org/wiki/Liberty_dollar_(private_currency) https://en.wikipedia.org/wiki/Liberty_dollar_(private_curren...