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Right now I think noone is building such a thing because it's not clear that the feds won't shut it down as soon as they notice. This isn't a big problem for us
by lukev 15y ago
Right now I think noone is building such a thing because it's not clear that the feds won't shut it down as soon as they notice. This isn't a big problem for users of virtual currencies, but people running an exchange market could be prosecuted on money laundering charges at the very least.
If there were legal precedent that virtual currencies are fully legal to exchange with USD, I think you'd find that exchanges would mushroom overnight, and that virtual currency (particularly Bitcoin) would have a huge spike in value.
- danvoell 15y agoBut "virtual currencies" are fully legal to exchange with USD. Purchase Facebook Credits for cash. And perhaps this could be an exchange for just non-monetary currencies. Credits for Credits.
- chc 15y agoYou're letting your wishful thinking override your critical thinking. You can purchase Facebook Credits with cash just like any good, but you cannot easily convert them back. It's not a currency exchange; it's a purchase.
- lukev 15y agoUnfortunately the law doesn't always make logical sense. The real question is, do you think the government will accept the full use of an untraceable, uncontrollable, hard-to-audit, hard-to-tax alternative currency without any kind of opposition?
- actionbrandon 15y agoI agree. Theres also barriers with banks/exchanges getting in the way and lobbying a startup out of existence.