3 ms·
Bitcoins aren't money.
by hananova 6mo ago
Bitcoins aren't money.
- wmf 6mo agoThey're property which is also illegal to steal.
- greyface- 6mo ago18 U.S.C. § 2311 defines "money" in the context of stolen property as: > the legal tender of the United States or of any foreign country, or any counterfeit thereof Bitcoin has, at times, met this standard by being the legal tender of a foreign country.
- tshaddox 6mo agoGood luck convincing the government that you aren’t guilty of money laundering because you used bitcoins.
- hananova 6mo agoIt’d be money laundering because money went in on one end, and money came out at the other end. Bitcoin would’ve been the vehicle yes. Still not money though. Something doesn’t have to be money to be involved in money laundering, obviously.
- tshaddox 6mo agoYour legal analysis is very much incorrect. The U.S. will prosecute you for money laundering if you e.g. provide an illegal service, receive payment for that illegal service in bitcoins, then use a bitcoin mixing service, and then finally exchange your post-mixed bitcoins for goods. This is money laundering, despite there being no other money (like dollars) involved any step along the way. In fact, the U.S. has prosecuted and convicted people for money laundering simply for operating the bitcoin mixing service, which is clearly just bitcoins in and bitcoins out.