4 ms·

> "the official currency of Russian Federation is rouble, Issue (introduction) of other currencies and currency surrogates is prohibited How is that different

by usaphp 13y ago

> "the official currency of Russian Federation is rouble, Issue (introduction) of other currencies and currency surrogates is prohibited How is that different from any other country? Its a generic law that every other country has, you can't start spreading a new currency in United States as well because "official currency of United States is US Dollar". We all know what happened to a "Liberty Dollar" in United States [1]: In 2006 the U.S. Mint issued a press release stating that prosecutors at the Justice Department had determined that using Liberty Dollars as circulating money is a federal crime. The press release also stated that the "Liberty Dollars" are meant to compete with the circulating coinage (currency) of the United States and such competition consequently is a criminal act.[2] [1]: http://en.wikipedia.org/wiki/Liberty_Dollar#Federal_Government_response http://en.wikipedia.org/wiki/Liberty_Dollar#Federal_Governme... [2]: http://www.usmint.gov/pressroom/index.cfm?flash=yes&action=press_release&id=710 http://www.usmint.gov/pressroom/index.cfm?flash=yes&action=p...

waterlesscloud 13y ago
You're ignoring the relevant part that is quite different from how most countries have thus far ruled on bitcoin- "Anonymous payment systems and cryptocurrencies, including the most popular - Bitcoin, are currency surrogates and can't be used by physical persons and corporations."
- taivare 13y ago
  All your Bitcoins are's belongs to us !
VladRussian2 13y ago
the difference is that Eric Holder hasn't yet made a determination that Bitcoin is a currency and thus violates the law (like they did to Liberty Dollar, etc...)
ripter 13y ago
I thought you could spread a new currency in the US, but no one has to accept anything other than the official US currency. Which was the reason why things like tokens and bitcoins can exist.
- baddox 13y ago
  That would be a more reasonable law, but that is not the law.
  - nullc 13y ago
    Except it is the law. Liberty dollars were intentionally similar in design with US currency— any random joe would confuse them. Literature from their maker encouraged (with indirect language) people to pass them off as US dollars and they were priced to make it profitable to do so (E.g. $8 in melt value silver, sold to you for $15 with a "$20" stamped on the front). (See: http://truthalliance.net/Portals/0/Archive/images/news/2012/12/ldf_silver_large.jpg http://truthalliance.net/Portals/0/Archive/images/news/2012/... plus there are a whole _additional_ set of laws covering the minting of coins of precious metal in the US which aren't relevant for Bitcoin discussions). The counterfeiting charges in the Liberty dollar case basically went uncontested. See also: https://en.wikipedia.org/wiki/List_of_community_currencies_in_the_United_States https://en.wikipedia.org/wiki/List_of_community_currencies_i... To do otherwise rapidly runs into a mess of regulating every single private interaction people have.
    - baddox 13y ago
      That's not my understanding of the law or that case, as summarized in the Wikipedia article: http://en.wikipedia.org/wiki/Liberty_Dollar#Federal_Government_response http://en.wikipedia.org/wiki/Liberty_Dollar#Federal_Governme.... The relevant section of US code says > Whoever, except as authorized by law, makes or utters or passes, or attempts to utter or pass, any coins of gold or silver or other metal, or alloys of metals, intended for use as current money, whether in the resemblance of coins of the United States or of foreign countries, or of original design, shall be fined under this title or imprisoned not more than five years, or both. The creator of the currency was convincted for violating this section of code, among others. This is completely separate from imitating US dollars or counterfeiting. I can find no indication that imitation of official US currency was the primary or only justification for his conviction. Every source I can find indicates that simply competing with official US currency is a crime.

by usaphp 13y ago

waterlesscloud 13y ago

You're ignoring the relevant part that is quite different from how most countries have thus far ruled on bitcoin- "Anonymous payment systems and cryptocurrencies, including the most popular - Bitcoin, are currency surrogates and can't be used by physical persons and corporations."

taivare 13y ago
All your Bitcoins are's belongs to us !

VladRussian2 13y ago

the difference is that Eric Holder hasn't yet made a determination that Bitcoin is a currency and thus violates the law (like they did to Liberty Dollar, etc...)

ripter 13y ago

I thought you could spread a new currency in the US, but no one has to accept anything other than the official US currency. Which was the reason why things like tokens and bitcoins can exist.

baddox 13y ago
That would be a more reasonable law, but that is not the law.
- nullc 13y ago
  Except it is the law. Liberty dollars were intentionally similar in design with US currency— any random joe would confuse them. Literature from their maker encouraged (with indirect language) people to pass them off as US dollars and they were priced to make it profitable to do so (E.g. $8 in melt value silver, sold to you for $15 with a "$20" stamped on the front). (See: http://truthalliance.net/Portals/0/Archive/images/news/2012/12/ldf_silver_large.jpg http://truthalliance.net/Portals/0/Archive/images/news/2012/... plus there are a whole _additional_ set of laws covering the minting of coins of precious metal in the US which aren't relevant for Bitcoin discussions). The counterfeiting charges in the Liberty dollar case basically went uncontested. See also: https://en.wikipedia.org/wiki/List_of_community_currencies_in_the_United_States https://en.wikipedia.org/wiki/List_of_community_currencies_i... To do otherwise rapidly runs into a mess of regulating every single private interaction people have.
  - baddox 13y ago
    That's not my understanding of the law or that case, as summarized in the Wikipedia article: http://en.wikipedia.org/wiki/Liberty_Dollar#Federal_Government_response http://en.wikipedia.org/wiki/Liberty_Dollar#Federal_Governme.... The relevant section of US code says > Whoever, except as authorized by law, makes or utters or passes, or attempts to utter or pass, any coins of gold or silver or other metal, or alloys of metals, intended for use as current money, whether in the resemblance of coins of the United States or of foreign countries, or of original design, shall be fined under this title or imprisoned not more than five years, or both. The creator of the currency was convincted for violating this section of code, among others. This is completely separate from imitating US dollars or counterfeiting. I can find no indication that imitation of official US currency was the primary or only justification for his conviction. Every source I can find indicates that simply competing with official US currency is a crime.