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Author Topic: Is mining Illegal?  (Read 2796 times)
Armando
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October 19, 2012, 11:55:23 PM
 #21

Im mining now but my friends ask me: Isnt this illegal?
I asked them why they tough that and they sed: Its actually a program that gives you free money!
It's not "free money", it's fair payment for the useful work you did.


i agree with you The Bitcoin Network pay's you for the work you do.

Even if this will be considered as "free money", there is nothing illegal to take more for free. There are many ways of earning money, that are illegal, but receiving something for free will never be)

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October 20, 2012, 08:09:12 AM
 #22

Ok, thanks for all of your awnsers! lol I have finnaly got 4 hours and more than 5 posts
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October 20, 2012, 08:55:11 AM
 #23

Someone mentioned that to me before too, and I was omg scary. But then found out that
In states, not illegal to mine, not illegal to trade, not illegal to trade for other stuff.

Quote
The U.S. Treasury states quite clearly:
There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy.

Coinage Act of 1965, Section 31 U.S.C. 5103
United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.

Referenced: http://skeptics.stackexchange.com/questions/7701/is-it-illegal-to-refuse-us-currency-for-a-purchase

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October 20, 2012, 10:19:23 AM
 #24

About the free money thing

I find funny that we find... well, "weird" the fact that we can create "money" and we find it disturbing and somehow wrong. It's funny because 1)that's how bitcoin work 2)central banks all around the world print billions of dollars, euros, whatelse everytime and they are perfectly fine at doing that  Roll Eyes
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October 20, 2012, 12:47:36 PM
 #25

And mining is not creating money out of thin air anyway. That's the beauty of Bitcoin.

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October 20, 2012, 04:53:55 PM
 #26

Im suprised the world Governments haven't started to step in yet. Bitcoin is the only true "virtual currency" that was made specifically for transactions, unlike other stuff like Linden dollars who's primary purpose is a gaming enviroment. Also btc's main transactions were blackmarket drug and gun markets.


When this gets bigger expect the big politicians to be mongreling fear and paranoia, and saying the word "terrorist" repeatedly in speeches to put pressure on the community, while the Government creates it's own specialized miners in their science labs to take over the whole scene.
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October 20, 2012, 05:07:06 PM
 #27

Someone mentioned that to me before too, and I was omg scary. But then found out that
In states, not illegal to mine, not illegal to trade, not illegal to trade for other stuff.

Quote
The U.S. Treasury states quite clearly:
There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy.

Coinage Act of 1965, Section 31 U.S.C. 5103
United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.

Referenced: http://skeptics.stackexchange.com/questions/7701/is-it-illegal-to-refuse-us-currency-for-a-purchase
Yeah thats why I asked it, I dont like doing illegal money stuff xD (especially here in Netherlands, they are cencoring the whole internet and screen everything D:)
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October 20, 2012, 05:17:32 PM
 #28

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lol I nevar gonna spend 10.000$ on Ub3r systems
That is the top-tier ASIC  Cheesy

A Jalapeno cost 150$ and a Little Single SC 650  Smiley

Thats the all big problem, my parants are technofoobs and I dont have Paypall :/
I also aint gonna reach 15.03 BTC in a year with 300 mH/s and running a mere 4 hours/day.. normally its around 13 btc but I have to ship it to Europe :@
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October 20, 2012, 05:52:48 PM
 #29

Im suprised the world Governments haven't started to step in yet. Bitcoin is the only true "virtual currency" that was made specifically for transactions, unlike other stuff like Linden dollars who's primary purpose is a gaming enviroment. Also btc's main transactions were blackmarket drug and gun markets.

When this gets bigger expect the big politicians to be mongreling fear and paranoia, and saying the word "terrorist" repeatedly in speeches to put pressure on the community, while the Government creates it's own specialized miners in their science labs to take over the whole scene.

Yes, Bitcoin is the biggest s#!%-stirrer since Kennedy ordered the Treasury to issue silver-backed promissory notes. It has many of the characteristics of gold while at the same time being a secure, global, near-instant e-cash system. It's so brilliant it's almost too good to be true, and that's why it's so exciting. Wiesner's paper on cryptocurrency circa 1960 was ridiculously ahead of its time (Simon Singh discusses it in The Code Book: holler if you want quotes), in one sense ahead of today's cryptocoins in applying quantum cryptography with photons, but even he only envisaged that as a way of protecting central bank notes from external counterfeiting.

On the other hand, if states try to interfere with Bitcoin they're probably well on the way to outlawing personal gold and silver ownership as well. And if so, Stalin reawakes...

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SaintDevil
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October 20, 2012, 06:34:14 PM
 #30

Im suprised the world Governments haven't started to step in yet. Bitcoin is the only true "virtual currency" that was made specifically for transactions, unlike other stuff like Linden dollars who's primary purpose is a gaming enviroment. Also btc's main transactions were blackmarket drug and gun markets.


When this gets bigger expect the big politicians to be mongreling fear and paranoia, and saying the word "terrorist" repeatedly in speeches to put pressure on the community, while the Government creates it's own specialized miners in their science labs to take over the whole scene.

Won't they just be mostly scared, cuz they like to control money, how much and when, whereas you cannot do that with bitcoin...

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October 23, 2012, 09:19:49 PM
 #31

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my friends ask me: Isnt this illegal?
I asked them why they tough that and they sed: Its actually a program that gives you free money!
Working at construction site is illegal because it gives you free money! Consider changing your friends, they are retards.

1LEaxxAh1LKFUvDKYVhiMEVAHRM7K5o7cF
Aahzman
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October 23, 2012, 09:31:11 PM
 #32

You could think of it like farming gold in WoW or virtual currency in some other game, but instead of you manually doing the killing and looting and selling, you have a bot doing the repetitive crap.

Or like dancing for Linden tips at a club in Second Life. both ways earning you a virtual currency which can be traded for real-world simoleons.
Luno
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October 23, 2012, 09:41:44 PM
 #33

My six years old daughter told her classmates that I, her father, lets his computer make money. Some of them thought it was a kind of counterfeiting and told her it was illegal. I told her, when she came home, that Bitcoin is a good that one can sell and the value comes from that. Try this with your friends.

Oh, discovering the illusion of value and money. Bitcoin is an eye opener.


 
 
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October 23, 2012, 09:52:18 PM
 #34

explaining bitcoin to people is rather difficult considering most people cannot master attaching files to an email.

BTC.sx - Leveraged Bitcoin Trading. Simply use Bitcoin to take advantage of a rising or falling Bitcoin price.
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October 23, 2012, 10:09:21 PM
 #35

explaining bitcoin to people is rather difficult considering most people cannot master attaching files to an email.

U srs? Grin

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October 23, 2012, 11:55:58 PM
 #36

It should be legal.
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October 24, 2012, 06:00:08 AM
 #37

I'm 12.
I fully understand bitcoin concepts.
Age should never be a problem.
I run a hosting company.
I built my computer.
I mine bitcoins and have fully worked out electric costs and shares per hour.
Never underestimate a kid.
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October 24, 2012, 06:03:33 AM
 #38

And it's level until the governments start controlling our internets.
Is the worldwide web the law ain't matter here. The currency is virtual. They can't repossess it.
They can't shutdown any physical servers.
The only thing they can do is arrest anyone using a currency better then there currency.
They just envy the success and the fact bitcoin isn't in debt. Jk
But seriously bitcoin is level until governments think they can control internets.
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October 24, 2012, 07:25:36 AM
 #39

no it is not illegal
4hrs a day wont get you much it will cost more in electricity
running a client as a relay will help more
being 14 is not a barrier
welcome

In the Beginning there was CPU , then GPU , then FPGA then ASIC, what next I hear to ask ....

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kuusj98
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October 24, 2012, 05:43:56 PM
 #40

I'm 12.
I fully understand bitcoin concepts.
Age should never be a problem.
I run a hosting company.
I built my computer.
I mine bitcoins and have fully worked out electric costs and shares per hour.
Never underestimate a kid.

Yep, your like a copy of me Cheesy
I was busy with pc's when I was 5 Tongue

My Share per minute rate is 4.5 per minute.

Happy to have some other ''age related'' people around! Im also 90% in it now (yes I learn very fast)
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