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Author Topic: Casascius coins illegal in the US?  (Read 1042 times)
TradeFortress
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March 18, 2013, 11:19:46 AM
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18 USC § 486:

"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."
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cbeast
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March 18, 2013, 12:41:19 PM
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Does the USA currently recognize Bitcoin as money?

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
BTC_Bear
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March 18, 2013, 12:50:16 PM
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18 USC § 486:

"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."


Ah... well sort of... 11 States the last time I checked have re-instituted their right to use Gold as a currency starting with Utah, IIRC. Although those coins, have been duly produced by a Federal Government. Do so, basically allows people to buy gold coins without paying a tax. So you don't get taxed for buying currency.

But under your premise, AMPEX couldn't operate. They seem to have been doing so for a long time.

Casa Coins are A)Either an metal (silver or gold) or B) a token.  However the token is pretty much worthless just like the Dabloons from Mardi Gras. Their only value is the private key on them, which could be on anything. So if the government really causes a fuss about the tokens, he could sell Pet Rocks with BTC on them. Or Sea Shells...

Corporations have been enthroned, An era of corruption in high places will follow and the money power will endeavor to prolong its reign by working on the prejudices of the people until wealth is aggregated in a few hands and the Republic is destroyed. ~Abe Lincoln 1ApJdWUdSWYw8n8HEATYhHXA9EYoRTy7c4
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March 18, 2013, 10:45:50 PM
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intended for use as current money

Since the value of a Casascius physical bitcoin is not in the metal but instead hidden under the (easy to counterfeit) hologram, I would make the argument that for that reason alone these are not intended for use as current money. A rational person wouldn't accept these in trade unless you trust the person with whon you are trading.   Therefore, these aren't are form of current money.

ShireSilver
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March 19, 2013, 01:45:29 AM
 #5

But under your premise, AMPEX couldn't operate. They seem to have been doing so for a long time.

AMPEX and similar sites are selling bullion meant for investing. However, your point is proven by AOCS and their attempts to use virtually the same bullion as a currency. One of the guys running it even spoke to Congress not long ago.

Fortunately, Shire Silver isn't anything like a coin, so we don't fall under 18 USC § 486 :-)

Shire Silver, a better bullion that fits in your wallet. Get some, now accepting bitcoin!
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