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5) The FinCEN ruling clarified the government's stance on Bitcoin about 3 weeks ago. The good news is Bitcoin is very much legal, and will be treated basically like money. People don't need to worry that the government will come down on it any time soon.
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-Erik
Thanks Erik for an excellent summary, one that every bitcoin holder / potential investor should read.
One thought on the above (5) however: If the gov't ever considers bitcoin a threat to the 'real' economy, or a 'clear and present danger' to US interests at home or abroad, for whatever reason (i.e. funding enemies of the state, etc.) could this change very quickly and without warning?
Nobody saw US gold confiscation coming in the 1930's, for example.
Bitcoins may be safe on a PC or thumb drive, but I'd guess that a very large percentage are stored with trusted parties (US or soon-to-be US based) like Mt.Gox and others. Needless to say that 'bitcoin funds can never be frozen' does NOT apply in that case. Just ask any (former) e-gold account holder.
In addition, such sites have reasonably low daily withdrawal limits for security reasons.