2013-06-25 ABA Journal - Some basic rules for using ‘bitcoin’ as virtual money

[NewLiberty]

http://www.abajournal.com/magazine/article/some_basic_rules_for_using_bitcoin_as_virtual_money/

A basic primer on Bitcoin for the US legal community from the American Bar Association Journal.
Here come the lawyers.

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[prophetx]

http://www.abajournal.com/magazine/article/some_basic_rules_for_using_bitcoin_as_virtual_money/

A basic primer on Bitcoin for the US legal community from the American Bar Association Journal.
Here come the lawyers.

It is a pain but have to go through this...

[NewLiberty]

http://www.abajournal.com/magazine/article/some_basic_rules_for_using_bitcoin_as_virtual_money/

A basic primer on Bitcoin for the US legal community from the American Bar Association Journal.
Here come the lawyers.

It is a pain but have to go through this...

I think Bitcoin will stand up well to the scrutiny, and likely benefit from it too.

[Gabi]

You follow the law in USA? The California invent an absurd cease and desist letter. It is clear that there aren't rules for using bitcoin, now it is just a war.

[vokain]

You follow the law in USA? The California invent an absurd cease and desist letter. It is clear that there aren't rules for using bitcoin, now it is just a war.

watched this today, never the more relevant
All Wars are Bankers' Wars

[Remember remember the 5th of November]

All 7 points were pretty much valid. I see nothing wrong with the article.

[aigeezer]

All 7 points were pretty much valid. I see nothing wrong with the article.

It's actually pretty much a pro-BTC piece from the foundation (through Murck). Good for them, good for us, good for BTC (I hope).

I hope people will read it rather than just doing word association with ABA and BTC, then jumping to dark conclusions.

Having read it, I am still apprehensive. First it is obliviously America-centric, secondly it is written by and for people who are "officers of the court" - people with a vested interest in working within the system. If frictions build, they will of necessity continue to work within the (American) system, and it is possible that BTC - inherently global - cannot do so. If the American system adapts to BTC, all may go smoothly.

[marcus_of_augustus]

Lawyers don't build anything. They do not advance society. They are at best, parasites, at worst destroyers.

Not expecting anything exceptional here.

E.g.

“No new rules, no new regulations. We issued the guidelines to say how we see virtual currencies within the Bank Secrecy Act and record-keeping [and] reporting responsibilities,” says the director of FinCEN, Jennifer Shasky Calvery. “Virtual currencies are subject to the same rules as other currencies. … Basic money-services business rules apply here.”

Presenting a fait accompli guideline as if it has some legal standing ...  I wonder if they have talked to Parker Brothers about the new regulations of their virtual money in the Monopoly game? Or the Bellagio about virtual currency poker chips?

Part of the problem, not the solution.

[NewLiberty]

All 7 points were pretty much valid. I see nothing wrong with the article.

It's actually pretty much a pro-BTC piece from the foundation (through Murck). Good for them, good for us, good for BTC (I hope).

I hope people will read it rather than just doing word association with ABA and BTC, then jumping to dark conclusions.

Having read it, I am still apprehensive. First it is obliviously America-centric, secondly it is written by and for people who are "officers of the court" - people with a vested interest in working within the system. If frictions build, they will of necessity continue to work within the (American) system, and it is possible that BTC - inherently global - cannot do so. If the American system adapts to BTC, all may go smoothly.

That's how I saw it.  There is a lawyer on both sides of every case.  The more they understand Bitcoin, the better for Bitcoin.
The Calif C&D order is a classic example of lawyers NOT understanding it, or the players involved.  So I see this as positive.  What was the Foundation meant to stop doing? Organizing conferences?

[jgarzik]

There is nothing wrong with educating people about bitcoin.  That includes knowing how your local jurisdiction's laws may apply.

Knowledge++  Ignorance--

[polarhei]

Better make clear for new comers as some people know how to abuse during old times byusing Fiat for this.