Native American Activist Wants To Swap The Dollar For Bitcoin

[ijphlrnxewho]

Native American Activist Wants To Swap The Dollar For Bitcoin
http://www.forbes.com/sites/jasperhamill/2013/12/19/native-american-activist-wants-to-swap-the-dollar-for-bitcoin/

[runam0k]

Are they allowed to do anything on their land? I'm thinking they should set up an exchange...

[BlueNote]

He should set up an exchange rather than get into mining. That would seem to have more profit potential. Then he could take the profits and distribute Bitcoin to poor people or sell to them at a discount.

The ultimate strategy would be to set up an independent banking system, possibly joining up with other native groups in a federation. I don't know if they are "allowed" to do that, having been conquered by the "land of the free" and all, but that is a powerful way to fight back. A native bank that could deal in USD and BTC would be awesome.

[cypherdoc]

order of importance:

1.  Bitcoin exchange
2.  Bitcoin bank

[ProfMac]

A reservation that I have visited has a wind turbine, but it is idle.  The local electricity company will not allow them to connect to the grid.

I have envisioned a scenario where they heat/cool a community building, possibly including a swimming pool and laundromat, with the waste heat from mining operations in a facility adjacent to the wind turbine.

They could also clone a coin for their own use, and use this coin to distribute funds.  The culture in the Native community seems to be significantly more tuned to taking care of all members of the community than the bitcoin community, and I think these ideas will work there.

The casinos have attracted a significant amount of outside funding, and a consideration of how they have impacted the reservation may be instructive in viewing a currency exchange.

[crazy_rabbit]

I think this is **INCREDIBLE** what opportunity! What Possibilities!

While I know many tribes have lots of internal problems, the idea that they could move over to bitcoin is extremely exciting.

[QuestionAuthority]

They can't have their own currency because that was not specifically negotiated in a treaty. They don't have to pay taxes on income earned and they are raping the American dollar away from citizens with casinos. Why would they want to change that situation anyway?

http://www.bia.gov/FAQs/

Limitations on inherent tribal powers of self-government are few, but do include the same limitations applicable to states, e.g., neither tribes nor states have the power to make war, engage in foreign relations, or print and issue currency.

[luqash3]

Actor Tom Truong you wish to swap bitcoins with dollars well sound good but 1 bitcoin for how much dollars? What will be the mode of payment like PayPal, credit card or any other? And above all why I shall trust you like I fear you may be just a scam like many others I have discovered in market

[taltamir]

He should set up an exchange rather than get into mining.

According to the article he wants to do both, also it is misleading to say "he" because he actually has approval from the tribe elders according to the article. They don't understand it but trust that he does and trust him to implement it.

The plan is to leverage their status as "domestic dependant (semi)sovereign states" to switch their local economy to using bitcoins instead of dollars.

There has been all this talk about a nation adopting bitcoin as its official currency. It appears the first one to do so would be an inidian reservation

[crazy_rabbit]

They can't have their own currency because that was not specifically negotiated in a treaty. They don't have to pay taxes on income earned and they are raping the American dollar away from citizens with casinos. Why would they want to change that situation anyway?

http://www.bia.gov/FAQs/

Limitations on inherent tribal powers of self-government are few, but do include the same limitations applicable to states, e.g., neither tribes nor states have the power to make war, engage in foreign relations, or print and issue currency.

I wonder however if this limits them from accepting other currencies..... If they don't mine bitcoins but just use them?

[ProfMac]

... and they are raping the American dollar away from citizens with casinos.

Rape is not voluntary.  Casinos require effort to travel to, and participation is voluntary.  Even with the casinos, the Native Americans have not been treated justly in accordance with the treaties.

[gortonc]

The treaty obligations are a double edged sword that can be used to advantage.  At this point the powers have made a point of avoiding declaring BC a currency.  As long as they do not, the tribes will have free reign.  As soon as the powers make such a declaration they open the floodgates that will demand unenforceable regulation.  Either way it is a win/win for both Bitcoin and the tribes.

[taltamir]

Limitations on inherent tribal powers of self-government are few, but do include the same limitations applicable to states, e.g., neither tribes nor states have the power to make war, engage in foreign relations, or print and issue currency.

I wonder however if this limits them from accepting other currencies..... If they don't mine bitcoins but just use them?

That does sound like it puts a big hole in his plan, he should drop the mining part entirely since that would be a clear case of issuing currency.

The treaty obligations are a double edged sword that can be used to advantage.  At this point the powers have made a point of avoiding declaring BC a currency.  As long as they do not, the tribes will have free reign.  As soon as the powers make such a declaration they open the floodgates that will demand unenforceable regulation.  Either way it is a win/win for both Bitcoin and the tribes.

The united states treatment of egold and the 2 other gold companies from the last decade shows that the USA is more then willing to use contradictory laws.

Take egold, egold has been DENIED status as a financial institution by the IRS, then a new law was passed that redefined what a financial institution is. Then it was applied retroactively (retroactive laws are unconstitutional) to them for prior years, and they weren't allowed to apply for a change in status now that the law change, they were just shut down.

So what you call a win is not necessarily one as history shows

[QuestionAuthority]

... and they are raping the American dollar away from citizens with casinos.

Rape is not voluntary.  Casinos require effort to travel to, and participation is voluntary.  Even with the casinos, the Native Americans have not been treated justly in accordance with the treaties.

When have we ever treated the Indians justly.

[taltamir]

... and they are raping the American dollar away from citizens with casinos.

Rape is not voluntary.  Casinos require effort to travel to, and participation is voluntary.  Even with the casinos, the Native Americans have not been treated justly in accordance with the treaties.

When have we ever treated the Indians justly.

Who is the "we"? last I checked the average american is on the receiving end along with the indians.

[QuestionAuthority]

... and they are raping the American dollar away from citizens with casinos.

Rape is not voluntary.  Casinos require effort to travel to, and participation is voluntary.  Even with the casinos, the Native Americans have not been treated justly in accordance with the treaties.

When have we ever treated the Indians justly.

Who is the "we"? last I checked the average american is on the receiving end along with the indians.

Yeah, that's right. No one is treated justly.

[bryant.coleman]

The Native American casino business is currently declining steeply due to the proliferation of online gambling sites. If they allow the use of BTC, then a lot more revenue can be generated.

[cypherdoc]

They can't have their own currency because that was not specifically negotiated in a treaty. They don't have to pay taxes on income earned and they are raping the American dollar away from citizens with casinos. Why would they want to change that situation anyway?

http://www.bia.gov/FAQs/

Limitations on inherent tribal powers of self-government are few, but do include the same limitations applicable to states, e.g., neither tribes nor states have the power to make war, engage in foreign relations, or print and issue currency.

how is an exchange or a bank involved in printing or issuing currency?

[QuestionAuthority]

They can't have their own currency because that was not specifically negotiated in a treaty. They don't have to pay taxes on income earned and they are raping the American dollar away from citizens with casinos. Why would they want to change that situation anyway?

http://www.bia.gov/FAQs/

Limitations on inherent tribal powers of self-government are few, but do include the same limitations applicable to states, e.g., neither tribes nor states have the power to make war, engage in foreign relations, or print and issue currency.

how is an exchange or a bank involved in printing or issuing currency?

I think the spirit of the actual law would keep them from running an unlicensed bank or exchange unless it was only for the Indians to use within the boundaries of the reservation. They can trade river rocks with each other and call it cash but they can't leave the reservations and trade those rocks with palefaces. They can smoke peyote in a religious ceremony but they can't sell controlled substances to palefaces. Besides they have the same limitations applicable to states.

[cypherdoc]

They can't have their own currency because that was not specifically negotiated in a treaty. They don't have to pay taxes on income earned and they are raping the American dollar away from citizens with casinos. Why would they want to change that situation anyway?

http://www.bia.gov/FAQs/

Limitations on inherent tribal powers of self-government are few, but do include the same limitations applicable to states, e.g., neither tribes nor states have the power to make war, engage in foreign relations, or print and issue currency.

how is an exchange or a bank involved in printing or issuing currency?

I think the spirit of the actual law would keep them from running an unlicensed bank or exchange unless it was only for the Indians to use within the boundaries of the reservation. They can trade river rocks with each other and call it cash but they can't leave the reservations and trade those rocks with palefaces. They can smoke peyote in a religious ceremony but they can't sell controlled substances to palefaces. Besides they have the same limitations applicable to states.

"spirit of the law".  wow, that's an interesting one.  almost sounds beneficial.

exchange or banking over the internet will be an interesting question while the exchange is housed on a reservation.  i see your point but it's muddied and not spelled out clearly as far as i know.  otoh, it might be an interesting experience to travel to a reservation if one had to exchange or bank onsite.