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Author Topic: Paying my staff in BTC -- effects?  (Read 3382 times)
Jack of Diamonds
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October 25, 2011, 10:22:10 PM
 #21

So i have a few staff members across the country that we are considering using BTC as currency.

1. Bitcoin is far too volatile for that.

2. It's illegal in the US, under the Fair Labor Standards Act. This requires payment in "cash", because of a historical scam - payment in scrip only useful at the "company store". So you can't pay your employees in frequent flyer miles, Facebook points, or Bitcoins.

Yes sir, Mr. government tool. Heil Obama and all the rest of the uber upstanding politicians.
However, not to be picky, but didnt you say bitcoin was over? Just so we can get the jibber jabber straight.

He's not a government tool, he's right. It's been illegal for decades. Payment for labor in anything except money is illegal.

If explicitly stated in the contract of employment (not likely unless you are very high-up), payment *may* be given out as stock options, futures or shares, like in the case of Steve Jobs (whose 'salary' was only one dollar a year, but earned about 10-20m annually through stocks)

Payment in gold, silver, bitcoins, McDonalds vouchers or anything else is illegal.

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October 26, 2011, 08:30:00 PM
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It seems like Bitcoin's leg to stand on will be in enabling digital barter/trade solutions. The coins themselves not being as useful as the services that use them for exchange. Imagine a site where people begin trading time with other people, using Bitcoin as the de-facto standard exchange medium, instead of some proprietary mechanism. There would be a level of trust put upon the organization to promote a fair marketplace (otherwise users can move elsewhere). If enough people are using such a system, and also providing an entire catalog of self-produced products, we could have a new world structure.

Everyone could be on the same level, at least as far as their real worth is concerned. A hairstylist in Atlanta can trade the same time for coins to trade for coins and time from a dentist in New York. We only need to have people opt-in to the system to begin using it and receiving coins for time. I guess someone has to seed it too. :-)

Maybe it's a pipe dream, I dunno. Sounds better than this money slavery thing. We all need food, shelter, clothes and each other. Everything else is fluff.


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