YourFriendlyNig
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Activity: 14
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February 21, 2014, 04:59:27 PM |
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I keep seeing people claiming to be well under 18 and claiming they have made a decent amount of Bitcoin yet how can they? They can't purchase from any excahnge because you need to be 18 in order to sign a legal contract and buy from any exchange.
So they are lying unless they sell services but they have no experince in most things sorry for the rant but its annoying when people claim to be young and have enough experince to make well over 50 Bitcoin in such a short period of time without buying from a exchange.
So? I Created a kraken account just last week and I'm only 14. Even though I have nothing in it, I'm making a bank account in the summer and going to start trading  . Right now, I just need 1 more mBit so I can transfer funds from blockchain to play2win sites like Primedice. |
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Lauda
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Activity: 2674
Merit: 2965
Terminated.
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February 21, 2014, 05:01:18 PM |
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What the hell are you guys talking about, being illegal? It is NOT illegal. They could have mined it. And they can sell on localbitcoins, without needing to be 18.
Craziness ITT
+1 Anyone under 18 with the foresight to see the monetary future should be encouraged and admired, not admonished. Kudos to anyone under 18 on these forums. Yeah. It is definitely not illegal. |
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" 😼 Bitcoin Core ( onion) |
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devthedev
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Activity: 1050
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February 21, 2014, 06:08:44 PM |
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What the hell are you guys talking about, being illegal? It is NOT illegal. They could have mined it. And they can sell on localbitcoins, without needing to be 18.
Craziness ITT
+1 Anyone under 18 with the foresight to see the monetary future should be encouraged and admired, not admonished. Kudos to anyone under 18 on these forums. Thanks Starfish!  |
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GreenBits
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Activity: 1148
Merit: 1048
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February 21, 2014, 06:23:00 PM |
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I thought it was common practice for 18 year olds to save up for their first car.
3000-8000 USD
So why the hell is it so strange that they might have amassed that much value in bitcoin?
i mean, shit, kids get allowance, birthday money, etc. graduation presents. and its def not illegal for them to hold, spend, or trade btc. hell, ive given my younger sister in law btc for most of the gifts ive given her of late (birthdays, her high school graduation)
what you aren't considering is that a smart 18 year old, having no bills/ recurring fiscal responsibilities, would find it incredibly easy to actually KEEP the btc (because I know mine provides a roof/food for me and others). The problem usually isn't making the money for most; thats easy in America. Just go trade some time.
Keeping said money, however, with insane tax rates and an unsustainable cost of living, is another story..
~Green
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hellscabane
Legendary
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Activity: 896
Merit: 1000
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February 21, 2014, 06:41:50 PM |
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For me, I don't see anything wrong with minors using Bitcoins and transacting with it. There is no law that prevents minors from carrying and holding cash (in fact to do so would be ludicrous); so the same should apply to Bitcoins.
That being said, I will say, that it is quite possible that a lot of minors in the U.S. that perform dealings with BTC have probably done something illegal. If my interpretation of the law is in line with the current application, a minor that has mined an alt-currency is fine; same thing with mining BTC. The problem arises when trading from one cryptocurrency to another cryptocurrency. I can't speak for all exchanges, but I know a lot use Cryptsy. According to the terms under section 1c, users may not be on the U.S. Commerce Department’s Denied Persons List. Now this is slightly muddy waters, as this list is specifically for national security purposes. But since it is on a federal statute, this implicitly means that this excludes "restricted parties." According to the federal government, minors are a "restricted party." So unraveling everything, it can technically be said that minors are not allowed to use Cryptsy. Whether this is the current application of this interpretation, I do not know. Likewise, whether this type of ToS extends to other sites, I do not know.
However, some sites have already set precedents for these types of transactions. For example, it is against Coinbase ToS for minors to use their services. As for localbitcoins, I do not believe that is against the law, but I think those are also muddy waters.
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Beliathon
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February 21, 2014, 06:54:04 PM |
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I'm pretty sure that it is also against the law to be using Bitcoin under the age of 18 in some countries?
As is pirating copywrited music and movies and smoking weed, but kids are doing both those things in abundance. These laws are stupid, obsolete, unenforceable nightmares. Like the drug laws destroying young lives every day in Amerikkka. Nothing is forbidden. Cryptocurrency does not belong to the older generation, those controllers. Bitcoin belongs to the youth. |
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CryptoPanda
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February 21, 2014, 06:56:56 PM |
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Guys there are a lot of successful people under 18, please don't be jealous  |
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apsvinet
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February 21, 2014, 07:19:48 PM |
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How stupid is this post? How are under 18's using Bitcoin? Like everyone else? Thread has no point, 0/10 I do get his point that some major transactions / exchanges need a legal adults ID or whatever, but there are many ways to obtain / use bitcoins. |
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InsanityDev
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February 21, 2014, 07:23:59 PM |
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Wow, I came here expecting to see 4 pages of discussion on how the next generation are starting to use crypto currency, how they view it, and all manner of interesting things.
So sad that is not the case.
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BTCisthefuture
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February 21, 2014, 07:26:30 PM |
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Wost thread ever.
Not even kidding when I say changing the topic to the text below would make more sense:
"How are people over 40 getting a hold of Bitcoins when none of them know how to work VCRs???"
To which the under 18 crowd would say "What is a VCR?" Haha I was thinking the same thing |
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apsvinet
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February 21, 2014, 07:34:28 PM |
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Wost thread ever.
Not even kidding when I say changing the topic to the text below would make more sense:
"How are people over 40 getting a hold of Bitcoins when none of them know how to work VCRs???"
To which the under 18 crowd would say "What is a VCR?" Haha I was thinking the same thing Depends on how young you count the "under 18's" to be. Most 16 and 17 year olds at least should remember the vcrs, altho I guess the 14 year olds probably don't. |
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YourFriendlyNig
Newbie
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Activity: 14
Merit: 0
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February 21, 2014, 07:42:46 PM |
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Wow, I came here expecting to see 4 pages of discussion on how the next generation are starting to use crypto currency, how they view it, and all manner of interesting things.
So sad that is not the case.
I view it as the currency of the future. That is it. It's not some shitty ponzi scheme, some pyramid scheme, some investment. It has a future. It does have some problems, but it can be solved. |
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