Bitcoin Almost Legalized in Califonia

[lcarmona18]

Bitcoin is being considered as lawful money status in California. More great news for Bitcoin. 

http://www.coindesk.com/bitcoin-closer-attain-lawful-money-california/

[beetcoin]

i think if bitcoin does have a capital/region where it is at the forefront, it's probably northern california. i hope so at least. san francisco has a strong financial industry, and its tech industry is even bigger.

[Ilsk]

That's awesome, maybe the biggest news of the year.

[Ron~Popeil]

I thought bit coin banned California. 

[franky1]

i find it kind of funny that californian politicians think they need to legalise something that is not illegal in the first place.

at this precise moment there is no law that makes it a criminal act to mine a bitcoin or use a bitcoin. merchants right now today will not be arrested for accepting bitcoin.

this new law to make it 'money' is useless because it does not make it legal tender (meaning accepted to pay court fee's or tax bills). the classification of an asset means that to hold bitcoins and do business of purely bitcoins and altcoins means that you do not need a money transmission licence.

by calling it money. then cryptocurency exchanges (not touching fiat). if set up in california, will need a money transmission licence.

remember last year, the bitcoin foundation were threatened with legal action for money transmission without a licence when they reserved the conference hall for the bitcoin convention http://www.cnbc.com/id/100838553. they did not get arrested or go to court bcause last year, bitcoin was not money.
if dclared money this year, expect to have to buy a licence if you want to trade in california..

i hope people realise the negative reasons of the word "money" and the positive reasons of "asset currency" in reality the functions are still the same, but alot less red tape and costs by not being 'money'

bitcoin for all intents and purposes has more freedom and less red tape being defined as an asset currency. bitcoin does not need monetary regulation and control. all bitcoin needs is business oversight in the form of consumer protection

EG the better business bureau, not fincen

[Ron~Popeil]

i find it kind of funny that californian politicians think they need to legalise something that is not illegal in the first place.

at this precise moment there is no law that makes it a criminal act to mine a bitcoin or use a bitcoin. merchants right now today will not be arrested for accepting bitcoin.

this new law to make it 'money' is useless because it does not make it legal tender (meaning accepted to pay court fee's or tax bills). the classification of an asset means that to hold bitcoins and do business of purely bitcoins and altcoins means that you do not need a money transmission licence.

by calling it money. then cryptocurency exchanges (not touching fiat). if set up in california, will need a money transmission licence.

bitcoin for all intents and purposes has more freedom and less red tape being defined as an asset currency. bitcoin does not need monetary regulation and control. all bitcoin needs is business oversight in the form of consumer protection

EG the better business bureau, not fincen

QFT. There is always an ulterior motive with governments.

[brian_23452]

I'm not really sure what this means, or rather, if it means anything at all.  I'm not an attorney nor do I play one on the internet, but as far as I know US citizens, including those in California, do not need permission from the state of California to use bitcoin.  So it would be a little like California passing a law that says it's legal to watch TV.  That's nice and all but doesn't really mean anything as you could already do that anyway (actually, if I were a citizen of California I would be somewhat concerned that the state thinks the default position is something is illegal until they grant permission but that is a topic for another day).  
What would be useful for tax purposes at least would be if it was declared actual currency, but then the state of California does not have the authority to do that (the US Constitution is very specific, and the Supreme Court has consistently ruled, that only Congress can do that).  

[jonald_fyookball]

California was rated as the worst state to do business.  Overtaxed, over regulated...they definitely want their hands on some tax revenue.  But so what , if it helps the cause.

[QuestionAuthority]

I'm not really sure what this means, or rather, if it means anything at all.  I'm not an attorney nor do I play one on the internet, but as far as I know US citizens, including those in California, do not need permission from the state of California to use bitcoin.  So it would be a little like California passing a law that says it's legal to watch TV.  That's nice and all but doesn't really mean anything as you could already do that anyway (actually, if I were a citizen of California I would be somewhat concerned that the state thinks the default position is something is illegal until they grant permission but that is a topic for another day).  
What would be useful for tax purposes at least would be if it was declared actual currency, but then the state of California does not have the authority to do that (the US Constitution is very specific, and the Supreme Court has consistently ruled, that only Congress can do that).  

Don't try to understand it. Just realize that California is a massive freak show and if any state can fuck something up it's California. You want proof that California is a freak show? Two weeks ago I was having dinner at the Boulevard (a fairly nice restaurant). I went to the restroom and, while standing at a stall, the guy next to me asked if he could suck my dick. I pretty open minded, considering where I live, so I simply responded, "no thanks". He then asked if I could give him $20 because he was short of cash to pay for his food. I said no and found the manager to report the incident. The manager said, "what do you expect me to do about it, he didn't really do anything wrong". California is a fucking freak show and no one here is willing to do anything about it.

[beetcoin]

I'm not really sure what this means, or rather, if it means anything at all.  I'm not an attorney nor do I play one on the internet, but as far as I know US citizens, including those in California, do not need permission from the state of California to use bitcoin.  So it would be a little like California passing a law that says it's legal to watch TV.  That's nice and all but doesn't really mean anything as you could already do that anyway (actually, if I were a citizen of California I would be somewhat concerned that the state thinks the default position is something is illegal until they grant permission but that is a topic for another day).  
What would be useful for tax purposes at least would be if it was declared actual currency, but then the state of California does not have the authority to do that (the US Constitution is very specific, and the Supreme Court has consistently ruled, that only Congress can do that).  

Don't try to understand it. Just realize that California is a massive freak show and if any state can fuck something up it's California. You want proof that California is a freak show? Two weeks ago I was having dinner at the Boulevard (a fairly nice restaurant). I went to the restroom and, while standing at a stall, the guy next to me asked if he could suck my dick. I pretty open minded, considering where I live, so I simply responded, "no thanks". He then asked if I could give him $20 because he was short of cash to pay for his food. I said no and found the manager to report the incident. The manager said, "what do you expect me to do about it, he didn't really do anything wrong". California is a fucking freak show and no one here is willing to do anything about it.

i don't know what a guy wanting to suck your dick in a bathroom stall has to do with california and its regulations.

hell, if you were a gay dude into getting BJs, $20 is a steal 

[jonald_fyookball]

Lol.  I think he means it's a diseased culture of deviants and other misfits, who aren't particularly supportive or knowledgable about business.

[franky1]

comedy moment

a guy named "question authority" says "dont try to understand it" ..........



sorry dude, not a personal attack, just found it funny

[QuestionAuthority]

I'm not really sure what this means, or rather, if it means anything at all.  I'm not an attorney nor do I play one on the internet, but as far as I know US citizens, including those in California, do not need permission from the state of California to use bitcoin.  So it would be a little like California passing a law that says it's legal to watch TV.  That's nice and all but doesn't really mean anything as you could already do that anyway (actually, if I were a citizen of California I would be somewhat concerned that the state thinks the default position is something is illegal until they grant permission but that is a topic for another day).  
What would be useful for tax purposes at least would be if it was declared actual currency, but then the state of California does not have the authority to do that (the US Constitution is very specific, and the Supreme Court has consistently ruled, that only Congress can do that).  

Don't try to understand it. Just realize that California is a massive freak show and if any state can fuck something up it's California. You want proof that California is a freak show? Two weeks ago I was having dinner at the Boulevard (a fairly nice restaurant). I went to the restroom and, while standing at a stall, the guy next to me asked if he could suck my dick. I pretty open minded, considering where I live, so I simply responded, "no thanks". He then asked if I could give him $20 because he was short of cash to pay for his food. I said no and found the manager to report the incident. The manager said, "what do you expect me to do about it, he didn't really do anything wrong". California is a fucking freak show and no one here is willing to do anything about it.

i don't know what a guy wanting to suck your dick in a bathroom stall has to do with california and its regulations.

hell, if you were a gay dude into getting BJs, $20 is a steal  

Because those same freaks control the government!

I guess I passed up a cheap BJ. lol

A few years ago a withered old bitch sued me in small claims court for $5,000 because my yard sprinkler got her new car wet and ruined her wash job. In what other state would anyone even consider doing that? The people and the government controlled by the people are fucked up.

[beetcoin]

Lol.  I think he means it's a diseased culture of deviants and other misfits, who aren't particularly supportive or knowledgable about business.

there are quite a bit of freaks in california, but i still don't see how that ties uniquely to the state's government.

[QuestionAuthority]

Lol.  I think he means it's a diseased culture of deviants and other misfits, who aren't particularly supportive or knowledgable about business.

there are quite a bit of freaks in california, but i still don't see how that ties uniquely to the state's government.

Seriously! You don't see how the diseased voting public ties to the state government? Let me put it this way, our governor used to be the terminator. These dumbasses will vote for anyone and anything.

[beetcoin]

Lol.  I think he means it's a diseased culture of deviants and other misfits, who aren't particularly supportive or knowledgable about business.

there are quite a bit of freaks in california, but i still don't see how that ties uniquely to the state's government.

Seriously! You don't see how the diseased voting public ties to the state government? Let me put it this way, our governor used to be the terminator. These dumbasses will vote for anyone and anything.

just because arnie was the terminator does not necessarily make him a good or bad governer.. imo that's just ad hominem logic. i mean, our president was known as an actor before taking his seat.

[QuestionAuthority]

Lol.  I think he means it's a diseased culture of deviants and other misfits, who aren't particularly supportive or knowledgable about business.

there are quite a bit of freaks in california, but i still don't see how that ties uniquely to the state's government.

Seriously! You don't see how the diseased voting public ties to the state government? Let me put it this way, our governor used to be the terminator. These dumbasses will vote for anyone and anything.

just because arnie was the terminator does not necessarily make him a good or bad governer.. imo that's just ad hominem logic. i mean, our president was known as an actor before taking his seat.

Yeah, and look how well that turned out. The minds of the people here, elected officials, bureaucrats or citizens are polluted.

[jc01480]

I suspect the motive is purely tax related.  California is nearly bankrupt.  When you think of a municipality going bankrupt, you instantly think of California (or somewhere in the northeast where similar liberal policies have made it such a quality place to live). 

Alternatively, the recognition grants a certain legal status to Bitcoin.  For example, if someone were to mug you on the street taking only your Bitcoin (hypothetically), to you and I there was a crime committed.  But to many public organizations, they might not recognize it as a crime at all because Bitcoin is not a unit having any value as defined under state or federal law.  I know, this is a ridiculous example, but you get the idea.  If your home burns down and all your hard drives, paper wallets, etc. go with it, you may have recourse to file that on a homeowner's insurance claim in California.  Anywhere else?  Who the hell knows.

[smoothie]

Title is misleading.

Bitcoin isn't illegal in California so therefore there is nothing to legalize.

[ljudotina]

by calling it money. then cryptocurency exchanges (not touching fiat). if set up in california, will need a money transmission licence.

Good thing is that, that kind of exchange (not touching fiat) can be set up ANYWHERE in the world w/o any affect on exchange itself.