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Author Topic: Did Ben Bernanke just ok'd the use of Bitcoin?  (Read 2241 times)
Phinnaeus Gage
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February 29, 2012, 07:30:40 PM
 #1

http://www.youtube.com/watch?feature=player_detailpage&v=H4uL6CSiGrU#t=296s
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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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February 29, 2012, 07:33:31 PM
 #2

Not only did he ok it.

He encourages its use by discouraging the use of the US dollar (by decreasing its value): http://www.cnbc.com/id/46571276

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Phinnaeus Gage
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February 29, 2012, 11:35:36 PM
 #3

Poor Ben Bernanke! Today, he must have felt like he was at a circus. First he had to listen to Barney "Lover Boy" Frank, then Ron Paul. But before Our Favorite Son asked Big Ben a question, he reached into his pocket and produced a silver coin. Barney's eye lit up, hoping all the while it's going to be flipped, giving him the pleasure on calling 'heads', but would settle for Herb's tail.



Not only did he ok it.

He encourages its use by discouraging the use of the US dollar (by decreasing its value): http://www.cnbc.com/id/46571276


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March 01, 2012, 12:42:12 AM
 #4

Yes. Yes he did

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Phinnaeus Gage
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March 01, 2012, 04:05:08 AM
 #5

Yes. Yes he did

Therefore, it's now against the law to not use Bitcoin as a payment options.
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March 01, 2012, 04:17:26 AM
 #6

Like I needed his permission...

Phinnaeus Gage
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March 01, 2012, 04:21:01 AM
 #7

Like I needed his permission...

Love your new avatar and tag line. (rid the "of"?)
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March 01, 2012, 04:11:08 PM
 #8

Yes. Yes he did

Therefore, it's now against the law to not use Bitcoin as a payment options.


+1  Agreed. Ron Paul is so sick of hearing the B.S. answers from "Sad Princeton Ben" that he just uses his entire 5 minutes now to lecture and get something about this criminal theft recorded in history.

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I also cover the bitcoin economy for Forbes, American Banker, PaymentsSource, and CoinDesk.
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March 01, 2012, 05:26:47 PM
 #9

Quote
Did Ben Bernanke just ok'd the use of Bitcoin?
Not quite. Watch the video again. He chose his words very carefully.

Quote from: Ben Bernanke
Its also perfectly fine to hold other currencies, euros, yen or whatever else

Youre allowed to "hold" alternative currencies, but he didnt say you can issue, circulate, transmit, transact or trade in alternative currencies. Bernard Von Nothaus found out the hard way, when he issued Liberty Dollars, that the government has a very strong dislike of alternative currencies. He was charged with terrorism offences.
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March 01, 2012, 05:29:51 PM
 #10

Quote
Did Ben Bernanke just ok'd the use of Bitcoin?
Not quite. Watch the video again. He chose his words very carefully.

Quote from: Ben Bernanke
Its also perfectly fine to hold other currencies, euros, yen or whatever else

Youre allowed to "hold" alternative currencies, but he didnt say you can issue, circulate, transmit, transact or trade in alternative currencies. Bernard Von Nothaus found out the hard way, when he issued Liberty Dollars, that the government has a very strong dislike of alternative currencies. He was charged with terrorism offences.

No, the issue with Liberty Dollars was that they were called dollars and looked a bit like US dollars. There's absolutely nothing illegal in the US (and clearly not in other jurisdictions) with using any alternate currencies at all. Legal tender means that, where there is a debt and one party wants to settle it in US dollars, the other party cannot refuse and claim the debt is unsettled... that's all.

This entire argument about the legality of Bitcoin is nothing but a wild goose chase.
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March 01, 2012, 05:47:20 PM
 #11

Quote
Did Ben Bernanke just ok'd the use of Bitcoin?
Not quite. Watch the video again. He chose his words very carefully.

Quote from: Ben Bernanke
Its also perfectly fine to hold other currencies, euros, yen or whatever else

Youre allowed to "hold" alternative currencies, but he didnt say you can issue, circulate, transmit, transact or trade in alternative currencies. Bernard Von Nothaus found out the hard way, when he issued Liberty Dollars, that the government has a very strong dislike of alternative currencies. He was charged with terrorism offences.

No, the issue with Liberty Dollars was that they were called dollars and looked a bit LOT like US dollars. There's absolutely nothing illegal in the US (and clearly not in other jurisdictions) with using any alternate currencies at all. Legal tender means that, where there is a debt and one party wants to settle it in US dollars, the other party cannot refuse and claim the debt is unsettled... that's all.

This entire argument about the legality of Bitcoin is nothing but a wild goose chase.
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