[P2P-F] Bitcoin @ EFF

[Douglas Rushkoff]

Meanwhile, Venessa Meimis just forwarded this:

www.unifiedfieldbank.com



On Jan 23, 2011, at 10:11 PM, Michel Bauwens wrote:

> european LETS faced the same tax issues in the 80's-90's but they  
> all seemed to have solved them ... but they do pay some kind of taxes,
>
> do we have an expert on these aspects here?
>
> On Mon, Jan 24, 2011 at 12:16 AM, Douglas Rushkoff  
> <rushkoff at gmail.com> wrote:
> Fascinating. Sounds like he got the same attack that Paypal did in  
> the early days, when the banks went after the company for earning  
> its profit on the "float."
>
> The thing that could bring Bitcoin to its knees in the US is the tax  
> law. Ultimately, the network operator would be responsible for tax  
> reporting when people are making exchanges of value and not using  
> cash. I found all this out while working with the Superfluid guys.   
> If I administrate trades for you like ebay does, in US currency, I'm  
> not obligated to produce 1099's. If I don't do the value exchange in  
> dollars, I must report the dollar equivalency to the IRS.
>
> This law has yet to be enforced, but it surely would be if any of  
> these currencies scaled up.
>
>
> On Jan 23, 2011, at 11:59 AM, magius wrote:
>
> > Bitcoin and Opencoin are "sons" of David Chaum's Digicash both.  
> Chaum
> > is one of the most important cryptographers and freedom fighters in
> > the world and invented in the eighties the first digital cash, that
> > was refused, attacked and destroyed by credit card companies
> > societies, that instead wanted to propagate a model not based on
> > anonimity. The big difference between them is that Bitcoin is a
> > complete currency system instead Opencoin is the system to make a
> > currency (a digital mint). Bitcoin you need to use as-it-is, with
> > Opencoin instead you can create your own currency system.
> >
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