Post
Topic
Board Legal
Re: Legal revision of the new bitcoin.org
by
sunnankar
on 10/03/2013, 03:28:21 UTC
Good job so far.

CHANGES
Bitcoin is an open-source cryptographic protocol that enables users to:
* send any amount of bitcoins
* to any other user
* anywhere in the world
* at anytime
* without any risk of seizure, fraud or chargebacks
* for extremely low (about $0.005) or zero processing fees
* and much more!

Bitcoin uses peer-to-peer technology to operate with no central authority where the network collectively and strictly regulates the issuance of bitcoins and verifies transactions which transfer them between users.

These unique value transfer properties has given rise to what some consider to be the first digital censorship-resistant currency and empowers users to do things not previously possible.

This free software is a community-driven open source project and released under the MIT license.

[Remove: at the top the grey text "= { An Open Digital Currency }"]

[Include: the We Use Coins video somewhere on the homepage]

REASONS
Notice the weasel words, 'what some consider'. Bitcoin.org should not assert that Bitcoin or bitcoins are a currency. 'Currency' is a legal term of art and like the word 'funds' can invoke some nasty sections of law. Currently, Bitcoin and bitcoins are clearly neither 'currency' nor 'funds' under applicable statutes, like 31 USC 5103, because the standard to be 'currency' and 'funds' is usually that is must be legal tender.

Sure, it may walk like a duck and quack like a duck but currently Bitcoin is not a duck. Jon Matonis and I have repeatedly emphasized this.