Quote from: soy on November 10, 2013, 01:27:08 AM

Quote from: Luke-Jr on November 10, 2013, 12:07:12 AM

Quote from: soy on November 09, 2013, 11:31:59 PM

Quote from: Luke-Jr on November 09, 2013, 10:39:12 PM

Quote from: soy on November 09, 2013, 10:08:23 PM

Also the clear demarcation of 'Mined'. I wonder if this will prove a problem with that obscure rule that mined bitcoins make one an international money transfer agent if one tries to use it for anything but barter.

I don't know that any nation has a rule like that... the closest I'm aware of would be FINCEN's guidance that created virtual currency has such regulatory properties - but miners just discover coins predetermined by the protocol, they don't create them. In any case, I doubt any legal institution cares about technicalities.

Thanks. It was the FINCEN guidance I was referring to but then I take it that never became legally binding for US citizens?

As far as I know, it's been legally binding since even before the guidance was written (ie, they were just explaining the law's application).
IANAL, but miners don't create bitcoins, so it doesn't apply to us at all.

I think I have it. We work to solve to some degree a mathematical puzzle. When the puzzle is solved to the current requirement there is a reward of 25 Bitcoins. Those Bitcoins were not 'created' in the solving of the mathematical puzzle to the required degree, those Bitcoins were created at the very inception of the Bitcoin concept, in a strictly limited quantity which will be apportioned out over time. Miners do not create Bitcoins. The FINCEN regulation is technically and legally wrong.

FINCEN never said they were talking about miners, AFAIK. They were just talking about virtual currencies in general.
Linden is the administrator of Second Life virtual currency - that rule applies to them since they do just create it.
It doesn't have an equivalent in Bitcoin.