"no intrinsic value if is not a currency"
The Department of Justice said Bitcoins can be legal means of exchange at a U.S. Senate committee hearing, boosting prospects for wider acceptance of the virtual currency.
Nov. 18 (Bloomberg) -- The Senate Committee on Homeland Security and Government Affairs meets on virutal currencies in Washington. U.S. Senator Tom Carper, a Democrat from Delaware, the Treasury Department's Jennifer Calvery, the Justice Department's Mythili Raman, and Bitcoin Foundation Inc.'s Patrick Murck comment. (Excerpts. Source: Bloomberg)
Enlarge image Bitcoins
We all recognize that virtual currencies, in and of themselves, are not illegal, Mythili Raman, acting assistant attorney general at the Justice Departments criminal division, said at the hearing.
Seems the assistant attorney general believes it is a currency, therefore can not be part a ponzi scheme by definition.