Re temp1029
1. there still is no recourse built into cash, or btc. If a guy paid in cash you have no proof either. It's about believing in the process
Maybe add a EULA kinda legal contract option built into the wallet apps?, ie
"I agree to pay the (merchantname) BTC0.01227 or the USD$10.90 at (spot rate) on this (autodate) with transaction number (blockchain) for items as listed below
1 pizza $10
subtotal $10
tax $0.90
total $10.90
"
This saves to both your wallets as proof of payment. The cops or the courts might not have a clue how this works yet, but a receipt from a store is a binding proof of sale. So if we are going to use Btc's other strengths, such as verifying transactions, then we can save these "public" receipts. This is totally optional, so if you are sending cash you can skip it.
Once the courts catch up to Btc, it won't take long for courts and lawyers to understand that theft is theft.
2. taxes are a totally separate thing in retail sales. the business is licensed and registered in their city state country and they are obligated by law to collect those taxes. Prices will always have to be convertible to fiat, and taxes charged on applicable rates.
if you came to my pizza place, a $10 pizza has .8875% NYC sales tax so it totals at 10.90 (huh? anyways..) so if you wanted to pay in Btc, it would be 0.01227 at the spot price of $888/BTC1
Even when I settle the check in Btc, I have rung in a sale of $10USD and over that USD$.90 to the city.
1) I wasn't talking about charge back like recourse, but more along the lines of taking someone to court for theft. Thanks for helping me to clarify. I like your suggestion about an EULA and a "audit trail" of sorts, that would go a long way
2) Very true, but calculating those taxes, when pricing things in Bitcoin might be difficult. I buy a
BTC0.01227 pizza at the spot price of $888/
BTC1. That same amount could be worth more or less in the fiat currency of choice if it isn't immediately converted. So the shop owner pays the $0.90 to then city but what about the gains? If there are losses to the value, can those be written off? Like I said, this only applies if it isn't instantly converted to fiat.