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California governor signs bill legalizing bitcoin

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posted on Jun, 29 2014 @ 05:15 PM
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Greetings !

Well , I have seen a few " bit coin" threads circling around ATS but I never really took the time to research exactly what bit coin is and the roll it plays in today's market ? I was hoping to gain some insite from members who have more knowlege on this subject.
My questions Are " what roll does bit coin play in todays market"?
"How will bit coin impact the market"?
"Now that this form of currency is leagal in CA , what can we expect"?
Meaning is this good for CA or bad ?

Thanks in advance

Humbly

LSH.


California Governor Jerry Brown signed into law a bill making alternative currencies, including bitcoin, lawful in the state.

READ MORE: The US Marshals Service auctioned off 30,000 confiscated bitcoins.

The bill repeals the provision of the old legislation, which banned the use of "anything but the lawful money of the United States."

Authors of the amendment labeled the old regulatory regime as “stagnant” and lagging behind Californian “growing and innovative payments market.”

“This bill makes clarifying changes to current law to ensure that various forms of alternative currency, such as digital currency, points, coupons, or other objects of monetary value do not violate the law when those methods are used for the purchase of goods and services or the transmission of payments,” the comments to the bill read.



rt.com...




:ETA: not sure if this belongs in this forum.
Mods .......


edit on 0175053061765th by LightningStrikesHere because: (no reason given)




posted on Jun, 29 2014 @ 05:49 PM
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a reply to: LightningStrikesHere

Huh, curious to the response you get here.
I am not a fan of bitcoin, but maybe I just don't know enough about it. And it seems I am going to be forced to need to understand it soon



posted on Jun, 29 2014 @ 05:58 PM
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a reply to: LightningStrikesHere

So legalizing it is a fresh revenue stream for the state. How many $ per bitcoin x 30k?

Plus potential revenue.


edit on 29-6-2014 by EA006 because: (no reason given)



posted on Jun, 29 2014 @ 06:02 PM
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originally posted by: EA006
a reply to: LightningStrikesHere

So legalizing it is a fresh revenue stream for the state. How many $ per bitcoin x 30k?

Plus potential revenue.





According to this bit coin convertor it cost 600 and some change
USD
preev.com...



posted on Jun, 29 2014 @ 06:04 PM
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Thanks for the info!

I wonder how the Feds will handle it. Will they treat it like medical/recreational pot and ignore it until it catches on (for the most part, yeah I know the horror stories of raids), or will it become something that cant be contained and must be accepted without federal intrusion?

Curious to see the responses in this thread. States rights advocates, the fear of the fiat people, etc. Gonna be a good thread...



posted on Jun, 29 2014 @ 06:08 PM
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a reply to: Sremmos80

That bitcoin is trendy now. Maybe cryptocurrency is here to stay, my guess is something much better than the bitcoin will have to take over if cryptocurrency is in our future.

To me this is just another way that California can siphon off funds from her residents.



posted on Jun, 30 2014 @ 12:40 AM
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originally posted by: jrod
a reply to: 8090112]Sremmos80[/post]

That bitcoin is trendy now. Maybe cryptocurrency is here to stay, my guess is something much better than the bitcoin will have to take over if cryptocurrency is in our future.

To me this is just another way that California can siphon off funds from her residents.



Well i wouldent go that far just yet , everyone has a choice to buy bitcoin , if they start taxing it somehow then we have a problem



posted on Jun, 30 2014 @ 01:08 AM
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a reply to: LightningStrikesHere

There are other cryptocurrencies besides bitcoin. I think bitcoin is still on top of a bubble they have been able to ride well. Perhaps a rival currency could push that bubble even higher.

Making a currency lawful also means it's transactions are taxable.
edit on 30-6-2014 by jrod because: ,



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