posted on Mar, 26 2013 @ 11:38 AM
What is interesting about this is the collection and regulation arm of the FED, the US "treasury" is responsible for dealing with DEBT and managing
Federal Reserve DEBT notes, and is not in the business of managing credits or things of actual value.
From what I understand the Bitcoin is more like an electronic credit, kind of like gold or silver, where as the Federal Reserve Note is a debt, an
IOU, a promise to pay versus a real time completion of payment of say a silver dollar for a taco. When we pay with a FED dollar, we are agreeing to
pay later, someday in the way future, because we have nothing to pay with and the debt note can only be exchanged for another debt note. When you pay
with a bitcoin, a non debt based payment, you are completing the transaction on the spot.
seems they want to regulate the purchase of the bitcoin because it is being bought with a dollar, but the problem here is the bitcoin, while
electronic, is a thing, not fiat money and their domain is debt notes, iou's, not "things." In which case they'd need to regulate all things
While I understand the "land grab" so to speak, if they understood what they actually do, regulate, they'd have to see that the two things are not
the same at all, the Fed note is a worthless piece of paper which the treasury must try work to make it appear of value, the bitcoin is something of