The latest post by Forbes.com contributor Jon Matonis (@JonMatonis) describes a U.S. Congressional subcommittee hearing on sound money and parallel currencies (which would include gold and silver but not exclusively). Excerpts:
"Generally, the repeal of legal tender laws will allow individuals to decide what to use as the preferred medium of exchange and open the door to alternative currencies without threat of prosecution."
"The legal tender laws have the effect of giving one form of money an artificial preference over another by making that form of money acceptable for the payment of taxes. Therefore, it indirectly puts forms of money without legal tender status at a disadvantage because people will perceive the ‘legally’ preferred monetary unit as having an underlying value greater than zero."
"A bit of bitcoin drama occurred when Rep. David Schweikert (R-Arizona) initially referred to the cryptocurrency as “um….what was one of them called?….something….coin” near the end of the hearing. To my knowledge, that is only the second time that bitcoin has been entered into the congressional record."
"Proving once again that events in the real world unfold faster than those in power can comprehend, the participants probably did not know that Bitcoin [does not need an issuer, contrary to Nathan Lewis’ statement that ‘every currency has an issuer’, and that Bitcoin] is currently the largest distributed computing project in existence today."
All News - Daily E-mail Subscription - Twitter: @BitcoinNews