Published: Tuesday, April 8 2014 12:00 a.m. MDT
The creation of bitcoin and other kinds of cyber-money is unconstitutional. The
US Constitution Article 1.8 tells us that 'The Congress shall have power...
to coin money and regulate the value thereof.' Article 1.9 says that
'no state shall... coin money.'These two Articles seem to
say that only the federal government can create money. The Federal Attorney
General should get busy and bring bitcoin creators to justice... if he can find
them. They could be foreigners.Furthermore, only governments are
entitled to Seigniorage (Right to mint money), which is the difference between
the value of money and the cost to produce and distribute it. This should
accrue to the government only, not to individuals. It's not wise to invest
in bitcoins who's value could drop to zero overnight and without notice.
I agree with your concerns about using bitcoins, but legally there's no
real restriction to it. Only the U.S. government can mint official U.S.
currency, but there's nothing to stop individuals from recognizing and
using a currency outside the sanction of a governening body.I just
don't place value in something that I can't carry with me to the store
and buy food with.
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