I agree it's much easier to innovate without regulatory oversight

A good portion of the payment systems are at the mercy of Visa and MasterCard Who have no incentive to innovate the system

http://www.euronews.com/2014/03/05/anoth...ses-on-hackers/

Another one bites the dust

Plus, who wants to be at the next shareholders meeting and have to tell them that the bank had in its possession 1000 bitcoins, but they seem to have disappeared. The FDIC called and said our capital levels are no longer sufficient to operate.

How can the US Banking system embrace something that has no value outside of the few people in the world that want to speculate on them.

Banking is not about speculation.

Personally, neither am I. I will take may cold hard cash any day when the electricity goes out.

Not really BSA-related, but I didn't want to start another thread about Bitcoin!


IRS Virtual Currency Guidance : Virtual ...ransactions App

snip - WASHINGTON — The Internal Revenue Service today issued a notice providing answers to frequently asked questions (FAQs) on virtual currency, such as bitcoin. These FAQs provide basic information on the U.S. federal tax implications of transactions in, or transactions that use, virtual currency.

In some environments, virtual currency operates like “real” currency -- i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance -- but it does not have legal tender status in any jurisdiction.

Here's an actual article and not just an IRS press release:

Bitcoin Is Property Not Currency in Tax System, IRS Says

Thought some of you might be interested.

Following the Bitcoin trail

This was a very information packed thread, thanks to all.