Monopolies are bad, but god damnit google; you're doing it right.
Any business running a country, regardless of their motto "Do no evil" or their past actions in the business world doesn't mean that they are experts at politics just because they run a good business.
Do you guys know anything about politics or are you just trying to be funny?
I don't understand how they think this will have legal implications considering...
1. Bitcoin is exactly what this is, except obviously not illegal anywhere seeing as by nature of P2P currency you can't track it, and nothing says that you can never "make your own currency" considering a if you were to buy Google's currency you would, fundamentally, be trading something for something else (that also has artifical value, like trading cash for gold and vice versa). Though google is much more popular, so if they did this I wouldn't doubt that some governments would try and block it.
2. Point systems used by companies like Microsoft and Credit Card companies pretty much are the exact same thing - you "spend" their currency to buy things.
So their "fears" on why they stopped this are pretty baseless for the most part.
i like the idea of online currency but i'm glad bitcoins are it and not google money
[QUOTE=KorJax;34934295]1. Bitcoin is exactly what this is, except obviously not illegal anywhere seeing as by nature of P2P currency you can't track it, and nothing says that you can never "make your own currency" considering a if you were to buy Google's currency you would, fundamentally, be trading something for something else (that also has artifical value, like trading cash for gold and vice versa).[/QUOTE]
Well, no, you "can" make your own currency, but you effectively cannot.
[URL="http://www.law.cornell.edu/uscode/text/18/486"]You cannot physically make anything involving metal coinage.[/URL]
[URL="http://www.law.cornell.edu/uscode/text/18/514"]You cannot physically make anything that too closely resembles actual U.S. money.[/URL]
[URL="https://epic.org/privacy/financial/RL31208.pdf"]You cannot make anything, digital or otherwise, that defrauds on foreign currency.[/URL]
Your currency will always be second-class to anything involving an incurable debt outside invitation to treat, as, by law, no one can refuse U.S. money as a payment for an existing debt.
Your currency will never be accepted by the government, making it worthless with regards to utilities.
If your currency can be considered a security, it will be, and thus be subject to more laws than you can read in a lifetime.
If you currency cannot be considered a security, yet you retain control over it via some method (i.e. you issue it through a bank or institution), you will be subject to banking law and/or securities law.
If your currency is neither a security and cannot be controlled, it will be inherently worthless.
Bitcoin is not illegal, but bitcoins are unusable and one no-debate congressional hearing from being added to existing securities law (since it's open-ended as fuck). There is no reason for the government to concern itself with something which is only convenient for online stores to accept, could be illegal if another country adopted a digital currency, will be thrown under the existing regulation bus if it is ever readily convertible to USD (since this necessitates exchanging entities), and, due to inherent privacy issues, will never be used by a corporation. Bitcoins aren't illegal because they are junk, glorified monopoly dollars being accepted by a few nerds as payment for used DVDs.
[QUOTE=KorJax;34934295]2. Point systems used by companies like Microsoft and Credit Card companies pretty much are the exact same thing - you "spend" their currency to buy things.[/QUOTE]
Those systems are also subject to massive amounts of regulation.
People keep making this ridiculous conflation that scrip, credit, etc. are private currency (or commodities, as some argue bitcoin is), which they are not.
If Google was its own country, their flag would have to change with every holiday and famous persons birthday.
Strangely, occasionally you would also have the ability to play Pacman on it.
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