On Mon, Jun 20, 2011 at 9:16 AM, Jon Cox <j...@experiments.com> wrote: >> > > Currencies are consensual belief systems. >> > No they are not. >> > In the USA, I *must* pay taxes in USD, >> > not Bitcoins, regardless of my level >> > of belief or consent in either. > I only took issue with the word "consensual".
They're still consensual. I don't have to use Hungarian Forints, no matter what Hungary says. Only if I want to do business with Hungary do I have to use Forints. Similarly you could decide to only accept transactions in Bitcoins, and that would be consensual as well. Even more, as long as currencies are fungible (albeit with friction) you can accept only Bitcoins, Hungary can accept only Forints and you can still transact business. There is no problem with Bitcoins - as long as someone is willing to make a market in them in some other convertible currency (but there's the rub.) -- Charles
