Well, it is already being used by drug dealers (see Silk Road). In fact, if you have bitcoins it's probably easier to exchange it for illegal drugs than for food.
Re:Bitcoin app rejected by Apple
by cristoperb on Sunday May 08, 2011 @12:28PM
(#2526170)
Maybe so, but at least you can exchange it for food: http://www.bitmunchies.com/
Re:Bitcoin app rejected by Apple
by joe_the_user on Sunday May 08, 2011 @04:04PM
(#2526598)
No the US dollar is the legal pyramid scheme and the point is that nothing can compete with that part of the dollar.
That is, any "money" is both a medium of exchange and a store of value. It's OK to compete with the dollar as a medium of exchange but if you compete as a store of value, then you've wandered into some heavily guarded turf...
Like, "Bitcoin is anti-American" or "Bitcoin will be used by heroin dealers who will sell your daughters into prostitution"
If bitcoin is a means to circumvent the tax system, then we'd have to apply whatever tax regulation that results to all other forms of currency. Social Security is an illegal pyramid scheme because it wasn't sold to the American public that way.
Let's start applying the law equitably before we stomp on innovation.