smkiv

Cool observation -- pretty clear people don't like buying software. I can think of a handful of reasonably-new software security companies (agile bits, dashlane) that sell software to people.

And worth mentioning, plenty of people expect bitcoin will make a difference here. It (or some centralized system that makes it easier to buy things online, like iTunes) certainly has/will continue to make people more willing to purchase other kinds of ones and zeros.

Assuming that OP was simply buying bitcoin (and nothing else...i.e. not automatically selling on an exchange on the backend or something...), then this could be a big shot to Bitcoin.

Unlike other recent headlines (around i.e. Mt. Gox, etc.), it seems like the question here is whether or not bitcoin constitutes "stored value" under VA law[1]. If so, this would render anyone who buys and sells bitcoin a Money Transmitter Business.

That said, I doubt FinCEN would consider Bitcoin "stored value" based on their definition [2] and recent "guidelines".

Stored value laws were created for things like prepaid cards (I believe...[3]), which were cracked down on because of their role in money laundering.

[1] http://leg1.state.va.us/cgi-bin/legp504.exe?000+cod+6.2-1900 [2] http://www.fincen.gov/financial_institutions/msb/definitions... [3] http://www.gpo.gov/fdsys/pkg/FR-2011-07-29/pdf/2011-19116.pd...

Wait, blogging using Svbtle about not following trends as the ceo of a web startup centered around delivering wordpress themes? I don't mean to hate, but I can't not ask for an explanation.