Difference between revisions of "Liberty Dollar"
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(conclusions -- yes, virginia, there is a section of code which specifically makes Liberty Dollar illegal) |
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NotHaus also points out that Liberty was very careful never to use the word "coin" in reference to the Liberty Dollar. NotHaus argues that the Liberty Dollar is actually a new invention -- [[private voluntary barter currency]] -- for which there is no legal term (though he accepts "medallion" as being the closest legal equivalent). | NotHaus also points out that Liberty was very careful never to use the word "coin" in reference to the Liberty Dollar. NotHaus argues that the Liberty Dollar is actually a new invention -- [[private voluntary barter currency]] -- for which there is no legal term (though he accepts "medallion" as being the closest legal equivalent). | ||
| + | ==Conclusions== | ||
| + | Although this argument is touched on only briefly (at most) in the documents we currently have available, it would appear that Liberty Dollar is clearly in violation of US Code [http://www.law.cornell.edu/uscode/18/486.html Title 18 Part I Chapter 25 Section 486], which states: | ||
| + | <blockquote>Whoever, except as authorized by law, makes or utters or passes, or attempts to utter or pass, any coins of gold or silver or other metal, or alloys of metals, intended for use as current money, whether in the resemblance of coins of the United States or of foreign countries, or of original design, shall be fined under this title or imprisoned not more than five years, or both.</blockquote> | ||
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| + | Von NotHaus attempted to evade this law by describing Liberty Dollars as "medallions", but even so they were clearly being sold and used as "current money". | ||
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| + | Fortunately, this law does not say anything about non-physical forms of currency such as [[BitCoin]]. | ||
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| + | What is not clear is whether there is any legitimate need for this law, or whether the benefits outweigh the [[artificial dependency]] it creates. | ||
==Links== | ==Links== | ||
===Official=== | ===Official=== | ||