
In bid for credibility, largest Bitcoin exchange moves to Silicon Valley - iProject
http://arstechnica.com/tech-policy/2013/02/in-bid-for-credibility-largest-bitcoin-exchange-moves-to-silicon-valley/
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simonsarris
Sorry for the total sidetrack but I laughed out loud at this title.

Maybe its just my New England sensibilities (read: frugality) talking, but I
sometimes refer to Silicon Valley as "the land where money is make-believe".
I'm referring to the (perceived) bubble of course, but also my (perceived)
view of the conspicuous consumption that seems much more pronounced over there
than around here, perhaps as a result of VC money.

I swear walking around some places I didn't see a car that was made between
the years 1960 to 2005. They all looked either vintage or brand new.

Not that it's a bad thing, I'm sure people have a great time and get things
done, etc, but my mind translates the title as "In a bid for credibility,
largest make-believe currency exchange moves to the land where money is make-
believe".

I mean is there a place in the U.S. where the cultural perception is that
people take large sums of money less seriously?

(Maybe D.C.)

~~~
Aqueous
The US Dollar is a make-believe currency. It only ever has as much value as we
believe it has.

~~~
cma
Taxes are paid in dollars. You can see dollars as some sort of collective
hallucination if you want, but that fact ultimately keeps them grounded.

~~~
mrb
I think the parent's point stands: the dollar (or any currency for that
matter) is artificial. The government merely "declares" it has value, hence
making it "make-believe". In the hypothetical scenario where it ends up
suffering from hyperinflation, it would lose all its make-believe value, just
the way the Zimbabwean dollar died.

~~~
camus
Can people pay there taxes in bitcoins ? ( it's a question).

~~~
napoleond
Of course not. I couldn't use USD to pay my taxes either, because I'm
Canadian. I _could_ earn money in any currency I choose, including BTC, and
exchange them for any other currency I choose, including USD or CAD.

Why does the currency any given person pays their taxes in matter?

~~~
URSpider94
Not sure if this is true in Canada, but in the US at least, employers are
required to pay you in USD (at least up to the minimum wage). And, if someone
offers to pay you in CND for your work in Canada, you can't refuse them, even
if you'd rather be paid in BTC.

Sure, you can exchange USD, CND and BTC as much as you wish, but the point is
that, within Canada, you can be certain that you can always pay and be paid in
CND -- which can't be said for any other currency.

~~~
napoleond
My business can accept any currency I want it to. It's true that if I had
employees I would have to pay them in local currency. I'm not sure how any of
this is relevant to BTC's "relevance" as a currency--it doesn't need the
support of a nation-state for it to be a valuable medium of exchange.

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vessenes
We're super excited about this move; as some HN'ers know, I've put a few years
into figuring out how to work with Gox. I'll dig up my old post and link to it
here.

~~~
vessenes
808 days ago, I wrote up some thoughts on Gox. Wow, it's been a fun two years!

<http://news.ycombinator.com/item?id=1998899>

~~~
SkyMarshal
Haha, blast from the past, I remember reading that. First, congrats! Second,
has anything significantly changed since you wrote that?

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tantalor
The real news here is the (promised) partnership with Silicon Valley Bank.

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joe_the_user
Somehow moving to a location further from the reach of the US government would
give me more confidence.

Kim dotcom's case shows the US willing to even break it's own laws to stop
things it doesn't like. I suspect Bitcoin isn't a target currently but why bet
that the situation won't change. The US arguably will a significant incentive
do things to protect its currency if Bitcoin truly becomes an alternative
currency.

~~~
celticninja
Only matter is you are from the US. Moving this closer to the US only works
for regulating it within US borders, as a peer-2-peer currency there is very
little the US could do to affect it globally. In addition this may actually
strengthen the currency, as big players get involved and tie up money in BTC
then they are more likely to want (and be able) to get the US Govt on side
when discussing BTC. This affects the global exchange rate and strengthens the
currency outside of the US as people become less worried by ridiculous laws
designed to hinder or stop bitcoin's progress.

