SilasBarta comments on Singularity Institute now accepts donations via Bitcoin - Less Wrong

14 Post author: Kevin 28 February 2011 04:03PM

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Comment author: SilasBarta 21 June 2011 03:50:01PM 4 points [-]

Can I claim vindication on this matter now? EFF now says:

  1. We don't fully understand the complex legal issues involved with creating a new currency system. Bitcoin raises untested legal concerns related to securities law, the Stamp Payments Act, tax evasion, consumer protection and money laundering, among others. And that’s just in the U.S. …

  2. We don't want to mislead our donors. When people make a donation to a nonprofit like EFF, they expect us to use their donation to support our work. Because the legal territory around exchanging Bitcoins into cash is still uncertain, we are not comfortable spending the many Bitcoins we have accumulated…

  3. People were misconstruing our acceptance of Bitcoins as an endorsement of Bitcoin. We were concerned that some people may have participated in the Bitcoin project specifically because EFF accepted Bitcoins, and perhaps they therefore believed the investment in Bitcoins was secure and risk-free. While we’ve been following the Bitcoin movement with a great degree of interest, EFF has never endorsed Bitcoin. In fact, we generally don’t endorse any type of product or service – and Bitcoin is no exception.

Comment author: MichaelHoward 25 May 2013 10:51:20AM 0 points [-]