In reply to Chris Farlee.

Very simply Bitcoin and other cryptos are created, mined, and owned by PRIVATE INDIVIDUALS. Nothing about them requires ANY participation, or maintenance by the state. SO, the state has NO RIGHT to tell ANYONE that they cannot participate. I mean seriously, we could just as well be talking about regulating the exchange of Pokemon cards, Baseball cards, or Comic books for all the business any state or federal entity has in trying to regulate mining, transacting, or exchanging crypto-currencies.

Just because private individuals have chosen (of their own free will) to conduct commerce with crypto-currencies as the medium of exchange, doesn't mean the state instantly has some sort of mandate entitling them to get a cut of the action... If I offer you my out-of-the-box "clean" Micky Mantle in exchange for your unopened bottle of 1851 single barrel Scotch, is the state entitled to a swig? Why would you think it should be any different if the medium of exchange is a digital currency created by a small cabal of talented programmers?.

-Oz