[ceejayoz]

> Anything in the constitution is not canonical forever.

It is, however, canonical until amended or SCOTUS interprets it away.

Constitutionally, it appears quite clear Arizona can't do this currently, and the law as a result would almost certainly be immediately stayed and struck down if passed.

[posterboy]

The required interpretation appears readily available. Arizona wouldn't issue anything, but they'll gladly accept it.

[ceejayoz]

It says states can't make something legal tender. Nothing about acceptance.

Arizona can accept Bitcoin all they like. They cannot make it legal tender in Arizona.

[posterboy]

So, they'd have to print it in gold. Still an option at the worth of it currently.

[ceejayoz]

No, that wouldn't work. The gold printout would be worth its weight in gold, not the value in Bitcoin of the data printed on it. If you used $1 worth of gold to print one BTC worth $40k, the recipient would only be legally required to count it as $1 towards your debt.

[posterboy]

Who says that? This thread seems to be full of arm chair lawyers as another comment just told me that there is no gold standard since 1970.

Whatever, the thing I want to buy with the particular coin would immediately reduce 40.000 fold in price. That might be illegal in some sense, if contracts are bound to stay valid across fluctuation, but that's basically how markets work.

In the end it's all numbers on paper anyway, so I don't see the immediate implication, except that a state is supposed not to go on a lone run.

[ceejayoz]

> Who says that?

The dictionary?

The gold would be legal tender. Doesn't matter what's written on it; I can doodle artwork on a $10 bill and claim it's worth $1,000 because my art is awesome, but people aren't required to accept it as anything more than $10 towards a debt.

> another comment just told me that there is no gold standard since 1970

What part of that do you object to?

https://en.wikipedia.org/wiki/Bretton_Woods_system

"On 15 August 1971, the United States terminated convertibility of the US dollar to gold, effectively bringing the Bretton Woods system to an end and rendering the dollar a fiat currency."

[HWR_14]

Arizona can a accept taxes in sheep if they want. What they cannot do is require their citizens to accept sheep when they want to be paid in USD. Same deal with Bitcoin.

[giaour]

"No State shall ... make any Thing but gold and silver Coin a Tender in Payment of Debts"