[shredfvz]

Firstly, USD, being the world reserve currency, has value because of its current ubiquity in international trade, NOT because of its legal tender status in America.

FYI: "Legal tender is currency that cannot legally be refused in payment of debt. Private businesses may adopt their own policies on whether or not to accept cash as long it doesn't violate state law."

So when you say this: "all governments and businesses can not refuse to be paid in dollars"

You've misinterpretted the law.

And when you say this: "Thus, if you try to pay me in Bitcoins in return for mowing your lawn, I can laugh in your face, but I can't refuse your dollars and demand that you pay me in Bitcoin."

head asplode!

This is just utterly mind boggling. In what world does a service provider HAVE to accept whatever payment terms the customer demands of him, even if the customer demands something the service provider never agreed to in the first place? If I'm a business, and I tell you I'll provide X service for you, but only if you agree to pay me in BTC, and then you turn around after I'm done and say "HAHA J/K LOL here's some USD", I have every right to tell YOU to fuck right off.

"as long as it remains illegal to pay salaries in Bitcoin"

Talk about painful levels of ignorance. I would love to see you try to substantiate this utter falsehood.

"because I can be 100% certain that I can buy the things that I want in dollars"

Let's revisit this sentiment in 25 years.

[celticninja]

in addition, he might be able to buy the things he wants in dollars but they may cost more dollars than he has. i.e. inflation is a bigger factor for $ than it is for BTC.

[URSpider94]

"as long as it remains illegal to pay salaries in Bitcoin"

Talk about painful levels of ignorance. I would love to see you try to substantiate this utter falsehood.

Sure, glad to elaborate.

US Code 29 CFR 531.34 lays out the requirement for minimum wage, and spefically calls out that minimum wage must be "payable in cash or negotiable instrument payable at par". Cash is pretty clear -- it means dollar notes and coins. The definition of a negotiable instrument is that it must be exchangeable for a fixed amount of money, specifically money that is the fiat currency. (http://business.olivet.edu/classes/bsns3511f/pdf/bltch19.pdf)

In administrative rulings, the US DOL has generally held that employers must offer the option to pay an employee in either cash or check. (http://www.wagehourinsights.com/wage-and-hour-faqs/)

I think my "utter falsehood" is relatively well-supported by the law and administrative precedent of the US government, at least as it pertains to payment of the minimum wage.

Taking your first point second:

Firstly, USD, being the world reserve currency, has value because of its current ubiquity in international trade, NOT because of its legal tender status in America.

FYI: "Legal tender is currency that cannot legally be refused in payment of debt. Private businesses may adopt their own policies on whether or not to accept cash as long it doesn't violate state law."

So when you say this: "all governments and businesses can not refuse to be paid in dollars"

You've misinterpretted the law.

And when you say this: "Thus, if you try to pay me in Bitcoins in return for mowing your lawn, I can laugh in your face, but I can't refuse your dollars and demand that you pay me in Bitcoin."

head asplode!

I apologize, I overreached.

You are completely right, two entities can pre-negotiate a contract for any kind of exchange of payment and good/services in advance.

However, barring any such advance negotiations, you can't refuse my payment in dollars for a debt incurred by delivery of a good or service, and I can't force you to take any other form of payment.

This doesn't pertain to a retail purchase, since there is no debt until the item is delivered -- if you want me to pay you in BTC, or jellybeans, or rubles for that candy bar, that's fine.

But, if you mow my lawn for $25 and I don't specify how I'm going to pay you, then you are within your rights to demand that I pay you in dollars, and not $25 worth of BTC.