Quote Originally Posted by limitles View Post
If I may "play the fool" for old times sake at least. Bitcoins; re legal tender and the U.S. Government, Nevada State Law or the all important Nevada Gaming Commission.

Are Bitcoins mentioned in any existing statute, state or federal?

Assuming not, wouldn't a top notch law firm focus on this aspect when representing a client such as the Icon?

Theoretically, if we are playing for Bitcoins, which are not recognized as legal tender, at least not in the U.S, whose to say what laws have been broken?........................... What?
Limitless, I am sure you know the answer and wanted to get that argument put away....anyway, here is my thinking:

no, Micon's law firm will not likely use that defense....here is why: Bitcoins are property with a market value, albeit a value that is not fixed nor readily determined by an ordinary person--however, persons knowing about bitcoins can establish a reasonably accurate value in dollars...the Federal income tax laws, and as Druff explained earlier, the gaming laws of Nevada, define income as creating value and gaming as placing something of value at risk: legal tender is not required to be part of a transaction that creates taxable income or wager subject to Nevada gaming regulations.

thanks for bringing this aspect of the controversy to the attention of the forum