1) (18 U.S.C. §§ 471, 472 (2020).) Federal Crimes: Under federal law, the use or attempted use of counterfeit currency is illegal if the person has the intent to defraud the recipient. A conviction for the offense carries up to 20 years in prison and a fine. A conviction for producing counterfeit currency similarly carries a maximum sentence of 20 years imprisonment and a fine, as does a conviction for merely possessing counterfeit currency. All of these crimes require that the prosecutor prove that the defendant acted with the intent to defraud. 2) "Here is all the Constitution says about the money power of the government. From Article I, Section 8, there is “Congress shall have Power…to coin Money, regulate the Value thereof, and of foreign Coin.” And from Section 10, “no state…shall make any Thing but gold and silver Coin a Tender in Payment of Debts.” 3) with enough processing power and commitment, a nation state can produce its own set of bitcoins (probably, by feeding the artificial inputs or transactions into the SHA algorithm, and produce its own set of bitcoins. Who to say US bitcoins are better than China-produced ones or any set of coins produced by Mom and Pop shops around the world. Who's going to set the value of the bitcoin(s)? basing on what criteria or standard. As you can see, bitcoins can be produced in unlimited supplies (by different nations, groups,...). bitcoins are not as rare as you think. bitcoins are not product of nature like gold, platinum, or diamonds,... Bitcoins are conjured up my human imagination, perception, and BS.
"...shall make any Thing but gold and silver Coin a Tender in Payment of Debts.” Uh huh. There it is. The bolded bit.
A tool for vaporizing any currency and partially reducing/controling inflation in a legal way. Cuz you can't do it just like that : P.s without touching interest rates.
People have used seashells and sticks of wood as money. There is a huge velocity problem though when a currency doesn't inflate. If you know your money will be worth more tomorrow than today then people start hording at the margin. To me, the only real argument against BTC is that the proof of work algorithm is basically a massive waste of resources.