Oatmeal Joey Arnold (@JoeyArnoldVN)

Crypto is not money. So, when Lake mentioned something about the constitution and who is allowed to make money, all of that is null and void not only to the fact of the Federal Reserve which was mentioned on this podcast but also the fact that cryptocurrencies are not and is not money in the sense that Bitcoin for example was designed as a trading mechanism. It is decentralized. It is an agreed upon digital token that is governed by blockchain protocol that is destined by predetermined path of code. Consensus has to be made between miners regarding some of the details of the Bitcoin path or governance. John McAfee has given really good outlines describing Bitcoin to be not even a security. You can watch his videos describing what Bitcoin is and is not. And it is critical that people not call Bitcoin money. Otherwise, the IRS and others can jump in and say give us your Bitcoin. No. You say no. Because Bitcoin is not money. But when you exchange Bitcoin for dollars, then the IRS will likely be asking for taxes. But the IRS is not supposed to be able to ask you for your Bitcoin even tho they are trying to. Bitcoin is not money. But Bitcoin is used like money. But is not money. Therefore, IRS is not allowed in even tho they try to come in.