Request for input on Bitcoin suggestion for LPSF website

If we want to have a presentation on Bitcoin, Terry Floyd is knowledgeable and has spoken about the currency at Free Exchange. However, I'm not sure delving into the topic is the best use of our meeting time.

  For starters, I propose we simply accept Bitcoins for donations (not membership dues) on the LPSF site. We are not required to split such donations with the California LP, and therefore do not need to worry about cash conversion as an urgent matter. Let's get that set up first, then we can worry about the mechanics of accepting dues payments in Bitcoin (perhaps I and others will be able to get the state party to accept Bitcoins, in which case we won't have to worry about it at the local level). In any case it does not seem to me that those mechanics need to be a general membership discussion, and could be better handled by a committee of volunteers working with the treasurer.

Love & Liberty,
                                ((( starchild )))

Sorry, Starchild. I would like to discuss the convertibility of Bitcoins before we plunge into any decision. And no, the decision needs to be done by membership vote, since it concerns LPSF funds.


For an individual all it took was giving them a password , an email, and the bank account you wanted deducted or credited.. then they deposit a few pennies and you tel them how many they deposited. Non persons may have a few more hoops. It's totally legal now, and seemlessly interacts with your bank account, with a one percent fee for cash to bit coin., I think it's free the other way.

If we get some donations by bit coin, I highly recommend that we save those donations in bit coin because the apprecuiation may be rather impressive as we are really very early on what may prove to be the greatest application of the internet yet.

Thank you, Phil. So that answers part of my main question. The idea you are proposing is to have Bitcoin available for donations, not memberships, which will sit in Bitcoin, not sit in the LPSF bank account available for LPSF to use. You view this as a locked-in illiquid investment, and as all investments, value will fluctuate, up or down.

Well, if Aubrey agrees to place this subject on the agenda, all the questions so far posed are addressed, and there are volunteers who could take care of implementation (not me, I have already indicated I have no time for this), then we would be all set to place a vote before the membership present.