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25 Loy. Consumer L. Rev. 111 (2012-2013)
Nerdy Money: Bitcoin, the Private Digital Currency, and the Case against its Regulation

handle is hein.journals/lyclr25 and id is 119 raw text is: NERDY MONEY: BITCoIN, THE PRIVATE DIGITAL CURRENCY, AND THE CASE AGAINST ITS REGULATION Nikolei M. Kaplanov* I. INTRODUCTION In 1601, Elizabeth I and her government devalued the Irish coin from nine ounces fine to three ounces fine of silver in order to finance the high cost of the Nine Years War in Ireland.' This unilateral move by the English government, combined with the failure to remove the old sterling from circulation, caused catastrophic problems throughout Ireland.2 In addition to rapid inflation in common foodstuffs, Irish citizens would only accept the new coin at its reduced intrinsic value rather than its face value.' Further, merchants refused to accept the devalued coin in commercial transactions, which led to a shortage of vital goods from England.4 While the Irish experience during the Nine Years War is *J.D. candidate, Temple University Beasley School of Law, 2013. Many thanks to the staff and editorial board of the Loyola Consumer Law Review for their hard work and diligence in improving this Comment. I would also like to thank Professor Hosea H. Harvey and Philiup Keitel for their valuable guidance throughout the writing process as well as Professor David Hoffman for his inspiration. Finally, a hearfelt thank you to my wife, Shana, my family, and friends for their support and willingness to listen to me wax ecstatic about bitcoins for the past year. HANS S. PAWLISCH, SIR JOHN DAVIES AND THE CONQUEST OF IRELAND: A STUDY IN LEGAL IMPERIALISM 142-43 (1985). The Nine Years War is also referred to as Tyrone's Rebellion. See HIRAM MORGAN, TYRONE'S REBELLION: THE OUTBREAK OF THE NINE YEARS WAR IN TUDOR IRELAND 11(1993). 2 PAWLISCH, supra note 1, at 142. 3 Id. 4 Id. 111

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