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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.

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