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Smalltown Ky. Chief to Be Paid in Bitcoin

December 05, 2013  | 

The city commission in tiny Vicco, Ky., approved a measure this week to begin paying the city's police chief in Bitcoin, a move officials say is likely the first of its kind in the nation, the Hazard-Herald reports.
Police Chief Tony Vaughn appeared before the commission last month to officially request that his salary be paid to him in the new virtual currency which exists only on the Internet and this year has gained significant traction, with its value rising by the end of November to more than $1,000 per coin. The currency was valued at less than $100 at the beginning of the year.


Comments (11)

Displaying 1 - 11 of 11

Jack Betz @ 12/5/2013 5:37 PM

What the hell is bitcoin?

[email protected] @ 12/5/2013 6:32 PM

Is Bitcoin like Solent Green????

GP Cobb @ 12/5/2013 7:39 PM

You got to be kidding me, what rock ya'll been under.

Serpico @ 12/5/2013 8:13 PM

If you understand Fiat currency. And that the Federal Reserve is a Private Bank. Plus the Obama Clowered-Piven strategy of Dollar Devaluation. It makes some since to use Bitcoin. But real value is in Gold Based Currency or Gold and Silver alone. Entertainers such as Jay Z wanted to be "paid" in Euros. But it "makes" to know that. The current Bank system is set up for a One World Government, Currency and Religion. The Globalists in the USA are looking for their Messiah, and so far they've found him.

Sgt. Mike @ 12/5/2013 8:58 PM

How will this affect his income tax?

txlawman @ 12/6/2013 6:14 AM

I have to admit I have never heard of Bit-coins until now. I went to the site and watched the definition. What an absolute joke. The New World Order is among us. The coins have no value but are used like paypal to make purchases? It said anyone can create them but never said what they are backed with. Still don't understand it and DO NOT pay me with it. I hope it works out for the chief in Vicco, KY.

T. Mulhall @ 12/6/2013 7:32 AM

They are a digital currency with no backing and a valuation that rises and falls sometimes drastically since inception. They are being used in many foreign countries, especially in Europe for mostly private transfers of funds that people don't want taaxed or traced. Recently the FBI closed down a website that was selling drugs, guns and other illegal things, where the suspect was only accepting payment through Bitcoin. The issue is that you can't seize the Bitcoin funds without having a digital key. Basically if you arrest a drug kingpin and he doesn't want to hand over his Bitcoin key, then there is nothing you can do to get at this money, besides hold him in contempt of court. On the posative side, with the currency not being associated with any country or precious metal, it doesn't suffer from the political devalution of a particular country's money or of the devaluation of a precious metal. However until it becomes more widely accepted like a Visa, it will remain volatile.

Ima Leprechaun @ 12/6/2013 6:46 PM

Bit-coin is "virtual" internet currency with no real value other than the value determined by a second to second process on the internet. If that's what he wants for pay then I am happy for him. Personally, I would not trust anything based upon a "virtual" value. He will now become the grand experiment in a new form of pay which may or may not pan out. But he requested it. The only use I have ever heard of for it is to buy internet porn but he is entitled to his own lifestyle, after all, America is still a semi free country. For all we know he might be the only smart one in the story.

ChuckInKC @ 12/9/2013 7:41 AM

Hey Serpico!?@! Can you Dingalingalingaling! Why are there so many wacko's on here?

John @ 12/9/2013 5:03 PM

Serpico is off his meds. Need to do an ip trace and preventive detention. He might be a sovereign. Crazy stuff.

John @ 12/9/2013 5:05 PM

Maybe he will get his pension in bitcoin and he will have to live in second life.

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