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Topic: 2014-03-31 Guardian - Does US IRS saying BTC is property kill it as a currency? (Read 2681 times)
April 01, 2014, 05:49:30 PM
April 01, 2014, 05:06:45 PM
At worst, it hinders bitcoin as a transactional currency for law abiding USA citizens. Subset use case for a subset of users.
For the $8 trillion gold market, $17 trillion offshore assets market and International transfers ... bitcoin users not affected.
Ironically, most of the very people clamouring the loudest for regulation are going to get everything they ask for and deserve, an arcane unworkable system for daily payments governed by ill-informed bureaucrats producing reams of bureaucratese for no good reason but to make everybody feel safe, warm and fuzzy. Well done, you just reinvented bitcoin in Pay-Pal's image and blew god knows how much venture capital creating a dead fork of an open source project the rest of the world is going to ignore.
For the $8 trillion gold market, $17 trillion offshore assets market and International transfers ... bitcoin users not affected.
Ironically, most of the very people clamouring the loudest for regulation are going to get everything they ask for and deserve, an arcane unworkable system for daily payments governed by ill-informed bureaucrats producing reams of bureaucratese for no good reason but to make everybody feel safe, warm and fuzzy. Well done, you just reinvented bitcoin in Pay-Pal's image and blew god knows how much venture capital creating a dead fork of an open source project the rest of the world is going to ignore.
It appears we need two Bitcoin economies. One for the week-kneed, skittish types among us who are willing to sell their souls for regimented security. Then another Bitcoin for the rest of us. We need a virtual gated community to keep these self-destructive types at bay.
March 31, 2014, 12:33:12 PM
At worst, it hinders bitcoin as a transactional currency for law abiding USA citizens. Subset use case for a subset of users.
For the $8 trillion gold market, $17 trillion offshore assets market and International transfers ... bitcoin users not affected.
Ironically, most of the very people clamouring the loudest for regulation are going to get everything they ask for and deserve, an arcane unworkable system for daily payments governed by ill-informed bureaucrats producing reams of bureaucratese for no good reason but to make everybody feel safe, warm and fuzzy. Well done, you just reinvented bitcoin in Pay-Pal's image and blew god knows how much venture capital creating a dead fork of an open source project the rest of the world is going to ignore.
For the $8 trillion gold market, $17 trillion offshore assets market and International transfers ... bitcoin users not affected.
Ironically, most of the very people clamouring the loudest for regulation are going to get everything they ask for and deserve, an arcane unworkable system for daily payments governed by ill-informed bureaucrats producing reams of bureaucratese for no good reason but to make everybody feel safe, warm and fuzzy. Well done, you just reinvented bitcoin in Pay-Pal's image and blew god knows how much venture capital creating a dead fork of an open source project the rest of the world is going to ignore.
March 31, 2014, 11:22:32 AM
No, this ruling was expected and already factored into the price.
And only affects (honest) US taxpayers. 
March 31, 2014, 10:27:52 AM
Bitcoin doesn't need to be a currency to succeed. It just needs to be a good form of money. As such the recent move from the IRS doesn't interfere with that interpretation. In fact the IRS set it self up for a major tax evasion movement, with people materializing losses in the US and declaring profits in hidden offshore accounts. The only losers of the ruling are the little guys who don't have the infrastructure in place to play this game.
March 31, 2014, 09:23:15 AM
No, this ruling was expected and already factored into the price.
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March 31, 2014, 08:27:22 AM
"Does US IRS saying BTC is property kill it as a currency?" I don't see how it does. I'm sure they'll change their mind again when it benefits them to do so.
March 31, 2014, 08:17:40 AM
Bitcoin is legally property, says US IRS. Does that kill it as a currency?
http://www.theguardian.com/technology/2014/mar/31/bitcoin-legally-property-irs-currency
<< The cryptocurrency was struck a blow by the powerful Internal Revenue Service. Is it as bad as some fear? >>
http://www.theguardian.com/technology/2014/mar/31/bitcoin-legally-property-irs-currency
<< The cryptocurrency was struck a blow by the powerful Internal Revenue Service. Is it as bad as some fear? >>
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