Topic: A Federal judge in new York has not recognized bitcoin as money - page 3. (Read 2506 times)

Yeah that was the point. I was trying to show where fiat gets its value from, and thats because governments accept them as payment for your dues. To be defined as real currency, BTC has to be accepted by the government for tax payments.

Indeed the true justice system in the US they have, a judge gets a boner and issues a blocking order(freezing)of $11B Iran's money! I know you might say Iran supporting terrorism and they all are terrorists and deserve what they get but as clearly as franky1 is a shill for Wu and Ver, we all know Iran is not supporting terrorism but even fighting it and is a victim. I mean who the hell did put the governments in charge of everything? yes we did.
Couldn't US loving the human rights so much provide proper channels to give dozens of billions dollars of frozen assets to the people in Iran? lifts the sanctions on merchants doing business with medical companies and buying food supplies to give them the chance the people?

I wanna know are the whole world completely insane or blind not to see if Iran wanted to destroy Israel they already have enough non nuclear fire power to do so and if they wanted to build 10 nukes and drop on american soil then US could drop thousands on Iranian soils?

So what is the real deal here?
Answer: they're all SOBs and MFers want to bully others simple and clear as BU is a menace.
Actually the whole world has turned to fuck and the only thing trying barely to unfuck it is unable to jump start, take off because they know what potentials bitcoin has and if they allow it to scale and grow big then they might lose their grip.

Pardon my french I'm just honest and very much pissed.

New York politics are corrupt. Maybe one of the most corrupt states in america.

It took forever for them to legalize mixed martial arts.

They like to stall on new legislature and sabotage the legal process to milk issues for everything they're worth.

Did you consult the dictionary or what?

I haven't heard from you so far. Anyway, this is the basic function of money, that of transferring value, and you should take into account that the value for the job done here is transferred remotely (i.e. not via hand-to-hand transactions, as is the case with gold you refer to). In other words, if people start moving "any commodity" in this way and for this purpose specifically, this commodity will effectively turn into money. As I always say in such and similar cases, money is what money does, and in this case precisely, Bitcoin is used as a payment for a large number of people, something which money is typically used for. To sum it up, if it looks like a duck, swims like a duck, and quacks like a duck, then it is likely a duck itself

They basically have.  Treating Bitcoin like a commodity doesn't change the status of it from our perspective very much at all, except that in Japan you might be subject to annoying and arguably excessive regulations on exchanges.  The US has been surprising lenient towards Bitcoin users, and regardless of whether judges give legitimacy to it by treating it like a currency, we can still use it properly.  Not treating it like money might even benefit us since we don't have to mess around with taxes (except maybe VAT, we'll see how this plays out).

Glad to see people aren't getting wrongfully charged for ridiculous things like trading BTC. How is the drugs aspect related to BTC at all btw?

When someone buy goods using bitcoin, it become another medium of exchange, everyone is free to consider bitcoin as what they want depends​ on its use for what purpose. Bitcoin price be measured with fiat but it just a figure of value, bitcoin-fiat-and gold are worth and could be used for buy something without need to state it as a money.

Any commodity can be given from one person to another.  I could give you a block of gold and it would still have been transferred from one person to another, even if it's pretty inefficient.  Signature campaigns are more of an anonymity thing - people don't want to give credit card details or something to random online companies.  Bitcoin is ideal for the purpose, even though the fees are pretty high for those microtransactions. 

There is not country in the world where btc is recognised like a money,but psst if bankers will read that thay will start launder money with btc,btc will jump to 100k $.Like a side effect we wil have crash on dollar

While you should, you may still choose not to

When you are small fish, I guess no one will give a fuck about you, if you don't shout it loud at every corner about your success with Bitcoin, indeed. If you have literally millions of dollars in Bitcoin (and are looking to cash out), you may want to buy citizenship of some country with loyal and Bitcoin-friendly tax system, where proceeds from Bitcoin operations are not taxable at all. And if that country entered an agreement with the country of your residence about avoidance of double taxation, you may legally not pay any taxes on your Bitcoin earnings. I guess there are a lot of other "legitimate" ways if not totally avoid taxation then at least substantially "optimize" your tax burden

Bringing bad news to you here, bitcoin being recognized as "not money" doesn't remove the obligation to pay taxes on your ownership of it. Bitcoin is considered an investment too, like stocks. And when ever you sell it for Fiat you'll be obligated to pay taxes on the value of the appreciation in it's price.

Not bad at all, if it was money you would have to pay taxes 

If Bitcoin is not money, why do you accept payment for your posts in it?

If you think of it, you will have to admit that you are a bit hypocritical here. You offer a service and got paid for it, and you don't get paid in dollars, you get paid in bitcoins which you don't consider as money. How come? I understand that you can't buy much stuff with it, but you still get paid and can pay for services you provide and which could be provided to you. Economically, there is no particular difference between goods and services. Anyway, in today's world services are already overtaking goods in terms of money spent and earned. You pay your hefty monthly bills (or your parents pay) and you (they) pay for services, not goods, after all

is this news?!
i am not living in US but last time i was checking different laws in different countries i remember that i saw bitcoin is listed in US as a commodity already. and this happened back in 2010 or maybe even older. that is why i am surprised you are representing this as a news today!

it is not exactly regulation, but it is already decided years ago that bitcoin is a commodity according to laws of US.

It will be entirely true. If bitcoin will be defined as a currency, That means bitcoin has filled the legal aspect. There is no doubt for everyone to adopt bitcoin as a currency.

Especially there is no regulation about bitcoin, The courts will take a single perspective about the definition of bitcoin itself. In this side, Crypto is needed a regulation (to secure the users).

USD is money, EUR is money, JPY is money, GBP is money, CNY is money, Bitcoin is not.

Bitcoin is online gold. You don't price stuff with gold/bitcoin. Instead you price those with FIAT (USD, EUR, JPY, GBP etc) Bitcoin is a commodity which you can trade online. When you buy something with bitcoin, you actually buy it with FIAT. Bitcoin is only carrying your FIAT through.

The good part about bitcoin is that it is it's own thing, it doesn't need any authority to determine if it's money or not. In any case, I think it's funny that lawyers and in general the law struggle so much trying to determine if bitcoin is money, an asset, or the equivalent of pokemon trading cards.

Gradually Bitcoins is getting the recognition that it deserves, even the SEC are thinking about reviewing a bitcoin ETF it rejected a month ago, The decision to review it is due to bitcoins recent price rise. If the ETF is approved it will be a huge victory for bitcoins.

I do not think that we bitcoiners need government to recognize bitcoin as a currency. Just regulating bitcoin as digital property will be more than enough, I believe. No government will not prefer to have a system which is beyond their control.

The only option in front of government is taxing on cash-out of bitcoins. But people will prefer going for "using-bitcoin" for their need. Then I guess using-bitcoin will be exempted similar to PayPal's personal payments. So, it would be great for bitcoin not to consider it as money.

Maybe government will start thinking money is what they are printing and all others are just tokens, people do create for their conveniences. I guess there will be no other options left for them.

It is highly unlikely that any major government will ever go that route

Since that would effectively mean creating competition for the local currency which these governments print. Why would they want that? By going that way, they will be shooting themselves in the foot. Though some minor governments (and especially those which are already using some foreign currency as a legal tender) may in fact accept Bitcoin as a legitimate payment for taxes provided its price stabilizes over long enough term (but no sooner than that)