Bitcoin declared a commodity, are ETH and other currencies to follow? - page 2.

Vit83

full member

Activity: 644

Merit: 100

Quote from: Invest-or on October 02, 2018, 07:22:34 AM

Quote from: reshefcedex on October 02, 2018, 06:44:43 AM

https://m.nasdaq.com/article/bitcoin-ruled-commodity-palladium-etf-shines-cm1030552

What do you think? is this the early stages of acceptance towards cryptocurrencies?

It is bad news for all. A commodity is not treated as currency in terms of taxes and easiness of trading, thus if this is confirmed we will be exposed to a higher taxation level.

IMHO this neutral news. BTC price must depends on mass adoption, not from fat cats in suits. A lot of people trading on usual markets already sending money in BTC to China. If many sellers will be accepting BTC it will be great. All this regulation is bad in my opinion. I already can't accept crypto in open way for my hobby(leathercrafts) in my country. Because there are a lot of conversations about taxation, about all this can be illegal and many others. For me was great when government forgets about crypto.

Red-Apple

hero member

Activity: 1470

Merit: 655

altcoins never follow bitcoin because they are not even the same thing even though they may be all categorized as cryptocurrencies. bitcoin has a well established market while altcoins are still struggling with their pump and dumpers who are controlling most of the market and the price with it.

besides bitcoin has been considered as a commodity for almost 6 years now by IRS. now it is CFTC that is calling it a commodity and in reality bitcoin is a currency and more countries in the world (apart from US apparently) are calling it a currency!

Betwrong

legendary

Activity: 3374

Merit: 2198

I stand with Ukraine.

Quote from: gefander on October 02, 2018, 07:54:46 AM

Quote from: Invest-or on October 02, 2018, 07:22:34 AM

Quote from: reshefcedex on October 02, 2018, 06:44:43 AM

https://m.nasdaq.com/article/bitcoin-ruled-commodity-palladium-etf-shines-cm1030552

What do you think? is this the early stages of acceptance towards cryptocurrencies?

It is bad news for all. A commodity is not treated as currency in terms of taxes and easiness of trading, thus if this is confirmed we will be exposed to a higher taxation level.

But this is also good news, it means the recognition of bitcoin. So if we could use it with easy taxation, it would be much easier and better, but still step.

I agree. This is a good news imo. Any recognition is better than none. Besides, we can expect that the SEC will not be rejecting Bitcoin ETFs with previous persistence.

Quote

In theory, as a commodity, from a regulatory perspective, bitcoin could be treated like gold or oil, and have ETFs built around it much like the physical commodity SPDR Gold Trust (GLD) or the futures-based commodity ETF, the U.S. Oil Fund (USO).

As for other altcoins, I'd say it'll take some time, a year or maybe more, before they turn their attention to any of them. One can say, they are really slow in making decisions, if the recognition of Bitcoin has taken so long.

kolonel_x

sr. member

Activity: 1092

Merit: 250

it is clear that we are waiting for that there is no ETF for this year, this means that there is very little possibility and our hope that crypto will go up as we imagined for the end of this year, and hopefully there is little hope for that

Cryptomilz

copper member

Activity: 182

Merit: 2

Quote from: Invest-or on October 02, 2018, 07:22:34 AM

Quote from: reshefcedex on October 02, 2018, 06:44:43 AM

https://m.nasdaq.com/article/bitcoin-ruled-commodity-palladium-etf-shines-cm1030552

What do you think? is this the early stages of acceptance towards cryptocurrencies?

It is bad news for all. A commodity is not treated as currency in terms of taxes and easiness of trading, thus if this is confirmed we will be exposed to a higher taxation level.

There's also the positive side to it. As it's gotten some level of recognition that we need. Remember that it would be hard for Bitcoin to be regarded as a currency as it would compete with the various national currencies of different countries, and this is what their exact fight with Bitcoin and crypto in general. Now that's it's even valued as a commodity, that's something you know..baby steps. Soon they'll realize it's got more than that.

gefander

full member

Activity: 490

Merit: 103

Quote from: reshefcedex on October 02, 2018, 09:33:58 AM

Quote from: Invest-or on October 02, 2018, 07:22:34 AM

Quote from: reshefcedex on October 02, 2018, 06:44:43 AM

https://m.nasdaq.com/article/bitcoin-ruled-commodity-palladium-etf-shines-cm1030552

What do you think? is this the early stages of acceptance towards cryptocurrencies?

It is bad news for all. A commodity is not treated as currency in terms of taxes and easiness of trading, thus if this is confirmed we will be exposed to a higher taxation level.

I see your point, for sure, but do you not also agree that the very classification of bitcoin as anything other than a "fad" will serve all of us better in the long run?

Well, that's what I was writing about. Once bitcoin is perceived as something legal, it is already a great step in the real world for him. Right before all the major financial players wrote that this is a bubble, what is a pyramid, this method of fraud. Moreover, bitcoin was used to pay for goods and services that are usually prohibited by law. Therefore, it could simply be banned, say that it is an illegal product or tool for payment for goods.

reshefcedex

newbie

Activity: 19

Merit: 0

Quote from: Invest-or on October 02, 2018, 07:22:34 AM

Quote from: reshefcedex on October 02, 2018, 06:44:43 AM

https://m.nasdaq.com/article/bitcoin-ruled-commodity-palladium-etf-shines-cm1030552

What do you think? is this the early stages of acceptance towards cryptocurrencies?

It is bad news for all. A commodity is not treated as currency in terms of taxes and easiness of trading, thus if this is confirmed we will be exposed to a higher taxation level.

I see your point, for sure, but do you not also agree that the very classification of bitcoin as anything other than a "fad" will serve all of us better in the long run?

gefander

full member

Activity: 490

Merit: 103

Quote from: Invest-or on October 02, 2018, 07:22:34 AM

Quote from: reshefcedex on October 02, 2018, 06:44:43 AM

https://m.nasdaq.com/article/bitcoin-ruled-commodity-palladium-etf-shines-cm1030552

What do you think? is this the early stages of acceptance towards cryptocurrencies?

It is bad news for all. A commodity is not treated as currency in terms of taxes and easiness of trading, thus if this is confirmed we will be exposed to a higher taxation level.

But this is also good news, it means the recognition of bitcoin. So if we could use it with easy taxation, it would be much easier and better, but still step.

Invest-or

member

Activity: 322

Merit: 20

Quote from: reshefcedex on October 02, 2018, 06:44:43 AM

https://m.nasdaq.com/article/bitcoin-ruled-commodity-palladium-etf-shines-cm1030552

What do you think? is this the early stages of acceptance towards cryptocurrencies?

It is bad news for all. A commodity is not treated as currency in terms of taxes and easiness of trading, thus if this is confirmed we will be exposed to a higher taxation level.

reshefcedex

newbie

Activity: 19

Merit: 0

https://m.nasdaq.com/article/bitcoin-ruled-commodity-palladium-etf-shines-cm1030552

What do you think? is this the early stages of acceptance towards cryptocurrencies?

Topic: Bitcoin declared a commodity, are ETH and other currencies to follow? - page 2. (Read 290 times)