I think he meant to say that it's not a US currency.
This is Tom Coburn we're talking about. I doubt even he knows what he meant to say.
Topic: Bitcoin is not a currency (Read 2055 times)
I think he meant to say that it's not a US currency.
This is Tom Coburn we're talking about. I doubt even he knows what he meant to say.
I think he meant to say that it's not a US currency.
Hope some day countries will start accepting Bitcoin as an official alternative currency. Would be cool to pay our taxes in XBT.
What was the name of that super geek think tank to US Congress? They issued a bitcoin report, in it they compared to btc to the gold standard completely driven by consumers desire to hold it and horde it. So btc is new gold standard that supply/demand controls and fiat is manipulated toilet paper.
Bitcoin is best viewed as an extremely secure liquid asset that can be transferred, almost instantly, across national boundaries with no fees or tariffs.
That makes it incredibly valuable.
It can also work as a currency but is less valuable in that capacity.
My use of Bitcoin will be as a store of wealth. When I want to buy things, I'll convert small amounts of that store into a fiat currency. Fiat has the advantage that one can execute reversible transactions virtually instantly.
Fiat's main disadvantage is that it may become a poor store of wealth due to the tendency of central banks to print it at will. That dilution, however, is not relevant on the scale of days or weeks so it has no real impact on the effectiveness of fiat as a means to pay bills.
That makes it incredibly valuable.
It can also work as a currency but is less valuable in that capacity.
My use of Bitcoin will be as a store of wealth. When I want to buy things, I'll convert small amounts of that store into a fiat currency. Fiat has the advantage that one can execute reversible transactions virtually instantly.
Fiat's main disadvantage is that it may become a poor store of wealth due to the tendency of central banks to print it at will. That dilution, however, is not relevant on the scale of days or weeks so it has no real impact on the effectiveness of fiat as a means to pay bills.
Clueless can also be helpful, if they write so obviously dumb crap that it gets tossed out... on the other hand, nobody reads the bills they vote on now.
Well That's his personal opinion :p he is free to think whatever he want with his nice logic. 
I really loved the comments on that article , rofl
I really loved the comments on that article , rofl
Unfortunately that dumbass is a Senator and dumbasses like that make laws that fuck the rest of us over.
That dumbass is on the Committee on Banking, Housing and Urban Affairs. Also Ranking Member of Homeland Security (since he is a Republican that means he is likely to be the Chair of that Committee come January) and on the Governmental Affairs Committee.
So any banking issues relating to Bitcoin are going to go straight through this dumbass on the way to becoming law.
Many people as well as authorities think that bitcoin is not a currency, but it is a property. I think that while you cannot use it everywhere it cannot be called as a currency.
A currency is anything that people place value on, over the what it truly is. The Native Americans used to use beads as a currency... now ISIS uses Women as currency... There is no end to what we can use as a currency.
They do?Can I exchange my girl friend for a younger one, like I can exchange an old banknote for a new one at the bank?
A currency is anything that people place value on, over the what it truly is. The Native Americans used to use beads as a currency... now ISIS uses Women as currency... There is no end to what we can use as a currency.
They do?Can I exchange my girl friend for a younger one, like I can exchange an old banknote for a new one at the bank?
A currency is anything that people place value on, over the what it truly is. The Native Americans used to use beads as a currency... now ISIS uses Women as currency... There is no end to what we can use as a currency.
Bitcoin is not a LEGAL currency in the US, he is right. It is a LEGAL asset and commodity. What is important is Bitcoin is tradable and has value.
Certainly bitcoin not a currency, it just a payment
always interesting how envious people try to attack things of value.
if it's pathetic and worthless why would you need to "lobby" against it in the first place?
Quote
It's not innovative. I love innovation. Bitcoin is pathetic and worthless. And, yes, I'll lobby for its downfall.
if it's pathetic and worthless why would you need to "lobby" against it in the first place?
Banks do the same against things that scare them and might take over, leading to losses on their part.
http://www.zdnet.com/senator-tom-coburn-agrees-that-bitcoin-is-not-legal-currency-7000036169/
Apparently this genius claims btc is not a currency because its not produced by the us treasury.
So according to his logic, the british pound and the euro are not legal currencies and no US firm should accept them.
Apparently this genius claims btc is not a currency because its not produced by the us treasury.
So according to his logic, the british pound and the euro are not legal currencies and no US firm should accept them.
The IRS also said that virtual currency is not to be treated as legal-tender currency to determine if a transaction causes a foreign currency gain or loss under U.S. tax law.
note:
bitcoin is a currency and then it's not until it is again
bitcoin is a currency and then it's not until it is again
Well That's his personal opinion :p he is free to think whatever he want with his nice logic.
I really loved the comments on that article , rofl
I really loved the comments on that article , rofl
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
always interesting how envious people try to attack things of value.
if it's pathetic and worthless why would you need to "lobby" against it in the first place?
Quote
It's not innovative. I love innovation. Bitcoin is pathetic and worthless. And, yes, I'll lobby for its downfall.
if it's pathetic and worthless why would you need to "lobby" against it in the first place?
that's the beauty of it. Bitcoin doesn't need anyone to regulate. It can roam free. So it's more than a currency could ever be.
bitcoin is not eye money.It was true once, bitcoin is more than that. when there is a currency that can not be received by a state and must be swapped out to another currency that can be spent .. while bitcoin we do not need it. all done quickly and practical
guess he doesnt know that there is a difference between
FIAT (legal tender) (one of many currencies)
BTC (legal asset) (another of many currencies)
cigarettes (prison anti-rape tax) (another of many currencies)
vodka (russian favour/barter gift) (another of many currencies)
i do laugh when people cant even understand the basics
FIAT (legal tender) (one of many currencies)
BTC (legal asset) (another of many currencies)
cigarettes (prison anti-rape tax) (another of many currencies)
vodka (russian favour/barter gift) (another of many currencies)
i do laugh when people cant even understand the basics
Jump to: