Bitcoin is Now Officially Money! - page 3.

serjent05

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Quote from: Senor.Bla on September 20, 2016, 07:48:37 AM

Quote from: notbatman on September 20, 2016, 06:43:54 AM

"Bitcoin qualifies as money, a federal judge ruled on Monday"

Source: http://www.reuters.com/article/us-jpmorgan-cyber-bitcoin-idUSKCN11P2DE

this is just new york. in another state it is not money. this also goes for nations. in some it is money in other it is not. so my take away is that they are at least seeing bitcoin as something worth talking about. but it will still take some time until we have some kind of set of rules we can rely on.

Yes one state maybe but it is a start of bitcoin being acknowledged as money. Soon other state will follow. Then the whole America, and china and other countries in other part of the world. This one state decision will impact bitcoin and can be the start of bitcoin being recognized by every country as currency.

olubams

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Quote from: notbatman on September 20, 2016, 06:43:54 AM

"Bitcoin qualifies as money, a federal judge ruled on Monday"

Source: http://www.reuters.com/article/us-jpmorgan-cyber-bitcoin-idUSKCN11P2DE

In as much as this is a good development but this is not actually the main reason as one of the fundamental factor for any thing to be money is acceptability in as much as that is established, then it is money so whether the judge says it or not, if its not accepted by the larger community then its not money to them and vice versa

entrepmind23

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Quote from: notbatman on September 20, 2016, 06:43:54 AM

"Bitcoin qualifies as money, a federal judge ruled on Monday"

Source: http://www.reuters.com/article/us-jpmorgan-cyber-bitcoin-idUSKCN11P2DE

This is good news because it means that bitcoin is making progress and it is slowly making a name in the financial sector. Later on,many people will see its value and its advantages compared to banks and then slowly they will adopt bitcoin which means a higher demand. Because bitcoin is only limited it would mean lower supply and higher demand which can lead to higher price and the early adopters of bitcoin will celebrate because they were able to get in when its not that popular yet.

unamis76

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Wow, amazing! Roll Eyes

So now that someone supposedly known for being an authority of some kind considers Bitcoin money and it starts being money just because of that! Cool. Only on mainstream media... Roll Eyes

Another interesting fact is a owner of a website that used Bitcoin says that Bitcoin isn't money! Anything to defend their wrongdoings (that are, at its core, non Bitcoin related...)

Quote from: franky1 on September 20, 2016, 08:58:00 AM

Quote from: raphma on September 20, 2016, 08:48:11 AM

Quote from: Carlton Banks on September 20, 2016, 07:52:38 AM

Who cares what people in offices, or officials, think? If we'd taken that attitude, Bitcoin wouldn't be here at all, it's been officially denounced ad infinitum up to now.

err... almost everyone?
dude, i agree with you that right now bitcoin investors doesnt care much about that but if we want to see bitcoin been used as a real currency(daily use) we will need these offices/officials.

f*ck the government, f*ck the banks, i dont care about them... but the majority of the population cares so unfortunatelly we will need their support.

but if we allow those officials to decide what bitcoin is and then pigeon hole it into the wrong category. it makes bitcoin no better than fiat.

i personally see bitcoin as an asset currency. which makes it have more possibilities than thinking of it as just money.
anyone can have the freedom of swapping assets without the hurdles of money.

EG
if bitcoin is money. then suddenly people will start to need to declare transactions above $10k value
if bitcoin is money. then suddenly people will start paying tax on it every time its swapped
if bitcoin is money. then suddenly at border control (highway checkpoints/airports) will need to have their trezor's/keepkeys examined and confiscated if over $10k value is hoarded
if bitcoin is money. then suddenly people will start to need pay inheritance tax if you time locked it and gave the private key your child.

then things like identification requirements just to hold bitcoin start becoming a thing.

lets not get excited that some official wants bitcoin to be money. because all they really want is a nice payday in the form of a huge fine/settlement, future tax income etc

The fact that Bitcoin is colloquially classified as "money" doesn't oblige it to follow the same rules as fiat. Bitcoin is money, BUT it doesn't have to be tied to anything else, nor is it equal to the money we have used so far, thus it doesn't have to adhere to the same rules.

Carlton Banks

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Quote from: Kprawn on September 20, 2016, 10:02:51 AM

Quote from: Carlton Banks on September 20, 2016, 07:52:38 AM

Who cares what people in offices, or officials, think? If we'd taken that attitude, Bitcoin wouldn't be here at all, it's been officially denounced ad infinitum up to now.

Well it seems as though the merchants worry about this, because if Bitcoin is not a legal tender they are not allowed to accept it.

No, that is not what "legal tender" means. What it does mean is that merchants or individuals are not allowed to refuse legal tender for payment of goods or debts. Anyone using legal tender as a reason not to accept BTC either knows and can't think of a better excuse, or they're just plain ignorant. Merchants can accept anything as payment under legal tender law, as long as the customer agrees too.

I sometimes wonder why some of you ever got involved in Bitcoin in the first place. The whole point was to build an independent system, not a dependent system. If you want someone big and strong to be holding everyone's hand all the time, you're in the wrong place.

electronicash

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if its going to be considered money then should we expect bitcoin to be on the FOREX later?
i guess the rest of us are going to be on that side of business if it does happen. and i mean we all see usd/btc on exchanges so we'd probably see GBP/BTC and JPY/BTC on forex trading platform.

LFC_Bitcoin

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People might say 'so what it's only in NY' but it's a good thing for bitcoin to be recognised & accepted as money in NY as it's one of the richest cities in the world.

ABCbits

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While we know bitcoin has always been money, it's great to see government accept bitcoin as currency/money even though there's negative side such as tax, regulation, complex data verification and no more anonymous as well.

bitcointank

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Good news. Most of countries do not admit bitcoin is money, the future is bright, we should wait patiently.

Kprawn

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Quote from: Carlton Banks on September 20, 2016, 07:52:38 AM

Who cares what people in offices, or officials, think? If we'd taken that attitude, Bitcoin wouldn't be here at all, it's been officially denounced ad infinitum up to now.

Well it seems as though the merchants worry about this, because if Bitcoin is not a legal tender they are not allowed to accept it. I know of

some gaming sites on the internet, that does not want to accept Bitcoin, because it's not regulated as a currency in their country. So once

Bitcoin is accepted as a currency, it would be easier to get merchants and services to accept it without 3rd parties. Wink

randy8777

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Quote from: franky1 on September 20, 2016, 09:06:11 AM

Quote from: randy8777 on September 20, 2016, 09:04:27 AM

this isn't doing much for me since i treated bitcoin as money from the beginning. that people come up with this and say that bitcoin is money, makes me only wonder why it took so long for them to realize this.

bitcoin has always been currency.. that good for many many reasons compared to defining and pigeon holing it as money..
money is the stuff the bankers want/create/and want more, that comes with rules

the problem is 99% of the world doesnt understand "money" which is why the 1% reign supreme.
we should be trying to teach the 99% what money is so that they move away from it.
rather than letting bitcoin become money so the 1% can extort it

isn't this one of the reasons of why poor people getting poorer, and rich people getting richer? this has been going on for such a long time that it makes me think whether or not there is really something that we can use to get the attention of these 99% with.

Carlton Banks

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Quote from: franky1 on September 20, 2016, 08:58:00 AM

Quote from: raphma on September 20, 2016, 08:48:11 AM

Quote from: Carlton Banks on September 20, 2016, 07:52:38 AM

Who cares what people in offices, or officials, think? If we'd taken that attitude, Bitcoin wouldn't be here at all, it's been officially denounced ad infinitum up to now.

err... almost everyone?
dude, i agree with you that right now bitcoin investors doesnt care much about that but if we want to see bitcoin been used as a real currency(daily use) we will need these offices/officials.

f*ck the government, f*ck the banks, i dont care about them... but the majority of the population cares so unfortunatelly we will need their support.

but if we allow those officials to decide what bitcoin is and then pigeon hole it into the wrong category. it makes bitcoin no better than fiat.

i personally see bitcoin as an asset currency. which makes it have more possibilities than thinking of it as just money.
anyone can have the freedom of swapping assets without the hurdles of money.

EG
if bitcoin is money. then suddenly people will start to need to declare transactions above $10k value
if bitcoin is money. then suddenly people will start paying tax on it every time its swapped
if bitcoin is money. then suddenly at border control (highway checkpoints/airports) will need to have their trezor's/keepkeys examined and confiscated if over $10k value is hoarded
if bitcoin is money. then suddenly people will start to need pay inheritance tax if you time locked it and gave the private key your child.

then things like identification requirements just to hold bitcoin start becoming a thing.

lets not get excited that some official wants bitcoin to be money. because all they really want is a nice payday in the form of a huge fine/settlement, future tax income etc

For once, you know what you're talking about. +1

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Quote from: randy8777 on September 20, 2016, 09:04:27 AM

this isn't doing much for me since i treated bitcoin as money from the beginning. that people come up with this and say that bitcoin is money, makes me only wonder why it took so long for them to realize this.

Furthermore, this court judgment is only valid in New York. In every other state bitcoin might be considered something else.
US really should push things up and appoint a committee to once and for all codify cryptocurrencies legal status.

franky1

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Quote from: randy8777 on September 20, 2016, 09:04:27 AM

this isn't doing much for me since i treated bitcoin as money from the beginning. that people come up with this and say that bitcoin is money, makes me only wonder why it took so long for them to realize this.

bitcoin has always been currency.. that good for many many reasons compared to defining and pigeon holing it as money..
money is the stuff the bankers want/create/and want more, that comes with rules

the problem is 99% of the world doesnt understand "money" which is why the 1% reign supreme.
we should be trying to teach the 99% what money is so that they move away from it.
rather than letting bitcoin become money so the 1% can extort it

randy8777

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this isn't doing much for me since i treated bitcoin as money from the beginning. that people come up with this and say that bitcoin is money, makes me only wonder why it took so long for them to realize this.

franky1

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Quote from: raphma on September 20, 2016, 08:48:11 AM

Quote from: Carlton Banks on September 20, 2016, 07:52:38 AM

Who cares what people in offices, or officials, think? If we'd taken that attitude, Bitcoin wouldn't be here at all, it's been officially denounced ad infinitum up to now.

err... almost everyone?
dude, i agree with you that right now bitcoin investors doesnt care much about that but if we want to see bitcoin been used as a real currency(daily use) we will need these offices/officials.

f*ck the government, f*ck the banks, i dont care about them... but the majority of the population cares so unfortunatelly we will need their support.

but if we allow those officials to decide what bitcoin is and then pigeon hole it into the wrong category. it makes bitcoin no better than fiat.

i personally see bitcoin as an asset currency. which makes it have more possibilities than thinking of it as just money.
anyone can have the freedom of swapping assets without the hurdles of money.

EG
if bitcoin is money. then suddenly people will start to need to declare transactions above $10k value
if bitcoin is money. then suddenly people will start paying tax on it every time its swapped
if bitcoin is money. then suddenly at border control (highway checkpoints/airports) will need to have their trezor's/keepkeys examined and confiscated if over $10k value is hoarded
if bitcoin is money. then suddenly people will start to need pay inheritance tax if you time locked it and gave the private key your child.

then things like identification requirements just to hold bitcoin start becoming a thing.

lets not get excited that some official wants bitcoin to be money. because all they really want is a nice payday in the form of a huge fine/settlement, future tax income etc

Rubberduckie

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Quote from: beamforming2 on September 20, 2016, 07:51:51 AM

A good news! i believe more state will follow!

That's a good point and I think it's even better that it is New York. States will for
sure follow. Had it been Rhode Island or Montana or something I wouldn't expect
most states to notice but New York is a big deal.

raphma

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Quote from: Carlton Banks on September 20, 2016, 07:52:38 AM

Who cares what people in offices, or officials, think? If we'd taken that attitude, Bitcoin wouldn't be here at all, it's been officially denounced ad infinitum up to now.

err... almost everyone?
dude, i agree with you that right now bitcoin investors doesnt care much about that but if we want to see bitcoin been used as a real currency(daily use) we will need these offices/officials.

f*ck the government, f*ck the banks, i dont care about them... but the majority of the population cares so unfortunatelly we will need their support.

Red-Apple

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bitcoin was always money regardless of government accepting the fact or not. but it is a good news for businesses trying to adopt bitcoin and also a good news for the tax man to take taxes from all those businesses so this particular good news is not without a side effect Wink

bitbunnny

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This only refers to one state but it is something for the start. This lack of unique attitude towards Bitcoin is the problem. I don't think that there will ever be standard regulation of Bitcoin that could be applicable anywhere in the world. Somwhere is money, somwhere is property, somwhere is nothing because some countries don't have any kind of regulation at all.

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