EU to declare bitcoin as 'overlay currency' - page 2.

Piper67

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Quote from: becoin on September 03, 2011, 05:47:22 PM

Quote from: defxor on September 03, 2011, 05:37:32 PM

I strongly advice you to not bet on that being true for all different national jurisdictions.

You don't know what are you talking about, do you? What I'm talking about is a very basic legal principal that exists in every modern legal system since the times of the ancient Roman jurisprudence! Do you think UK is an exception?

Heh, actually, the UK is THE exception to Roman Jurisprudence!!!

becoin

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Quote from: defxor on September 03, 2011, 05:37:32 PM

I strongly advice you to not bet on that being true for all different national jurisdictions.

You don't know what are you talking about, do you? What I'm talking about is a very basic legal principal that exists in every modern legal system since the times of the ancient Roman jurisprudence! Do you think UK is an exception?

cbeast

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Let's talk governance, lipstick, and pigs.

I googled 'overlay currency' and found nothing. Currency Overlay is a strategy conducted by a firm. So if this is the case, then it's unlikely that firms will use bitcoin for this type of strategy. I don't see how this will affect bitcoin in any way.

defxor

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Quote from: becoin on September 03, 2011, 05:27:34 PM

Everything that is not forbidden is allowed!

I strongly advice you to not bet on that being true for all different national jurisdictions.

cypherdoc

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Quote from: becoin on September 03, 2011, 05:27:34 PM

Quote from: wareen on September 03, 2011, 04:32:19 PM

It is important for reputable businesses that Bitcoin gets a solid legal foundation - otherwise they would never consider accepting it as payment.

Bitcoin CAN NOT get solid legal foundation because there is no precedent. If Bitcoin has to be regulated new laws has to be created from scratch. The law has to follow Bitcoin and not vice versa! Asking FSA for permission to trade Bitcoin is the same as asking the coachmen syndicate for permission to assemble and drive the first automobile just after the modern internal combustion engine was invented back in 1862... It is quite obvious what answer you can expect.

The legal foundation of Bitcoin already exists and is indeed fundamental - Everything that is not forbidden is allowed! And this is the leading principal of the entire humankind progress.

Now, if OP's information is correct, a total regulatory mess is in the pipes. Not only reputable businesses but also not quite reputable businesses will give up using Bitcoin.

well in that case then it'll just trade like gold; the price will skyrocket and no one will do business in it.

becoin

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Quote from: wareen on September 03, 2011, 04:32:19 PM

It is important for reputable businesses that Bitcoin gets a solid legal foundation - otherwise they would never consider accepting it as payment.

Bitcoin CAN NOT get solid legal foundation because there is no precedent. If Bitcoin has to be regulated new laws has to be created from scratch. The law has to follow Bitcoin and not vice versa! Asking FSA for permission to trade Bitcoin is the same as asking the coachmen syndicate for permission to assemble and drive the first automobile just after the modern internal combustion engine was invented back in 1862... It is quite obvious what answer you can expect.

The legal foundation of Bitcoin already exists and is indeed fundamental - Everything that is not forbidden is allowed! And this is the leading principal of the entire humankind progress.

Now, if OP's information is correct, a total regulatory mess is in the pipes. Not only reputable businesses but also not quite reputable businesses will give up using Bitcoin.

cypherdoc

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genjix and Donald Norman are on record numerous times trying to seek a regulatory framework for Bitcoin in the UK for better or for worse. i'm sure he's just revealing this tidbit of info from his negotiations.

defxor

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Quote from: JackH on September 03, 2011, 03:26:11 PM

Err how was this information obtained? Did the person talk to FSA or someone in the EU commission? Is there any EU politician or finance ministry that is semi-publicly stating this? And IRC chat log doesnt seem that creditable.

I'd suggest asking the Pirate Party representative in the EU parliament as a good way of finding out. I don't think the Swedish Pirate Party has an official stance on Bitcoin yet but at least they're not of the boring mainstream politician breed.

http://christianengstrom.wordpress.com/category/english/

wareen

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Revolutionizing Brokerage of Personal Data

Quote from: becoin on September 03, 2011, 03:46:09 PM

Why did you ask FSA for a permission to trade bitcoin in the first place?

It is important for reputable businesses that Bitcoin gets a solid legal foundation - otherwise they would never consider accepting it as payment. If you want to use Bitcoin in an illegal manner then no legislation can stop you - Bitcoin is no different to cash in this respect.

Quote from: becoin on September 03, 2011, 03:46:09 PM

Now you have to do a lot of paper work if you want to stay... hmm... 'legal'.

Well, legit businesses have to do paperwork anyway - no matter how they treated Bitcoin up until now. With a sound legal basis for Bitcoin they now know at least which paperwork exactly they have to do.

Quote

This is not a buy. This is a sell IMHO.

I can't follow your logic here - with Bitcoin fitting into a legal framework, it will be possible for serious businesses to accept it without having to fear any troubles with the law. Bitcoin will just get access to a greater market share - nothing prevents you to continue using Bitcoin like you did up until now if you like, so everybody is a winner here. No?

BitcoinPorn

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joepie91, I would like to subscribe to your newsletter to I don't miss random updates like these

ElectricMucus

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Marketing manager - GO MP

Currency Overlay in this context would mean the EU would be attempting to manipulate the bitcoin market.

I suspect a troll
hard.

becoin

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Quote from: Gabi on September 03, 2011, 03:35:22 PM

I am still wondering how bitcoin can be:

It is not, but who cares? They need to put you within a certain existing regulatory frame. The rest is just details. Why did you ask FSA for a permission to trade bitcoin in the first place? The only reason I can think of is if you are chasing cheap publicity! If you ask a question you get an answer. Good or bad, this is it. Now you have to do a lot of paper work if you want to stay... hmm... 'legal'. This is not a buy. This is a sell IMHO.

Gabi

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If you want to walk on water, get out of the boat

I am still wondering how bitcoin can be:

Quote

Currency overlay is a financial trading strategy or method conducted by specialist firms who manage the currency exposures of large clients, typically institutions such as pension funds, endowments and corporate entities.

becoin

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If there is any truth in what OP is suggesting then financial authorities are positioning themselves to regulate and tax bitcoin purchases as cross-border institutional investments.

geek-trader

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It's a rumor.

You buy on the rumor. Grin

JackH

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Err how was this information obtained? Did the person talk to FSA or someone in the EU commission? Is there any EU politician or finance ministry that is semi-publicly stating this? And IRC chat log doesnt seem that creditable.

Gabi

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If you want to walk on water, get out of the boat

This definitely do NOT apply for bitcoin

esse83

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http://en.wikipedia.org/wiki/Currency_overlay - still as confused..

cypherdoc

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Quote from: hugolp on September 03, 2011, 01:38:16 PM

Quote from: mizerydearia on September 03, 2011, 12:59:06 PM

Quote from: Gabi on September 03, 2011, 12:50:24 PM

Any link to that?

https://bitcointalksearch.org/topic/m.501859 ^_^

Very funny. Angry

I actually felt for that.

"fell"?

at least "overlay" sounds legal and not illegal. sounds promising. buy, buy, buy.

Gabi

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If you want to walk on water, get out of the boat

And how that would apply for bitcoin?

Topic: EU to declare bitcoin as 'overlay currency' - page 2. (Read 7628 times)