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

Piper67

legendary

Activity: 1106

Merit: 1001

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

legendary

Activity: 3431

Merit: 1233

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

donator

Activity: 1736

Merit: 1014

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

hero member

Activity: 530

Merit: 500

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

legendary

Activity: 1764

Merit: 1002

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

legendary

Activity: 3431

Merit: 1233

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

legendary

Activity: 1764

Merit: 1002

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

hero member

Activity: 530

Merit: 500

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

legendary

Activity: 910

Merit: 1001

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

hero member

Activity: 630

Merit: 500

Posts: 69

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

ElectricMucus

legendary

Activity: 1666

Merit: 1057

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

legendary

Activity: 3431

Merit: 1233

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

legendary

Activity: 1148

Merit: 1008

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

legendary

Activity: 3431

Merit: 1233

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

sr. member

Activity: 294

Merit: 250

It's a rumor.

You buy on the rumor. Grin

JackH

sr. member

Activity: 381

Merit: 255

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

legendary

Activity: 1148

Merit: 1008

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

This definitely do NOT apply for bitcoin

esse83

hero member

Activity: 545

Merit: 500

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

cypherdoc

legendary

Activity: 1764

Merit: 1002

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

legendary

Activity: 1148

Merit: 1008

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 7622 times)