Hahaha look at all the doublethink by people who can't withdraw their money from MtGox over the weekend.
Topic: Satoshi, Bitcoin Is a Commodity Not a Currency - page 2. (Read 4577 times)
Hahaha look at all the doublethink by people who can't withdraw their money from MtGox over the weekend.
Bitcoin is both a commodity AND a currency. They are not mutually exclusive concepts.
While not mutually exclusive, they each have characteristics that make them each. A currency is anything that is intended to be, or by defacto use is, traded as a unit of exchange value. While a commodity is anything that has a general or consumptive use besides, or in addition to, it's uses as a unit of exchange and storage of value. Oil can be burned, and copper made into wires. Both have trade and storage of value uses, but that is not their only useful function. Bitcoin has no other function than as it's intended use in exchange or storage of value, thus cannot be a commodity.
Can we relabel the front page of bitcoin to say crypto-commodity instead of crypto-currency? After much thinking I believe that it is a commodity. Also lawyers in France are using the bitcoin.org homepage against us.
Can we please relabel it for the sake of bitcoin and because it really is a commodity?
Thank you.
Can we please relabel it for the sake of bitcoin and because it really is a commodity?
Thank you.
No, because it's not a commodity. Bitcoin is a currency, by definition, and cannot be a commodity, also by definition. If you disagree, then you don't know what these words mean. Even if we all agreed to start calling it something that it isn't, that wouldn't change a thing; certainly not France or any other entity considering it a currency.
Whenever minted into distinct units of weight, yes it is.
It’s a payment method for fiat money. A USD proxy. Nothing more, currently.
I added the emphasis
Bitcoin IS NOT A CURRENCY.
Bitcoin is no generally accepted medium of exchange.
Bitcoin is no unit of account.
Bitcoins cannot be held longer than a few minutes without being subject to potentially huge losses.
Noone is paid in Bitcoins.
Noone lives on Bitcoins.
This is what Bitcoin is: USD => BTC => USD
It’s a payment method for fiat money. A USD proxy. Nothing more, currently.
Bitcoin is no generally accepted medium of exchange.
Bitcoin is no unit of account.
Bitcoins cannot be held longer than a few minutes without being subject to potentially huge losses.
Noone is paid in Bitcoins.
Noone lives on Bitcoins.
This is what Bitcoin is: USD => BTC => USD
It’s a payment method for fiat money. A USD proxy. Nothing more, currently.
Can we relabel the front page of bitcoin to say crypto-commodity instead of crypto-currency? After much thinking I believe that it is a commodity. Also lawyers in France are using the bitcoin.org homepage against us.
Can we please relabel it for the sake of bitcoin and because it really is a commodity?
Thank you.
Can we please relabel it for the sake of bitcoin and because it really is a commodity?
Thank you.
No, because it's not a commodity. Bitcoin is a currency, by definition, and cannot be a commodity, also by definition. If you disagree, then you don't know what these words mean. Even if we all agreed to start calling it something that it isn't, that wouldn't change a thing; certainly not France or any other entity considering it a currency.
Can we relabel the front page of bitcoin to say crypto-commodity instead of crypto-currency? After much thinking I believe that it is a commodity. Also lawyers in France are using the bitcoin.org homepage against us.
Can we please relabel it for the sake of bitcoin and because it really is a commodity?
Thank you.
Can we please relabel it for the sake of bitcoin and because it really is a commodity?
Thank you.
No, because it's not a commodity. Bitcoin is a currency, by definition, and cannot be a commodity, also by definition. If you disagree, then you don't know what these words mean. Even if we all agreed to start calling it something that it isn't, that wouldn't change a thing; certainly not France or any other entity considering it a currency.
I haat eu Bitcaoin!
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No, he and his descendants hate Bitcoin.
http://www.economywatch.com/files/imagecache/story/story/the-worlds-richest-family-you-didnt-know-about.01-06_1.jpg
If you think in terms of the popular Bitcoin metaphors, such as buying, selling, sending, receiving, mining, losing, borrowing, etc., bitcoins, they do seem like a commodity. But these are just metaphors and not the economic reality. The reality is that there are no bitcoins. There are numbers in the blockchain, and these numbers represent bitcoins, but the bitcoins that are being represented do not really exist. It's all pretend (or delusion).
I think calling bitcoins a commodity is stretching the truth a bit (no pun intended).
I think calling bitcoins a commodity is stretching the truth a bit (no pun intended).
Bitcoin is both a commodity AND a currency. They are not mutually exclusive concepts.
Here's why: https://bitcointalksearch.org/topic/lets-end-one-debate-commodity-vs-money-47111
Here's why: https://bitcointalksearch.org/topic/lets-end-one-debate-commodity-vs-money-47111
Can we relabel the front page of bitcoin to say crypto-commodity instead of crypto-currency? After much thinking I believe that it is a commodity. Also lawyers in France are using the bitcoin.org homepage against us.
Can we please relabel it for the sake of bitcoin and because it really is a commodity?
Thank you.
Can we please relabel it for the sake of bitcoin and because it really is a commodity?
Thank you.
No, because it's not a commodity. Bitcoin is a currency, by definition, and cannot be a commodity, also by definition. If you disagree, then you don't know what these words mean. Even if we all agreed to start calling it something that it isn't, that wouldn't change a thing; certainly not France or any other entity considering it a currency.
Not to mention that many nations have laws which regulate the sale and exchange of commodities, anyway.
MtGox could call Bitcoin a pog or a token, but it's the various financial services laws of each individual nation which will determine how it's legally defined there and in particular how the exchanges must operate in respect of it. Different nations may regulate it quite differently.
Can we relabel the front page of bitcoin to say crypto-commodity instead of crypto-currency? After much thinking I believe that it is a commodity. Also lawyers in France are using the bitcoin.org homepage against us.
Can we please relabel it for the sake of bitcoin and because it really is a commodity?
Thank you.
Can we please relabel it for the sake of bitcoin and because it really is a commodity?
Thank you.
No, because it's not a commodity. Bitcoin is a currency, by definition, and cannot be a commodity, also by definition. If you disagree, then you don't know what these words mean. Even if we all agreed to start calling it something that it isn't, that wouldn't change a thing; certainly not France or any other entity considering it a currency.
Can we relabel the front page of bitcoin to say crypto-commodity instead of crypto-currency? After much thinking I believe that it is a commodity. Also lawyers in France are using the bitcoin.org homepage against us.
Can we please relabel it for the sake of bitcoin and because it really is a commodity?
Thank you.
Can we please relabel it for the sake of bitcoin and because it really is a commodity?
Thank you.
Quote
While Bitcoin at a European level is so far not directly impacted by this decision, the Bank de France (France's central bank) has confirmed that because of European banking rules, monetary transfers (deposits and withdrawals) through a single entity are subject to financial regulation and therefore can only be performed by licensed financial institutions such as banks or Payment Service companies (the European Equivalent to a Money Service Business).
It was the money transfers which fell foul of French financial regulations. Whether Bitcoin is a currency or a commodity doesn't change the fact that MtGox needs to be licensed in order to conduct those monetary transfers under French law.
A cryptographic commodity.
Can we relabel the front page of bitcoin to say crypto-commodity instead of crypto-currency? After much thinking I believe that it is a commodity. Also lawyers in France are using the bitcoin.org homepage against us.
Can we please relabel it for the sake of bitcoin and because it really is a commodity?
Thank you.
Can we please relabel it for the sake of bitcoin and because it really is a commodity?
Thank you.
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