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Title: Can we consider bitcoin as a way of barter? Post by: knight22 on August 30, 2012, 01:34:54 AM If we consider that bitcoin is not money because it is not a "Legal tender" can we consider that it is a way of barter?
What's your opinions on this? Title: Re: Can we consider bitcoin as a way of barter? Post by: dissipate on August 30, 2012, 01:38:22 AM My opinion is: who cares about legal definitions? Bitcoin is whatever you want it to be.
Title: Re: Can we consider bitcoin as a way of barter? Post by: DeathAndTaxes on August 30, 2012, 01:41:54 AM Money =/= legal tender.
It can be money and not be legal tender. Still in US for tax and legal reasons there is very little difference between barter and money so the distinction is really academic. If someone pays $100 in potatoes you have $100 taxable income. If someone pays $100 in gold you have $100 taxable income. If someone pays $100 in bitcoins you have $100 taxable income. If someone pays $100 in hundred dollar bill you have $100 taxable income. Title: Re: Can we consider bitcoin as a way of barter? Post by: knight22 on August 30, 2012, 02:20:50 AM Thanks for these answers
I will just reply to that one. My opinion is: who cares about legal definitions? Bitcoin is whatever you want it to be. If one day you are getting legally strike because of bitcoin, no matter in which country you live, how do you think you will fight back properly if you didn't care enough before that time? Title: Re: Can we consider bitcoin as a way of barter? Post by: Killerpotleaf on August 30, 2012, 02:57:51 AM My opinion is: who cares about legal definitions? Bitcoin is whatever you want it to be. I agree, and for me, above all else Bitcoin is a symbol It symbolize the new found hope I have, to free myself from economic debt slavery. Money is just a tool... Bitcoin is a fucking symbol! ;D Title: Re: Can we consider bitcoin as a way of barter? Post by: evoorhees on August 30, 2012, 03:23:43 AM All money is barter. Almost nobody realizes this, however.
Money is not separate from barter exchange, but rather, it is simply that thing which is most bartered for. The thing people barter most often with is de facto money. Seashells, cigarettes, gold coins, USD paper, bitcoins, etc... these are all things we barter for, and at any given time whichever among them is often used for exchange and trade is simply called money. This is why it's ironic and somewhat hilarious when certain types of people say, "man, we need to get rid of money and just go back to barter!" Title: Re: Can we consider bitcoin as a way of barter? Post by: Killerpotleaf on August 30, 2012, 03:58:05 AM All money is barter. Almost nobody realizes this, however. Money is not separate from barter exchange, but rather, it is simply that thing which is most bartered for. The thing people barter most often with is de facto money. Seashells, cigarettes, gold coins, USD paper, bitcoins, etc... these are all things we barter for, and at any given time whichever among them is often used for exchange and trade is simply called money. This is why it's ironic and somewhat hilarious when certain types of people say, "man, we need to get rid of money and just go back to barter!" Your putting USD in the same category as gold & bitcoins... really? Title: Re: Can we consider bitcoin as a way of barter? Post by: cbeast on August 30, 2012, 04:05:09 AM This is why I don't like Bitcoin being traded like fiat currencies or commodities on an open market. There is a psychological barrier most people have regarding "money" because it is a reified notion. Bitcoin is just a number. We gave it the name "Bitcoin" to signify that the number was generated a certain way, but that still doesn't change the fact that it doesn't belong in your pocket.
It's like saying "I want to trade 5." "5 what?" "No. I want to trade 5, will you give me 20 chickens, a sack of wheat, and a bag of apples for my 5?" "5 what?" "I call them 5 whatchamazits, but some people call them (whispered) Bitcoin even though that word is banned in some places. That's why I just say 5 whatchamazits." For all we know, someday Bitcoin will only be traded via brainwallets and Esperanto. Bitcoin's value is purely psychological since it doesn't exist outside of our minds. This is why I think the trade value (in various currencies or even gold) should be computed and encoded into the blockchain periodically. That will give it a psychological value beyond that manipulated by HFT and monopolistic exchanges. |