Bitcoin Forum

http://www.coindesk.com/new-york-stock-exchange-launches-bitcoin-price-index/ (http://www.coindesk.com/new-york-stock-exchange-launches-bitcoin-price-index/)

Is it a currency? Is it an asset class? The NYSE sees it as an asset class. Interesting news, not to mention that they NYSE is establishing a ticker to track the BTC/USD price. There's some big money being put into bitcoin, like serious big money from very reputable people in finance.

This is about to get exciting...

If your "big money" asserts that bitcoin (and, perhaps, by extension, all cryptographic currencies) is an asset, it'll be as much a money as gold and silver (currently) are.

Hrmm is this going to lead to the whole tracking every time your spend or receive for tax purposes? Selling an asset is different than using a currency but bitcoin is different. As Gavin mentioned on the interview on 5/19/15 you can't pigeon hole bitcoin into a single category that we are already familiar with like an asset class or a currency. Bitcoin is completely different than we have ever seen before so it should be it's own class/category. What? We don't really know yet.

Gavin Andresen isn't a "Wall Street fatcat" (as the derogatory colloquialism goes): he doesn't move - let alone make - markets.

asset class suits more to the meaning of what bitcoin could be really, classified into something, but if everyone begin to see it as a different thing, it may bring some confusion

i like how they will expand their index to others exchange, from the news you can also snatch that they are building the infrastructure for bitcoin and not investing in bitcoin itself

this is why the price has not yet lifted

I think for now BTC is more in the asset class than expenditure class although now big spenders in bitcoin are even buying other assets like houses and apartments and luxury goods..especially those that made a killing from it like the early miners and adopters.

I don't care what they classify it, as long as you don't have to pay VAT for every damn transaction you made.

When we are talking about assets, we are talking about cash equivalents where we can convert and liquidate it as and when we need it but however in bitcoin, we are already referring to a currency which we can use to purchase and trade for items. Eventually it all depends on how we look at it and in time, I think it would be clearer to define as adoption rate goes up.

This kind of asset is very different than traditional asset, governments and banks have almost no control of its location and flow, a Swiss bank in cyberspace

I think this is borderline good news, but the core problem will be that in the US, you'll still have to treat every transaction as a taxable event and record either gains or losses.

Words, words, and more words. If I asked my dentist she would say bitcoin is a kind of tooth. lol

Wait what? Are you saying bitcoin feels more of a physical asset or that bitcoin is just a pain to even determine where it falls under all of these categories.

As for the asset class, I would consider it - if it falls on the same with gold.

 propably thay have to give some definition to bitcoin
bitcoin is emerging for sure,asset not so much

maybe alternative emerging technology asset

I think if anything its the blockchain is what they want more then anything.

Rather then the whole bitcoin scene, like they want to use it for something I feel.

This is an interesting development.  I agree that it appears to be more of an asset then a currency right now.  I think prices have to stabilize before people seriously start using it as a currency.

Of course not, but very few Wall Street pundits do. This guy is a consultant - he's paid to know how business works and to have an opinion. I don't think his lack of material influence on the BTC market should discount his opinion on where the market is going. In fact, I think his lack of influence over the market keeps his opinion objective and valued. He can't gain much by trying to move the market because he's not big enough to be a market mover.

I guess I just think it's funny how many definitions there are. Some say it's a currency, an asset, a ... It may be all those things? For me it is what it is, it's bitcoin.  Or maybe it's "just a pain to even determine", as you point out.

However, the NYSE very much is “a market mover” (Possum577), and its “material influence” (Possum577) has reiterated that bitcoin is an “asset class” (Possum577).

Haha yeah. But, i really wish sometimes it can be in the 1% of a huge category already.

Even if its looked bad for black market, atleast then we can have some solid price holds right? I dont know I read on someones view any of the billion dollar market.

https://bitcointalk.org/index.php?topic=1066414.0

There are a lot of words over what Bitcoin is and no real consensus
At the least an asset class sounds reasonable, it can act as a means of currency but retains its own value it may be a new type of asset class but it fits in that definition.

Let says bitcoin does go through with being an assest class and its with commodities and what not.

You think the daytraders will dive in for it? if so thats going to be a huge price effect for us as well.

Bitcoin is currently about as stable as any other currency.  People are using it as a currency for years.

Asset Class is kinda vague. Bitcoin is more like cash than bank notes, but they don't want to call it a currency. It's more like a basket reserve currency, but Wall Street doesn't deal with those.

Do we really want wall street kids meddling too much with bitcoin or do we want some really classy hedge fund managers to open up some decent hedge funds for hardcore savers/ I would be more inclined to welcome the latter to be quite honest.

Some countries treat it as an asset, some as a foreign currency. FOr example as far as I remember, spain treats it as a foreign currency which means there is no VAT to pay, but in US you would need to pay VAT.

Isn't it strange how different the classifications are?  I wonder what the different agendas are form the different countries.  Maybe someone at the top in spain is holding some coins and doesn't want them taxed.  Maybe the USA is being a little silly with its classification.  Imagine if you had a hamburger in your hand, stepped over the border into a different country, and it suddenly became a soccer ball.  Weird.

Just what I was hoping for: Wall Street'r "recognition" of Bitcoin. Brought to you by the same guys that crashed the US economy in 2007.

The NYSE didn't cause the 2007 recession, that downturn was caused by mortgage companies, realtors, and greedy homebuyers who wanted to buy more house than they could afford - the primary culprits in the 2007 recession.

Let's try to keep the facts straight!

this could potentially point to some problem if i want to use srvice that are in another place and sell bitcoin to them, and then they use those to buy thing locally, on they country, like for example if i use a service that pay for me in bitcoin, but they are from spain, and i'm from USA

it could cause some taxes issues...

The  mortgage companies are definitely culpable, but who sliced and diced mortgage loans, packaged them and sold them to gullible investors?
Wall Street definitely played a role in screwing Main Street.