Bitcoin Forum

"New regulations by the Federal government define asteroidal material to be an antiquity, like arrowheads and pottery, rather than a mineral — and, therefore, not subject to U.S. mining law or eligible for mining claims."

If bitcoins are created from math, and math was created in the distant past, then one could, ahem, argue that bitcoin could be classified the same as an asteroid.  I am probably streching this but, hey, it'll make for some conversation.

http://science.slashdot.org/story/12/10/12/2031213/the-great-meteor-grab
http://www.space.com/18009-meteorite-collectors-public-lands-rules.html

I think this argument needs to be tested in front of a jury.

Bitcoins should not be classified at all. Meatspace with its greed, oppression and stupid laws and logical, free and self-regulating cyberspace must be separated. Bitcoins belong to cyberspace.

In all seriousness they are more likely to be legally traded as a commodity.

bitcoin is a commodity now

that's a terrible argument. it's like saying nothing that is written can be copyrighted because english (and other languages) were created a long time ago.

bitcoin is not a commodity.

a commodity is something people have use of eg food, oil, and minerals to make products out of. bitcoin is just data. no other use in real life situations but to use as a bartering tool.

so not a commodity but an asset, antiquity or currency.

bitcoin is not like gold. bitcoin is more like a famous persons autograph, or artwork. limited supply has no other function but to be stored or traded.

A gold ring can be made today from old gold, it is not an antiquity.

Bitcoins may have been created by math but the arrangement is new.

No way will they pass as an antiquity, for for a few hundred years.

Honestly, this "classification" nonsense is getting old. Bitcoin is a currency, period. Why? It serves two purposes:

• It is a medium of exchange.
• It is a store of value.

"Commodities" and "antiquities" may be stores of value, but definitely not media of exchange. Claiming it is such will never pass in front of a jury. The "but gold" argument doesn't work because when used as a medium of exchange, gold is a currency.

I find it ridiculous how people try to avoid taxation or foreign exchange laws by claiming Bitcoin isn't a currency.

Ok, sorry. I am going to be pedantic.

An asteroids is a rock floating in space. A meteor is an asteroid as it falls through space. Once it hits the ground it becomes a meteorite.

Please forgive my pickyness over terminology. You may take revenge by making fun of my spelling.

Yeah... I classify governments as an antiquity, so there.

In 21 years, I think we'll have collectors of the oldest Bitcoin's (they won't be defined as hoarders anymore) with the least amount of blockchain enters.  There will be collectors of Bitcoin that are imprinted with news stories that were trending at the time of their creation, the more unused (mint) the higher the value. Well have algorithms to calculate the economic value based on withholding the Bitcoin and not spending it in the economy.