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Title: Is Bitcoin a currency or merely a platform for transactions in other currencies? Post by: deed02392 on December 12, 2013, 09:58:29 AM Ernst & Young have come out saying that Bitcoin shouldn't be viewed as a currency and is merely a platform for enabling microtransactions and e-commerce payments.
Opinions? I am struggling to understand how it can operate as a means of transferring money without being money itself? Unless they are more implying it WON'T be a currency rather than it can't be. http://www.theguardian.com/technology/2013/dec/11/ernst-young-warn-bitcoin-payment-problems Title: Re: Is Bitcoin a currency or merely a platform for transactions in other currencies? Post by: benjamindees on December 12, 2013, 10:11:11 AM Bitcoin is a currency, even though there is a group of moneyed interests working to cripple it.
Title: Re: Is Bitcoin a currency or merely a platform for transactions in other currencies? Post by: deed02392 on December 12, 2013, 10:18:07 AM Could you perhaps break down the article I linked and give your opinion on each?
Title: Re: Is Bitcoin a currency or merely a platform for transactions in other currencies? Post by: stamen123 on December 12, 2013, 10:19:20 AM It is very well explained here how there is a Bitcoin network and bitcoin currency (beware the capital letters :)) And why the one derives its value form the other:
http://www.coindesk.com/bitcoin-intrinsic-value-alan-greenspan/ Title: Re: Is Bitcoin a currency or merely a platform for transactions in other currencies? Post by: benjamindees on December 12, 2013, 10:46:16 AM This is the opinion of an accounting firm. Accounting is a fraudulent profession that Bitcoin obsoletes. These types of people have been attempting to bolt their convoluted legalist crap onto Bitcoin for a couple of years now, in order to turn Bitcoin into a vehicle for their fraud. They seem to have the ultimate aim of turning Bitcoin into a second-rate Paypal competitor. Unfortunately, for some completely incomprehensible reason, this pathetic endeavour has gained a lot of traction among a vocal group of Bitcoin adopters.
Title: Re: Is Bitcoin a currency or merely a platform for transactions in other currencies? Post by: AnonyMint on December 12, 2013, 10:58:53 AM Explained here:
https://bitcointalk.org/index.php?topic=322058.msg3916390#msg3916390 Title: Re: Is Bitcoin a currency or merely a platform for transactions in other currencies? Post by: Sitarow on December 12, 2013, 03:03:40 PM Ernst & Young have come out saying that Bitcoin shouldn't be viewed as a currency and is merely a platform for enabling microtransactions and e-commerce payments. Bitcoin has many uses.Opinions? I am struggling to understand how it can operate as a means of transferring money without being money itself? Unless they are more implying it WON'T be a currency rather than it can't be. http://www.theguardian.com/technology/2013/dec/11/ernst-young-warn-bitcoin-payment-problems What they are effectivly saying is eventualy 1btc will give its holder the privilage to transfer so much fiat/securitys/assets/commodities on the bitcoin network. This approach can peg 1btc value at over 1Billion usd considering the amount of decimal places 1BTC has |