Bitcoin Forum

Yesterday i found this article:

http://cointelegraph.com/news/113075/new-york-state-bitcoin-is-intangible-property-

At first I thought it was good news, but then I thought that the goal should be Bitcoin like a normal currency ..

What do you think about that?

Because of the global and decentralized nature of Bitcoin, it can never be considered as a legal tender or 'normal currency'. But, that was not, is not and will never be a problem for Bitcoin. As Andreas says, it is programmable money, the first of its kind.

I see part of the problem as that it's very hard to call it a currency legally without calling it legal tender. States would only want one legal tender. It's probably impossible to put "legal" and "currency" on the same page of text without some lawyer managing to get an interpretation that says it meant it was legal tender.

Historically, all private currencies have been treated like this, as barter coupons, like this lot..
http://en.wikipedia.org/wiki/List_of_community_currencies_in_the_United_States

Bitcoin is not a property, is not gold (no gold 2.0), is not a national/foreign currency. it is a digital currency, period. If we find a way to teletransport things from a point A to a point B, only politicians will be discussing if the teletransporter shold be consider a train, an airplain or a car. It is just something new that doesn't fit in preexisting categories.

Who gives a crap what governments (especially that corrupt shitty government) think Bitcoin is or isn't. Are you using it for the sake of government or for yourself? I'd still use it if they said it was illegal. I'd actually prefer they make Bitcoin illegal. That would confirm that I'm backing the right horse.

It is a currency, just not a state issued one.


Can it not be treated like a foreign currency? Is USD considered legal tender in Europe where they have the Euro for instance (and vice versa).

People seem to have different views on what Bitcoin is.

One says money 2.0, other says gold 2.0, some people think it's a special currency.....

How can you agree on something when peoples opinions differ so much.

You can buy stuff with it so it's a currency. It's just the evolution of money. And it's comparable to gold to make an easy comparison, but it's its own thing entirely.

FIAT is almost entirely intangible and it is a legal currency

I agree with this statement. Public and government opinion may change later on.

Wouldnt btc price drop if it would be real currency? I mean a lot of casinos and illegal shops would close.

Bitcoin isn't currency in the traditional sense, it's next level digital Cryptocurrency.

It's not backed by gold or the federal government or the US Army.

It can be programmed to be sent over email, text, emoticons, NFC etc....it's just code.

Powerful code, that can be sent around the world very quickly, with very little fees or overhead.

So Bitcoin is closer as a marketable item to your traditional commodity, like a Gold or Silver.

But it's applications and properties are so much more.

Does it really matter that much what governments call it?

Because then you open yourself to getting audited by the IRS as soon as you barter.

If you can do something to start using promissory notes and implement it into the bitcoin protocol somehow. Obviously, I have no idea how to do this then you open yourself up to the courts.

Historically, promissory notes have acted as a form of privately issued currency. Flying cash or feiqian was a promissory note used during the Tang dynasty (618 – 907). Flying cash was regularly used by Chinese tea merchants, and could be exchanged for hard currency at provincial capitals.[9] According to tradition, in 1325 a promissory note was signed in Milan. There is evidence of promissory notes being issued in 1384 between Genova and Barcelona, although the letters themselves are lost. The same happens for the ones issued in Valencia in 1371 by Bernat de Codinachs for Manuel d'Entença, a merchant from Huesca (then part of the Crown of Aragon), amounting a total of 100 florins.[10] In all these cases, the promissory notes were used as a rudimentary system of paper money, for the amounts issued could not be easily transported in metal coins between the cities involved. Ginaldo Giovanni Battista Strozzi issued an early form of promissory note in Medina del Campo (Spain), against the city of Besançon in 1553.[11] However, there exists notice of promissory notes being in used in Mediterranean commerce well before that date.

Then you have a legal means to start challenging government rulings on the currency in the court system.

You don't set something like this up and I'm afraid. It's whatever the hell they say it is this day of the week. Don't you get what I'm saying. You would have a chance in common law court where a jury deliberates a verdict with a third part observent judge. This is in contrast to a system where a judge or officials tell you what the verdict is.

It's terrible news. Do you like dealing with the IRS?

http://www.irs.gov/taxtopics/tc420.html

Do you like having to fill out a 1099-B for every purchase you made for the year?

bitcoin


bit - digital

coin - currency


digital currency



what more is there to say except why was it created, oh yeah currency

noun, plural currencies.
1.
something that is used as a medium of exchange; money.
2.
general acceptance; prevalence; vogue.
3.
a time or period during which something is widely accepted and circulated.
4.
the fact or quality of being widely accepted and circulated from person to person.
5.
circulation, as of coin.


who cares if it is legal or an intangible property

BTC is a digital currency. It might become legal tender in the future.

No promissory notes, no preexisting concept/category/classification. Read my mouth: di....gi....tal    cu....rren....cy

Read the IRS lips. NO. Have fun filing your 1099.

They will consider the transporter to be train, airplane and car at the same time, so they can tax / regulate as much as possible  :D

Like BTC is considered currency and property by the German authorities: property so they can tax it, currency so they can fuck people for trading it  >:(

I'm still not sure, but it looks like will be better when BTC will stay intangible property - it is legal and we can use it in barter transactions, so we don't have to pay taxes  ;D

It already is, its just that its not accepted by many.
Anything not illegal is legal :)

Of course it is legal, but what will be better currency or intangible property?

As long as i read the word "property" that is good enough. Property has the potential to appreciate in value and can be considered an asset or tool for investment. Tax free status certainly comes as a plus point