They are simply patological liers. As of now, they didn't stole anyone's money.
Oh, they did. They did! They refused to honor full bitcoin refunds. They stole a dozen of bitcoins from me alone! |
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I understand that Bitmessage will be used for service discovery between different OT servers but how these servers will transact between themselves? For instance, the universal currency between Ripple gateways is the XRP. What will be the settlement currency between OT federated servers?
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SgtSpike, are you serious? Those you've mentioned are proven BFL sockpuppets. Trustworthy members have to report their findings, not paid BFL fanboys! |
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So, unless you people truly see inflation getting close to that 50% per month mark (which is the definition of hyperinflation) This is not the general accepted definition. This is the right one: The International Accounting Standards Board does not establish an absolute rate at which hyperinflation is deemed to arise. Instead, it lists factors that indicate the existence of hyperinflation:
- The general population prefers to keep its wealth in non-monetary assets or in a relatively stable foreign currency. Amounts of local currency held are immediately invested to maintain purchasing power;
- The general population regards monetary amounts not in terms of the local currency but in terms of a relatively stable foreign currency. Prices may be quoted in that currency;
- Sales and purchases on credit take place at prices that compensate for the expected loss of purchasing power during the credit period, even if the period is short;
- Interest rates, wages, and prices are linked to a price index;
- The cumulative inflation rate over three years approaches, or exceeds, 100%.
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Being anonymous is quite fine in itself, however when someone is caught wiping fingerprints from a crime scene, they are in hot water. So, anonymity in general is bad because the whole world is a crime scene? |
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Technically bitcoins are created by miners and never move from the place in the blockchain where they were placed, or precisely the block where they showed up originally. People only move around digitally signed ownership contracts over bitcoins, not the physical possession over a tangible object.
This is a wrong assumption, paraipan. Bitcoin blockchain is one giant digital storage. You are right, bitcoins never leave this digital storage, but they do move inside it from one shelf to another. The shelves of this storage are the existing (already present on the blockchain) and also the newly created public keys. This process actually represents moving digital objects in a digital coordinate system. This movement takes time to be completed and verified between 10 minutes and 1 hour. In contrast, transfer of ownership is instantaneous. It takes couple of seconds just to sign a contract. For example, the so called off-chain bitcoin transactions will be what you describe and they shall be instantaneous. |
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It arguably takes willful effort to create anonymity, which can be used to point to intent, or knowledge if these methods are uncommon. So, a willful effort to create anonymity is a crime? Hmmm, very interesting. |
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They can't confiscate funds in the customer's private wallet. This is exactly what I'm saying. If you offer your customers services that help them transact from one private wallet to another without being capable of confiscating their funds if you're ordered to, then you don't comply with current regulation. You'll be tagged money launderer. |
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Have you ever noticed how stupidly agressive you and all your bitcoinbull friends become Stand in front of a mirror and you'll see the stupidly aggressive bitcoinbull fighter! |
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You can look at it like the difference from real estate, house or land deeds, and chattels which are your possession too but can be moved with ease. In all the countries I've lived so far transactions in real estate, house or land deeds, and chattels are NOT tax exempt! You have to pay both federal and local taxes. So, back to square 1. Sit back and relax, you have the answer in your post. NOT tax exempt, but you don't pay VAT  It is worse. You pay a dozen of different taxes and fees depending on the location and there are also different restriction upon subsequent resales. |
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... So your thing is "Bitcoins aren't sold or bought, only their 'property titles' are negotiated" that's really interesting. I'll look into it  Exactly, I recommend you look into SEDO, the biggest marketplace for domain names around. I think I already did enough thread derailing for today. I appreciate when somebody is trying to find a solution but believe me, this is the wrong way to follow. Domain names are very different from bitcoins. For instance, there is only one "manufacturer" worldwide of .com's, .net's, .org's etc. This is why they have special treatment. While with bitcoins every miner is a "manufacturer" of bitcoins and will have to pay sales tax when they sell their product if, of course, bitcoin don't get the status of a currency. |
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You can look at it like the difference from real estate, house or land deeds, and chattels which are your possession too but can be moved with ease. In all the countries I've lived so far transactions in real estate, house or land deeds, and chattels are NOT tax exempt! You have to pay both federal and local taxes. So, back to square 1. |
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it simply means that the majority of business that is Bitcoin is not legitimate. And your assumption is based on what facts? Inner voices? |
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Please read again, I said digital property not digital goods, although you can find certain tax exempt goods too. I'm not aware of any judicial system that makes distinction between digital property and digital goods. The article you've pointed me to is describing only the digital property: Intellectual property rights also can exist in digital property, such as pictures, music, movies, literary works, Web pages, computer code, and other creative works. If above items are digital property I wonder what would be digital goods then? |
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and the most probable course of action will be to follow laws and regulations regarding personal property that are already in place for the digital realm. That'll be a big mistake! If you follow this course of action all bitcoin exchanges will have to apply sales tax in the US or VAT in the EU which is roughly 20% on every bitcoin sale. You understand that bitcoin can not compete with any fiat currency if 20% "fee" is applied on all currency conversions! |
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they have no money to spend until they sell @60  And your assumption is based on what facts? Inner voices? |
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Hmmmm!
What else did your inner voices tell to you? Hmmmm! You seem to be very familiar with what inner voices can tell you? |
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Congratulations on the conclusions made. They are exactly as if reading directly my mind. I'm speaking about that for almost 2 years. |
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You mean "fortunately" I think... It is "fortunately" for all people that do have bitcoins, but it is "unfortunately" for you. |
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You're assuming someone is trying to run a bitcoin bank versus an exchange. Bank or exchange it doesn't matter. Under the current regulatory framework they are parts of one chain and operate in the same fashion. If you are not able to confiscate the funds on a customer account you are not compliant. Period. |
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