Bitcoin declared a commodity, are ETH and other currencies to follow?

[reactorjuno]

This is a horrible news, I don't know how anyone would think that this is any good for BTC. BTC is a currency and should be treated as one, recognize BTC as a commodity and make other people starting recognize it as a commodity too is the first step to beat the idea stands behind BTC in the first place. The next step will be if BTC is a commodity then it can't stand at the same bar as Fiat and by default, since BTC is not a currency then it should be taken down as the main Pair in trading a lot of steps will follow in the same direction. In my opinion, this is the first step to kill BTC and Satoshi's vision and what's more depressing is to see some people thinking that this is a good step.

Because most people are here to make money on the short term and don't eventually care if Bitcoin can actually be used as a method of payment.

Just check at the ETF and everything it implies: for sure the ETF will make Bitcoin price pump and that's what most people are waiting for, even the ETF principle is against the original mindset of Bitcoin, for obvious reasons (see Andreas Antonopoulos's opinion about it for instance).

Sad, yes. But sometimes I wonder if the original idea of Satoshi was pure utopia, but eventually impossible to implement in the real world.

[gefander]

https://m.nasdaq.com/article/bitcoin-ruled-commodity-palladium-etf-shines-cm1030552

What do you think? is this the early stages of acceptance towards cryptocurrencies?

It is bad news for all. A commodity is not treated as currency in terms of taxes and easiness of trading, thus if this is confirmed we will be exposed to a higher taxation level.

I see your point, for sure, but do you not also agree that the very classification of bitcoin as anything other than a "fad" will serve all of us better in the long run?

Well, that's what I was writing about. Once bitcoin is perceived as something legal, it is already a great step in the real world for him. Right before all the major financial players wrote that this is a bubble, what is a pyramid, this method of fraud. Moreover, bitcoin was used to pay for goods and services that are usually prohibited by law. Therefore, it could simply be banned, say that it is an illegal product or tool for payment for goods.

A really great step in the right direction. The reason why we are seeing a lot of skepticism today from investors is because they do not know what the future holds and they are being very careful not to take a very huge risk.

But in this case like you said, the possibility of the fear being doused, more institutions and investors keep stepping in because the government obviously recognizes it, and then gradually we start seeing real life usage in the long run, then this simply means a good growth for the space. If we are so much worried about tax, we won't even move ahead but in this stage, everyone becomes a winner including the government.

Indeed, I want to support you in your statement that the government at this stage will be in the black. My opinion about the situation with Fiat money is now in the categories of the last century, firstly the inability to use without damaging the ecology of the planet, secondly it is the spread of diseases, third it is more expensive than using digital money, fourth the lack of transparency, ie the ability to use funds for tax evasion and also for use in black markets.

[blueteam09]

The information is still unconfirmed, and we do not believe in the posts on the Blogs because this may be an article to make small changes to fool the chickens. Believe the information given by the giants because the info had censored.

[gefander]

The information is still unconfirmed, and we do not believe in the posts on the Blogs because this may be an article to make small changes to fool the chickens. Believe the information given by the giants because the info had censored.

The Federal court recognized. so this is enough reason to draw conclusions and write in blogs.

[upsidedown75]

https://m.nasdaq.com/article/bitcoin-ruled-commodity-palladium-etf-shines-cm1030552

What do you think? is this the early stages of acceptance towards cryptocurrencies?

It is bad news for all. A commodity is not treated as currency in terms of taxes and easiness of trading, thus if this is confirmed we will be exposed to a higher taxation level.

Do not let us be negative about this, but at least look at the positive aspect of things as well. Being treated as a commodity does not necessarily mean it would be over taxed as that would depend on each government anyway and how they want to go about taxing it which I believe there would be leniency.

Nonetheless, at least the fact that the government will recognize it and then legalize it is still a step ahead as far as I am concerned. As long as we start seeing real life usage, it is just more like saying everybody wins, which includes the government and most especially the early holders.

[ryanfromrethink]

It will help shops, merchants and service providers to use BTC as the payment method. I hope that taxes for BTC transactions will not be too big, because it may lead to creation of black market, which will not be good for economy. But still it is good news.

[Brawnsugar]

This to me is like a good bye to ETF and we'll never see it happen it means. BTC is a currency and they know it, but because it's in direct competition with their fiats, government regulatory agencies will used to fight it so hard to ensure it's not recognized as a currency. This is probably the reason ETF applications got denied because they've been waiting for the appropriate time to come up with the conclusion.

[kjn311]

ETH should make something similar to recover, but I do not think that it is possible, because there are not so much Bitcoin based projects, while Ethereum is the basis for huge amount of solutions, so they should be very disturbed by such situation.

[jayendo]

Such move is very smart, because it would be very difficult to register BTC as usual currency since it is pretty hard to track movemetnt of funds. For ETH and other altcoins it may be the last chance to improve the situation.

[Barbatos]

https://m.nasdaq.com/article/bitcoin-ruled-commodity-palladium-etf-shines-cm1030552

What do you think? is this the early stages of acceptance towards cryptocurrencies?

Now we finally have the example, so other cryptos should also try to get this status. I consider that regulations may improve overall situation within cryptocurrency market, because I was ready to loose hope after nine month of market degradation. We'll see it soon