Bitcoin and its "shareholders" should decide its status: Currency or Security?

[TheLittleDuke]

With the recent US Judge ruling (effectively a fiat declaration btw ;-) -- that Bitcoin is a "money" ...

It occurs to me that a blockchain should be able to elect for itself if its a currency or an asset!

If I created a version of Bitcoin that had say a 24-hour target block time and required 7 confirms I doubt anyone would consider it a 'money' or 'currency' if it took a week to spend.

What do you think?

[franky1]

With the recent US Judge ruling (effectively a fiat declaration btw ;-) -- that Bitcoin is a "money" ...

It occurs to me that a blockchain should be able to elect for itself if its a currency or an asset!

If I created a version of Bitcoin that had say a 24-hour target block time and required 7 confirms I doubt anyone would consider it a 'money' or 'currency' if it took a week to spend.

What do you think?

anything can be a 'currency'
EG cigarettes in prison (avoid rape, to get privelidges)
vodka in russia (in exchange for favours such as paying a mechanic as thanks for mending a car)
sexual favours (in many businesses get promotions)
business discounts(electric companies offering free/discounted electric to retailers in exchange for discounts for employee's)

and bitcoin is actually pretty well described as being an asset, and free to be traded as an asset currency.
as for it being FIAT, pfft. well that means that it is a product of government, which bitcoin is not

[itsAj]

This is not how the law works. It is up to the judicial branch to decide what is considered to be a currency based on how the law is written.

The block confirmation time is really not relevant to if BTC is a currency or not as many people are able to accept 0/unconfirmed transactions.   

[moriartybitcoin]

Bitcoin will always be both a currency AND an asset.

Even USD is an asset.  You can hold it in the bank (or under your mattress) hoping it doesn't go down more than a couple % per year due to inflation, if you think your OTHER assets (gold, bitcoin, etc) might down even more.

People will ALWAYS hoard Bitcoin hoping it will go up ...

[bg002h]

I'd say it depends on how it is used.

[countryfree]

Nobody controls, nor can define what BTC is. It's out in the wild. There's nothing wrong with it being several things at the same time. Just like a chainsaw or a hammer can be a tool or an arm.

[onealfa]

BTC is also a catalyst to all those numerous altcoins.
One of them  (gues - which) is gona be a real BBBIGGG.
Watch out not to miss that