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Author Topic: Bitcoin is Now Officially Money!  (Read 2101 times)
notbatman
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September 20, 2016, 11:43:54 AM
 #1

"Bitcoin qualifies as money, a federal judge ruled on Monday"


Source: http://www.reuters.com/article/us-jpmorgan-cyber-bitcoin-idUSKCN11P2DE
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September 20, 2016, 12:48:37 PM
 #2

"Bitcoin qualifies as money, a federal judge ruled on Monday"


Source: http://www.reuters.com/article/us-jpmorgan-cyber-bitcoin-idUSKCN11P2DE

this is just new york. in another state it is not money. this also goes for nations. in some it is money in other it is not. so my take away is that they are at least seeing bitcoin as something worth talking about. but it will still take some time until we have some kind of set of rules we can rely on.

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September 20, 2016, 12:50:03 PM
 #3

Guess another good news in reference to BTC,but this has to happen in a lot of more cities really,but at least we're making progress

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September 20, 2016, 12:51:51 PM
 #4

A good news! i believe more state will follow!
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September 20, 2016, 12:52:38 PM
 #5

Who cares what people in offices, or officials, think? If we'd taken that attitude, Bitcoin wouldn't be here at all, it's been officially denounced ad infinitum up to now.

Vires in numeris
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September 20, 2016, 01:01:28 PM
 #6

Yes thats a good and im sure that the next they will accept bitcoin also locally. we are hearing more news about the adoption for bitcoin this following months or year..
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September 20, 2016, 01:03:28 PM
 #7

This only refers to one state but it is something for the start. This lack of unique attitude towards Bitcoin is the problem. I don't think that there will ever be standard regulation of Bitcoin that could be applicable anywhere in the world. Somwhere is money, somwhere is property, somwhere is nothing because some countries don't have any kind of regulation at all.

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September 20, 2016, 01:15:44 PM
 #8

bitcoin was always money regardless of government accepting the fact or not. but it is a good news for businesses trying to adopt bitcoin and also a good news for the tax man to take taxes from all those businesses so this particular good news is not without a side effect Wink

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September 20, 2016, 01:48:11 PM
 #9

Who cares what people in offices, or officials, think? If we'd taken that attitude, Bitcoin wouldn't be here at all, it's been officially denounced ad infinitum up to now.

err... almost everyone?
dude, i agree with you that right now bitcoin investors doesnt care much about that but if we want to see bitcoin been used as a real currency(daily use) we will need these offices/officials.

f*ck the government, f*ck the banks, i dont care about them... but the majority of the population cares so unfortunatelly we will need their support.
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September 20, 2016, 01:51:52 PM
 #10

A good news! i believe more state will follow!

That's a good point and I think it's even better that it is New York. States will for
sure follow. Had it been Rhode Island or Montana or something I wouldn't expect
most states to notice but New York is a big deal.

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September 20, 2016, 01:58:00 PM
 #11

Who cares what people in offices, or officials, think? If we'd taken that attitude, Bitcoin wouldn't be here at all, it's been officially denounced ad infinitum up to now.

err... almost everyone?
dude, i agree with you that right now bitcoin investors doesnt care much about that but if we want to see bitcoin been used as a real currency(daily use) we will need these offices/officials.

f*ck the government, f*ck the banks, i dont care about them... but the majority of the population cares so unfortunatelly we will need their support.

but if we allow those officials to decide what bitcoin is and then pigeon hole it into the wrong category. it makes bitcoin no better than fiat.

i personally see bitcoin as an asset currency. which makes it have more possibilities than thinking of it as just money.
anyone can have the freedom of swapping assets without the hurdles of money.

EG
if bitcoin is money. then suddenly people will start to need to declare transactions above $10k value
if bitcoin is money. then suddenly people will start paying tax on it every time its swapped
if bitcoin is money. then suddenly at border control (highway checkpoints/airports) will need to have their trezor's/keepkeys examined and confiscated if over $10k value is hoarded
if bitcoin is money. then suddenly people will start to need pay inheritance tax if you time locked it and gave the private key your child.

then things like identification requirements just to hold bitcoin start becoming a thing.

lets not get excited that some official wants bitcoin to be money. because all they really want is a nice payday in the form of a huge fine/settlement, future tax income etc

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September 20, 2016, 02:04:27 PM
 #12

this isn't doing much for me since i treated bitcoin as money from the beginning. that people come up with this and say that bitcoin is money, makes me only wonder why it took so long for them to realize this.
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September 20, 2016, 02:06:11 PM
 #13

this isn't doing much for me since i treated bitcoin as money from the beginning. that people come up with this and say that bitcoin is money, makes me only wonder why it took so long for them to realize this.

bitcoin has always been currency.. that good for many many reasons compared to defining and pigeon holing it as money..
money is the stuff the bankers want/create/and want more, that comes with rules

the problem is 99% of the world doesnt understand "money" which is why the 1% reign supreme.
we should be trying to teach the 99% what money is so that they move away from it.
rather than letting bitcoin become money so the 1% can extort it

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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September 20, 2016, 02:11:36 PM
 #14

this isn't doing much for me since i treated bitcoin as money from the beginning. that people come up with this and say that bitcoin is money, makes me only wonder why it took so long for them to realize this.
Furthermore, this court judgment is only valid in New York. In every other state bitcoin might be considered something else.
US really should push things up and appoint a committee to once and for all codify cryptocurrencies legal status.


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September 20, 2016, 02:47:11 PM
 #15

Who cares what people in offices, or officials, think? If we'd taken that attitude, Bitcoin wouldn't be here at all, it's been officially denounced ad infinitum up to now.

err... almost everyone?
dude, i agree with you that right now bitcoin investors doesnt care much about that but if we want to see bitcoin been used as a real currency(daily use) we will need these offices/officials.

f*ck the government, f*ck the banks, i dont care about them... but the majority of the population cares so unfortunatelly we will need their support.

but if we allow those officials to decide what bitcoin is and then pigeon hole it into the wrong category. it makes bitcoin no better than fiat.

i personally see bitcoin as an asset currency. which makes it have more possibilities than thinking of it as just money.
anyone can have the freedom of swapping assets without the hurdles of money.

EG
if bitcoin is money. then suddenly people will start to need to declare transactions above $10k value
if bitcoin is money. then suddenly people will start paying tax on it every time its swapped
if bitcoin is money. then suddenly at border control (highway checkpoints/airports) will need to have their trezor's/keepkeys examined and confiscated if over $10k value is hoarded
if bitcoin is money. then suddenly people will start to need pay inheritance tax if you time locked it and gave the private key your child.

then things like identification requirements just to hold bitcoin start becoming a thing.

lets not get excited that some official wants bitcoin to be money. because all they really want is a nice payday in the form of a huge fine/settlement, future tax income etc

For once, you know what you're talking about. +1

Vires in numeris
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September 20, 2016, 02:49:29 PM
 #16

this isn't doing much for me since i treated bitcoin as money from the beginning. that people come up with this and say that bitcoin is money, makes me only wonder why it took so long for them to realize this.

bitcoin has always been currency.. that good for many many reasons compared to defining and pigeon holing it as money..
money is the stuff the bankers want/create/and want more, that comes with rules

the problem is 99% of the world doesnt understand "money" which is why the 1% reign supreme.
we should be trying to teach the 99% what money is so that they move away from it.
rather than letting bitcoin become money so the 1% can extort it

isn't this one of the reasons of why poor people getting poorer, and rich people getting richer? this has been going on for such a long time that it makes me think whether or not there is really something that we can use to get the attention of these 99% with.
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September 20, 2016, 03:02:51 PM
 #17

Who cares what people in offices, or officials, think? If we'd taken that attitude, Bitcoin wouldn't be here at all, it's been officially denounced ad infinitum up to now.

Well it seems as though the merchants worry about this, because if Bitcoin is not a legal tender they are not allowed to accept it. I know of

some gaming sites on the internet, that does not want to accept Bitcoin, because it's not regulated as a currency in their country. So once

Bitcoin is accepted as a currency, it would be easier to get merchants and services to accept it without 3rd parties.  Wink

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September 20, 2016, 03:06:16 PM
 #18

Good news. Most of countries do not admit bitcoin is money, the future is bright, we should wait patiently.
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September 20, 2016, 03:14:50 PM
 #19

People might say 'so what it's only in NY' but it's a good thing for bitcoin to be recognised & accepted as money in NY as it's one of the richest cities in the world.


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September 20, 2016, 03:31:57 PM
 #20

if its going to be considered money then should we expect bitcoin to be on the FOREX later?
i guess the rest of us are going to be on that side of business if it does happen. and i mean we all see usd/btc on exchanges so we'd probably see GBP/BTC and JPY/BTC on forex trading platform.

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