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Author Topic: Bitcoin is a service  (Read 884 times)
zby
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November 18, 2013, 08:01:40 PM
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There is a big discussion on what bitcoin really is - is it money, is it commodity or maybe a security? But technically paying a bitcoin is a service you do - it is signing a transaction with your private key.

How does that square with the legalities?
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November 21, 2013, 04:38:51 AM
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There is a big discussion on what bitcoin really is - is it money, is it commodity or maybe a security? But technically paying a bitcoin is a service you do - it is signing a transaction with your private key.

How does that square with the legalities?

That sounds odd.  Is signing a check a service in your jurisdiction?

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November 21, 2013, 04:47:25 AM
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How does that square with the legalities?

It doesn't.

Here is a the reality (and it applies to just about any legal matter).  It isn't worth 2 craps what you think ... or I think or your neighbor thinks or even your lawyer thinks.  What matters is what that old guy in a robe behind a bench thinks.

At least in the US FinCEN has already told you what their side of the case will look like.  If you convince a judge they are wrong and you are right well it doesn't really matter what FinCEN thinks either.

However if that is the extent of your case well I don't think FinCEN has much to worry about.
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