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Author Topic: EU to declare bitcoin as 'overlay currency'  (Read 7093 times)
joepie91
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September 03, 2011, 05:49:36 PM
 #1

Quote from: genjix @ IRC
<genjix> joepie91: there is going to be an EU directive for bitcoin
<joepie91> elaborate?
<genjix> they're going to classify it as an overlay currency
<genjix> but EU directives are slow. they can take months or years (especially with finance)
<genjix> doesn't look like the FSA are going to make any ruling right now, but if they do it's highly speculative what they'll rule bitcoin as (it could be a store of value)
<genjix> joepie91: feel free to attribute that to us.

Posted here on request of genjix Smiley

EDIT: For those who can't immediately recall who genjix (Amir Taaki) is, he's part of Bitcoin Consultancy / #bitcoinconsultancy / Britcoin / Intersango. Don't think there's really any other source yet.

Like my post(s)? 12TSXLa5Tu6ag4PNYCwKKSiZsaSCpAjzpu Smiley
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Gabi
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September 03, 2011, 05:50:24 PM
 #2

Any link to that?
mizerydearia
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September 03, 2011, 05:59:06 PM
 #3

Any link to that?

https://bitcointalk.org/index.php?topic=41155.msg501859#msg501859  ^_^
evoorhees
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September 03, 2011, 06:02:29 PM
 #4

Help I'm an ignorant American... what is an "overlay currency" in the EU??
Vladimir
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September 03, 2011, 06:08:28 PM
 #5

.

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hugolp
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September 03, 2011, 06:38:16 PM
 #6


Very funny.  Angry I actually felt for that.
becoin
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September 03, 2011, 06:41:51 PM
 #7

Help I'm an ignorant American... what is an "overlay currency" in the EU??
Overlay manager is a firm that is managing your currency hedging against currency exposures, not only in EU. So, currency overlay is the process or practice of hiring such firms. But I've never heard about overlay currency. Bitcoin as 'overlay currency' sounds like overcoin to me.  Smiley

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Gabi
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September 03, 2011, 07:33:33 PM
 #8

And how that would apply for bitcoin?
cypherdoc
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September 03, 2011, 07:39:12 PM
 #9


"fell"?

at least "overlay" sounds legal and not illegal.  sounds promising.  buy, buy, buy.
esse83
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September 03, 2011, 08:06:51 PM
 #10

http://en.wikipedia.org/wiki/Currency_overlay - still as confused..

“Bitcoin is wild and crazy investment that I’m diversifying out of all the time,” - Gavin Andresen
Gabi
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September 03, 2011, 08:07:59 PM
 #11

This definitely do NOT apply for bitcoin
JackH
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September 03, 2011, 08:26:11 PM
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Err how was this information obtained? Did the person talk to FSA or someone in the EU commission? Is there any EU politician or finance ministry that is semi-publicly stating this? And IRC chat log doesnt seem that creditable.

<helo> funny that this proposal grows the maximum block size to 8GB, and is seen as a compromise
<helo> oh, you don't like a 20x increase? well how about 8192x increase?
<JackH> lmao
geek-trader
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September 03, 2011, 08:30:32 PM
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It's a rumor.

You buy on the rumor.   Grin

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becoin
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September 03, 2011, 08:31:44 PM
 #14

If there is any truth in what OP is suggesting then financial authorities are positioning themselves to regulate and tax bitcoin purchases as cross-border institutional investments.

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Gabi
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September 03, 2011, 08:35:22 PM
 #15

I am still wondering how bitcoin can be:

Quote
Currency overlay is a financial trading strategy or method conducted by specialist firms who manage the currency exposures of large clients, typically institutions such as pension funds, endowments and corporate entities.
becoin
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September 03, 2011, 08:46:09 PM
 #16

I am still wondering how bitcoin can be:
It is not, but who cares? They need to put you within a certain existing regulatory frame. The rest is just details. Why did you ask FSA for a permission to trade bitcoin in the first place? The only reason I can think of is if you are chasing cheap publicity! If you ask a question you get an answer. Good or bad, this is it. Now you have to do a lot of paper work if you want to stay... hmm... 'legal'. This is not a buy. This is a sell IMHO.

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ElectricMucus
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September 03, 2011, 08:51:08 PM
 #17

Currency Overlay in this context would mean the EU would be attempting to manipulate the bitcoin market.

I suspect a troll
hard.

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
BitcoinPorn
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September 03, 2011, 09:00:14 PM
 #18

joepie91, I would like to subscribe to your newsletter to I don't miss random updates like these

wareen
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September 03, 2011, 09:32:19 PM
 #19

Why did you ask FSA for a permission to trade bitcoin in the first place?
It is important for reputable businesses that Bitcoin gets a solid legal foundation - otherwise they would never consider accepting it as payment. If you want to use Bitcoin in an illegal manner then no legislation can stop you - Bitcoin is no different to cash in this respect.

Now you have to do a lot of paper work if you want to stay... hmm... 'legal'.
Well, legit businesses have to do paperwork anyway - no matter how they treated Bitcoin up until now. With a sound legal basis for Bitcoin they now know at least which paperwork exactly they have to do.

Quote
This is not a buy. This is a sell IMHO.
I can't follow your logic here - with Bitcoin fitting into a legal framework, it will be possible for serious businesses to accept it without having to fear any troubles with the law. Bitcoin will just get access to a greater market share - nothing prevents you to continue using Bitcoin like you did up until now if you like, so everybody is a winner here. No?
defxor
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September 03, 2011, 09:44:07 PM
 #20

Err how was this information obtained? Did the person talk to FSA or someone in the EU commission? Is there any EU politician or finance ministry that is semi-publicly stating this? And IRC chat log doesnt seem that creditable.

I'd suggest asking the Pirate Party representative in the EU parliament as a good way of finding out. I don't think the Swedish Pirate Party has an official stance on Bitcoin yet but at least they're not of the boring mainstream politician breed.

http://christianengstrom.wordpress.com/category/english/
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