Bitcoin in France: first legal decision directly related to Bitcoin?

[S3052]

not good..

[plastic.elastic]

So much for.... without any intervention huh?

Where are all the bitcoin supporters?

One kid even said " i saw someone sent 10.5mil oversea using bitcoins"

LOL

[finway]

funny.

[bitleaker]

What's amusing is that the "Learn more about Bitcoins here" link on the MtGox website goes straight to Bitcoin.org where Bitcoin is indeed described as both money and a digital currency.

^ This

[cypherdoc]

isn't mtgox dealing in euros at this time?

[cypherdoc]

not good..

personally i won't regard anything France decides as materially important to Bitcoin.  everyone knows they are the ones in the most trouble regarding bad debt holdings of the PIGS.  everyone knows they are the most corrupt.  Jean Claude Tricket is the most corrupt CB next to Bernanke.  i think most ppl wouldn't mind seeing the French banks implode on themselves too.  they'd deserve it those arrogant bastards.  

of course they're gonna to categorize Bitcoin the way they want to in an attempt to illegitimize it.  what would you expect?

Mark has also shown a resiliency way beyond the avg developer.  i don't think he'd close mtgox even if Bitcoin was deemed a currency.  he won't quit until they come crashing down the doors and make him quit.   thats how much he believes in Bitcoin.  

i hope they do categorize Bitcoin as a currency b/c thats how i view it also.  this is what we want after all.  a competing, legitmate, unmanipulated, new digital currency that will take out the banks.

besides, even if mtgox goes down it won't stop Bitcoin.

[DiaperedDynamo]

(16:41) <@MagicalTu> and at this point we definitely don't want bitcoin to be seen as a currency

I thought the whole point of bitcoin was to create a revolutionary new currency. This is the problem with having something like MtG:OX as a centralized exchange for something that's supposed to be decentralized, you open it up to regulation and get people trying to control how it's used and restrict it's movement. The French court doesn't seem too kind on the idea of a new currency either.

[netrin]

personally i won't regard anything France decides as materially important to Bitcoin.

Oh, I believe it is. The best strategy of France or "the European level" to "illegitimize" bitcoin would be to let this case slip under the rug - an out of court settlement. With people protesting monetary policy around the world, ANY decision could blow up in the ECB's face.

Satoshi has also shown a resiliency way beyond the avg developer.  i don't think he'd close mtgox even if Bitcoin was deemed a currency.  he won't quit until they come crashing down the doors and make him quit.   thats how much he believes in Bitcoin.

[Big Time Coin]

(16:34) <@MagicalTu> [22:54:47] <ThomasV> MagicalTux: what kind of decision are they  supposed to take? I mean, they cannot outlaw bitcoin without passing new laws <- they may outlaw the fact of handling bitcoins without being a bank
(16:37) <@MagicalTu> if bitcoin is ruled being a currency, it means running your bitcoin client at home equivalents of running a bank at home
(16:37) <@MagicalTu> and mining bitcoin could be seen as printing money
(16:38) <@MagicalTu> the bank in front brought prints of bitcoin.org showing that bitcoin "is a currency"
(16:38) <@MagicalTu> and other things
(16:40) <@MagicalTu> this is unlikely to happen
(16:40) <   ThomasV> why unlikely?
(16:40) <@MagicalTu> because the way a currency is defined is not how bitcoin works
(16:41) <@MagicalTu> so even if the creator & supporters labels it as a currency, it may be ruled as not being one
(16:41) <@MagicalTu> and at this point we definitely don't want bitcoin to be seen as a currency

Keeping my fingers crossed for your side of things.  I hope your lawyers are really good and you can afford to pay them a lot, because bitcoin is a currency, and they are going to have to be very creative to come up with persuasive arguments that it should not be subject to the same regulations as other currencies because it operates differently.  At least argue personal freedom, privacy interest, business freedom, encouraging young technologies to grow and thrive.

[grondilu]

Keeping my fingers crossed for your side of things.  I hope your lawyers are really good and you can afford to pay them a lot, because bitcoin is a currency, and they are going to have to be very creative to come up with persuasive arguments that it should not be subject to the same regulations as other currencies because it operates differently.  At least argue personal freedom, privacy interest, business freedom, encouraging young technologies to grow and thrive.

Bitcoin is only a currency according to the bitcoin community, but not according to french law.  Now, the bitcoin community does not create law, does it?   So to me it's clear.

[mndrix]

... because bitcoin is a currency ...

Good legal arguments could be made that Bitcoin is more like a commodity than a currency. I suspect Bitcoin will be classified differently in different jurisdictions.

[adamstgBit]

just call bitcoin a Crypto-currencies, and make up some laws.

[Are-you-a-wizard?]

just call bitcoin a Crypto-currencies, and make up some laws.

And here we have it folks, it really is that easy. Just like we will all be billionaires next year when bitcoins are trading for $100000.

[adamstgBit]

just call bitcoin a Crypto-currencies, and make up some laws.

And here we have it folks, it really is that easy. Just like we will all be billionaires next year when bitcoins are trading for $100000.

and ill bet the law they will make up will be...

decentralized Crypto-currencies are illegal!!!

everyone delete your BTCs or Else!


 

[bitcoinminer]

GOXXXED AGAIN!!!!

[gimme_bottles]

GOXXXED AGAIN!!!!

can you explain?

[bitcoinminer]

GOXXXED AGAIN!!!!

can you explain?

No, sorry, but if you do a search for "goxxed" I'm sure it will come up.

In a nutshell, Mt. Gox has a tendency to repeatedly "Gox" it's users through a combination of non-communication, lack of professionalism, and being insanely understaffed.  Some would say deliberately so, but I think it's more to their naivete.

[gimme_bottles]

https://mtgox.com/press_release_20111021.html


next bad news for bitcoin...

[molecular]

GOXXXED AGAIN!!!!

can you explain?

No, sorry, but if you do a search for "goxxed" I'm sure it will come up.

In a nutshell, Mt. Gox has a tendency to repeatedly "Gox" it's users through a combination of non-communication, lack of professionalism, and being insanely understaffed.  Some would say deliberately so, but I think it's more to their naivete.

1.) Stop complaining
2.) take action
3.) profit

[gimme_bottles]

3.) profit

and how would you profit if you can't add or withdraw any funds?