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smoothrunnings (OP)
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January 17, 2014, 02:11:23 PM
Last edit: January 17, 2014, 02:31:52 PM by smoothrunnings |
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We could see it being banned in Canada next. http://www.cnbc.com/id/101343464#_gusFull Story: blogs.wsj.com/canadarealtime/2014/01/16/canada-says-bitcoin-isnt-legal-tender/?KEYWORDS=bitcoin |
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bitpop
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January 17, 2014, 02:14:26 PM |
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Nah I don't think they see usd as legal tender either.
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smoothrunnings (OP)
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January 17, 2014, 02:19:19 PM |
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This news certainly is affecting the price on BTC today.
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cdooer
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January 17, 2014, 02:31:54 PM |
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Canada is not going to ban BTC, this isn't china. The article says "Only Canadian bank notes and coins are recognized as legal tender in Canada. Bitcoin digital 'currency' is not legal tender in Canada,". So even USD, the Euro, etc aren't considered legal tender in Canada. Another article about nothing. |
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pand70
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January 17, 2014, 02:37:36 PM |
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Another article about nothing.
Yeah like those news "about nothing" from China that dropped the price by more than 60%  |
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GigaCoin
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Giga
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January 17, 2014, 02:39:12 PM |
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this is good news actually why u want bitcoin to be legal tender in canada ?
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bitpop
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January 17, 2014, 02:40:09 PM |
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Legal tender simply means you can pay taxes with it.
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smoothrunnings (OP)
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January 17, 2014, 02:44:16 PM |
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Legal tender simply means you can pay taxes with it.
It also means that retailers will be less likely to adopt bitcoin since it's not legal tender. |
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bitpop
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January 17, 2014, 02:47:57 PM |
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Legal tender simply means you can pay taxes with it.
It also means that retailers will be less likely to adopt bitcoin since it's not legal tender. Nah because we're now at the point where it's a marketing stunt. Not only is it free, there's no chargebacks. |
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qfdev
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January 17, 2014, 03:23:51 PM |
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Definition of Legal Tender "coins or banknotes that must be accepted if offered in payment of a debt." By this definition Bitcoin is not legal tender anywhere in the world and probably won't be for a long time to come. This is just governments posturing and making themselves seen to be warning their citizens about Bitcoin, while they figure out what the hell it is  |
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bitpop
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January 17, 2014, 03:27:04 PM |
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Definition of Legal Tender "coins or banknotes that must be accepted if offered in payment of a debt." By this definition Bitcoin is not legal tender anywhere in the world and probably won't be for a long time to come. This is just governments posturing and making themselves seen to be warning their citizens about Bitcoin, while they figure out what the hell it is They don't give a shit about businesses or debts, they only care to enforce use their own currency which they can print to pay taxes. |
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Yogafan00000
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January 17, 2014, 03:30:05 PM |
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All this means is that you can't pay your taxes with Bitcoin, and business do not have to accept Bitcoin if they don't want to.
It's the same thing as saying the greenback is not legal tender in Canada.
It definitely does NOT mean it's illegal in Canada.
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1YogAFA... (oh, nevermind)
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Frost000
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January 17, 2014, 03:32:23 PM |
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Definition of Legal Tender "coins or banknotes that must be accepted if offered in payment of a debt." By this definition Bitcoin is not legal tender anywhere in the world and probably won't be for a long time to come. This is just governments posturing and making themselves seen to be warning their citizens about Bitcoin, while they figure out what the hell it is It's also another way to implement the legal realities of BTC at a government level. That said, the article shouldn't scare anyone off anyways. |
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seafarer124
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January 17, 2014, 03:38:02 PM |
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In the U.S., legal tender refers to what forms of money cannot be refused by a creditor for extinguishing a debt.
Legal tender DOES NOT dictate what can be used as money or currency. Is the use of this term different in Canada?
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bitpop
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January 17, 2014, 03:39:16 PM |
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In the U.S., legal tender refers to what forms of money cannot be refused by a creditor for extinguishing a debt.
Legal tender DOES NOT dictate what can be used as money or currency. Is the use of this term different in Canada?
No it's just fud |
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barbarousrelic
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January 17, 2014, 03:41:59 PM
Last edit: January 17, 2014, 05:44:10 PM by barbarousrelic |
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Bitcoin is not legal tender anywhere in the world.
It's a common misconception that "legal tender" means that it's something that is legal to pay someone with (and thus that something that isn't legal tender is therefore illegal to use as payment). But in all but a tiny number of countries it is legal to pay anyone with whatever legal-to-possess things you wish. Trading/barter is generally legal.
As others have said, legal tender means that it's a form of payment that cannot be legally denied in the payment of debts denominated in the same currency. i.e. if you owe me one hundred US dollars, and you present me with a US $100 bill, I cannot say "This is no good, I need you to pay me in pre-1965 silver half dollars." I can't insist on that since a US $100 bill is legal tender.
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Do not waste your time debating whether Bitcoin can work. It does work.
"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.
There is no such thing as "market manipulation." There is only buying and selling.
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samcornwell
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January 17, 2014, 04:36:35 PM |
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Nah I don't think they see usd as legal tender either.
Exactly. Gold isn't legal tender either. In fact, in the UK, paying someone with 100 x 1 pence coins isn't considered 'legal tender'. So, what's the story? |
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cdooer
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January 17, 2014, 05:24:10 PM |
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Nah I don't think they see usd as legal tender either.
Exactly. Gold isn't legal tender either. In fact, in the UK, paying someone with 100 x 1 pence coins isn't considered 'legal tender'. So, what's the story? Well, the OP indicates that this means Canada could be banning BTC, so that's something... |
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Piper67
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January 17, 2014, 05:39:04 PM |
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Nah I don't think they see usd as legal tender either.
Exactly. Gold isn't legal tender either. In fact, in the UK, paying someone with 100 x 1 pence coins isn't considered 'legal tender'. So, what's the story? Well, the OP indicates that this means Canada could be banning BTC, so that's something... Yeah, but the OP is wrong, so it's nothing. |
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Sava
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January 17, 2014, 05:58:34 PM |
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Piper67 +1
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