[2014-08-02] Bitcoin isn’t a currency, Bitcoin advocates argue

[cescan]

http://www.washingtonpost.com/blogs/the-switch/wp/2014/08/01/bitcoin-isnt-a-currency-bitcoin-advocates-argue/

You may know Bitcoin as a kind of digital cash that can be spent just like the U.S. dollar and can't be traced to a person's specific identity. Maybe you've even heard it described as a virtual "currency."

Well, Bitcoin supporters are now distancing themselves from the word — at least as it's used in Florida law.

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[Kprawn]

"The law enforcement officers told Reid and Espinoza that they were interested in buying bitcoins to obtain stolen credit card numbers." - Well in my books that is called "entrapment" 

I wonder how these people can argue that BTC is not a currency, if I can go onto the internet and buy anything I want, at merchants accepting BTC?

If it was not a currency, it would have had no value, and the last time I looked it's price was close to $600 per BTC

[Ludi]

Of course it's a currency. It's silly saying it isn't, but it is both a currency and a payment system.

[Sutters Mill]

If it was not a currency, it would have had no value, and the last time I looked it's price was close to $600 per BTC

That's not the definition of a currency. Many things can have value or worth but that doesnt make them a currency. Stocks/shares or gems/stones can have value and we can exchange them for other things, but neither examples are currencies.

[Kluge]

Of course it's a currency. It's silly saying it isn't, but it is both a currency and a payment system.

Currency, payment system, commodity, IM app, patent registration platform, distributed calendar app, yada, yada, yada. You can call it whatever you want, and the various governments and their agencies will, too. (just as the redefine "entrapment")

Ideally, bitcoin would've been a commodity. In that case, we wouldn't be talking about 13-year-olds running criminal enterprises by GPU-mining bitcoins and not having the faintest idea what a tax return even is. Unfortunately, we now have to put up with horseshit stories and risks like in the article. -But "money laundering" charges net the LEAs lots of stolen goods they can sell, so it's not going to change.

If Florida wants to call it currency so they can steal from people, they can go ahead and use it to buy what they need (no, not USD) rather than adding insult to injury.

[notthematrix]

If it was not a currency, it would have had no value, and the last time I looked it's price was close to $600 per BTC

That's not the definition of a currency. Many things can have value or worth but that doesnt make them a currency. Stocks/shares or gems/stones can have value and we can exchange them for other things, but neither examples are currencies.

Well monkey's use sex and fleaing as a curremcy.
some people do too btw , bitcoin is a currency and its a payment system , it has vaulue because of what it can be used as.
 

[Kprawn]

If it was not a currency, it would have had no value, and the last time I looked it's price was close to $600 per BTC

That's not the definition of a currency. Many things can have value or worth but that doesnt make them a currency. Stocks/shares or gems/stones can have value and we can exchange them for other things, but neither examples are currencies.

Ok in your opinion what is a currency? {In early days people used stones with holes in them, and they carried it on a string around their waist to use in daily commerce}

In my opinion any commodity used to transact on a daily basis are a "Currency" BTC is used on a daily basis to buy things, and it has value. The value gives it the "barter" option. If it had no value, people would not have want to use it. 

[Sutters Mill]

If it was not a currency, it would have had no value, and the last time I looked it's price was close to $600 per BTC

That's not the definition of a currency. Many things can have value or worth but that doesnt make them a currency. Stocks/shares or gems/stones can have value and we can exchange them for other things, but neither examples are currencies.

Ok in your opinion what is a currency? {In early days people used stones with holes in them, and they carried it on a string around their waist to use in daily commerce}

In my opinion any commodity used to transact on a daily basis are a "Currency" BTC is used on a daily basis to buy things, and it has value. The value gives it the "barter" option. If it had no value, people would not have want to use it. 

This isnt the early days though is it?

I use the general definitions of what a currency is:

http://www.oxforddictionaries.com/definition/english/currency

a system of money in general use in a particular country.
the fact or quality of being generally accepted or in use.

[Finchy]

So the lawyers are just trying to say it isnt a currency to try getting out of money laundering?

[notthematrix]

So the lawyers are just trying to say it isnt a currency to try getting out of money laundering?

Yes , money laundering it self is a myth.
Because if you buy a offshore banking license you are exempt!

[Unkle]

It seems people will only count it as money when it suits their own agenda.