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Author Topic: Bitcoin is not a currency  (Read 2029 times)
egyproductions (OP)
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November 26, 2014, 10:45:19 PM
 #1

http://www.zdnet.com/senator-tom-coburn-agrees-that-bitcoin-is-not-legal-currency-7000036169/

Apparently this genius claims btc is not a currency because its not produced by the us treasury.
So according to his logic, the british pound and the euro are not legal currencies and no US firm should accept them.

 
Buffer Overflow
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November 26, 2014, 10:58:30 PM
 #2

Had a good laugh at some of the comments. Cheesy
Apparently bitcoin has been hacked according to one clown. First I've heard of it.

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November 26, 2014, 11:40:20 PM
 #3

http://www.zdnet.com/senator-tom-coburn-agrees-that-bitcoin-is-not-legal-currency-7000036169/

Apparently this genius claims btc is not a currency because its not produced by the us treasury.
So according to his logic, the british pound and the euro are not legal currencies and no US firm should accept them.

 
These guys should follow a crash course making FUD.
It's pathetic to see what they come up with these days.
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November 26, 2014, 11:44:30 PM
 #4

Nice write-up on how wrong Ken Hess is on this one: http://codinginmysleep.com/i-dont-think-that-means-what-you-think-it-means-legal-tender/

Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
Flashman
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November 27, 2014, 12:29:02 AM
 #5

What you have to remember about ZDNet is that they are the definitive "n00b channel" of tech information. They are staid and conservative.

When everyone was building their own PCs, they were still shilling system builder units, I think the first CPU install I ever saw in there was an overdrive, with much trepidation and warnings to use supplied wrist strap, treated that like rocket science. Then they railed against overclocking for years, treated readers who asked about it in the letters and advice columns as if they were criminals for daring to suggest it.

So absofuckinglutely unsurprised that their take on bitcoin is "scary and shouldn't ought to be allowed". It will take them 5 years to catch up, as always.

TL;DR See Spot run. Run Spot run. .... .... Freelance interweb comedian, for teh lulz >>> 1MqAAR4XkJWfDt367hVTv5SstPZ54Fwse6

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franky1
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November 27, 2014, 12:29:22 AM
 #6

guess he doesnt know that there is a difference between
FIAT (legal tender) (one of many currencies)
BTC (legal asset) (another of many currencies)
cigarettes (prison anti-rape tax) (another of many currencies)
vodka (russian favour/barter gift) (another of many currencies)

i do laugh when people cant even understand the basics

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
Nerazzura
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November 27, 2014, 12:57:29 AM
 #7

bitcoin is not eye money.It was true once, bitcoin is more than that. when there is a currency that can not be received by a state and must be swapped out to another currency that can be spent .. while bitcoin we do not need it. all done quickly and practical
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November 27, 2014, 04:30:09 AM
 #8

that's the beauty of it. Bitcoin doesn't need anyone to regulate. It can roam free. So it's more than a currency could ever be.

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November 27, 2014, 05:03:34 AM
 #9

always interesting how envious people try to attack things of value. 

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It's not innovative. I love innovation. Bitcoin is pathetic and worthless. And, yes, I'll lobby for its downfall.

if it's pathetic and worthless why would you need to "lobby" against it in the first place? 

OmegaStarScream
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November 27, 2014, 06:12:40 AM
 #10

Well That's his personal opinion :p he is free to think whatever he want with his nice logic. Shocked
I really loved the comments on that article , rofl Shocked

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smalltimer
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November 27, 2014, 06:43:48 AM
 #11

note:
bitcoin is a currency and then it's not until it is again



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November 27, 2014, 07:24:20 AM
 #12

http://www.zdnet.com/senator-tom-coburn-agrees-that-bitcoin-is-not-legal-currency-7000036169/

Apparently this genius claims btc is not a currency because its not produced by the us treasury.
So according to his logic, the british pound and the euro are not legal currencies and no US firm should accept them.

 

The IRS also said that virtual currency is not to be treated as legal-tender currency to determine if a transaction causes a foreign currency gain or loss under U.S. tax law.
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November 27, 2014, 09:05:52 AM
 #13

always interesting how envious people try to attack things of value. 

Quote
It's not innovative. I love innovation. Bitcoin is pathetic and worthless. And, yes, I'll lobby for its downfall.

if it's pathetic and worthless why would you need to "lobby" against it in the first place? 

Banks do the same against things that scare them and might take over, leading to losses on their part.
TinaK
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November 27, 2014, 09:43:37 AM
 #14

Certainly bitcoin not a currency, it just a payment
zetaray
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November 27, 2014, 10:26:18 AM
 #15

Bitcoin is not a LEGAL currency in the US, he is right. It is a LEGAL asset and commodity. What is important is Bitcoin is tradable and has value.

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michaeladair
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November 27, 2014, 10:28:06 AM
 #16

A currency is anything that people place value on, over the what it truly is. The Native Americans used to use beads as a currency... now ISIS uses Women as currency... There is no end to what we can use as a currency.

turvarya
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November 27, 2014, 11:12:51 AM
 #17

A currency is anything that people place value on, over the what it truly is. The Native Americans used to use beads as a currency... now ISIS uses Women as currency... There is no end to what we can use as a currency.
They do?
Can I exchange my girl friend for a younger one, like I can exchange an old banknote for a new one at the bank?

https://forum.bitcoin.com/
New censorship-free forum by Roger Ver. Try it out.
FattyMcButterpants
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November 27, 2014, 12:35:10 PM
 #18

A currency is anything that people place value on, over the what it truly is. The Native Americans used to use beads as a currency... now ISIS uses Women as currency... There is no end to what we can use as a currency.
They do?
Can I exchange my girl friend for a younger one, like I can exchange an old banknote for a new one at the bank?
Yes they do. They engage in human trafficking. I would not exchange your girlfriend as she will probably be raped and beaten by the people who end up buying her later.
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November 27, 2014, 01:21:19 PM
 #19

Many people as well as authorities think that bitcoin is not a currency, but it is a property. I think that while you cannot use it everywhere it cannot be called as a currency.
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November 27, 2014, 01:51:19 PM
 #20

Well That's his personal opinion :p he is free to think whatever he want with his nice logic. Shocked
I really loved the comments on that article , rofl Shocked

Unfortunately that dumbass is a Senator and dumbasses like that make laws that fuck the rest of us over.

That dumbass is on the Committee on Banking, Housing and Urban Affairs.  Also Ranking Member of Homeland Security (since he is a Republican that means he is likely to be the Chair of that Committee come January) and on the Governmental Affairs Committee. 

So any banking issues relating to Bitcoin are going to go straight through this dumbass on the way to becoming law.
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