kowenicki said:
ArnoldRimmer said:
kowenicki said:
aviggo77 said:
kupomogli said: What are bitcoins? |
a digital currency.1 bitcoin=280 usd
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they arent currency.
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Let me guess: They aren't currency because a few days ago the IRS claimed that they will not treat them as currency?
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Well if the biggest economy in the world defined them as property and not currency then they arent currency. Others will follow.
Followng this ruling, if you spend a bitcoin and you have created a tax event. They arent fungible, because the buying price and the seling price is very important, therefore it can never be treated as currency. Care to argue that point?
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Let me correct you: a corruptible, non-academic valued government declared bitcoin as solely property and not currency. Why? Because government sustains itself off leeching from productive economic activity, and it just so happens to benefit government (from the perspective of the people who compose it) to label bitcoin as taxable property. Realistically, the taxes the IRS claims bitcoin should have are not enforceable because bitcoin has full anonymity. As far as economics go; however, bitcoin fits the criteria of a currency, and the IRS is not an academic entity which can make consensual economic claims, but rather a bureaucratic arm of the state, whose sole purpose is to manage the money it steals from real economically productive powers. The beauty of these cryptocurrencies is that the state has only one power to prevent their competition with its [the state's] debt money: ban its use with the use of force and label those who use crypto-currencies as criminals. Since that is an outright socialist policy, which would be politically unpopular, and detrimental to the state's image, cryptocurrencies will remain unregulated and subjected to market forces, exceeding the ability of the debt (USD) for the needs of individuals. Eventually, big companies will start focusing on their own currencies (similar to credit card points) and we'll see a free-market in money.