3 ms·
It's very unwise to categorize at this early stage of development. Artificially restricting the use as a currency because it doesn't work as a currency at the
by VMG 13y ago
It's very unwise to categorize at this early stage of development.
Artificially restricting the use as a currency because it doesn't work as a currency at the moment makes it a self-fulfilling prophecy.
Just imagine how sensible strong internet regulations would have been in 1992
- salient 13y agoExactly. If they don't really know what it is, then they should've left it alone for now.
- PeterisP 13y agoWhat do you mean 'leave it alone' ? You have to pay tax on any deals, and if something new appears, then the longest you can leave it alone is a few months, until people have to fill out the tax filings and need clarification on how to treat it.
- deleted 13y ago[deleted]
- Millennium 13y agoPerhaps, but I don't see any way around it: you've got to call it something. At the moment, bitcoin is a lot more like bullion than currency: it's possible to store and exchange raw value with it, but except in a very few cases, you're not able to walk into a store and buy something. Laws can be changed. If Bitcoin starts acting more like a currency, then the laws can be changed to suit. Right now, it is not very currency-like, and that is unlikely to change very much in the next five years or so, and so treating it as one doesn't make a lot of sense.
- lectrick 13y ago> you've got to call it something It's not quite like anything else, so why pigeonhole it? Call it a "decentralized cryptocurrency" or just "bitcoin" or "a perfect simulation of gold in electronic form"
- kaonashi 13y agoIt's not a currency, currencies are creatures of debt and credit. Bitcoin is a virtualized commodity, it is neither owed nor lent.