3 ms·

Which law? I can see something under non delivery of goods paid for but that would just be a civil court matter. If you order a car at your local dealership and

Which law? I can see something under non delivery of goods paid for but that would just be a civil court matter. If you order a car at your local dealership and then they don't give it to you, that's not something the SEC cares about.

fleitz 13y ago
http://www.bankersonline.com/regs/210/210.html http://www.bankersonline.com/regs/210/210.html http://www.law.cornell.edu/ucc/4A http://www.law.cornell.edu/ucc/4A Please explain to a judge how something called 'bitcoin' is more like a car than cash. If it was called bitcar and people were could redeem their bitcars for a ride then you might have a point.
- oijaf888 13y ago
  How is it more like cash than a commodity? I can't directly take bitcoins or gold or copper and purchase anything at my local wal-mart. Since the car analogy didn't work for you, lets say I contract someone to buy 1 oz of gold/platinum/etc at a specific price. They don't deliver, are they falling afoul of funds transfer laws or is it a contract dispute?
  - thedufer 13y ago
    > I can't directly take bitcoins or gold or copper and purchase anything at my local wal-mart. You can't do that with Euros, either (assuming you're in the US, otherwise s/Euros/USD/). But that's obviously closer to cash than commodity. There are merchants that accept bitcoins in return for goods. You're just purposefully avoiding them in your argument.
    - oijaf888 13y ago
      There are merchants that accept gold in return for goods too, but we don't consider all gold transactions to be money transfers do we?
      - thedufer 13y ago
        My point was not that bitcoin is a currency. I happen to believe that, but I didn't argue that. My argument was that the definition you were using in order to show that bitcoin isn't a currency was flawed.
  - fleitz 13y ago
    http://en.wikipedia.org/wiki/Bitcoin http://en.wikipedia.org/wiki/Bitcoin It seems that the overwhelming popular opinion is that it's a digital currency. According to Coinbase: Bitcoin, safe and easy. Coinbase is an international digital wallet that allows you to securely buy, use, and accept bitcoin currency So pretty much everyone agrees that bitcoin is a digital currency.
gamblor956 13y ago
FinCEN, one of the US agencies charged with regulating financial institutions, considers Bitcoin to be a "virtual currency" and thus institutions dealing in Bitcoin are subject to some, but not all, of the regulations applying to normal currencies. So you're right, it's not a matter for the SEC, but it definitely is a matter of concern for several other federal agencies, all of which have more teeth than the SEC.

fleitz 13y ago

http://www.bankersonline.com/regs/210/210.html http://www.bankersonline.com/regs/210/210.html http://www.law.cornell.edu/ucc/4A http://www.law.cornell.edu/ucc/4A Please explain to a judge how something called 'bitcoin' is more like a car than cash. If it was called bitcar and people were could redeem their bitcars for a ride then you might have a point.

oijaf888 13y ago
How is it more like cash than a commodity? I can't directly take bitcoins or gold or copper and purchase anything at my local wal-mart. Since the car analogy didn't work for you, lets say I contract someone to buy 1 oz of gold/platinum/etc at a specific price. They don't deliver, are they falling afoul of funds transfer laws or is it a contract dispute?
- thedufer 13y ago
  > I can't directly take bitcoins or gold or copper and purchase anything at my local wal-mart. You can't do that with Euros, either (assuming you're in the US, otherwise s/Euros/USD/). But that's obviously closer to cash than commodity. There are merchants that accept bitcoins in return for goods. You're just purposefully avoiding them in your argument.
  - oijaf888 13y ago
    There are merchants that accept gold in return for goods too, but we don't consider all gold transactions to be money transfers do we?
    - thedufer 13y ago
      My point was not that bitcoin is a currency. I happen to believe that, but I didn't argue that. My argument was that the definition you were using in order to show that bitcoin isn't a currency was flawed.
- fleitz 13y ago
  http://en.wikipedia.org/wiki/Bitcoin http://en.wikipedia.org/wiki/Bitcoin It seems that the overwhelming popular opinion is that it's a digital currency. According to Coinbase: Bitcoin, safe and easy. Coinbase is an international digital wallet that allows you to securely buy, use, and accept bitcoin currency So pretty much everyone agrees that bitcoin is a digital currency.

gamblor956 13y ago

FinCEN, one of the US agencies charged with regulating financial institutions, considers Bitcoin to be a "virtual currency" and thus institutions dealing in Bitcoin are subject to some, but not all, of the regulations applying to normal currencies. So you're right, it's not a matter for the SEC, but it definitely is a matter of concern for several other federal agencies, all of which have more teeth than the SEC.