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IRS Rules Bitcoin Is Property (Not Currency)

If people cant decide to make and prop own their own constructs and values as portrayed through money then are they truly free?
 
dirtpoorchris said:
If people cant decide to make and prop own their own constructs and values as portrayed through money then are they truly free?
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Is somebody stopping you from doing that?
 
this makes sense as only the federal government has the power to issue currency.
 
Kobie said:
As per Article I, you are correct.
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well had they ruled that bitcoins were currency that would have made them illegal to own or use.
by treating them under the same catagory as property they allowed their use.

personally i wouldn't touch them with a 10 foot pole but that is just me. i have done some digging into these things.
they are highly volatile and while they are currently running i think $800-900:1 most of the major brokerage firms have gone out of business or have been busted by
legal authorities.

it isn't something i would stick my money into.

if i want something like that i would trade on the forex.
 
ludin said:
well had they ruled that bitcoins were currency that would have made them illegal to own or use.
by treating them under the same catagory as property they allowed their use.

personally i wouldn't touch them with a 10 foot pole but that is just me. i have done some digging into these things.
they are highly volatile and while they are currently running i think $800-900:1 most of the major brokerage firms have gone out of business or have been busted by
legal authorities.

it isn't something i would stick my money into.

if i want something like that i would trade on the forex.
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I would also like to add I wouldn't put my money into something that seems to get lost easily. All Bitcoin makes me think of is Vern in "Stand By Me" digging under his porch looking for his jar of coins. That is the same management of some of these firms.
 
Green Balls said:
I would also like to add I wouldn't put my money into something that seems to get lost easily. All Bitcoin makes me think of is Vern in "Stand By Me" digging under his porch looking for his jar of coins. That is the same management of some of these firms.
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eh there was a huge bitcoin bank that just closed down and there were some guys that had almost 500k in bit coins waiting to get their money and i am going well guess what.
it is no where to be found and whatever money they had tied up is lost.
 
ludin said:
well had they ruled that bitcoins were currency that would have made them illegal to own or use.
by treating them under the same catagory as property they allowed their use.

personally i wouldn't touch them with a 10 foot pole but that is just me. i have done some digging into these things.
they are highly volatile and while they are currently running i think $800-900:1 most of the major brokerage firms have gone out of business or have been busted by
legal authorities.

it isn't something i would stick my money into.

if i want something like that i would trade on the forex.
Click to expand...

Well, Christ, I wouldn't either. That sounds insane. Putting money into a "currency" that doesn't even have the backing of confidence in the issuer is akin to sticking one's dick in a toaster and hoping the electricity doesn't work when you plug said toaster in. Which might be a safe bet, if you're paying your electric bill in Bitcoins.
 
Kobie said:
Well, Christ, I wouldn't either. That sounds insane. Putting money into a "currency" that doesn't even have the backing of confidence in the issuer is akin to sticking one's dick in a toaster and hoping the electricity doesn't work when you plug said toaster in. Which might be a safe bet, if you're paying your electric bill in Bitcoins.
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While the American banking and exchange system is certainly no parade, I would trust it any day of the week over bitcoins.
 
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