Bitcoin Is Officially a Commodity, According to U.S. Regulator And IBM is making their own blockchan

I don't know the full implications of this as I'm fairly late getting into the bitcoin world but I can't see this being as a good thing?

"Virtual money is officially a commodity, just like crude oil or wheat."

"By this action, the CFTC asserts its authority to provide oversight of the trading of cryptocurrency futures and options, which will now be subject to the agency's regulations."

www.bloomberg.com...

This also doesn't look like a good thing.

"Tech giant developing its own version of blockchain technology, plans to release open source software within next few months"

"They are modifying the original bitcoin code to operate without currency, ensure that contract details remain private and make it easier for companies to embed business rules into their smart contracts—for example, automatically paying for a package upon delivery."

" For example, the company could have its ledger managed by a consortium of businesses."

www.reddit.com...

I don't know enough about the bitcoin world but it looks like the Oligopolies and Central banks are trying to get their fingers around the cookie jar to ensure continued control.

Here two Canadian view point and banking

TECHVibes

Financia lPost

Thing are getting very interested

a reply to: interupt42

Well this is two separate issues and I've got too much code to write to get sidetracked opining about the future of cryptocurrency tonight but I will add to the bit about IBM.

Blockchain technology has uses far beyond crypto. It's one of those advances like relational databases or peer-to-peer networking that enables an entirely new class of applications to be developed and a lot of RD money is being dedicated to exploring its uses. Of course tech giants are all over it but so is the financial world in particular. I've seen recent announcements about VISA, NASDAQ, etc and then there's this:

Nine massive banks just teamed up to take the technology behind bitcoin mainstream

Nine of the world's biggest banks on Tuesday threw their weight behind blockchain, the technology that powers bitcoin.

Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, JPMorgan, State Street, Royal Bank of Scotland, and UBS have all formed a partnership to draw up industry standards and protocols for using the blockchain in banking.

The partnership is being led by R3, a startup with offices in New York and London headed by David Rutter, the former CEO of ICAP Electronic Broking and a 32-year veteran of Wall Street.

a reply to: theantediluvian

Well this is two separate issues and I've got too much code to write to get sidetracked opining about the future of cryptocurrency

Haha , you sound like me. Its hard sometimes to not get pulled in.

Of course tech giants are all over it but so is the financial world in particular. I've seen recent announcements about VISA, NASDAQ, etc and then there's this:

Like I said I'm super late to the game when it comes to bitcoin due to life and other priorities. However, that is that part that I see ruining what Bitcoin could become.

Any time Big Oligopolies get there hands on a tech they start to F with it and not in a consumer friendly way in the long run anyways.

I'll see your satori and raise you a Voldemort.

a reply to: interupt42
How much money did your bank make last year? I assure you it's in the billions of dollars. How much of that did you give to them in 'service fees'?

Now, let's look at what the banks do with YOUR money:

You deposit your money in an ATM, or with a bank teller (which will cost you money).
Without your permission, the bank then takes your hard earned money and invests it in the stock market, with the hopes of making more income with someone else’s money.
Then, when you go to an ATM to withdraw your money, there is generally a fee. If not a pay-per-use charge, there is guaranteed to be a monthly charge of $7, $10, $12 or even more, depending on your institution.
In a lot of instances, you cannot access all of your money in the bank. Sometimes is can take days or even weeks to be able to get at your money.

Ever try to go to the bank and withdraw all the money you have? If it's more than several thousand dollars, good luck getting it that day.

With Bitcoin, you can have access to all of your money upfront. There are currently more and more shops, and retailers that will accept Bitcoin as a for of payment.

I'm sure you've also heard bank execs and government officials say that Bitcoin is the chosen currency of Black Hat Hackers, criminals, and even terrorists! Trust me when I say this: They aren't afraid that the bad guys are using Bitcoin, they're afraid YOU will start using it. Why are they afraid of that? If more and more 'regular people' start using Bitcoin exclusively, then there will be no need for banks. No fear of War, or government changes. YOU will become the new 1%.

Share this with your friends, and family. The money revolution is here!

Well i wouldnt say its HERE...
But:


"The bars on the cage show clear signs of cracks"
my words...

blockchain will be interesting in contract and law.

I don't think this is something to worry about.

IT may change a lot of laywers into programmers and programmers into lawyers.