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Is Bitcoin real money? Florida judge says no

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posted on Jul, 29 2016 @ 09:31 PM
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Espinoza and his lawyers celebrated victory as they secured the result they’d been hoping for: the judge dismissed the felony charges on the basis that Bitcoin cannot be laundered – because it isn’t really money.

Court declares Bitcoin to be "Not real money"

So the court doesn't believe bitcoin is real money, so it can't be part of a laundering scheme? How does this decree impact the cryptocurrency markets? This is very interesting. How do you feel being told that Bitcoin isn't real?
edit on 7/29/2016 by semperfortis because: Copy the exact Headline




posted on Jul, 29 2016 @ 09:33 PM
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Pay Tha taxes!!!!



posted on Jul, 29 2016 @ 09:39 PM
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nothing backs bitcoin.....so,....



posted on Jul, 29 2016 @ 09:46 PM
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a reply to: HunkaHunka

Good news for BTC users. BTC remains a form of barter as it is not "real". How do they define what is real money?

Time to ask the boss to get paid in BTC



posted on Jul, 29 2016 @ 09:53 PM
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originally posted by: HunkaHunka
So the court doesn't believe bitcoin is real money, so it can't be part of a laundering scheme? How does this decree impact the cryptocurrency markets? This is very interesting. How do you feel being told that Bitcoin isn't real?


So if someone steals bitcoins, what can they be charged with stealing?



posted on Jul, 29 2016 @ 10:23 PM
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According to the law of the land, whether I like it or not, currently only Federal Reserve Notes (FRN's) are legal tender. [unless you're bartering]



posted on Jul, 29 2016 @ 10:25 PM
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originally posted by: GBP/JPY
nothing backs bitcoin.....so,....


Faith of the people who own and use bitcoin backs bitcoin.


What backs your currency?



posted on Jul, 29 2016 @ 10:36 PM
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a reply to: lordcomac

Bitcoin backs bitcoin

Debt backs everything else. Your money is literaly backed by minus figures.



posted on Jul, 29 2016 @ 10:38 PM
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a reply to: hellobruce

You would have to break hacking laws to steal bitcoin.



posted on Jul, 29 2016 @ 11:10 PM
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Depends how it is stolen. Altcoins get hacked through legal means all the time. Which then translates to bitcoin. Ask the Ethereum crowd.

This is actually a great ruling for the BTC community for the time being. For those raithful in bitcoin, you can literally be paid in bitcoin for work. Many people do already, moderators of exchanges and the like. And this judge rules it is not currency. That makes it tax free eh? You do not even have to convert it to USD then subjecting it to taxes.

At this point you can purchase any number of things directly with Bitcoin. Overstock.com and Paypal for examples. Overstock alone has literally all items you can imagine. Wait till Amazon accepts it. People would be lining up to get paid partly in btc. Hello no taxes its not a currency right?

That being said the judge was dumb making this ruling. I can assure you Bitcoin is very real and untold millions of dollars by extension are laundered through it. It is traceable too but requires tons and tons of hours and one skilled with cryptocurrency.

Cryptocurrency and especially blockchain technology is the future. I promise you our future monetary system will be based on crypto and blockchain technology. It makes much sense for TPTB. Scary in that regard, the control and tracking will be up tenfold with that system in place.

It wont be bitcoin but bitcoin will always exist and saught after. It will probably be outlawed eventually and will become a form of digital gold like in the days it was unlawful for US citizens to keep gold over cash when the Fed took over. Mark my words.

This is decades off though.

edit on 29-7-2016 by lightedhype because: (no reason given)



posted on Jul, 29 2016 @ 11:14 PM
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a reply to: GBP/JPY

Bitcoin backs itself.

Actually, at this point in the game Bitcoin is also backed directly by USD via huge exchanges. Oh wait...usd is not backed by anything. You can "withdraw" via sale Bitcoin directly to a bank account in under 48 hours. To a debit card? Under 24 hours if you use the right service.

It is also backed directly in roubles and yen.

Hundreds of millions if not billions of dollars are traded back in forth each day in the form of btc.
edit on 29-7-2016 by lightedhype because: (no reason given)

edit on 29-7-2016 by lightedhype because: (no reason given)



posted on Jul, 29 2016 @ 11:21 PM
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originally posted by: lightedhype
a reply to: GBP/JPY

Bitcoin backs itself.

Actually, at this point in the game Bitcoin is also backed directly by USD. Oh wait...usd is not backed by anything.

It is also backed directly in roubles and yen.

Hundreds of millions if not billions of dollars are traded back in forth each day in the form of btc.


yes, I figured the time to mine it was worth something....we need it backed by something like the founding boys denoted?



posted on Jul, 29 2016 @ 11:31 PM
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a reply to: GBP/JPY

Yessir. The only smart people really mining actual Bitcoin anymore are those with million dollar mining farms in play. Your average joe mines all sorts of "alts" which trade for btc and then into usd by extension. The founders are genius and devoted. They could crash the entire market with their hordes but they will not.



posted on Jul, 29 2016 @ 11:35 PM
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Another point - the us dollar both physical and even more so digital (98%) can and are literally created out of thread and thin air.

Bitcoin on the other hand cannot. It can only be mined and it takes ridiculous amounts of dedicated computing power and electricity. Also the days of mining are numbered.

The day the mines run clean is the day the crypto community strikes it rich. Awhile after that people will be clamoring for a single satoshi (1/10000000 of a bitcoin) and a full btc for anything will be rare.



posted on Jul, 30 2016 @ 12:44 AM
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originally posted by: WhatGoldStandard
a reply to: lordcomac

Bitcoin backs bitcoin

Debt backs everything else. Your money is literaly backed by minus figures.


You're not wrong. Knowledge of how money works is how I found myself coming to ATS for my news- Based on your screen name and rash of rage-against-the-machine style posts, I'd say you recently figured it out, too.

Have a drink on me, your slavery tastes better with poison.



posted on Jul, 30 2016 @ 02:06 AM
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originally posted by: lordcomac

originally posted by: GBP/JPY
nothing backs bitcoin.....so,....


Faith of the people who own and use bitcoin backs bitcoin.


What backs your currency?


Taxes.

Bitcoin on the otherhand relies entirely on the greater fool theory of value. It is closer to a Ponzi scheme than a currency.
edit on 30-7-2016 by ScepticScot because: Typo



posted on Jul, 30 2016 @ 02:37 AM
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originally posted by: lightedhype
Another point - the us dollar both physical and even more so digital (98%) can and are literally created out of thread and thin air.

Bitcoin on the other hand cannot. It can only be mined and it takes ridiculous amounts of dedicated computing power and electricity. Also the days of mining are numbered.

The day the mines run clean is the day the crypto community strikes it rich. Awhile after that people will be clamoring for a single satoshi (1/10000000 of a bitcoin) and a full btc for anything will be rare.


Rarity by itself does not give something value. The value of bitcoin is based on faith and to some extend its convenience as a payment method.



posted on Jul, 30 2016 @ 03:06 AM
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Bitcoin exists solely to facilitate organised crime and illegal transactions, regardless of what it's original intentions were.



posted on Jul, 30 2016 @ 08:24 AM
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Sounds like a call made by a judge on the take, they do come up with some petty reasons at times. Bitcoin is an asset just like some notes of money, a lump of gold, property or anything else that is used to trade. Bitcoin is backed by its security algorithm, while that remain uncracked so will the value of bitcoin and the other emerging cryprocurriencies.



posted on Jul, 30 2016 @ 09:08 AM
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originally posted by: Ohanka
Bitcoin exists solely to facilitate organised crime and illegal transactions, regardless of what it's original intentions were.


On the other hand, fiat currency *is* organized crime- it's just legal because it's bigger than the system of law, and therefore controls the law.




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