Germany recognizes Bitcoin as ‘private money’

[Romalae]

Germany recognizes Bitcoin as ‘private money’

Oh yeah? Cool. I recognize Bitcoin as a ‘passing phase.’

[Democratic Koyro]

Why would anyone recognise that hyper-inflated fictional crap as a legitimate currency?

[Gauthier]

Why would anyone recognise that hyper-inflated fictional crap as a legitimate currency?

Organized crime loves it.

[Democratic Koyro]

Why would anyone recognise that hyper-inflated fictional crap as a legitimate currency?

Organized crime loves it.

Most of the sites you can see on the hidden wiki (yes, i checked it out for pure curiosity sakes) through TOR for purchase of, well, anything ranging from grey area stuff no one cares about to horrifically illegal and downright disgusting seems to use that currency. Guess this'll make money laundering in Germany easier then.

[The Parkus Empire]

Why would anyone recognise that hyper-inflated fictional crap as a legitimate currency?

Organized crime loves it.

Oh yes, very. Free market ftw

[Zavea]

i'm not even sure that government recognition (and thus regulation) of bitcoin even matters considering the amazingly ballsy willingness of bitcoin exchanges like mt.gox to illegally defy attempts to regulate them

on one hand you have bitcoin users who want bitcoin to be treated no differently than the USD, or euros, etc.

but then you have those same bitcoin users demanding that bitcoin's inherent nature as being nontaxable/difficult to regulate be preserved (which of course conflicts with their desire for validation)

[Meridiani Planum]

While I don't fully approve of Bitcoin, I do see it as a legitimate currency.

Note that the fact that organized crime loves Bitcoin is no more important than that organized crime loves dollar bills. This is not a problem with Bitcoin.

My main problem is that Bitcoin isn't backed up by anything other than enthusiasm. It's not backed up by gold, oil, legal tender laws, or a government military.

[Charlotte Ryberg]

It's already private money in some way if people keep it private, but it's fine.

Sadly, any currency is vulnerable to use by organised crime. There's no question about that, even if you tag all of them with GPS there will be another one without it.

[Orthaethaczil]

To me, as a programmer, the whole bitcoin concept couldnt be more stupid.

Maybe Bitcoins could be a replacement for physical money.

No, it really cant.

[Ermarian]

To me, as a programmer, the whole bitcoin concept couldnt be more stupid.

All that tells me is that you're not an experienced programmer or don't know much about cryptography. From the computing standpoint, this currency model is extremely powerful - the aspects where it is contentious are the economic, legal and ethical sides.

Article

Personally, I think it is a great step forward for the Bitcoin. Germany's ruling has brought Bitcoin closer to be acknowledged as a legitimate currency. So here's the question: do you see Bitcoin as a legitimate currency? Personally, I think it is (my definition of legitimate may be a little broader than someone else's). I want to hear what you guys think.

Well, it's a great step forward in the sense that it gets taxed now. Nothing more, nothing less.

I'm all in favor of taxes, but I very much suspect the libertarians among the Bitcoin advocates won't like this development.

[Delator]

Because public works are nice.

Yeah well you can keep your damn public works until paying for it becomes voluntary.

You can stop paying for my paved roads as soon as I can stop paying for your bloated military.

[Timna]

I think you people are grossly, grossly misconstruing what "private money" means.

Here, read the article the RT page is actually referencing: http://www.welt.de/finanzen/geldanlage/ ... ld-an.html

[Rubiconic Crossings V2 rev 1f]

Why would anyone recognise that hyper-inflated fictional crap as a legitimate currency?

Organized crime loves it.

This is the main reason it should be shut down. There are other reasons as well.

Here is a nice little example -

Brian Krebs is a well respected and internationally recognised IT security researcher. His work inevitably pisses off the "cyber" (I hate that word) crooks, who then look for revenge. Here is a nice little story that could actually happen to anyone if you fuck off the wrong people. Bit coins are what allowed this to happen.

http://krebsonsecurity.com/2013/07/mail ... derground/

Over the past six months, “fans” of this Web site and its author have shown their affection in some curious ways. One called in a phony hostage situation that resulted in a dozen heavily armed police surrounding my home. Another opened a $20,000 new line of credit in my name. Others sent more than $1,000 in bogus PayPal donations from hacked accounts. Still more admirers paid my cable bill for the next three years using stolen credit cards. Malware authors have even used my name and likeness to peddle their wares.

More via link above

No...the German court has made a big mistake here.

[Rubiconic Crossings V2 rev 1f]

To me, as a programmer, the whole bitcoin concept couldnt be more stupid.

All that tells me is that you're not an experienced programmer or don't know much about cryptography. From the computing standpoint, this currency model is extremely powerful - the aspects where it is contentious are the economic, legal and ethical sides.

Bullshit. Bit coin servers were hacked back in April this year...four months ago.

http://www.cnbc.com/id/100615508

Oh they beefed up security but without any kind of independent auditing of the infrastructure there is no certainty of how secure bit coin actually is.

It is not extremely powerful. By any stretch.

[Nazis in Space]

Giving it legal recognition can be as easily the inroad to being considered a taxable resource, you know...[...]

That is the specific reason it was recognised by the ministry of finance. Sales tax fully applies to using it to purchase or sale goods, and speculating with it likewise incurs taxes (Unless held for at least a year).

[Rubiconic Crossings V2 rev 1f]

Giving it legal recognition can be as easily the inroad to being considered a taxable resource, you know...[...]

That is the specific reason it was recognised by the ministry of finance. Sales tax fully applies to using it to purchase or sale goods, and speculating with it likewise incurs taxes (Unless held for at least a year).

It legitimizes a system that allows criminals to move goods. Unless part of this taxation includes some kind of due diligence on the usage, security and stability of the currency. Otherwise its just pissing in the wind.

[Nazis in Space]

That is the specific reason it was recognised by the ministry of finance. Sales tax fully applies to using it to purchase or sale goods, and speculating with it likewise incurs taxes (Unless held for at least a year).

It legitimizes a system that allows criminals to move goods.

So does legalising automobiles. Your point?

[Rubiconic Crossings V2 rev 1f]

It legitimizes a system that allows criminals to move goods.

So does legalising automobiles. Your point?

Automobiles are not anonymous. Sorry...I thought you might have had some interesting insight into this subject. My mistake.

[Nazis in Space]

So does legalising automobiles. Your point?

Automobiles are not anonymous.[...]

Moving goalposts, I see.

[Risottia]

do you see Bitcoin as a legitimate currency?

I don't consider it to be a legal tender for all transactions in a given territory (that is, a currency), nor would I accept them as payment.

[Wolfmanne]

BitCoin is such a stupid idea. It's so stupid don't even need to justify my reason for it's inherent stupidity.

[Rubiconic Crossings V2 rev 1f]

Automobiles are not anonymous.[...]

Moving goalposts, I see.

No. Just pointing out your flaw.

You can identify a car and its users via a number of ways. Unlike a bit coin purse.

But hey...making glib comments as some kind of coherent point...nah...doesn't impress me and certainly does not aid the discussion.

[Nazis in Space]

Moving goalposts, I see.

No. Just pointing out your flaw.

You can identify a car and its users via a number of ways. Unlike a bit coin purse.

But hey...making glib comments as some kind of coherent point...nah...doesn't impress me and certainly does not aid the discussion.

Your argument was that it enables criminals to move goods.

So do cars.

It's not my fault your argument is filled with holes larger than the one in the centre of our galaxy.

You mean just money? Are 20 € bills suddenly not anonymous? I can't say I saw my name printed on them...

[UNIverseVERSE]

Bitcoins aren't useless. I can buy beer with them at my local pub.

[Gauthier]

Automobiles are not anonymous.[...]

Moving goalposts, I see.

Uh, no. Automobiles have things like VINs which make it possible to dig up an identity on who purchased it or even who owns it, making tracing individuals associated with organized crime possible or even easy. Bitcoin is practically associated with TOR. Good luck tracking down mob figures there.