Just now, during a case in Florida, Judge Ms.Pooler declared that Bitcoin is not money. Her reason was because it is not backed by a bank or nation and as I quote her, "it can't be hidden under a mattress like cash and gold bars," or has “tangible wealth.”
The purpose of this case was to decide whether the defendant will be charged for laundering & selling $1,500 worth of bitcoin to undercover detectives. They found him on LocalBitcoins.com and said they wanted to buy stolen credit card numbers. Sounds like the start of a CSI episode...Dun dun dun
Essentially this means, that this is our “own personal property.” I believe this ruling will encourage the use of virtual currencies, and will help them flourish. It is a milestone that shows other governments in the world how to approach it.
It is an extremely interesting & important case, since bitcoin isn't classified as money than he didn't violate any law. This opens the doors for a very interesting conversation.
I am curious what is Steemits thoughts & your stance?
I think the federal government and the IRS might beg to differ.
What do you think will happen?
The IRS is already keeping track of anyone who uses Coinbase, and any exchange that asks for ID will sooner or later give up any info the Fed wants to know, if they're not already doing this. With this specific case, I have no idea. But in general, business as usual for our guardians of morality and finance.
The old dog does not teach new tricks
But the fact that it can be converted into cash makes it money right? I paid rent with Bitcoin haha.
Exactly, it is a very interesting grey area and a wonderful point to mention
STEEM THAT FACE BABY...
Ms. Pooler is wrong. All my Bitcoin savings are on a piece of paper in a private safety deposit box.
I think this is a very interesting case and arguement ,the verdict will help anyone who wants their finantial foot print to stay private.
on the other hand it could potentialy help terrorists or pedos or other criminals stay under the radar . Dan
I agree 110% and very well said. It seems that you can't have one without the other. Unless there was a way?
I have a good portion of my bitcoin in my mattress.
haha how do you fit them all?
Thanks for stealing my story idea!
See https://steemit.com/bitcoin/@transhuman/judge-rules-bitcoin-is-not-money
Adding the Steem logo to the pic was a nice touch.
He was actually the winner. Because bitcoin is not money, he didn't violate money laundering statutes. You also didn't talk about why he was being charged, nor the verdict and what this means to the crypto community.
First of all, let me say that there are no hard feelings...What struck me was the use of the same picture of the judge and similarity in the title of the post. Indeed, you greatly beefed up the whole post. I did not do such because I didn't see much use in writing up a story in hopes of making a penny. Kudos to you for taking the idea and running with it.
I see, it was the best photo I could find of Judge Pooler. I didn't write it for the money, I did because it is very important news for the community. The fact that Bitcoin is not consider money will have an interesting effect.
I agree that it is news that can have a direct impact on all cryptocurrency holders, but what was significant to me was the difference in payout. I made zip from my post while you have created $.52 (and still growing at only 46 minutes into the post's life) in wealth from Steemit. To understand the differences between my efforts and yours could be worth something or then again maybe it was just luck or...
I do not view this as a negative judgement. Being not money and yet is capable of performing the function of money gives bitcoin more freedom.
You are right, it is extremely interesting and important...