Another over hyped trend. How many hundreds of crypto currencies exist....this is just a game...go out and mine
Yes I see so many broker forex also already offer crypto currency bitcoin, but if this is not real currency might will vanish and might not accepted as currency
Did anyone hear about the case in Miami, Florida. The judge threw out felony charges against a website designer who was accused of laundering bitcoin!!! The judge ruled that bitcoin is not real money. How long do you all think it will take for bitcoin to become incorporated into laws and business practices and be considered 'real' money
The judge said 2 things: 1. Bitcoin didn't meet the criteria for being a currency (payment instrument), set by the feds. It was classified as property for tax purposes. (page #5 below) 2. That definition was actually IRRELEVANT to the case, because money laundering didn't occur... http://www.miamiherald.com/news/local/crime/article91785802.ece/BINARY/Read the ruling (.PDF)
Those are probably counterparty market-makers, not genuine brokers, and the fact that they take bitcoin may tell you something about the type of clients their own business model is predicated to attract?
I thought I would share this beautiful tale from Reddit: "jstolfi It has nothing to do with Ethereum, of course, but this story may compensate you for the lack of a relevant answer. Once there was an isolated tribe in a remote island in a faraway ocean, where people lived simple lives, trading fish and coconuts and paying for their Startbucks frappucinos with cowrie shells or other old-fashioned money. Then one day a young foreigner landed on the island with a bunch of other youngsters in his tow. He convinced the tribe to use instead a new currency that he had created, called Unicorn. (It is not known whether it was an intentional mockery or a Freudian slip that led him to name the currency after something best known for its non-existence.) He printed millions of Unicorn bills on bright blue paper, which he generously gave to islanders in exchange for a little food and booze. But he and his buddies also kept millions more stashed away. Their plan was to wait until Unicorns became a widely accepted currency, and then they would use their stash to buy things from the islanders -- their huts, farming fields and coconut groves, their canoes, their lamborghinis... In other words, those fellas planned to steal from the inslanders, like governments do when they print more money to balance their budget. In both cases, the theft would be diffused in space and time, so no one could point out exactly who were the victims, and when their wealth was taken away. With the difference, of course, that governments are supposed to give back what they steal to their victims in the form of services; whereas the gang intended to keep the loot for themselves. That was bad enough, but the gang then devised another scam-within-the-scam to steal even more. They set up a big cauldron at the center of the island, and told everybody that it was a magic urn that would multiply any Unicorns that were placed in there. They attached to the side of the pot a sheet that laid down the Rules, and a list of Shamans by its side. The rules were written in some obscure legalese, but the gang explained that, once the cauldron was filled with Unicorns, and the full Moon was directly overhead, everybody could vote for which Shaman those Unicorns should be given to. The Shaman would then do some magic that would multiply the bills, which would be given back to the contributors. Many islanders went crazy about that thing. They rushed to get more Unicorns from gang, just to throw them in the cauldron. Some sold their their bows and arrows and fishnets, their iPhones and Toyotas, and all the cowrie shells that they had buried under their birdbaths. Some islanders were skeptical at first, but went all in after the gang leader told them that the Rules had been carefully verified by the best legal experts in the world, and swore that they would be followed to the letter, no matter what. They could be sure of that, he said, because the sheet with the Rules had a seal with a picture of the Invisible Blue Unicorn on it; and that meant that, if the Rules were broken, all Unicorn bills would become worthless. No one noticed that the Rules did not actually say that the Shamans had to do any magic whatsoever after taking out the Unicorns; much less give anything back to the contributors. And the first Shamans on the list, of course, were the gang members themselves. But then one of the islanders, who had studied law at Oxford, managed to decipher the Rules. He noticed one, in particular, that said that anyone who did three little hops on one leg and uttered the magic word "Niretub" could take away all the Unicorns in the pot for himself, without waiting for the full Moon. He told the islanders, and queried the gang about it. The gang leader realized that his command of legalese was not as good as he thought; but, instead of calling the thing off, he assured everybody that no one could actually do that, and the cauldron ritual would go on as he had described it to them. But one evening, while everybody was singing and dancing around the cauldron, a few days before the full Moon, a masked figure walked out of the woods, did three little hops on one leg, shouted "Niretub!" -- and, under the horrified looks of the crowd, proceeded to scoop out the Unicorns from the cauldron and stuff them into a large dufflebag. The gang and the islanders then went into panic. They pushed away the thief from the cauldron while it was still half-full, and desperately scanned the Rules to see if there was a way to get their Unicorns back. Some proposed to build a human wall around the cauldron until the full Moon, others did the same hop-and-niretub thing that the masked stranger had done and proceeded to take the remaining unicorns into bags of their own, promising that they would give them back to the victims later. But nothing really worked. In the end, the gang simply tore away the paper with the Rules, and pasted another one in its place that said "the masked one-leg hopper must give back the Unicorns to us". To the perplexed islanders, they explained that the thing about the seal was just a figure of speech; that the Rules were always meant to be broken when convenient, and their Unicorn bills would be as good as always. However, some islanders (who, of course, had not put their Unicorns in the cauldron) still clung to the belief that rules with the Invisible Unicorn seal were sacred. So they fetched a copier machine and, and made copies on pink paper of all Unicorn bills that islanders brought them -- including those of the gang members, those that were left in the cauldron, and those that the masked stranger had in his dufflebag. And also of the original sheet with the Rules of the cauldron. And those rebel islanders swore again that they would never, ever, break any Rules that were printed on sheets with pictures of the Invisible Pink Unicorn on them. So that is how things stand now. The islanders have two currencies, Blue Unicorns and Pink Unicorns, and are still trying to figure out how much each is worth. The gang members, and the islanders who had put money in the cauldron, forcefully reposessed their Blue Unicorns from the stranger; but they could not get his Pink Unicorns. Still not satisfied, they told him to hand over those pink bills. The stranger, in turn, wants the blue Unicorns that whould be his according to the original Rules. Each side is threatening to unleash on the other the wrath of Sec, the dreadful God of Ponzi Scams."
If it wasn't clear what the tale was about: "ETH and ETC are competing systems with an instant doubling of supply. " http://coincidental.eu/2016/07/27/the-grave-ethereum-situation/
What I found fascinating about the Miami case wasn't just the ruling, but the reasoning of that judge, which basically boiled down to Bitcoin not being “backed by anything” and is “certainly not tangible wealth and cannot be hidden under a mattress like cash and gold bars” https://smnweekly.com/2016/07/28/miami-judge-bitcoin-not-money/ Is it just me or is that a very literal and rather juvenile interpretation of what money is?