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Old March 09, 2019, 06:24   #1
RG Coburn
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Is it money,or not?

If its not money,as recognized by our govt.,is it a crime? Where is the evidence,as in,the pile of physical coins that they allegedly stole? How does one steal something that is invisible,and cannot be physically held? If our govt. doesn't accept cryptocoins as payment for taxes,can it be considered money? And how can they issue a receipt for accepting something that is virtual,and by its definition,not real? We are getting into very tickle-ish territory with these cryptos.



https://www.zerohedge.com/news/2019-...pyramid-scheme

"The Bulgarian heads of the alleged fraud, Konstantin Ignatov and his sister Ruja, have both been charged with an array of felonies, including wire fraud, securities fraud and money laundering. While Konstantin was taken into custody in the US, Ruja hasn't been apprehended, according to Bloomberg."
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Old March 09, 2019, 06:39   #2
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Interesting but insofar as the important stuff is concerned, nothing new here. Paragraph 2, 'federal prosecutors in Manhattan this week busted what they described as an "old-school" pyramid scheme supercharged by blockchain technology ...' . Yep, just another twist on one of the oldest scams going.

To the question 'is it money', well again, money is whatever folks say it is. If folks use blockchain fingerprints as money then yes, they are I suppose. Personally I find the concept interesting but I'm not tossing the retirement funds into BtC quite yet.
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Old March 09, 2019, 06:49   #3
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The thing is: its invisible. Virtual. It does not exist. Bank robbers at least have a grocery sack full of something,albeit fiat. A prosecutor can point to it and say,"Mr.X stole that money from the XYZ bank".This is the old "emperor has no clothes" thing. It either exists,or it does not. If it does not exist,how can one be charged with stealing it? Like saying "I stole a mermaid". How?
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Old March 09, 2019, 07:30   #4
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Quote:
Originally Posted by RG Coburn View Post
The thing is: its invisible. Virtual. It does not exist. Bank robbers at least have a grocery sack full of something,albeit fiat. A prosecutor can point to it and say,"Mr.X stole that money from the XYZ bank".This is the old "emperor has no clothes" thing. It either exists,or it does not. If it does not exist,how can one be charged with stealing it? Like saying "I stole a mermaid". How?
Well the thing is money does not exist as a physical object. There are only physical representations of it. It is a concept, nothing more, something that two people agree is there. Without the concept pms are just chunks of conductive metal. With the concept they become something quite different as can a piece of paper or numbers on a balance sheet. It is the concept that matters, not the physical attributes of the thing used to represent it.
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Old March 13, 2019, 15:04   #5
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They could call them unicorns where our individual financial wealth is determined by how large our personal unicorn herd is. We could trade unicorns back and forth between us for goods and services. Thing is, its not as real as fantasy football. At least in FFB that are real players and stats. Here its just the fantasy. There is nothing ever tangible about it.

The problem with imaginary money is... well... its imaginary.
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Old March 13, 2019, 15:24   #6
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The problem with money is... well... its imaginary.
Fixed .
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Old March 14, 2019, 10:15   #7
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Quote:
Originally Posted by Whydah View Post
The problem with money is... well... its imaginary.

Quote:
Originally Posted by bubbagump View Post
Fixed .


Do we need to revisit the details of Rai on the island of Yap......again ?

The conception of money is not immaculate, is it ?




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Old March 14, 2019, 11:29   #8
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Yap money wont fit in your pocket
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Old March 20, 2019, 19:41   #9
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Old March 20, 2019, 19:55   #10
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If it isn't money then why does the IRS want to tax it? That is the real question. Similarly why is a piece of printed paper "money" except by decree? Then again, what ever thing physical or not that can be exchanged for goods and services can be considered "money" maybe?

According to the Constitution Of The United States of America ... Here is all the Constitution says about the money power of the government. From Article I, Section 8, there is “Congress shall have Power…to coin Money, regulate the Value thereof, and of foreign Coin.” And from Section 10, “no state…shall make any Thing but gold and silver Coin a Tender in Payment of Debts.”

What is money?

Quote:
Definition of money: something generally accepted as a medium of exchange, a measure of value, or a means of payment: such as. a : officially coined or stamped metal currency newly minted money.
If crypto currency is not money then how can it be "taxed" ....

Hmmm ...
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Old March 21, 2019, 12:21   #11
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.”[/B][/

If crypto currency is not money then how can it be "taxed" ....

Bet your azz they will find a way .. !!
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Old March 21, 2019, 14:11   #12
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Quote:
Originally Posted by Black Blade View Post
If it isn't money then why does the IRS want to tax it? That is the real question. Similarly why is a piece of printed paper "money" except by decree? Then again, what ever thing physical or not that can be exchanged for goods and services can be considered "money" maybe?

According to the Constitution Of The United States of America ... Here is all the Constitution says about the money power of the government. From Article I, Section 8, there is “Congress shall have Power…to coin Money, regulate the Value thereof, and of foreign Coin.” And from Section 10, “no state…shall make any Thing but gold and silver Coin a Tender in Payment of Debts.”

What is money?



If crypto currency is not money then how can it be "taxed" ....

Hmmm ...

They don't tax the money, they tax the value it represents. They use it to indicate where value is, and how much. It follows that as long as cryptos are exchangable for dollars then they can be assigned a value and taxed accordingly. Whether or not the tax is legal or constitutional to begin with is a whole nother matter.
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Old March 21, 2019, 14:42   #13
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If it isn't money then why does the IRS want to tax it? ...
Is labor money ?




( sandbagged question )




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Old Yesterday, 20:44   #14
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Is labor money ?




( sandbagged question )




....................
Uhh, udder way around? Maybe?...
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Old Today, 02:21   #15
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Quote:
Originally Posted by RG Coburn View Post
The thing is: its invisible. Virtual. It does not exist. Bank robbers at least have a grocery sack full of something,albeit fiat. A prosecutor can point to it and say,"Mr.X stole that money from the XYZ bank".This is the old "emperor has no clothes" thing. It either exists,or it does not. If it does not exist,how can one be charged with stealing it? Like saying "I stole a mermaid". How?
UMMMMM, the greenback's value is equally invisible!
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