Weekend Economists Implore: "Say it ain't so, Joe" September 18-20, 2015

[Demeter]

45. The Bitcoin Community Disagrees on What Happens Next

http://www.bloomberg.com/news/articles/2015-09-18/the-bitcoin-community-disagrees-on-what-happens-next

...The U.S. Internal Revenue Service thinks bitcoin is property; a federal judge thinks it's a currency; now the Commodity Futures Trading Commission (CFTC) has decreed it a commodity. That means the regulator can now bring charges against any wrongdoers trading cryptocurrency futures and options.

In a statement, the CTFC’s Director of Enforcement, Aitan Goelman, said:

“While there is a lot of excitement surrounding Bitcoin and other virtual currencies, innovation does not excuse those acting in this space from following the same rules applicable to all participants in the commodity derivatives markets," said Aitan Goelman, the CFTC's director of enforcement of the decision.”

Does the ruling change the fundamental nature of what Bitcoin is, and how its advocates will use and develop it? We asked leading members of the bitcoin community for their views.

The Developer: ‘A Bizarre Ruling That Will Be Challenged’

The Researcher: ‘Don’t Take it Out of Context’

The Exchange Founder: ‘It Will Send Companies Offshore’

The CEO: ‘Regulators Need to Work Together’

The Lecturer: ‘A Very Prudent Move’

The Entrepreneur: ‘Compliance Will Cost Startups’

EXPLICATION AT LINK

FOR MY MONEY, BITCOIN SHOULD EXIST 12 MILES OFFSHORE ON PERMANENT INTERNATIONAL WATERS AWAY FROM ALL "FOREIGN" ENTANGLEMENTS.

WHEN YOU ARE TRYING TO BREAK WITH THE SYSTEM, YOU CAN'T SIMULTANEOUSLY COZY UP TO IT AND TRY TO SIPHON OFF ITS FOOD SUPPLY...