/biz/ - Business & Finance

[Anonymous No.12372525]

Money exists as two things and two things only.

Commodity money based on specie or some other valued exchange item.

Fiat, that is legal tender—that which is decreed by the state.

Bitcoin is not legal tender. It is not decreed to be a means of payment that must be accepted within a territory, and nor shall it be. The result is that Bitcoin is either commodity money or a pure Ponzi.
The commodity that defines Bitcoin is the transaction ledger space and computation.
We do not care about the exchanges and day traders, as we will have use; that is, businesses wanting to save data and contracts in a manner that allows them to be covered under many of the US SOX provisions and many of the global laws of document retention.

[Anonymous No.12372531]

Our answer is simple: With SV, we are scaling Bitcoin to handle over 4 million transactions a second in the period between now and 2021. At a cost of $0.0025 a transaction on average, miners will earn over $10,000 a block as we scale to such a level, and there are businesses wanting this already. For us, Bitcoin is business friendly. There is no spam on the blockchain that is paid for.
Aservice bureauis a company that provides businessservicesfor a fee. The term has been extensively used to describe technology-basedservicesto financialservicescompanies, particularly banks.

[Anonymous No.12372535]

It is something that Silk Road stopped. E-Cash was used by Deutsche Bank. In 2013, we had relationships with the Commonwealth Bank in Australia. We had partnerships with Teminos and others. The publicity from Silk Road stopped all of this, and created the false belief that Bitcoin is for dark-web uses.
If it was not for Silk Road, Bitcoin would be mainstream today. It would be used by major banks today. If not for Silk Road, Bitcoin would be 100,000 times larger, today.
We plan to go back to what Bitcoin is. It is money. It is a ledger, and it is commodity money based on use.

[Anonymous No.12372545]

“Money”

InTravelex Limited v Commissioner of Taxation[2008] FCA 1961 (Travelex), Emmett J made observations regarding “money” (including the subsets “currency” and “legal tender”—refer to discussion below).
With respect to the term “money”, Emmett J wrote that (at paragraph 25):

Money is any generally accepted medium of exchange for goods and services and for the payment of debts (see Butterworth’s Australian Legal Dictionary at 759). Currency and legal tender are examples of money. However, a thing can be money and can operate as a generally accepted medium and means of exchange, without being legal tender. Thus, bank notes have historically been treated as money, notwithstanding that they were not legal tender. It is common consent and conduct that gives a thing the character of money (see Miller v Race (1758) 1 Burrow 452 at 457). Money is that which passes freely from hand to hand throughout the community in final discharge of debts and full payment for commodities, being accepted equally without reference to the character or credit of the person who offers it and without the intention of the person who receives it to consume it or apply it to any other use than in turn to tender it to others in discharge of debts or payment for commodities (see Moss v Hancock [1899] 2 QB 111 at 116).

Emmett J’s views inTravelexregarding “money” were not overturned on appeal to the Full Federal Court and the High Court.

[Anonymous No.12372620]

It is also clear that there is no need for “money” within the ordinary meaning to be tangible property (e.g. coins and notes). Rather, “money” is an abstract concept determined by reference to its use as a medium of exchange, and common consent and conduct. For example, funds—held to the credit of a person in a bank account—being transferred to another person would clearly be considered to be a transfer of “money”.
Another feature of “money” to be noted is the “negotiability” (i.e. the ability to transfer ownership or property in money by delivery) of “money.”

[Anonymous No.12373234]

BSV will probably win but God damn I wish Craig and Roger was still on the same team. Roger can reach many that Craig can't reach and vice versa, Bitcoin Cash was the perfect combination of people in early 2018.