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Texas judge rules Bitcoin is a currency governed by U.S. law

By Shawn Knight ยท 13 replies
Aug 8, 2013
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  1. A federal judge in the Eastern District of Texas has ruled that Bitcoins are a currency or form of money and are therefore subject to applicable US laws. The ruling relates to the case of Trendon T. Shavers, a Texas...

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  2. misor

    misor TS Evangelist Posts: 1,230   +229

    I agree with the judge for the simple reason that
  3. MilwaukeeMike

    MilwaukeeMike TS Evangelist Posts: 2,837   +1,180

    I should hope they're a form of money. They're definitely not tangible property or a piece of digital intellectual property like software. If they're not considered money how could you prosecute someone for stealing them? The entire defense would be "I didn't steal money, they're just numbers on a computer screen that aren't worth anything", and that of course isn't true.
    H3llion likes this.
  4. treetops

    treetops TS Evangelist Posts: 2,027   +197

    Something does not have to be money for you to be charged with stealing it. lol there are so many online currencies whats next pokemon island points? wow gold? treetops dollars? disney dollars? etc etc etc etc etc etc etc etc etc
  5. RzmmDX

    RzmmDX TS Guru Posts: 313   +67

    Texas, where the Internet is srsly bizness.
  6. Anything that has value can be used as currency. What's sad is that the only actual value a dollar has is a promise by the government that it is worth what they say. Its not actually worth any more than monopoly money. And they print it just as such.

    Don't worry, it will all come crashing down soon when the rest of the world figures this out and stops accepting them.
  7. davislane1

    davislane1 Inquisitor Posts: 4,489   +3,485

    Personally, I'm hoping they recognize virtual gold as legal currency. I have a few hundred thousand sitting in my Diablo III account that I'd really like to use to buy an R8.
    treetops likes this.

  8. Virtual gold IS legal currency. For example: You could buy something on craigslist as long as the seller agrees to accept it. There are no laws saying you cant use oxen or beanie babies as currency to purchase something. You just cant use an official foreign currency.

    You may have noticed that some state or federal buildings don't accept credit cards. That's because by law, they MUST accept US currency. But can deny any other form of payment. Anyone else can accept anything they want.

    To sum up: Sorry, but even though Diablo gold is real currency, It isn't worth jack squat in the real world. And next time you get a BS speeding ticket. Pay with pennies. They have to accept it!
  9. davislane1

    davislane1 Inquisitor Posts: 4,489   +3,485


    You pretty much described its function in barter system, not as a currency.

    As for Diablo gold not being worth squat... This is why it needs to be recognized as a real currency and its USD per-unit value tied to 1/64 the spot price of the commodity. Diablo III will finally be worth playing.
  10. cliffordcooley

    cliffordcooley TS Guardian Fighter Posts: 9,162   +3,260

    Next phase is taxation of Bitcoins, because it is being governed. Defeats the purpose of creating Bitcoins, just to have it become another form of regulated and traceable currency. As long as Bitcoins stay in digital form or not protected by law, I will not be investing in it. I still say Bitcoin should be banned and labeled as a Black Market currency where it should be, because in my mind that is where it was created and needed.
  11. I can not imagine how a Bit Coin has any value greater than the imagination. Can I go down to a car dealer with this imaginary money and buy a car? :cool:
  12. davislane1

    davislane1 Inquisitor Posts: 4,489   +3,485

    The same can be said about fiat currency, and yet we've Dollars, Euros, Francs and Yen (to name a few). And yes, you can buy a car with Bitcoins if the dealer accepts them as payment. Just don't expect to finance.
    ypsylon likes this.
  13. ypsylon

    ypsylon TS Enthusiast Posts: 99   +18

    Some people have no bloody idea what they talking about. You think Bitcoins are created for free or what? It takes a looooooot of computing power and electricity to mine (even with ASICs).
  14. treetops

    treetops TS Evangelist Posts: 2,027   +197

    You can sell your d3 gold for money in some of the less unsavory places of the internet. lol iv been reading to much nightside, but really you probably can sell your gold on some outside sites. Imagine being taxed for your in game gold lol. This diablo 3 tax helps pay for roads!

    p.s. idc about bitcoins and the people stupid enough to buy them, its just like d2jsp they are just making the bitcoin creators rich, well that is if I have any indication what bitcoins are, you can buy it with real money is my guess

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