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billryan
billryan
Joined: Nov 2, 2009
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June 11th, 2021 at 8:20:48 AM permalink
Quote: rxwine

This was in a story about banking regulation.



Is the USA going to issue its own digital currency?



Can the USofA dare to fall behind in the digital currency race? Can we afford to fall behind the godless Russians and the Chicoms?
Close the digital currency gap now, before our sons and daughters have to go to war over it.
Last edited by: billryan on Jun 11, 2021
EvenBob
EvenBob
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June 11th, 2021 at 11:46:00 AM permalink
A major problem here is we all seem to have different definitions of what currency means. We have to go with the definition Soopoo posted. Currency is an accepted form of payment. Accepted by the government, accepted by the people, accepted by all merchants, accepted by the banks. If you offer it to merchants they have to take it in the form of cash or card backed by the accepted currency. Bitcoin in the United States will never ever be an accepted currency for reasons already explained. Total instability being the major one.
"It's not enough to succeed, your friends must fail." Gore Vidal
billryan
billryan
Joined: Nov 2, 2009
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June 11th, 2021 at 12:01:25 PM permalink
Quote: EvenBob

A major problem here is we all seem to have different definitions of what currency means. We have to go with the definition Soopoo posted. Currency is an accepted form of payment. Accepted by the government, accepted by the people, accepted by all merchants, accepted by the banks. If you offer it to merchants they have to take it in the form of cash or card backed by the accepted currency. Bitcoin in the United States will never ever be an accepted currency for reasons already explained. Total instability being the major one.



Why would you go with Soopoos definition s opposed to the ones taught in economics class? Visa is accepted by the government, accepted by people, banks, churches, casinos, etc. Is Visa a currency?
EvenBob
EvenBob
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June 11th, 2021 at 12:44:45 PM permalink
Quote: billryan

Is Visa a currency?



My Visa pays in USD. Not Visa dollars. When I get cash from an ATM with my Visa I get USD, there is no other choice. It uses the form of currency accepted by the government and banks and merchants. All my credit and debit cards do the same thing.
"It's not enough to succeed, your friends must fail." Gore Vidal
darkoz
darkoz 
Joined: Dec 22, 2009
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June 11th, 2021 at 1:33:45 PM permalink
Quote: EvenBob

My Visa pays in USD. Not Visa dollars. When I get cash from an ATM with my Visa I get USD, there is no other choice. It uses the form of currency accepted by the government and banks and merchants. All my credit and debit cards do the same thing.



So it's your belief that if you took a trip to Europe and used your Visa card at the European ATM it would have to provide US dollars?
For Whom the bus tolls; The bus tolls for thee
ChumpChange
ChumpChange
Joined: Jun 15, 2018
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June 11th, 2021 at 2:42:10 PM permalink
The IRS says bitcoin is property and will be taxed as such. Beanie Babies it is!

LOL. Canadian casino chips are discounted 20% in the USA.
EvenBob
EvenBob
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June 11th, 2021 at 2:58:59 PM permalink
Quote: darkoz

So it's your belief that if you took a trip to Europe and used your Visa card at the European ATM it would have to provide US dollars?



It would give me the accepted currency of that country. You really have no idea how Visa works do you
"It's not enough to succeed, your friends must fail." Gore Vidal
ChumpChange
ChumpChange
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June 11th, 2021 at 3:01:14 PM permalink
I've always thought gambling was an economy unto itself. Bitcoin seems to fit that definition too.
EvenBob
EvenBob
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June 11th, 2021 at 3:02:08 PM permalink
Quote: ChumpChange

The IRS says bitcoin is property



Notice it doesn't say Bitcoin is currency. It's like winning a bunch of stuff on The Price is Right, you have to pay income tax on that property you just won. Beanie Babies are taxable to. If you traded your Beanie Baby collection for a collection of something else that more is valuable you are supposed to pay income tax on the difference.
"It's not enough to succeed, your friends must fail." Gore Vidal
darkoz
darkoz 
Joined: Dec 22, 2009
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June 11th, 2021 at 3:07:08 PM permalink
Quote: EvenBob

It would give me the accepted currency of that country. You really have no idea how Visa works do you



So you admit you don't know what you were talking about finally?
For Whom the bus tolls; The bus tolls for thee

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