A federal judge from the eastern district of Texas officially ruled that “Bitcoin is a currency, or form of money”. Is this a good thing, or a bad thing, or a little bit of both?
By Cassius Methyl
Intellihub.com
August 11, 2013
A Texas judge ruled Bitcoin a legitimate currency, after a man named Trendon Shavers ran a ponzi scheme using Bitcoin, scamming 4.5 million dollars out of Bitcoin users.
In his defense, Trendon said “Bitcoin is not an actual currency”. In an ironic retort to succeed in prosecuting this man, this Texas judge declared Bitcoin is a real currency, and the lawsuit against the ponzi scheme operator will proceed. So is this ruling good for Bitcoin, or bad? Bitcoin is now considered by the state a legitimate currency, and the implications of this can be debated, but this also means that Bitcoin is subject to regulation by the dominating government.
This is considered a landmark ruling, being the first known enforcement action on a Bitcoin investment scheme. In May, the Department of Homeland Security, the seemingly all powerful, multitasking, capable of anything, criminal branch of this government, seized a payment processing account owned by the largest international Bitcoin trader, claiming they falsified documents. Must we work hard to defend this too now, Bitcoin? Just another thing of ours this self righteous, powerful government is jeopardizing?
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