Bitcoins aren't securities, because they don't act like securities. There's no promise to pay, no nominal value, and you don't have a claim on some part of something else.
Earlier I said that bitcoins are digital tulip bulbs, but now that I think about it, they're really digital pet rocks. They have no inherent utility or value, only novelty value. Like pet rocks, they're worth what some other collector is willing to pay for them. Just because someone is willing to swap you a beer in exchange for two pet rocks doesn't make them money. I suppose there could be tax implications if people swap stuff for bitcoins, but that's no different than any other barter transaction. R's, John _______________________________________________ cryptography mailing list [email protected] http://lists.randombit.net/mailman/listinfo/cryptography
