Bitcoin Legal Tender In Japan, But Not A Currency? (The Cryptoverse #243)

**On Today’s Episode Of The Cryptoverse:**
Let’s explore a new law that has come into effect in Japan, making Bitcoin a legal form of paying, but stopping short of giving it legal status as a currency.
The news segment begins at 5:25

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  1. It would be nice for someone to describe the subtle differences between "legal tender" (currency?) and "legal medium of exchange". Obviously Japan will not enforce acceptance of bitcoin "for all debts public and private", but simply allow such acceptance. Meaning, I guess, that the government agrees to not come after you for transferring bitcoin to somebody. How generous of it 🙂

  2. Sounds like the public knew about both of these changes well in advance, and had a set deadline. That means the cherry-picked surge that is attributed to the story is probably incorrect to a degree – that old info would have been priced into the market already. Nothing else they talk about supports the thesis, or even tries to rule out obvious tangling of contributors.

  3. hey Chris, you should do an episode tomorrow about this btc china mining hack mess that come about. not great for btc in its implications and sheds a rather pessimistic light on BU abd why the Chinese miners are fighting against segwit. they will never support a loss in 20-30% cost decrease they have over their competitors. your views would be interesting to hear.

  4. Stratis doesn't sound like a disease, sounds like Greek. Maybe you associate it with a disease because most of illnesses come from Greek. I have no idea what Stratis is though 🙂

  5. Zach LeBeau's critique of capitalism fails on so many levels I can't believe you fell for it. First, he defines capitalism as profit motive, which is incorrect. Motives are not dictated by capitalism. He does this to conflate greed with capitalism, a common argument style of the commies. Capitalism is capital ownership; That's it, just an individuals ability to own something, primarily himself and what he produces. He further goes on to conflate capitalism with our current monetary system, another common argument from the left. Money is not capitalism. Money, as it is understood today, is fiat, and is therefore the opposite of capitalism because of it's socialist construct. He continues with the old farce about how the rich guys caused the financial crisis (they've been saying this since the Great Depression, when supposedly the "Robber Barons", who were neither robbers nor barons, caused the Great Depression.); This couldn't be farther from the truth. First, corporate structure is not capitalism, it's a government construct with many attributes of socialism. Further, it's our monetary system that caused the crisis. Cheap money+bad government policy=bubbles=crash to put it simply. There is plenty of information about the true causes of the Great Depression (which has many parallels with the 2008 crisis. I suggest you start with Stefan Molyneux "The Truth About The Great Depression", and that will get you started. Zach's argument completely falls apart half way through when he abandons his critique of capitalism, and doesn't even try to attempt to connect the critique to his project; He just turns it magically into a critique about all "isms", and then says decentralization is a new paradigm. Oooookkkkaaay…. You fell for this?!? Decentralization is a move to the power of the individual, which fits perfectly with capitalism's self-ownership. So the whole thing is pretty dumb.

  6. Tell keepkey to figure out how to get my synero amps off my keepkey. Been asking for months now. I should have used paper wallet but did not realize they would not be able to sweep them off device. I will donate half of value to you if you get them to figure that shit out. I bought 1 BTC worth around September so I'm sure they are not worth the $700 now but still would be $400 my guess

  7. Hey Cryptoverse, just wondering why you seldom mention Ethereum in the roundup section? Would like to hear more analysis from you please ?

  8. SingularDTV o/. Extreme capitalism is bad, capitalism is "good". As long as the playing field is even. Money motivates human actions primarily. Money moves us. Human race enlightening to a point where currency is not needed most likely will not happen in our lifetime. But some private societies might emerge carrying this ideology. And yeah, the legalization in Japan is well… meh…

  9. I cannot see the price of Bitcoin to rise very much, too many cryptocurrency in the market being traded. my calculation says bitcoin is going to go down more in the future.

  10. you should bring back the segment about segwit activation particularly for litecoin since its likely to activate very soon and consequently will be affecting the price!

  11. Joseph Young@Cointelegraph is writing propaganda.
    I already just discount what he writes. Last few weeks articles about Bitcoin and SegWit and Unlimited are just trash.

  12. This talks about crony capitalism. The fiends were cronies. In a true capitalist society, the main point of competition with other banks is trust. Sort of like teams in crypto-startups these days. The "new economic model" he is talking about IS capitalism, only he understands that IP is not real property. The problem with projects like this and IoTa, is that in the long run, no one stands to personally gain from maintaining it. This is why I like the digix model best, have an additional coin that earns dividends on the original and controls it's code.

  13. Thanks again Mr Coney.
    btw: SingularTV article really doesnt sway me away from capitalism. It does reinforce my thoughts that individuals should act free in the marketplace (and accept the consequences, especially the unforseen ones, of their purchasing decisions) and that an attack vector like a central authority should not exist for large market players to corrupt.

  14. We need to start looking at Bitcon as the store of wealth within the cryptoverse. Just like you would have to convert gold into dollars you would convert your Bitcoin into smaller faster bits hence the alt coins. But we have to trust Bitcoin and forking it may not be its best application, if it's to serve humanity…..

  15. By making it legal tender they are promoting the legitimacy of cryptos in the Japanese Really enjoy your show! Key issue here is acceptance of bitcoin. Legal tender is a big thing. One the USD it clearly states " this note is legal tender for all debts public and private" – legal tender is a big things. YeYe they want to regulate the exchange so what – the more that crytocurrency's becomes acceptable in any given culture the better it is for bitcoin. At any given time anybody can P2P – As individuals we can trade with anyone we want publics mind. and do not have to use any exchange. Exchanges eventually will be history… let the statist focus on regulating them. Meanwhile, anybody, anywhere want to trade bitcoin for my services? Just do it?

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