G+_Alasdair Graham Posted March 27, 2014 Share Posted March 27, 2014 The real impact of the IRS ruling, UCC Article 9 Someone please tell me in wrong. In summary if a business with a loan comes with a lien on it from a bank over general assets, accepts Bitcoin and then uses them to (effectively sells them) without their banks approval, then the bank has the right to chase and lay claim to those Bitcoin should the business with the lien be in default. Worse still the bank can chase and lay claim to every Satoshi no matter where it ends up until the bank has satisfied it's debt. Meaning you could be contacted by a bank in the years ahead and asked to hand over Bitcoins that form part of a transaction that you had no part in. This in effect makes the taking of any Bitcoin from anyone risky as any Bitcoin could have passed through a business in default and consequently your Bitcoin or cash, from the sale of Bitcoin can be seized. Sorry folks but I think the IRS, working with this code enforced by the banks has successfully stitched up Bitcoin and sadly and by all accounts, to get UCC Article 9 changed is like expecting reforms to the Tax code. I am hoping I am wrong and if anyone out there has the skills to interpret and challenge the veracity of my comments please let me know. Feel free to tell me that I am an ignorant alarmist, abuse me and prove me wrong and I promise I will be grateful. As I understand it, Bitcoin is 'moveable property' and that's what UCC Article 9 addresses. Link to comment Share on other sites More sharing options...
G+_John Underwood Posted March 27, 2014 Share Posted March 27, 2014 and now THIS http://www.ecns.cn/business/2014/03-27/106908.shtml Link to comment Share on other sites More sharing options...
G+_John Underwood Posted March 27, 2014 Share Posted March 27, 2014 It's all over folks crush us they have Link to comment Share on other sites More sharing options...
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