Tuesday, September 22, 2015

Bitcoin is Now Officially a Commodity

2000 years ago when John the Revelator was given the message and vision from Jesus Christ about what the Last Days would look like before Christ's 2nd Advent, people couldn't understand it because they thought the events John saw were impossible.  So rather than accept them as literal....they chose to say the book was symbolic.

This 'symbolic' claim has continued up until just the last few years.....

Just imagine the conversation;
"Hey John, are you serious?  You really expect us to believe that the whole world will ever be able to see anything at the same time?  You really expect us to believe that there is going to be some type of global currency that everyone will need to use?  Do you have any idea how far it is to China??  If you got on a camel right now it would take you 3 months to get there!!  There is NO WAY the earth could EVER have a common currency!  The distance is simply too vast!"

Of course electricity was 'discovered' 18 centuries later....and that was a game changer, and then someone discovered computers about 30 years ago....and today we all have hi-speed processors that we carry around in our hands!  We can watch videos, movies, make phone calls, play games and even track the movements of our family members all from a little TV screen IN OUR HANDS!!  And these smartphones are spreading to the far corners of the world!  Even places without malls or retail stores now have people walking around the jungle with access to the Internet and hence, the world!   CRAZY!!!

Certainly we are THE FIRST generation to have the technology to make John's vision a reality.

Today we find we are ONE GIANT STEP closer to understanding how the Anti-Christ will get hold of a currency/financial system...one that will require some type of mark on your right arm or forehead to access.

Most of you probably know that Bitcoin is an electronic currency.  It doesn't exist in paper or coin....it's all just zeroes on your computer and/or smartphone

Bitcoin Is Officially a Commodity, According to U.S. Regulator

Virtual money is officially a commodity, just like crude oil or wheat.

So says the Commodity Futures Trading Commission (CFTC), which on Thursday announced it had filed and settled charges against a Bitcoin exchange for facilitating the trading of option contracts on its platform.

“In this order, the CFTC for the first time finds that Bitcoin and other virtual currencies are properly defined as commodities,” according to the press release.

While market participants have long discussed whether Bitcoin could be defined as a commodity, and the CFTC has long pondered whether the cryptocurrency falls under its jurisdiction, the implications of this move are potentially numerous.

By this action, the CFTC asserts its authority to provide oversight of the trading of cryptocurrency futures and options, which will now be subject to the agency’s regulations. In the event of wrongdoing, such as futures manipulation, the CFTC will be able to bring charges against bad actors.

If a company wants to operate a trading platform for Bitcoin derivatives or futures, it will need to register as a swap execution facility or designated contract market, just like the CME Group. And Coinflip—the target of the CFTC action—is hardly the only company that provides a platform to trade Bitcoin derivatives or futures.

“While there is a lot of excitement surrounding Bitcoin and other virtual currencies, innovation does not excuse those acting in this space from following the same rules applicable to all participants in the commodity derivatives markets,” said Aitan Goelman, the CFTC’s director of enforcement, in a statement.

Since Coinflip is not alone in providing a platform to trade Bitcoin derivatives or futures, Goelman’s words imply that other unregulated exchanges could soon attract the attention of the CFTC.

As such, the CFTC is bringing dealings in Bitcoin, long prized for its anonymity, into the light. While this could help clean up U.S. trading around the product, potentially helping to avoid a repeat of the Mt. Gox escapade, it is also likely to increase the cost of doing business.

Coinflip consented to the order without admitting or denying any of its findings or conclusions.

“The cease and desist was a fair settlement,” Francisco Riordan, Coinflip’s chief executive officer, said in response to a request for comment. He said that customer funds had been refunded in July 2014, before the CFTC made contact with the company: “There wasn’t enough trade volume for the site to sustain itself.”

Here;  http://thetrustadvisor.com/headlines/bitcoin-commodity?mkt_tok=3RkMMJWWfF9wsRoksq%2FKZKXonjHpfsX%2B7ugoUbHr08Yy0EZ5VunJEUWy3IIBRNQ%2FcOedCQkZHblFnVQITq2tV7QNrKMF

"When you see all these things BEGINNING to happen, then lift up your heads for your redemption is near."  --Jesus


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