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I.R.S. Memo 1421 / #Bitcoin Island / China's Hangzhou Ruling

ARTICLE: Welcome to Bitcoin Island: Bitcoin is not a protocol of transfer, but a protocol of ownership. Coins never travel, but simply switch owners. You could argue this is a trivial observation – "how else could it work?!" – but thinking in terms of ownership and protocols for transfer of ownership is a surprisingly helpful way to think about how the system works. That’s because the 'protocol of ownership' insight means there is a whole other world of history, tradition and precedent to learn from: land. Observations:

·        In the end-state the quantity of bitcoin will be fixed, just like land

·        Bitcoin is not perfectly fungible and neither is land

·        Bitcoin is not 'consumed' through use – just transformed and transferred. This is similar to land and dissimilar to many commodities, which are consumed (or at least degraded) through use

See: IDMaps /Sonar Hops slide. Combine the use of these tools  with the Heart Beacon Cycle's time / space metric, meter meme to provide a consistent method and means to describe changes in area over time to describe Bitcoin allocation?  Welcome to Bitcoin Island.! Bitcoin Valuated using land meme. IDMaps and SonarHops triangulation will be useful in surveying the Bitcoin landscape in land as a metaphor for value paradigm. In the end-state the quantity of bitcoin will be fixed, just like land. Bitcoin is not perfectly fungible, neither is land. Bitcoins are not ‘consumed’ through use – just transformed. transferred. This is similar to land and dissimilar to many commodities, that are consumed, degraded) through use. "Bitcoin is not a protocol of transfer, but a protocol of ownership. Coins never travel, but simply switch owners”. IDMaps / SonarHops help construct the (Dymaxian maps) of land that visually show how much of the Bitcoin has been mined / issued. 

Step 1: prove coin ownership <Org_ID> Coin Issuer

Step 2:  # coins sent where, when Lat / Long, Time Stamp

Step 3: specify ownership <Org_ID> receiving entity ; organization Bitcoin type <URN> 

Step 4: Issuing Organization of Record adjudicates issues with buyer 

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China's CENTRAL BANK AGREES ON ‘VIRTUAL PROPERTY’ TAG: As Bitcoinist reported, the government implemented a ban on trading any form of cryptocurrency in September 2017, a policy which remains despite the two judgements. In comments to local newspaper Global Times this week, the country’s central bank, the People’s Bank of China (PBoC), further added to the mixed messages. An official validated the Hangzhou ruling, while appearing to avoid its possible implications for Bitcoin use. “Indeed, Bitcoin is virtual property, but it’s not fiat money,” they told the publication.

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BITCOIN IS NOT A CURRENCY, SAYS AUSTRALIAN TAX OFFICE  Australia’s Tax Office has spoken, and it has declared that it will not treat Bitcoin as money or as foreign currency. It has instead opted to treat Bitcoin transactions as barter transactions, in a move that would have far reaching implications on Bitcoin use down under. LINKhttps://bitcoinist.com/bitcoin-is-virtual-property-says-second-china-court/

Link: https://www.cryptocoinsnews.com/bitcoin-not-currency-says-australian-tax-office/

Economic Information Units EIU source: LINK http://mason.gmu.edu/~rhanson/impolite.pdf