Is a BTC or other altcoin a work of art or store of value?
I want to hear your thoughts - I have been pushing for this discussion for years now. I believe that each "mined" proof of work coin is in fact a unique work of digital art. As such I believe it is not a tangible - nor taxable - until you sell that unique work of art for real currency or exchange it for something else of determinable real world value. Would this not solve a lot of the legal issues? What are the technical aspects of a mined "coin" represent a store of value - and thus any notation that it is a medium of exchange which is generally illegal in most countries? I propose that it is in fact a verifiable unique work with instant copyright and ownership to that person who created it. Now that causes issues for pools - does the pool which received the reward coins for a successful solved block own the unique work or is it split between all those who contributed to the pool's efforts based on the percentage of participation - and then if that is the case - is that not like a form of payment for contributing to the art that was produced? OR - is it split according to pool rules and each individual split therefore becomes itself a new unique work that is verifiable through the blockchain which can also validate the original work which was divided to all authors...? Am I confusing you yet? I think there is merit to pressing for each "coin" purchased or generated to be akin to a painting. A painting is only worth what a buyer will pay - and only realized when that sale happens. Sure there is insurance for art and a whole industry that creates estimated valuations on personal property - including artwork and unique designs or patents (that is the other option - a published patent for each coin - but does that mean that if you own a patent on a coin and it becomes part of a public chain that is then used to validate and create other works that they now owe you some form of payment for using your unique work to create their own -presumably to later resell for profit or loss?) My point is - there is a lot of ways to misunderstand what is happening with the digital cryptocurrency world - I think the first mistake is calling it currency instead of digital art. Cryptographic Unique Enhancement to the Blockchain Attestable by Logical Line of Ownerships. "CUE BALL" ownerships.
Ideas welcome.
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