Pretty idiotic that they can't make new categories for new tech and have to shoehorn it into the old.
Why do you need new categories when the old ones fit?
A Ponzi over Blockchain is still a Ponzi.
Bitcoin is the only coin the SEC Chair will call a commodity
101–110 of 203 posts
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#102Bitcoin has less foundation- or team-based leadership that have plagued other crypto projects. This leadership (eg Ethereum foundation) gives crypto projects the air of legitimacy, but also the impression, as Hinman put it, that some managerial work and direction is expected, tipping the scale towards security. If the network becomes decentralized to the point where no one party has sway over its direction (even a go…
The idea that Bitcoin has no leaders is a big lie that these regulators should be able to see through. You can take look at any of the well-known whales to see obvious evidence against that claim. They make the claim because it allows them to maintain plausible deniability while manipulating the market as much as they possibly can. I wouldn't trust anyone in finance who says they're not doing managerial work and dire…
Manipulating the price is not the same as controlling the project direction.
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#103Pretty idiotic that they can't make new categories for new tech and have to shoehorn it into the old.
The only 'new tech' is essentially math-based anti-counterfeit protection. Aside from that, this is all firmly traditional financial footwork; "____, but with computers" doesn't really move the needle.
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#104Earlier quoted context omitted.
The idea that Bitcoin has no leaders is a big lie that these regulators should be able to see through. You can take look at any of the well-known whales to see obvious evidence against that claim. They make the claim because it allows them to maintain plausible deniability while manipulating the market as much as they possibly can. I wouldn't trust anyone in finance who says they're not doing managerial work and dire…
You might as well be talking about the boogieman. Who are these whales who control the market? Why were so many mega-whales selling at $27K and lower this year, when they could have sold at the top? Michael Saylor is one of, if not the biggest crypto holder right now, and the dude is clueless and currently underwater in his position. Talking about whales is just superstition for people who can't find any alpha in the…
>Talking about whales is just superstition for people who can't find any alpha in the markets. It's an excuse for why you didn't know the price was going to go in a certain direction.
Ah yes, the price predictoor, even more common in amateur trading Discords and subreddits.
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#105Earlier quoted context omitted.
The idea that Bitcoin has no leaders is a big lie that these regulators should be able to see through. You can take look at any of the well-known whales to see obvious evidence against that claim. They make the claim because it allows them to maintain plausible deniability while manipulating the market as much as they possibly can. I wouldn't trust anyone in finance who says they're not doing managerial work and dire…
Manipulating the price is not the same as controlling the project direction.
Project direction controlled entirely by core devs and the centralised exchanges that bless their output as "bitcoin" regardless of the fact it directly contradicts the original consensus mechanism for the project and the changes implemented by said devs fundamentally broke the utility of the project.
SEC and similar are likely granting BTC "commodity" status purely because it is so utterly controlled and unthreatening, completely divorced from its original intent of addressing the central banking charade, that any energy they can push into it is energy they won't have to deal with being directed to a legitimate decentralised cryptocurrency that actually works and over which no such control exists.
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#106Bitcoin has less foundation- or team-based leadership that have plagued other crypto projects. This leadership (eg Ethereum foundation) gives crypto projects the air of legitimacy, but also the impression, as Hinman put it, that some managerial work and direction is expected, tipping the scale towards security. If the network becomes decentralized to the point where no one party has sway over its direction (even a go…
The idea that Bitcoin has no leaders is a big lie that these regulators should be able to see through. You can take look at any of the well-known whales to see obvious evidence against that claim. They make the claim because it allows them to maintain plausible deniability while manipulating the market as much as they possibly can. I wouldn't trust anyone in finance who says they're not doing managerial work and dire…
Can you give a good example of how one of bitcoin’s “managers” changed bitcoin recently?
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#107Earlier quoted context omitted.
If there are "leaders" in Bitcoin, it would not be the whales. It is not Proof of Stake where money buys you a voting right.
In Pow, Money buys you mining capacity which is voting rights.
Mining BTC doesn't get you voting rights at all. The core devs will still make pants on head retarded changes and the centralised exchanges will dutifully trade their trash output as if it were really bitcoin, mining just gets you the right to maybe profit on rubber stamping their trash depending on market conditions.
BTC has no mining. Only rubberstamping.
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#108Earlier quoted context omitted.
If there are "leaders" in Bitcoin, it would not be the whales. It is not Proof of Stake where money buys you a voting right.
In Pow, Money buys you mining capacity which is voting rights.
But you have to trade it away to buy the machines. That's very different from giving power to the people holding lots of coins.
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#109This is huge. Essentially if they find anyone sold crypto to unaccredited investors they would be engaging in illegal sales of a security. This may lead to lawsuits where crypto sellers find they are on the hook for the losses of people they illegally sold to. It may also lead to jail time for a substantial portion of the crypto community.
Essentially if they find anyone sold crypto to unaccredited investors they would be engaging in illegal sales of a security. Well, yes. That's the Howey test. It's pretty simple. A lot of crypto issuers liked to think it didn't apply to them, but the SEC has been saying consistently that it does. There's argument over whether crypto brokers, exchanges, or miners are subject to regulation. But anybody who created and…
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Re: Bitcoin is the only coin the SEC Chair will call a commodity
#110He said BTC was the only cryptocurrency he was comfortable saying was a commodity, while many were securities it didn't address explicitly what all others were “That’s the only one I’m going to say because I’m not going to talk about any one of these tokens” https://twitter.com/SBF_FTX/status/1541565079992369155?s=20&...
Thanks, headline is a bit misleading,