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Bitcoin is the only coin the SEC Chair will call a commodity

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Re: Bitcoin is the only coin the SEC Chair will call a commodity

#121

Post by lend000 »

itsoktocry wrote: post #104
lend000 wrote: post #87

Earlier quoted context omitted.

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.

Well that is sort of the point of such groups ;)

Re: Bitcoin is the only coin the SEC Chair will call a commodity

#122

Post by splix »

DennisP wrote: post #59
uncomputation wrote: post #16

Bitcoin 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…

Bitcoin has a single popular client. There are people who work on that client. Ethereum has five execution clients, developed by independent teams, and another five proof-of-stake clients, also developed by independent teams, plus an open community of researchers where anyone can participate. The Ethereum Foundation funds some of this, but not all of it. If the various teams don't agree to do something, it won't get…

Not really. If one of the clients interpreted a part of the spec in a different way, event if they are right, they would have change it to follow an officially approved code because that's the consensus.

There are examples like https://github.com/openethereum/parity-ethereum/blob/55c90d4...

Re: Bitcoin is the only coin the SEC Chair will call a commodity

#123

Post by kinakomochidayo »

potatototoo99 wrote: post #119
etherael wrote: post #112

Earlier quoted context omitted.

About five years ago they permanently restricted transaction volume to about 4 per second. After that I stopped paying attention because you couldn't ask for a clearer demonstration of their complete control than the fundamental destruction of the entire purpose of the project even existing. So there's that.

You can always fork bitcoin and throw whatever hashing power you want at it. PoW gives you that.

You sure can, until the Bitcoin Core supporters tell people that the fork is an attack on Bitcoin, and crypto media spreads that lie.

Re: Bitcoin is the only coin the SEC Chair will call a commodity

#124

Post by nathias »

oldgradstudent wrote: post #101
nathias wrote: post #69

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.

You must be the smartest boy alive.

Re: Bitcoin is the only coin the SEC Chair will call a commodity

#125

Post by nathias »

JumpCrisscross wrote: post #76
nathias wrote: post #69

Pretty idiotic that they can't make new categories for new tech and have to shoehorn it into the old.

> they can't make new categories for new tech and have to shoehorn it into the old Nobody is doing that. For all the new techiness of crypto, its popular failure modes of pumps and dumps, rug pulls and promoters lying through their teeth is identical to the pre-Securities Act securities landscape. So for those narrow problems these proven solutions should work.

But as we can see from anything else, X when digital becomes completely different, it becomes at the same time possible to scale it, to automate it and it becomes international. I fear regulatory capture that will capture all the innovation and profits for US VCs (again).

Re: Bitcoin is the only coin the SEC Chair will call a commodity

#126

Post by majinuub »

etherael wrote: post #105
gesman wrote: post #102

Earlier quoted context omitted.

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 unthreateni…

> 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.

Core devs and exchanges do not entirely control the project direction. Non-backwards compatible changes cannot be made to Bitcoin without the miners AND node operators adopting the new client. It takes the cooperation of the devs, miners, and node operators to make a hard fork. "The Blocksize War" by Jonathan Bier documents a bunch of failed hard fork attempts that were backed by a good number of devs, large miners, and large exchanges. They failed because the node operators were not on board.

Re: Bitcoin is the only coin the SEC Chair will call a commodity

#127

Post by kinakomochidayo »

splix wrote: post #122
DennisP wrote: post #59

Earlier quoted context omitted.

Bitcoin has a single popular client. There are people who work on that client. Ethereum has five execution clients, developed by independent teams, and another five proof-of-stake clients, also developed by independent teams, plus an open community of researchers where anyone can participate. The Ethereum Foundation funds some of this, but not all of it. If the various teams don't agree to do something, it won't get…

Not really. If one of the clients interpreted a part of the spec in a different way, event if they are right, they would have change it to follow an officially approved code because that's the consensus. There are examples like https://github.com/openethereum/parity-ethereum/blob/55c90d4...

"Officially approved" specs are talked about amongst the devs in all client teams on the Ethereum calls, with proposals having to go through the EIP process, which are then implemented by each team.

Also, Parity Open Ethereum is deprecated.

Re: Bitcoin is the only coin the SEC Chair will call a commodity

#128

Post by rafaelero »

lottin wrote: post #120
Dylan16807 wrote: post #108

Earlier quoted context omitted.

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.

In PoW miners buy physical capital and electricity, in PoS miners buy digital tokens. It's exactly the same, except PoS is less detrimental to the environment.

It would be the same if holding a token from a PoS system cost money. Since it doesn't, then it is definitely not the same thing.

Re: Bitcoin is the only coin the SEC Chair will call a commodity

#129

Post by undersuit »

wolframhempel wrote: post #13

The SEC and Wallstreet have been locked in an eternal cat and mouse game for decades. And given that Wallstreet has the money and hence the talent and options it tends to be a step ahead of the SEC. I expect this will be even more true for crypto. While I believe that some regulation might be a good thing as it makes crypto safer for the wider public I am genuinely doubtful that the SEC has the capabilities or the ri…

It's the same problem that the ATF has with regulating guns or the FDA with regulating drugs; classifications are inherently limited and once you define one I can now make something that doesn't fit your existing classifications.

Which is good, we don't want to give the government over-reaching powers, but we also want them to do something.

Re: Bitcoin is the only coin the SEC Chair will call a commodity

#130

Post by etherael »

kinakomochidayo wrote: post #123
potatototoo99 wrote: post #119

Earlier quoted context omitted.

You can always fork bitcoin and throw whatever hashing power you want at it. PoW gives you that.

You sure can, until the Bitcoin Core supporters tell people that the fork is an attack on Bitcoin, and crypto media spreads that lie.

And bitfinex backs blockstream and the rest follow because they don't want to add to the confusion and tether prints billions into existence to signal fake assent to fundamentally idiotic changes like permanently limiting chain throughput to a fax machine or so whilst censoring any venue which dares point out the abject stupidity, insanity and corruption implicit in all of the above.

But yeah, sure, whatever. Definitely don't throw Brer rabbit in that there briar patch. Stick it to the man, use the obviously captured and sabotaged trojan horse.

What could possibly go wrong? Laser eye me up.

I cannot believe how far bitcoin has fallen. Utter clown world madness.

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