SEC Chair != SEC This is just equivalent to 'employers opinions does not reflect my own'
SEC chair delivering speech written by SEC lawyers, on the other hand... this == SEC
Bitcoin is the only coin the SEC Chair will call a commodity
131–140 of 203 posts
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#132Earlier 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.
Especially because mining is a business that you can fail at if you don't balance costs and income properly. That's much preferable to proof of stake where early investors can just squat on their coins indefinitely with almost zero cost to maintain their authority percentage forever.
Except if the community at large doesn't like how a particular staker/validator is doing their job, the staker's assets can be burned in a hard fork that enjoys sufficient broad legitimacy. The capital can be outright destroyed. In contrast, there is no way a community in a proof of work system can burn a particular miners hardware if that miner becomes able to abuse the network. At most they could change the mining algo, but that wipes all miners out, and such a change can really only happen once.
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#133Earlier quoted context omitted.
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 m…
I am aware of the official cover story. You appear to be unaware that it is a lie.
Look up the historical record. By what metric was the BTC chain allocated to the present by bitfinex? I'll give you a hint, hash power not only had nothing to do with it, it was explicitly said that it would be ignored in the announcement.
And reality flies in the face of what you just claimed, node operators had nothing to do with the metric. It's all just outright rigged.
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#134Feels like if BTC is a commodity, then BCH and LTC clearly are as well, no?
A commodity must be fungible -- i.e. that would imply BTC and BCH/LTC were economically interchangeable.
They aren't. Bitcoin's blockchain has a longer proof-of-work than BCH. Honest nodes will only mine the longest blockchain (per Satoshi). Therefore any blockchain shorter than Bitcoin's will ultimately collapse in the long term, making them unsuitable to be considered commodities.
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#135From the original Ethereum pre-sale blog post: https://blog.ethereum.org/2014/07/22/launching-the-ether-sal... > Ether is a product, NOT a security or investment offering. Ether is simply a token useful for paying transaction fees or building or purchasing decentralized application services on the Ethereum platform; it does not give you voting rights over anything, and we make no guarantees of its future value.
Same feel as "No copyright intended" disclaimers on YouTube videos a few years ago.
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#136Commodities have no capped supply and fungible. GRIN resembles to commodity with its emmission model and fungibility feature as well.
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#137Feels like if BTC is a commodity, then BCH and LTC clearly are as well, no?
A commodity must be fungible -- i.e. that would imply BTC and BCH/LTC were economically interchangeable. They aren't. Bitcoin's blockchain has a longer proof-of-work than BCH. Honest nodes will only mine the longest blockchain (per Satoshi). Therefore any blockchain shorter than Bitcoin's will ultimately collapse in the long term, making them unsuitable to be considered commodities.
Being fungible means every BTC is the same other BTC and every BCH is the same as every other BCH, not that BCH is the same as BTC.
Water and oil are both fungible commodities. No one would claim they're economically interchangeable with each other.
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#138Commodities have no capped supply and fungible. GRIN resembles to commodity with its emmission model and fungibility feature as well.
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Re: Bitcoin is the only coin the SEC Chair will call a commodity
#139Quoted post unavailable.
Bitcoin solves the double-spending problem.
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#140Feels like if BTC is a commodity, then BCH and LTC clearly are as well, no?
A commodity must be fungible -- i.e. that would imply BTC and BCH/LTC were economically interchangeable. They aren't. Bitcoin's blockchain has a longer proof-of-work than BCH. Honest nodes will only mine the longest blockchain (per Satoshi). Therefore any blockchain shorter than Bitcoin's will ultimately collapse in the long term, making them unsuitable to be considered commodities.
Really? Is corn fungible with oil?