Quoted post unavailable.
Bitcoin solves the double-spending problem.
You forgot the last bit: "...without a central authority."
There is no double-spending problem in traditional banking because it is not decentralized.
Bitcoin is the only coin the SEC Chair will call a commodity
141–150 of 203 posts
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#142Way to fuel the Bitcoin maximalist, Gensler. Totally arbitrary.
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#143I agree with this. I have said it's the only crypto worth participating in because it's the only crypto that originated for idealistic reasons. In that capacity it is similar to gold, which in the Golden Age (something everybody talked about in Antiquity and I decided to believe, but I've never encountered anybody else believing in) was openly swapped around as little inventions (you can make all kinds of shit with g…
It's ironic for a comment about Bitcoin to call people assholes for hoarding. Cryptocurrency is all about making a system which works because people act in their self-interest. If they wanted people to use it and not hoard it, they should've made it easier to spend, or harder to hoard, i.e. inflationary.
A fixed block subsidy, i.e. purely linear emission, is disinflationary, rather than inflationary, with the yearly supply inflation after n years at 1/n. That is large enough to deter speculation for several decades at least.
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#144Commodities have no capped supply and fungible. GRIN resembles to commodity with its emmission model and fungibility feature as well.
> Commodities have no capped supply
Since when has this ever been true?
Silver is a commodity, is it not?
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#145Earlier 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.
Well that’s a disingenuous punt of a response:
You can always fork it and start your own teeny-tiny forked Bitcoin network and pretend like the Network Effect is irrelevant to liquidity, right?
Who needs liquidity?
The truth is cryptocurrencies are like anything else that is a network: The people who control how people connect to and participate in a network will effectively exert some amount of control over the network.
I’m sorry, but there is nothing magical about crypto-coin networks and blockchains.
If there’s one thing you can learn throughout history, it’s that power in networks have a tendency to consolidate and that networks have a tendency to break down and be replaced with new networks.
There is nothing inherently special about the Bitcoin network or any other crypto network that makes it immune from being controlled by either internal or external influence.
If you think there is: I’d appreciate you sharing what you believe are effective safeguards.
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#146Earlier quoted context omitted.
It would probably run afoul of the Constitutional protection against "ex post facto" laws.[0] If something (in this case, selling Bitcoin) was legal when you did it, but is now a crime, it is unconstitutional to prosecute you for it. [0]: Article I, Section 9 https://en.wikisource.org/wiki/Constitution_of_the_United_St... >
Unregulated selling of securities has been a crime for a very long time. There are no ex-post issues at work here.
But the SEC (and other branches) has been slow at providing regulatory clarity. So they share part of the blame.
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#147Earlier quoted context omitted.
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…
So far at least, this is not the worst bear market ever in crypto. ETH right now is down about 80%, but in 2018 it dropped 94%.
It's the biggest financial impact. Last time around, it wasn't that big a financial market segment.
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#148Commodities have no capped supply and fungible. GRIN resembles to commodity with its emmission model and fungibility feature as well.
> Commodities have no capped supply Since when has this ever been true? Silver is a commodity, is it not? https://en.wikipedia.org/wiki/Silver_Thursday
That wikipedia article mentions derivative market silver,it is a contract based silver at futures excchanges.
Silver has a perpetual mining for thousand years, like gold.
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#149Feels 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.
Can you try again using less hand-wavey logic?
Every point you make doesn't seem to make much sense.
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#150Finance newbie here, but what is a 'security'? I looked it up, but can't grok it despite people's best attempt to describe it. All the articles can't sum it up in an ELI5 way. What's the TL;DR way of describing a security, and how does BTC fare in this? Is BTC a security?
Under US law (Howey test) a security is something that 1. You invest money in 2. Along with others 3. With the expectation of profit 4. Derived from the efforts of others ETA: (the others in #2 need not be the same others in #4)
Under this definition, surely all cryptocurrencies fail test #4.
Everyone is going to get rich and nobody is going to have to put in any effort, just HODL.
WAGMI! To the moon!