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

Post by nathias » Thu, Jun 30, 2022, 8:59 AM UTC

JumpCrisscross wrote: post #170

nathias wrote: post #125

Earlier quoted context omitted.

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).

Money is already digital, highly automated and internationally scaled. The American payments/settlement system is arguably more decentralised than blockchains. Crypto brings unique attributes to the table. But being digital, automatable and international aren’t major differentiators. To the degree we’re seeing a persistent class of winners in crypto, it’s not users. And it’s not VCs. It’s Wall Street. Because this is…

Post by Dylan16807 » Thu, Jun 30, 2022, 10:48 AM UTC

lottin wrote: post #189

Dylan16807 wrote: post #172

Earlier quoted context omitted.

The opportunity cost of not investing is in a different ballpark from spending that money on machines and electricity.

You don't know that. Moreover PoS can require that the tokens be spent permanently (not just deposited somewhere).

Post by legutierr » Thu, Jun 30, 2022, 1:17 PM UTC

Cobragri wrote: post #148

legutierr wrote: post #144

Earlier quoted context omitted.

> 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.

Post by nathias » Thu, Jun 30, 2022, 2:30 PM UTC

JumpCrisscross wrote: post #194

nathias wrote: post #191

Earlier quoted context omitted.

There are two companies (Visa, MasterCard) that have a global oligopoly and full control. If you get on a blacklist for one you are done, your internet economic life is over (except crypto). I don't care if Wall Street is profiting by speculation if I'm not excluded myself, the problem is that WS is getting a lot of help with the US regulators that then regulate the global market in a way that excludes poor people.

> two companies (Visa, MasterCard) that have a global oligopoly and full control For one set of rails. Wires, ACH, and a number of other payment rails exist and outclass Visa + MasterCard. (Also, technically, Visa and MasterCard are analogous to SWIFT. They process payment messages . Not the transfer of dollars per se . If they chose, they could execute transactions in Bitcoin with the issuing bank and merchant bank…

Post by lottin » Thu, Jun 30, 2022, 4:10 PM UTC

Dylan16807 wrote: post #198

lottin wrote: post #196

Earlier quoted context omitted.

So you're saying you know that an unknown quantity is greater than another unknown quantity.

I'm saying they have massively different risk profiles. If you want a different example that might be more obvious, "put it all on a single number on a roulette spin" and "invest in a big stock index" both have unknown rewards but they're entirely different ballparks too. (And no, those aren't supposed to map 1:1 to the coin scenario.)