Bitcoin....who's gotten into it?

[goldenboy]

A commodity that isn't...consumable. Wild! #fewunderstand
If you make a bad deal on hogs, at least you get some bacon out of it.

Right?! At least if you bought tulip bulbs in 1637 you could still grow some tulips.

[byates1]

^ great to know you brain trust powerhouses know more than the largest Central Bank of the worlds most powerful economy. I'm in awe.

[J. Barron DeJong]

^ great to know you brain trust powerhouses know more than the largest Central Bank of the worlds most powerful economy. I'm in awe.

It’s because the crypto industry lobbied to be considered a commodity instead of a security, because there’s less enforcement on commodities:

https://www.bloomberg.com/news/artic...?sref=4ZgkJ7cZ

edit:

CFTC governs commodities described as:

Commodity: (1) A commodity, as defined in the Commodity Exchange Act, includes the agricultural commodities enumerated in Section 1a(4) of the Commodity Exchange Act, 7 USC 1a(4), and all other goods and articles, except onions as provided in Public Law 85-839 (7 USC 13-1), a 1958 law that banned futures trading in onions, and all services, rights, and interests in which contracts for future delivery are presently or in the future dealt in; (2) .A physical commodity such as an agricultural product or a natural resource as opposed to a financial instrument such as a currency or interest rate.

You’ll notice that Bitcoin isn’t covered there. It’s also not clear that it fits the definition of Security, which is why there’s an opening for the industry to lobby for their regulator:

Security: Generally, a transferableinstrumentrepresenting an ownership interest in a corporation (equity security or stock) or the debt of a corporation, municipality, or sovereign. Other forms of debt such as mortgages can be converted into securities. Certain derivatives on securities (e.g., options on equity securities) are also considered securities for the purposes of the securities laws. Security futures products are considered to be both securities and futures products. Futures contracts on broad-based securities indexes are not considered securities.

Note also that the head of the SEC thinks Bitcoin should be regulated as a security.

[byates1]

It's code you can buy. It may go up in value. If for 5 thousand years we can agree that shiny rocks in the ground have value, than a digital leger can have value.

[summit]

It's code you can buy. It may go up in value. If for 5 thousand years we can agree that shiny rocks in the ground have value, than a digital leger can have value.

OK either you suck at analogies or you don't understand this the way you think you do. I've perhaps labored under the false assumption that Crypto proponents have a significantly better technical understanding than I about BTC. But maybe they just read the hype and don't actually have a baseline understanding of computer science.

It's not code. Code can be executed or integrated with other code, made to do work, and produce output. CRYPTOCURRENCY IS DATA, NOT CODE.

A BTC is a glorified magic number with records in a glorified ledger that took code execution to record and takes more code execution to do anything else with. It cannot do a thing by itself, it has no intrinsic value, it can not be used without a giant interconnected network, more code execution, and a belief that the ledger entry has value worthy of that network and effort.

Code? No. Commodity? No. It is a different type of speculative asset class that is closer to a fiat currency than a commodity IMHO.

[hatchgreenchile]

Digital ledger! Blockchain! So much imminent disruption! Every industry will be impacted!

Woof:
https://weh.wtf/34-blockchain-projects.html

[byates1]

^ sounds like you'd have said the same thing about the early internet. How'd that work out.

I agree it's speculative. And for web3, sure it's mostly noise at this point. Look at meta's billions of dollars in the metaverse, and it's unclear if it has utility or will be valuable.

But we are not going backwards. Everything we do it digital and portable now. And will be.

I think BTC, Eth and a handful of other projects will have utility and value in the future. Invest accordingly. Or don't.

[summit]

In typical form, you skirt the point of the discussion.

Crypto traded is neither code nor does it fit the definition of a commodity.

This reinforces the idea that people don't know what they are dealing with and that crypto, while it might have some utility, investing in it is mostly a greater fool proposition.

[byates1]

Well you're wrong. It has been a commodity for a decade according to the fucking fed. So there.

[byates1]

And the Blockchain is code. Loosely defined. I'm not a programmer, don't claim to know the ins and outs. But it's a digital leger.

If you want to symantically pick apart shit go right ahead. It'd be more valuable to you to buy BTC and hold it for 10/15 years though.

[byates1]

Or just run up your credit card bill w plastic shit you don't need and pay 25% interest in perpetuity. Merica.

[summit]

And the Blockchain is code. Loosely defined. I'm not a programmer, don't claim to know the ins and outs. But it's a digital leger.

If you want to symantically pick apart shit go right ahead.

Cry me a river over your lack of understanding of very basic concepts, or you could fix it. Not everyone has that problem, not even all crypto enthusiasts. For example, I know without asking that Shera knows the difference.

However, you clearly don't understand what you betting on.

Or just run up your credit card bill w plastic shit you don't need and pay 25% interest in perpetuity. Merica.

This demonstrates flawed reasoning. That is not the only alternative to buying BTC. JFC.

[byates1]

Re BTC, this is a momentary pop imo. We are going to leg down in the next few months. Like 12/15 bottom.

Stacking USD now. Buy as it goes lower.

[summit]

We are going to leg down in the next few months. Like 12/15

Stacking USD now.

That would be fabulous. If you actually believe that, why are you not exchanging your BTC for BITI, then re-exchanging it?

[byates1]

Cry me a river over your lack of understanding of very basic concepts, or you could fix it. Not everyone has that problem, not even all crypto enthusiasts. For example, I know without asking that Shera knows the difference.

However, you clearly don't understand what you betting on.



This demonstrates flawed reasoning. That is not the only alternative to buying BTC. JFC.

I'm a man. I don't cry

It was a joke Nancy. Are you an assburger coder without a soul or emotions? Right on if so.

[byates1]

That would be fabulous. If you actually believe that, why are you not exchanging your BTC for BITI, then re-exchanging it?

I have been. I moved half of my BTC into USD before the celicus meltdown, then re bought lower.

Sold a vehicle, parked 5k in USD ready to dca in as it drops.

I'm going run a few bricks of herion from Mexico to Montana, fucking white people love that shit up here, that'll give me quite a bit more cash to deploy as BTC goes lower.

[hatchgreenchile]

^ sounds like you'd have said the same thing about the early internet. How'd that work out.

.

Tech moves a little faster these days.

Exponential improvements in hardware and software allows products to be prototyped, mass produced and onboarded in far shorter timeframes than ever before. Sink of swim!

It’s OK though, we’ll give BTC another decade to figure it out.

[TyWebb]

The debate is a lot easier if you think of buying BTC as buying art. If it evolves to have legitimate utility in the future, find a different analogy....but at the moment, it is the equivalent of buying art.

[byates1]

The debate is a lot easier if you think of buying BTC as buying art. If it evolves to have legitimate utility in the future, find a different analogy....but at the moment, it is the equivalent of buying art.

Agreed.

[summit]

Holdlnaut freezes withdrawals. What's in a name?

Another defi "company" eats shit like a tradfi bank run from 100+ years ago.

[byates1]

Or barely 10 years ago

[byates1]

Blackrock teams w Coinbase. Gee I wonder what will happen

The largest asset manager is bringing BTC to it's clients.

Good thing the geniuses above in this thread know more than blackrock.

https://dailyhodl.com/2022/08/08/bla...investanswers/

[byates1]

Its

[J. Barron DeJong]

Blackrock teams w Coinbase. Gee I wonder what will happen

The largest asset manager is bringing BTC to it's clients.

Good thing the geniuses above in this thread know more than blackrock.

https://dailyhodl.com/2022/08/08/bla...investanswers/

I guess they’re really hoping this BlackRock thing brings in a new round of greater fools.

[dunfree]

Agreed.

The vast majority of art is only worth something because the owner thinks it pretty, there is no resale market. The vast majority of artists make no money. The vast vast vast majority of art including masters, does not meaningfully increase in value.

but there is a lot of bullshit, bullshitters, self dealing, and fraud in art. https://news.artnet.com/art-world/da...64567/amp-page Crypto would love to keep a secret that long