Bitcoin is the only Crypto that is a commodity: CFTC Chair

[HAL1000]

https://watcher.guru/news/bitcoin-is-the-only-crypto-that-is-a-commodity-cftc-chair

At an invite-only crypto event at Princeton University, CFTC (Commodity Futures Trading Commission) Chair Rostin Behnam said that the only crypto that should be considered a commodity is Bitcoin (BTC). The statement indicated a change in the CFTC’s stance after it previously said that Ethereum (ETH) was also a commodity.

[HAL1000]

 

[Guest]

16 minutes ago, HAL1000 said:

 

It's a security because there is no longer a central party to sue. Those guys died or are anonymous. Most BTC was mined by some 64 companies/people in the early days. If there is knowledge of who they are and the agencies are able to connect them to influencers, BTC also becomes a security.

The tactic for BTC will be to ban it for its power consumption. 

The only option is to answer the questions:

• What type of centralization matters when it comes to identifying a "promoter" of a public blockchain?
  • Is centralized development important?
  • Is centralized consensus important?
  • Is concentration of token holdings important?
• Are secondary sales on a public network also sales of securities?
• If certain sales are deemed securities, does that security status transfer to the token also ? If so, who is the counterparty to the claim on that security? 

[HAL1000]

 

[Montoya]

I wonder if these fools actually understand the damage they are inflicting on investors by constantly moving the goal posts this way, or if that is the very purpose. Starting to feel like the latter. And @Hal is correct, BTC they will kill due to environmental concerns. It is all very convenient. I just cant believe that they are so unconcerned with the obvious financial destruction they are wreaking upon average people. Absolutely disgusting. It is either breathtaking incompetence or inhumane, and dishonest manipulation. I don't know which is worse.

[HAL1000]

6 hours ago, Montoya said:

I wonder if these fools actually understand the damage they are inflicting on investors by constantly moving the goal posts this way, or if that is the very purpose. Starting to feel like the latter. And @Hal is correct, BTC they will kill due to environmental concerns. It is all very convenient. I just cant believe that they are so unconcerned with the obvious financial destruction they are wreaking upon average people. Absolutely disgusting. It is either breathtaking incompetence or inhumane, and dishonest manipulation. I don't know which is worse.

THEY want crypto under THEIR control, but it's currently a headache for them, because THEY don't control the whole world and everyone in it. Coders will code, people will innovate around THEM. DEFI is coming and THEY will be cut out of the loop eventually. Hey Alexa, invest my money, find me the cheapest insurance etc, automated backend systems will do all this for you, no banks needed, no lawyers, no insurance companies, no rip off's due to it all being programmatic, no regulators needed, the market will eventually weed out the bad actors and so it will go = less control by THEM.

THEY already tried maligning crypto, then came ETH gate which was THEIR first real attempt to control it, now we get, almost all cryptos are securities. Next USDT will go down and another big collapse in the markets etc, crisis leads to, hey look CBDC's are here to save us, from this great financial disaster etc, then comes absolute control...

But DEFI, is still going to run circles around ALL THEIR plans, when eventually, WE all work out via social media etc, who these people really are and what they are really about. Unless WE all want this type of Bankster and his friends to have ABSOLUTE CONTROL OF US ALL. People want freedom, I HOPE, and that's the promise of DEFI, WE just need to stop using THEIR money or looking to THEM for the solutions, to the problems, THEY help create.

[Montoya]

16 hours ago, HAL1000 said:

THEY want crypto under THEIR control, but it's currently a headache for them, because THEY don't control the whole world and everyone in it. Coders will code, people will innovate around THEM. DEFI is coming and THEY will be cut out of the loop eventually. Hey Alexa, invest my money, find me the cheapest insurance etc, automated backend systems will do all this for you, no banks needed, no lawyers, no insurance companies, no rip off's due to it all being programmatic, no regulators needed, the market will eventually weed out the bad actors and so it will go = less control by THEM.

THEY already tried maligning crypto, then came ETH gate which was THEIR first real attempt to control it, now we get, almost all cryptos are securities. Next USDT will go down and another big collapse in the markets etc, crisis leads to, hey look CBDC's are here to save us, from this great financial disaster etc, then comes absolute control...

But DEFI, is still going to run circles around ALL THEIR plans, when eventually, WE all work out via social media etc, who these people really are and what they are really about. Unless WE all want this type of Bankster and his friends to have ABSOLUTE CONTROL OF US ALL. People want freedom, I HOPE, and that's the promise of DEFI, WE just need to stop using THEIR money or looking to THEM for the solutions, to the problems, THEY help create.

I agree with everything. The question is, how the hell do we make money off it in the short run. Or at least avoid being a casualty of the battle. I love crypto and decentralized finance for ideological reasons, but my personal risk tolerance is getting mighty close to being tapped out. I imagine the SEC is betting most people are in the same boat, and if they can create enough chaos in the markets they can effectively set back the progress of these beneficial social changes you mentioned by decades. in short, effective, safe DEFI cant get here soon enough.

[LazyMadis]

I heard that bitcoin had become the official currency in some regions, such as El Salvador. But I don't think this is the best idea. After all, the stories of anonymous cryptocurrency transactions are only partly true. Bitcoin addresses can (to a certain extent) be tracked and linked to real individuals. Thus, under various circumstances, investors risk exposing their data and having their account transaction logs tracked. And with the recognition of bitcoin as the official currency, tracking and disclosing your data will become even more accessible. Perhaps the only way out here is to use a bitcoin mixer. But it still needs to be tested to determine how effectively it works.

Edited December 30, 2022 by LazyMadis

[Fambam4093]

On 12/2/2022 at 8:26 AM, Montoya said:

I agree with everything. The question is, how the hell do we make money off it in the short run. Or at least avoid being a casualty of the battle. I love crypto and decentralized finance for ideological reasons, but my personal risk tolerance is getting mighty close to being tapped out. I imagine the SEC is betting most people are in the same boat, and if they can create enough chaos in the markets they can effectively set back the progress of these beneficial social changes you mentioned by decades. in short, effective, safe DEFI cant get here soon enough.

I'm holding my bags on all crypto until it shakes out, it goes up / it goes down, no telling the past several months....my energy stocks are up 42% or better, one in particular is up over 64% plus dividends. There is money to be made all over but crypto is not the place right now imo.....its coming but in forward time.

[walletswellness]

So current CFTC chair says this, we wonder what former CFTC chair Chris Giancarlo would say?