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136 sats \ 5 replies \ @kepford 31 Jul \ on: SEC debuts 'Project Crypto' to bring U.S. financial markets 'on chain' news
“To achieve President Trump’s vision of making America the crypto capital of the world, the SEC must holistically consider the potential benefits and risks of moving our markets from an off-chain environment to an on-chain one,” SEC chair Paul Atkins said in remarks to an “American Leadership in the Digital Finance Revolution” conference Thursday afternoon , referring to blockchain technology that enables cryptocurrencies, but has other applications as well.
2017 is calling. It wants its scams back.
CEO Larry Fink has said he sees the “tokenization of every financial asset” as an important step in “the technological revolution in the financial markets.”
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1 sat \ 4 replies \ @028559d218 31 Jul
What makes Bitcoin valuable is... energy. If a 'token' doesn't have energy behind it, or at a minimum represent something that inherently does...
Its value is? Zero. Its value is zero.
Less crypto. More proof-of-work please
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0 sats \ 3 replies \ @kepford 31 Jul
I mean... that's not completely true. Value is subjective. Under that definition you can't explain why people pay money for many things.
But, bitcoin's connection to energy protects the network and does tether it to the physical world. The fact that miners use energy to secure the network and earn bitcoin provides part of its value. Ultimately though, you don't have to have energy but proof-of-work is vital to making bitcoin work without a central authority.
What I see in most of crypto is solutions looking for problems to solve. I fail to see how adding blockchains to the financial system without changing anything else increases its value. Its wild. I think most people that get what blockchains do actually think their utility is very limited. They do in my industry. That includes bitcoin. But most of these people have no clue how bitcoin works. Crypto is a poison and has set bitcoin back decades in adoption.
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2 sats \ 2 replies \ @028559d218 31 Jul
What I see in most of crypto is solutions looking for problems to solve. I fail to see how adding blockchains to the financial system without changing anything else increases its value. Its wild.
It's all smoke and mirrors dude.
I mean... that's not completely true. Value is subjective. Under that definition you can't explain why people pay money for many things.
Anything worth doing, worth creating, worth using in our society requires energy. Planes, trains, automobiles... they are all created and operate with energy.
Energy is the foundation of a civilization.
To me Energy is absolutely 100% vital to Bitcoin's appeal... and its what got me into Bitcoin to begin with. Gold requires energy to make, to refine, to mine... and that's ultimately why it's valuable and Bitcoin is 100% the same.
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0 sats \ 1 reply \ @kepford 31 Jul
I don't disagree, but value is still subject and many things have much higher value than the energy required to generate them. What you are describing about value is very similar to the Marxist labor theory of value.
For example, if I started a shitcoin and it required energy that doesn't mean it would be worth anything. It would have to have enough people that believe it had value. This is why so many shitcoins do command stupid prices. Over the long run.... they will fail but new ones will sprout up until society / culture learns. I think this could take a very long time.
There is also utility as a factor in value/prices. Something can have plenty of energy inputs but little utility. I mostly agree with you but there are more factors.
  • Energy
  • Utility
  • Social (believe)
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0 sats \ 0 replies \ @028559d218 31 Jul
I wish bitcoin wasn't such a lonely place I listen to this sometimes, it helps
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