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71 sats \ 9 replies \ @Cje95 OP 20 May \ parent \ on: Monumental Crypto Legislation Vote Tomorrow: The Legislation Breakdown bitcoin
I am not super knowledgeable about commodities and how they function but from my understanding ETH would better fit commodities since when you think about ag products supply increases and decreases something that ETH does. I think of slashing almost as a natural weather disaster that destroys a harvest. BTC being so finite doesn't fit as well but under commodities it will be MUCH MUCH better protected than under the SEC!
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0 sats \ 8 replies \ @grayruby 20 May
When is the last time you saw an intentional natural disaster created by a small group of people destroy a harvest? (Slashing is a governance decision not a natural function).
Dynamical supply is not what makes a commodity a commodity. Besides dynamical supply was only instituted post merge. So less than 2 years ago and the merge itself was a forced software upgrade. I don't think anyone would argue eth became more like a commodity after the merge. The argument is it was before therefore it should still be now.
You can argue eth deserves a different classification other than security. I don't really buy any arguments that it is a commodity, It got labelled as such because the industry lobbied the SEC and Hinman made a statement the agency did not want him to make which set a precedent.
I still believe congress needs to define digital asset classifications better. Maybe more classifications than simply commodity and security should exist.
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20 sats \ 7 replies \ @Cje95 OP 21 May
uhhhh I mean China's 3 Gorges Dam has caused them to suffer considerably the last few years... the UAE, Ethiopia, and Egypt have all caused massive crop/harvest loss over stupid moves by their leaders over the years.
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0 sats \ 6 replies \ @grayruby 21 May
That's a real stretch my friend.
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20 sats \ 5 replies \ @Cje95 OP 21 May
Not according to NOAA data. The effects of their decisions have been clear and the mismanagement is significant. Granted they will never beat the granddaddy of them all with the Stalin-caused Ukrainian famine but killing a minimum of 5 million people due to being an idiot with harvests is hard to beat
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0 sats \ 4 replies \ @grayruby 21 May
I am not saying it's a stretch that these decisions have had a major impact on the commodities themselves. I am saying that comparing that to a bunch of crypto nerds voting to slash someone's stake in software network as justification for its status as a commodity is quite a stretch.
I don't care what the regulators call eth. I just don't like the idea that it achieved its status through backdoor dealings rather than honest due process.
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10 sats \ 3 replies \ @Cje95 OP 21 May
Between the two I would say BTC is more of a stretch given it has a set max supply. Commodities do not have that so its why within the standard understanding ETH is the better fit under the current understanding... which is going to change but nonetheless
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0 sats \ 2 replies \ @grayruby 21 May
Every metal and mineral on earth has a max supply.
This argument has gotten so silly I am dropping it.
If you think eth is a commodity, that's your opinion. I firmly disagree.
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10 sats \ 1 reply \ @Cje95 OP 21 May
With the US government and international partners looking to "mine" tritium and all sorts of other metals from space and since it is going to happen sooner than most realize... within the next decade... Earth supply isn't fixed like BTC
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