4 ms·
CFTC and SEC classify bitcoin and other cryptocurrencies as commodities. In that case high transaction fees are appropriate. It's like handling oil or pork bell
by mudil 9y ago
CFTC and SEC classify bitcoin and other cryptocurrencies as commodities. In that case high transaction fees are appropriate. It's like handling oil or pork bellies. No joke!
- matt4077 9y agoI can buy pork on amazon, or in any store. Transaction costs: maybe $2.50 for shipping. The SEC's categorisation is among the most insane arguments I've heard. If you seriously believe it (which I doubt) you're engaging in some mind-bending motivated reasoning.
- mudil 9y agoI actually agree with SEC. I think about bitcoin as a commodity. It's like gold, a commodity. And like gold, its storage and transfers cost money.