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Devil's advocate for a moment... the definition of a broker is "a person who buys and sells goods or assets for others," or it can mean to "arrange or negotiate
by deegles 5y ago
Devil's advocate for a moment... the definition of a broker is "a person who buys and sells goods or assets for others," or it can mean to "arrange or negotiate" a deal or plan.
How is a miner not a broker then? They accept transactions and then place them on a blockchain by performing some kind of work. Sure, at the moment few if any cryptos are definitely securities, but what is going to happen when a company creates (for example) a wrapped SP500 token? A "traditional" broker can't just trust anyone to record a transaction, there is a lot of regulation.
Will there be a class of tokens that can only be mined by people who can do KYC on them? Why is a miner exempt from caring about what transactions they accept?
- cwkoss 5y agoMiners never have custodial control of the funds in those transactions. They are much more like auditors or accountants than brokers.
- qeternity 5y agoCustodial control is an oxymoron. They are facilitating a transaction. They can choose to accept or reject a transaction. In this capacity, they are most similar to a broker-dealer.
- cwkoss 5y agoI see what you're saying, but a single miner can't reject a transaction, they can really only delay it.