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Feels like if BTC is a commodity, then BCH and LTC clearly are as well, no?
by smabie 4y ago
Feels like if BTC is a commodity, then BCH and LTC clearly are as well, no?
- tesrx 4y agoCorrect. At a minimum, those are not a security. Gensler has commented on those specifically in the past [1]. [1] https://twitter.com/litecoin/status/1435991743720165378 https://twitter.com/litecoin/status/1435991743720165378
- lawn 4y agoYes, and there are plenty of other examples too.
- kayamon 4y agoA commodity must be fungible -- i.e. that would imply BTC and BCH/LTC were economically interchangeable. They aren't. Bitcoin's blockchain has a longer proof-of-work than BCH. Honest nodes will only mine the longest blockchain (per Satoshi). Therefore any blockchain shorter than Bitcoin's will ultimately collapse in the long term, making them unsuitable to be considered commodities.
- HashBasher 4y agoReally? Is corn fungible with oil?
- kayamon 4y agoNo?
- AlexandrB 4y agoBeing fungible means every BTC is the same other BTC and every BCH is the same as every other BCH, not that BCH is the same as BTC. Water and oil are both fungible commodities. No one would claim they're economically interchangeable with each other.
- kayamon 4y agoExactly, so BTC and BCH would be considered different commodities. But BCH can never win provably in the long-term, so therefore would not be able to qualify as a functioning commodity.
- etaioinshrdlu 4y agoCan you try again using less hand-wavey logic? Every point you make doesn't seem to make much sense.
- kayamon 4y agoIf you don't believe it or don't get it, I don't have the time to try to convince you, sorry. Perhaps try some online learning resources: https://ocw.mit.edu/courses/15-s12-blockchain-and-money-fall-2018/ https://ocw.mit.edu/courses/15-s12-blockchain-and-money-fall...