#Bitcoin is actually money. A commodity is a raw material, or something you can eat. Before #Bitcoin, commodities were used as money, or to back money, to achieve scarcity. Calling Bitcoin a commodity is intended to regulate it. To tax it, track and trace it etc. A trap. And ignores #Bitcoin‘s UoA (the recording) and MoE (currency) features. The P2P system that would make us free. Accuracy of language is very important. „By controlling the language, Big Brother controls the way that the people think“ (Orwell). #MichaelSaylor also tells you Banks and Corporations are your friend….be careful out there.
It’s taken me a loooong-ass time to understand this.
Why #Bitcoin being a *commodity* is so important!
“The fundamental distinction of a commodity is it’s an asset *without* an issuer.”
“The smart money is buying Bitcoin because it is the crypto *commodity* network. It is the *decentralized* asset *without* an issuer.
“The dumb money is buying a crypto *token* network which is *centrally-controlled*, that is an asset *with* an issuer.”
- nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m interviewed by nostr:npub1ahxjq4v0zlvexf7cg8j9stumqp3nrtzqzzqxa7szpmcdgqrcumdq0h5ech at Bitcoin Atlantis 2024
Discussion
I definitely side with nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m on this.
Want to share what part and why?
nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m lays it out in the Note I posted.
Right, he changed the meaning of the word commodity, conflated it with the meaning of the word money, and hence moved #Bitcoin into another realm. He also said Bitcoin and the USD will coexist. Dangerous. He also said, at #Bitcoin Atlantis, that the Banks and Corporations need Bitcoin, true. That that helps Bitcoin, true. And then concluded that we should embrace them-lol. I don’t think so. Finally, he used other people’s money to get rich with Bitcoin. While you can argue about the virtues of using the fiat system to get rich, he surely isn’t pure. Again, be careful.
nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m did *not* change the meaning of the word commodity. A commodity is an asset without an issuer, just like gold and oil.
The huge advantage that #Bitcoin has is that it’s a *digital* asset.
Along with Saylor, the SEC also deems Bitcoin to be a commodity:
“U.S. Securities and Exchange Commission Chair Gary Gensler has reiterated his claim that bitcoin (BTC) is a commodity.”
Answer me these two questions. Can you eat Bitcoin? Or use it as raw material? Changing the meaning of words, in this case confusing money and commodities, is ultimately intended to dollarize #Bitcoin. To keep it in a box while maintaining the fiat system. To trade #Bitcoin. To create derivatives and options markets, etf’s. But ultimately to use dollars. If you consider #Bitcoin to be money, then none of that makes sense. You can’t invest money in money. Let‘s say you earned one #Bitcoin by adding value. Could you invest one #Bitcoin into one #Bitcoin? No. Be careful out there….it‘s a brave new world.
1. Can you eat #bitcoin?
Absolutely not! Nor would you want to.
Why would anyone want to eat their Store of Value, Medium of Exchange or Unit of Account?
Nobody eats gold, oil or natural gas. Nor do they eat dimes, quarters or $100 bills. Nor do they eat paper checks, credit cards or gift cards.
2. Can you use Bitcoin as raw material?
Raw material to make what? Bitcoin is both the input *and* the finished product.
3. I don’t understand your premise that nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m is “changing the meaning of words, in this case confusing money and commodities.”
Please rephrase.
So it’s not a commodity (since you can’t eat it, like wheat; and it’s not a raw material, like oil or gold). And it is indeed money (UoA, MoE, SoV).
In the past people used commodities also as money or to back money to approximate scarcity. Scarcity is the key. So gold, for example was both, a commodity and money. Interestingly valued differently for each function.
For the first time in human history, Satoshi-san invented pure money with absolute scarcity. Nothing else exists that cannot be corrupted, like #Bitcoin.
There are a lot of confusing forces at play. Like shitcoins pretending to „improve“ on Bitcoin in some way, but compromising one of the key attributes of Bitcoin like decentralization or PoW and hence enabling corruption for private gain. Or governments and corporations changing the meaning of words like cryptocurrency, stablecoins and yes, money vs commodities, to attack and control Bitcoin or move it into another realm.
The other big confusing factor is that during the adoption toward hyperbitcoinization, the purchasing power of your money, Bitcoin, actually increases. Which makes Bitcoin behave like an investment not a savings (SoV). The price of goods and services decreases far beyond the natural decrease in prices due to increased productivity and innovation. So you have a lot of fiat behavior going on, like trading, etf‘s, options etc.
Once Bitcoin adoption reaches critical mass, it’s simply money. Goods and Services will be priced and exchanged for Bitcoin. You can’t invest in money, because how would that work? I earned one Bitcoin, and invest one Bitcoin, so I still just have one Bitcoin. And, because Bitcoin is THE money, not a commodity, you don’t trade it for another money.
The beauty of scarce money is, society will be able to harvest the benefits of innovation and technology. Abundance. Existing things will get cheaper. People will have time to focus on new inventions (at premium prices), art, architecture and beauty. It’ll be a beautiful new world, not a brave new world.
During adoption to hyperbitcoinization Bitcoin will turn greed in altruism. Due to scarcity, Bitcoin will flow to value. So even when bad guys start with more Bitcoin, unless they become productive stewards of our earth, they’ll spend more than they make.
So it’ll all work out. Fix the money, fix the world.
#Bitcoin *is* a commodity.
Gold is a commodity.
Bitcoin is digital gold.
nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m: “The fundamental distinction of a commodity is it’s an asset *without* an issuer.” (Mar 3, 2024)
Gary Gensler/SEC: “SEC’s Gensler Reiterates Bitcoin Alone Is a Commodity.” (Jun 28, 2022)
I also recommend watching nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m's talk at Bitcoin Atlantis 2024 from last weekend. He covers banks and governments in his presentation.
Start at the 5 hour timestamp.
https://www.youtube.com/live/SKAHlCpwsLc?si=5RfkKdDyl_0E3_Fo
As I’ve learned from nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m
A commodity is an asset without an issuer, like gold, wheat, oil, and ore.
#Bitcoin is a *digit* asset.
So, Bitcoin is a commodity because it is a *digital* asset without an issuer.