Re:Statement on Cryptocurrencies and Initial Coin Offerings
by sah2ed on Tuesday December 12, 2017 @01:39AM
(#15903466)
Not disagreeing with your observation, but to extract gold, you need a mining license which is typically required by law, so in a way governments can still make useful laws that regulate the scarcity or abundance of gold as a commodity by pricing mining licenses accordingly.
Gold ownership was outlawed in the US in 1933 by FDR.
Re:Statement on Cryptocurrencies and Initial Coin Offerings
by moreless on Tuesday December 12, 2017 @03:14AM
(#15903848)
> Gold ownership was outlawed in the US in 1933 by FDR.
https://en.wikipedia.org/wiki/Executive_Order_6102
EDIT: "The limitation on gold ownership in the U.S. was repealed after President Gerald Ford signed a bill to "permit United States citizens to purchase, hold, sell, or otherwise deal with gold in the United States or abroad" with an act of Congress codified in Pub.L. 93–373,[19][20][21] which went into effect December 31, 1974."
Re:Statement on Cryptocurrencies and Initial Coin Offerings
by YuriNiyazov on Tuesday December 12, 2017 @12:36AM
(#15903232)
That's a very interesting way to distinguish the two, and the first time I am seeing it presented this way. Did you come up with this? Are there references?
Re:Statement on Cryptocurrencies and Initial Coin Offerings
by Frogolocalypse on Tuesday December 12, 2017 @08:44AM
(#15905491)
That's a really interesting insight. Thanks.
Any valuable thing that isn't a commodity, is a security. Every fiat currency is a security. Stocks and bonds are securities. Etc. The government can regulate securities (or rather, regulate their issuers, because there is a clear issuer), and so they do.
The definition of security isn't really vague; it's just a definition of exclusion. Replace security with "non-commidty" whenever it comes up and things might be clearer.