Re:US SEC sues Coinbase, one day after suing Binance
by dcow on Tuesday June 06, 2023 @02:26PM
(#36217055)
You consume it by trading it or, for a direct analog to your example, by showing off your wallet balance. Your Fortnite skin is no more consumable than a BTC. It just has a different value and use.
Re:US SEC sues Coinbase, one day after suing Binance
by JumpinJack_Cash on Tuesday June 06, 2023 @02:48PM
(#36217334)
> > You consume it by trading
Hence the SEC is right to clampdown on crypto for violations of securities law, in order to prevent bubbles that emerge when the only use for something is trading it for something else. We already have that, people who want to participate in that game know where to go, the stock market.
> > for a direct analog to your example, by showing off your wallet balance
That's the most circular thought I've ever heard.
Re:US SEC sues Coinbase, one day after suing Binance
by dcow on Tuesday June 06, 2023 @09:39PM
(#36221687)
1st, you need to read up on how commodities and securities are regulated. 2nd, showing off your wallet balance is the same as showing off your NFT, and NFTs, digital skins, etc. are all obviously consumables.
The point is that you cannot consume crypto, it's a problem which is understood inside the community, that's why the push for NFTs which started as legitimate art to enjoy on huge 8K screens or VR headsets but quickly ended up becoming Twitter avatars built for the purpose of trading and offloading to a bigger fool.