According to Bitcoin bull Michael Saylor, all tokens backed by PoS networks are essentially non-compliant securities.Commenting on other competing assets to ETH such as ADA, Michael Saylor noted “I think all of the proof-of-stake networks are securities and they’re all very risky […]” by U.S.Senators such as Kirsten Gillibrand and Cynthia Lummis, along with figureheads from the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC).Saylor provided a lengthy run down on what he thou are the fundamental differences between the Bitcoin and Ethereum networks, as he suggested that only the former has remained unchanged over the years:“I think Ethereum is a security, I think it’s pretty obvious, […] it was issued by an ICO, theres a management team, there was a pre-mine, there’s a hard fork, there’s continual hard forks, there’s a difficulty bomb that keeps getting pushed back.”The CEO argued that the constant need for software upgrades on a network driven by a team or entity represents an indicator that ETH is a security.He pointed to the design of the long-delayed difficulty bomb, which he said will “murder” the entire ETH mining industry as examples of such.BTC and ETH as commodities by U., which pushed Bitcoin around 7 percent up, along with the rest of crypto and the stock market as well.BTC/USD chart by TradingView On the bigger chart, bulls held the rate of Bitcoin (BTC) above $21,000 yesterday, having confirmed a possible further rise.Prices of the world’s largest token rose above $22,000 earlier in the session, whilst continues to trade above $1,200.S.Senators such as Kirsten Gillibrand and Cynthia Lummis, along with figureheads from the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC).As of this writing, BTC is changing hands at $21,560, according to CoinMarketCap.Saylor provided a lengthy run down on what he thou are the fundamental differences between the Bitcoin and Ethereum networks, as he suggested that only the former has remained unchanged over the years: “I think Ethereum is a security, I think it’s pretty obvious, [.If bulls can hold the initiative until the end of the week, traders may expect growth to the $24,000-$25,000 area..
Emphasizing the advantages of Bitcoin against traditional stock markets, Saylor tweeted that while BTC rose 83 percent, S&P only went up 16 percent and Nasdaq 100 increased by 6 percent..The move saw bitcoin again attempt to break out of its resistance level at $22,070, however like in yesterday’s session, bears have thus far resisted the break.] it was issued by an ICO, theres a management team, there was a pre-mine, there’s a hard fork, there’s continual hard forks, there’s a difficulty bomb that keeps getting pushed back.
On August 11, 2020,..” The CEO argued that the constant need for software upgrades on a network driven by a team or entity represents an indicator that ETH is a security.He pointed to the design of the long-delayed difficulty bomb, which he said will “murder” the entire ETH mining industry as examples of such.
According to Saylor, for a digital asset to be classified as a commodity, it needs to be backed by a “completely decentralized protocol where nobody can change it even if they wanted to change it.” “For it to be a commodity there can’t be an issuer, and the truth is you can’t really make decisions.Ethereum ETH started the weekend in consolidation, as prices of the token continued to hover around the $1,200 region on Saturday.I mean one of the fundamental insights in the crypto industry is that the fact that you can change it, is what makes it a security,” he said.Securities are generally understood as fungible and tradable financial instruments that are used to raise capital in public or private markets.
While commodities are seen as goods or assets that have a monetary utility.Assets like gold and silver are seen as hard commodities, while soft commodities are goods such as rice or tea.Saylor reiterated that BTC is a commodity as the core of the Bitcoin network cannot be altered, much like the physical makeup of gold: “If you want to establish yourself as a digital commodity, then you’re trying to create something like gold in cyberspace.” Despite Saylor’s arguments, however, the Bitcoin network has seen ..
