0 sats \ 5 replies \ @grayruby 12 May 2023 \ on: Are BRC-20 Securities bitcoin
No they should be classified as collectibles. I think where you get into the issue with securities laws is in the smart contract realm where you are imbedding a number of features where the user relies on a third party to execute in order to profit.
If SEC were really to crackdown on smart contracts BRC-20 could potentially be a work around for the shitcoiners but hopefully they take it to a layer 2 or sidechain.
I think a good analogy would be numismatic coins in the gold and silver market. These coins often attract an above market value based on some attribute like age, rarity, design despite holding the same inherent property (1oz=1oz).
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They are always inscribed to a single satoshi right? So it's like if you could cover a rock with an atom of gold, can't even melt it down for the value underneath because there is none. Although hey, 1 sat = 1 sat
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Well the sat is still a sat regardless of what you inscribe on top of it. Which is why I think the coin analogy is reasonable.
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I don't think that's a good analogy at all. I think this, is a much better analogy:
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Agree to disagree. They are taking existing sats and trying to add some feature to them. Definitely seems more like taking 1oz silver coin sticking mickey mouse on the front of it, saying it is 1/1000 and trying to sell it for 3x the price.
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