Saylor Advises SEC: Bitcoin Not "Digital Currency" \ stacker news ~bitcoin

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Saylor Advises SEC: Bitcoin Not "Digital Currency"www.therage.co/saylor-sec-bitcoin/

775 sats \ 20 comments \ @k00b 26 Feb bitcoin

Saylor isn't a hero. He's not the same as most bitcoiners on many levels. You can like some of the stuff he says but for me personally I take every word out of his mouth as that of a fiat based businessman / politician. By that I mean he is playing the game. He's obviously not a crypto-anarchist. He likes bitcoin as a store of value. Even if he did believe eventually bitcoin will or just can function as money there is little incentive for him to say that. He has far more upside in stuff like this.

30 sats \ 0 replies \ @Jer 26 Feb

Well said!

10 sats \ 0 replies \ @0xbitcoiner 26 Feb

this

70 sats \ 8 replies \ @freetx 26 Feb

The real question between Currency vs Commodity comes down to tax treatment.

I haven't kept up with all his beliefs.....Does he think that there should be either a "de minimus" exemption or a "time exemption" for capital gains tax?

148 sats \ 1 reply \ @k00b OP 26 Feb

I'd guess he's mostly trying to protect his bags right now. I don't think he'd take any position that could distract from or undermine that.

31 sats \ 0 replies \ @kepford 26 Feb

100%. This is the most generous way to take what he is doing/saying.

0 sats \ 4 replies \ @DarthCoin 26 Feb

140 sats \ 3 replies \ @siggy47 26 Feb

I saw that chart. It doesn't quite jive with the dictionary meanings:

currency: /kûr′ən-sē, kŭr′-/

noun Money in any form when in actual use as a medium of exchange, especially circulating paper money. Transmission from person to person as a medium of exchange; circulation. "coins now in currency."

Money :

money /mŭn′ē/

noun A medium that can be exchanged for goods and services and is used as a measure of their values on the market, including among its forms a commodity such as gold, an officially issued coin or note, or a deposit in a checking account or other readily liquefiable account. The official currency, coins, and negotiable paper notes issued by a government. Assets and property considered in terms of monetary value; wealth

41 sats \ 2 replies \ @DarthCoin 26 Feb

currency is money by decree (gov) and controlled by a gov/central bank. As it says "is a promissory note". money can be whatever the 2 parties in a trade want to be (just digits on a blockchain or pink shells).

10 sats \ 1 reply \ @siggy47 26 Feb

That's how I looked at it until I looked up the plain dictionary meaning right now. Either way, that means that Saylor's stance saying bitcoin is not currency is true. So his statement doesn't mean much. It's obvious now that all Saylor cares about is his gigantic bags anyway.

36 sats \ 0 replies \ @DarthCoin 26 Feb

because he consider bitcoin an asset... and that is another story. It's the trick he want people to believe. Saylor is not dumb, he's really smart, and that's why he's really dangerous for Bitcoin.

0 sats \ 0 replies \ @Bell_curve 26 Feb

Forex traders have a de minimus exemption... I forget the amount, I'm going to guess $600

106 sats \ 2 replies \ @k00b OP 26 Feb

Nothing too surprising in here. It does further highlight the demographic bitcoin is now "serving."

In his proposal presented to the SEC, Saylor describes Bitcoin as a commodity, meaning "an asset without an issuer, backed by digital power." Bitcoin, according to Saylor, is to be distinguished from digital currencies, which he defines as "an asset with an issuer, backed by fiat currency."

Saylor does propose that cryptocurrency owners have the right to self-custody, as well as to trade and transfer their assets. However, Saylor also states that cryptocurrency owners must comply with local laws, stating that "all participants are civilly and criminally responsible for their actions," hinting at possible sanctions compliance to be enforced on a wallet level.

His overall goal, as described in the section of his framework titled "Opportunity", is establishing "USD as the Global Reserve Digital Currency" to "strengthen the US dollar, neutralize the national debt, and position America as the global leader in the 21st-century digital economy," which, according to Saylor, could for example be enabled by creating a Strategic Bitcoin Reserve.

36 sats \ 1 reply \ @Bell_curve 26 Feb

it's like gold which is a commodity for purposes of regulation but can also be used as a currency if people want to barter with it

31 sats \ 0 replies \ @kepford 26 Feb

That's a good way to put it. I try to explain to people about its volatility in the same way. Just as if we discovered a new metal and it had many uses or powers that we still didn't understand, it would trade with a ton of volatility.

Bitcoin is what it is.

A separate question is how are the majority of people using it or thinking about it.

These are independent of each other. Bitcoin can function as money, store of value, and unit of account. Saying it isn't money or digital currency doesn't change what is possible.

Let them think its not money... If the US gov thinks it is a threat to the dollar you will see a lot of "pro-bitcoin" politicians flip real quick.

100 sats \ 0 replies \ @DarthCoin 26 Feb

What I was screaming out loud here about this motherfucker? Remember this post just 1 year ago? #446513

0 sats \ 0 replies \ @Butterfinger 27 Feb

Bitcoiners advise Michael CIAlor, we don't give a fuck about state laws and regulations.

0 sats \ 0 replies \ @SatsMate 27 Feb

The question many of us have - is in 5-10 years will saylor be seen as a net benefit or net negative for bitcoin... Time will tell, but I am optimistic.

0 sats \ 0 replies \ @Aardvark 26 Feb

0 sats \ 0 replies \ @Satosora 26 Feb

Saylor has been saying so many different things since he first started buying bitcoin.