Bitcoin And The Commodity Of Time
An economic system built upon a decentralized time stamp server does more than just solve the double spend, it commodifies time itself.“I'm having a hard time, living the good life, well I know I was losing time …”“High Time” - Grateful DeadI had a long drive ahead of me. Nine hours down the coast, with a few stretches of time I knew I'd be out of streaming service range, and perhaps even out of AM/FM. Knowing this, I took a moment and dropped by my local Goodwill to take a gander at their CD collection before making my way. Lo and behold, I found a 3-CD boxed set of a Grateful Dead show....
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Much like gold, oil, or soybeans, Bitcoin is now officially considered a commodity. The agency that regulates the US commodity trading market, the Commodity Futures Trading Commission (CFTC) has finally recognized the digital currency as a commodity. The debate on bitcoin can be defined as a commodity or not as been here for quite some time and the FCTC. By officially recognizing the digital currency as a commodity the CFTC assures its authority to supervise the trading of digital currency futures and options, which will now be subject to the agency's regulations. If there is any....
The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, says bitcoin is a commodity. He emphasized that the SEC, the Commodity Futures Trading Commission (CFTC), and banking regulators will collaborate to oversee the crypto sector.
Gary Gensler: Bitcoin Is a Commodity
SEC Chairman Gary Gensler clarified his position on cryptocurrency, particularly bitcoin, in an interview with Mad Money host Jim Cramer on CNBC Monday.
“This is a highly speculative asset class. We’ve known this for a long time,” Gensler said when....
Bitcoin and other cryptocurrencies have been officially deemed a commodity by the Commodity Futures Trading Commission on September 17. The official CFTC press release reads: Now digital currencies such as bitcoin are in the same category as gold or oil in the U.S. This new authoritative policy gives the agency oversight with businesses operating with the virtual money and the means to regulate it. "In this order, the CFTC for the first time finds that Bitcoin and other virtual currencies are properly defined as commodities." CFTC director of Enforcement Aitan Goelman:
Bitcoin is now officially a commodity according to U. S. regulators, Bloomberg Business reports . The Commodity Futures Trading Commission (CFTC) announced on Thursday that it had filed and settled charges against a Bitcoin exchange for facilitating the trading of option contracts on its platform. "In this order, the CFTC for the first time finds that Bitcoin and other virtual currencies are properly defined as commodities," notes the CFTC press release . The U. S. Commodity Futures Trading Commission is an independent agency of the U. S. government created in 1974, which regulates futures....
Let there be two owners A and B of commodities x and y, respectively, of whom A wants y and B wants x. With no money and no third commodity, the only way for both owners to obtain their desired commodities is directly from each other: A ⇢ yB ⇢ x; xy; yx. Otherwise, A and B must delegate their commodity ownership to someone who then redistributes it between them. However, such a centralized solution would at least partially contradict the same ownership, by at least partially transferring it away from its rightful controllers. Hence, only a decentralized solution can preserve the whole....