 |
Following is a response to an email circular from a market forecaster whose main revenue comes from investor subscriptions I believe. Their position is that they understand what Bitcoin is, do not understand it, yet still proceed to speak as if they do, putting their credibility under serious scrutiny as a business selling themselves to investors.
I'm not expecting them to listen. A global mainstream narrative governing how people see crypto is far too powerful for that! And in the US it would seem the administration is fully captured by that narrative too, at the highest level, just like the poor minnows losing their life savings to scammers by the million.
<SNIP>
To get a better answer on this one, you too, must get a better understanding of so called Bitcoin.
For example, did you know that what people believe is Bitcoin, is actually BTC (Bitcoin Core), a fork of the original protocol.
Why is that important? Because the original protocol was designed at the root for 2 primary functions, to be 1) a peer to peer ecash system to take on the likes of the enormous payments industry etc (not the banks). And 2) as a tradable commodity, so capital proper.
In what form is this original protocol today? Another blockchain called Bitcoin SV or, de facto Bitcoin. Which has restored the original protocol features making it a commodity, so its followers believe.
What makes something a commodity at least under the US jurisdiction which will be quite similar to the Ozzie one? In layman terms, anything which it is NOT a security.
And how do you prove that? The 'Howey Test' is how it's regularly proven in a civil law court, for other securities under the same challenge. (all of crypto blockchains are essentially securities, theres only one or two that qualify as commodities technically and these are almost unknown to the world).
This piece was written by the infamous Dr. Craig Wright who claims to be the original inventor, which I believe is true, but the UK High Courts have very strongly ruled on him being a fraud earlier this year. I have great respect for the law and its function. Based on the balance of probabilities it functioned very well in that case. But that does not show us that Wright is a not the inventor. It was just ruled on by the hearing to be so. That is the best the law can do which is often enough and it might be so here too. I just do not believe it knowing the man well enough to make up my own mind with a fair amount of confidence. I cannot prove this of course. It is just my belief.
https://craigwright.net/wp-content/uploads/2022/12/SSRN-id4061832.pdf
How do the authorities often treat the difference between a security and a commodity in general? See the attached AI screen scrape, which is pretty accurate.
Now, onto what the powers that be have already determined about crypto assets as real property, here are some case notes from UK civil law, and though these have been determined confidently by the appeal courts, they still have to be tested in court using a real life case brought by someone who lost out, to be considered fully fledged precedent for future cases. We're working hard on that at Tohonesty Limited.
https://www.maitlandchambers.com/our-people/profile/darragh-connell
I'm not sure if any of this is relevant to you or the Georgist movement. Do you want to get a better understanding of Bitcoin. Or continue to follow the mainstream narrative on it? This powerful narrative is largely driven using lawfare via the enormous payments industry which stands to lose its business model entirely if Bitcoin proper, rather than the faux crypto in BTC and the several thousand other forks, gets adopted as a commodity. To your point.
Bitcoin adoption proper, as a commodity, would be a possibility if the great recession event Fred and Phil have been promising for so long gets triggered at the end of 2026. Where Government are desperate for a new technology which can quickly increase productivity to raise it above the line of rent again. And banks need bailing out somehow as always.
So it's time you guys started to pay more attention to this. You are speaking boldly as experts, but do not understand what is happening with crypto, nor what it actually is. I expect because you still follow the hypnotic crypto narrative blindly.
This is not a critique. Its free help which if taken on board authentically might well preserve your credibility.
2027 will tell.
Comments
Post a Comment