lucash.dev on Nostr: I don’t agree with the argument that every crypto-asset other than bitcoin is a ...

I don’t agree with the argument that every crypto-asset other than bitcoin is a security.

Maybe that’s the case in terms of positive law — aka whatever legislators and courts define as such.

But in terms of logic, if every crypto asset other than Bitcoin is a security — then every asset other than Bitcoin is a security.

Wether cryptography is used for tracking property is irrelevant.

If you created a token that represents a fractional ownership of real estate would that be a security? Why isn’t an apartment a security then?

If the expectation of something becoming more valuable due to the work of others turns that something into a security— then every asset you buy today to sell tomorrow is a security — including Bitcoin and USD.

In fact I can’t see any true essence in the “security” species to set it apart from other sort of property.

It’s just a regulatory fiction to obtain jurisdiction over part of the economy.

We should not encourage semantic creep that leads to inflated regulatory power with statements like “everything but Bitcoin is a security”.