You have bought some Bitcoin SV, but you are a commodity speculator? Why do I ask that?<\/p>\n
Bitcoin is \u201celectronic cash,\u201d right? However, why does the title of the Bitcoin white paper say, \u201celectronic cash system<\/strong>\u201d? We should pay attention to the various voices that point out: BSV is a commodity.<\/p>\n It is not the easiest topic to discuss, but if we do not educate ourselves on that we might be commodity speculators without knowing we are commodity speculators. That could end ugly.<\/p>\n Who is describing Bitcoin as a commodity?\u00a0<\/strong><\/p>\n The first time I heard of Bitcoin as a commodity in detail was when I read the articles from John Pitts on Bitcoin as a computational commodity and bartering with Bitcoin. If you hold any Bitcoin SV, I highly recommend reading these two pieces\u2014else you might not really know what you are doing.\u00a0<\/p>\n \u201cBitCoin is a computational commodity; stop thinking of it as money (…). BitCoin fluctuates like ANY commodity\u2014there is no promises made about its value,\u201d Pitts writes.<\/p>\n Wait, wait, wait. What are we even doing if we \u201cbuy and sell\u201d with Bitcoin SV? Are we actually buying and selling, or are we bartering? Even Nouriel Roubini, who is not known to have a lot of clarity on what Bitcoin really is, made a statement at the CoinGeek conference in Zurich pointing at bartering with Bitcoin.<\/p>\n \u201cThe fundamental value of Bitcoin (BTC) is not zero, it is negative (…) It is literally going back to barter, because you cannot even compare the relative price of two goods and services,\u201d Roubini said.\u00a0<\/p>\n Commodities? Bartering? Bitcoin? More voices on that<\/strong><\/p>\n So we have two voices talking about Bitcoin as a commodity and bartering with Bitcoin. But there are more. Let us hear what blockchain consultant Jerry Chan says:<\/p>\n \u201cIf we accept that becoming a commodity money requires that an asset first must be a commodity, then Bitcoin must have some sort of commodity use case before it can even have a chance at becoming a money,\u201d Chan writes in his article on Bitcoin SV as a store of value.<\/p>\n Another statement concerning Bitcoin and bartering comes from Alejandro Diaz de Leon, the governor of the Bank of Mexico.<\/p>\n \u201cWhoever receives bitcoin in exchange for a good or service, we believe that (transaction) is more akin to bartering because that person is exchanging a good for a good, but not really money for a good,\u201d Diaz de Leon said.\u00a0<\/p>\n And then we have Dr. Craig Wright discussing Bitcoin as a commodity in detail:<\/p>\n In this video, Wright points out that a commodity needs to have utility and be standardized. Changing Bitcoin would make contracts in and with Bitcoin difficult. Think of BSV being set in stone in this regard. A summary of the whole video can be read here.\u00a0<\/p>\n Why I brought up all of this<\/strong><\/p>\n I am wondering if all the people within the Bitcoin SV space actually see their BSV as a commodity. To be honest, I don\u2019t think they do.\u00a0<\/p>\n What do you know about commodity speculation? About cycles that commodities have to go through? Are we aware that Bitcoin is a new and special commodity, as described by Pitts: \u201ccomputational commodity\u201d and \u201ccommoditized form of computation.\u201d\u00a0<\/p>\n A commodity can become money\u2014 read Chan\u2019s article again.\u00a0<\/p>\n We do not even have to talk about BTC \u201cspeculators\u201d here. BTC has a huge problem becoming a commodity, because it is not standardized<\/strong> (as BTC has been changed and might be changed at any time again). There is also no real use case for BTC other than being speculated on, which in itself is not making it a commodity, but a digital vehicle to gamble with\u2014basically just software, an online game.\u00a0<\/p>\n Dr. Craig Wright wrote in his article \u201cMoney is Time and Energy\u201d:<\/p>\n\n