Bitcoin [BTC] and other cryptocurrencies slowly have been grabbing the attention of the entire world over the past years. The largest-cryptocurrency, Bitcoin became one of the most controversial topics when it went through a major surge, nearly reaching $20,000.
With governments and regulators discussing the new asset, the coin soon made headlines on well-renowned mainstream media houses. This includes Bloomberg, Reuters, CNN, CNBC, and Forbes, with CNBC Fast Money even dedicating some of its discussion panels on Bitcoin [BTC] and other cryptocurrencies. The latest on this line includes The Associated Press Stylebook and Briefing Media Law aka AP Stylebook, an English grammar style and usage guide that is referred by reporters.
AP Stylebook announced on Twitter that they would be including Bitcoin, Litecoin, Dogecoin, and Ethereum to its new entry on cryptocurrency. This could have an impact on how cryptocurrencies would be viewed by mainstream media platforms, bring in uniformity. The announcement read,
“We have a new entry on cryptocurrency, including Bitcoin, Litecoin, Dogecoin and Ethereum. It contains explanations as well as style points.”
They further stated,
“Capitalize when referring to Bitcoin and other currencies as a system, but lowercase when referring to their use as payment: The government wants to regulate Bitcoin, Ethereum and other cryptocurrencies. He bought a vacuum cleaner online using bitcoins”
This was followed by Max Koopsen, the copy editor at Cointelegraph, asking questions pertaining to the capitilization of the name of a cryptocurrency. One of his tweets read,
“3. Why is it “ethereums” rather than “ethers”? In my understanding, Ethereum is the name of the system while ether is the currency. Maybe @VitalikButerin can help clear it up?”
This, in turn, grabbed the attention of Vitalik Buterin, the creator of Ethereum, who stated that the preferred term for the payment use of Ethereum to be referred as ether. He stated,
“I think we favor “ether” for the cryptocurrency, plural also ether. So: ‘the price of ether is stable today’, ‘I paid him 5 ether for the banana’, ‘my favorite cryptocurrency is ether’.”
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Bitcoin is an enterprise; its users are comparable to traditional shareholders, claims Goldmoney Founder
Bitcoin was conceived in the backdrop of banks bailouts and the 2008 financial crisis. The recession and the loss of faith in banking, financial institutions gave Bitcoin a platform to rescue the ones affected, giving them hope for a better financial system without the hassle of corrupt institutions. With the rise of Bitcoin’s fame, both in the darknet and in the mainstream, questions about its regulations had to arise.
The question was put to rest when the SEC/CFTC ruled Bitcoin as a commodity and taxed it. However, Goldmoney’s Roy Sebag brought this discussion up again recently in his tweet thread, where he said that Bitcoin as an enterprise is working towards its good, comparing its users to traditional “shareholders” among other things, while concluding that Bitcoin is a security. He tweeted,
“Is Bitcoin a security? <10 years old so regulators haven’t even had enough time to truly learn how it works (think Napster or Kazaa in early days). Miners are clearly issuing coins and responsible for governance, an absence of formal relations among them is irrelevant….”
In successive tweets, Sebag attributed miners with the role of “stewarding” the so-called enterprise. In return, these miners get paid in “direct fees” or in “share appreciation.” In Bitcoin’s case, it is the mining reward, which is “BTC”. Similarly, buyers are compared to “shareholders” with a common interest in the enterprise, i.e. profit. Sebag added,
“Coins trade at exchanges. The common enterprise is designed for the price appreciation of coin.”
Bitcoin could face a shutdown by the government, just like it did with big players in file sharing, said Sebag, who added that Bitcoin could also be interpreted as a security under the “34 act of the SEC.” The Goldmoney Founder concluded that “this realization rests on the belief that neither Bitcoin nor any common enterprise is truly decentralized.”
However, his inputs weren’t very well-received by many in the crypto-community. Casa’s CTO Jameson Lopp refuted Roy Sebag’s ideas, tweeting,
“Roy will believe what he wants to believe, though if he’s not actually participating in Bitcoin then his beliefs are irrelevant to its consensus formation.”
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