President of CFTC: bitcoin has characteristics of all types of financial assets

On Monday, April 30, the head of the Commission on Trade in Futures on Merchandise of the United States (CFTC), J. Christopher Giancarlo, declared on the "Fast Money" program of the CNBC news network that Bitcoin has its own characteristics of different types of assets.

According to Giancarlo, the bitcoin has a multifaceted character because it can be used as a means of payment, as a long - term asset and has elements of a commodity (merchandise).

Bitcoin and many of its other cryptocurrency counterparts actually have elements of all different asset classes, whether they meet as a means of payment, or are a long-term asset We see commodity elements in it (bitcoin) that are subject to to our regulations but depending on the regulatory regime that is being analyzed, it has different aspects of all that.

J. Christopher Giancarlo

President, CFTC

Giancarlo came to buy bitcoin with gold, saying that this cryptocurrency has similar aspects to precious metal, only that bitcoin "is virtual, it is digital". On the other hand, Giancarlo argued that bitcoin may not be an ideal means of payment, and that it is better as an asset to buy and retain in the long term.

Regarding the regulatory framework for cryptocurrencies, Giancarlo explained that the CFTC operates with guidelines that were established in 1930, and that since bitcoin is a fairly novel asset, it is the work of the American Congress, and not the CFTC, to decide whether they should be develop and implement new regulatory policies for this new type of assets.

Due to the multifaceted nature of cryptocurrencies, their regulation can be problematic, since their mere classification is not easy and the authorities run the risk of regulating cryptocurrencies according to notions that were thought for other financial instruments.

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For this reason, some government agencies, such as the Securities and Exchange Commission of the United States (SEC), suggest giving cryptocurrencies a classification of values. This is a definition that is comfortable since it allows to set limits and sanctions to those who do not follow the rules currently in force.

This same multifaceted feature seems to return to unclassifiable cryptocurrencies by conventional standards, so only new theories and definitions can lead to appropriate regulations.

This web simulator shows users how the blockchain experience is

With the growth of the cryptoactive market and its significant capitalization in the global securities market, the world of traditional finance has been interested in its characteristics, especially in the way it supports transactions and operations, applying blockchain technology .

However, despite the various opinions he has received, from figures such as JP Morgan CEO Jamie Dimon or Twitter CEO Jack Dorsey , not everyone really understands what enthusiasts are referring to when it comes to the features they provides distributed accounting technology: decentralization and secure and unchangeable transactions.

In the middle of this panorama a blockchain simulator called JornC is born, according to the project that can be consulted in GitHub , in which users can enter, in a simple and easy way, in the operation of this technology. By entering http://srv1.yogh.io/ , users can choose between two options blockchain exploration: on the last block of the chain or through a mine simulator , both options have detailed details of each of the features and transactions provided by the original blockchain, so it is a real immersion experience.

THE CHARACTERISTICS OF A BLOCK

When the user accesses the "Last Block" option, he can observe all the general characteristics of a block of blocks: the block hash, the presence of the block inside the chain, the particular characteristics of the block (version, previous blocks, among others), as well as the list of transactions. The objective is for the user to have knowledge of the data that are displayed in the blocks, thus familiarizing themselves with the important amount of information that each one offers.

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Users have access to elements such as block size, depth, number of transactions, weight and total base, measured in kb; as well as information about the version of the block - in this case after the application of SegWit -, the date of creation of the same, and other related elements like the amount of bits.

In the page, who analyzes the data can observe the information decoupled, that is, separated by elements, so that it can understand where each of the items that make up the block come from.

MINE SIMULATOR

As for the simulator, following the same strategy, the users will be exposed the main data that they will find when consulting the mining process . Thus, elements such as version, previous block identification, creation date, and even have access to a number of controls, where you can pause the process, change some features: increase the nonce / extranonce, update the time stamp and calculate the block hash.

The team of developers who made this interesting tools also accept donations to continue the work, however, although contributions will be " highly appreciated", highlight that any help with regard to further development or the possibility of independent hosting will be even more valued .