[lmm]

> All else being held equal, if the company acquires $1 million in its bank account, the legal value of your shares goes up or down proportionally to your shares. The fact that nonphysical things (like IP) can also influence the market price of a company's shares is completely beside this point.

No, it's the whole point. Things that are nonphysical can have value. Value doesn't have to be based on physical assets.

> There's something fundamentally different about Bitcoin than stocks here. This distinction is what I understand to be what we call the notion of a "security", and what makes Bitcoin not-a-security, but more like a currency.

Plenty of things are securities without being stocks. You can securitize pretty much anything.

Bitcoins are not like stocks. I've never claimed they were.