Bitcoin breaks above $20k

Post by three_seagrass » Mon, Dec 21, 2020, 10:49 PM UTC

JxLS-cpgbe0 wrote: post #425

three_seagrass wrote: post #412

Earlier quoted context omitted.

>So billions of dollars of institutional trading means BTC is widely accepted, engaged with, and in use by people and organizations in commerce. So, you said it's a currency. This is a straw man. USD is a good currency because it is widely accepted, engaged with, and in use by people and organizations in commerce. BTC is not a good currency because it is not widely accepted, engaged with, and in use by people and org…

BTC is widely accepted globally, engaged with, and in use, as currency, by people and organizations in commerce. I've given examples of major institutions that prove all of the above is true. Do you have a single reason to believe it's a hobby currency?

Post by DINKDINK » Sun, Dec 27, 2020, 11:33 PM UTC

three_seagrass wrote: post #416

DINKDINK wrote: post #397

Earlier quoted context omitted.

Producers are subservient to consumer demand. No amount of production can force a consumer who refuses to change their consumption into buying an alternate good. If a town demands exclusively kosher bread, bakers cannot survive by baking non-kosher bread to sell to them. Block producers (miners) must find buyers for the blocks they produce, if they don't find buyers, they go bankrupt. >changes to update the Bitcoin p…

>Block producers (miners) must find buyers for the blocks they produce, if they don't find buyers, they go bankrupt. In a buyers market. With the small block size, bitcoin is a seller's (miner's) market and refusing to upgrade preserves their market power - hence the tragedy of the commons. >You've got it backwards, changes to Bitcoin need to be accepted by block consumers (node operators). The number of bitcoin node…