201–210 of 319 posts
Earlier quoted context omitted.
You need to have a triadic understanding of bitcoin, this is what allows it to be a flat currency, a store of value, and a battery at both one and the same time, through the act of transubstantiation of the coin a quantum state is triggered that allows the individual coin to choose which form it will manifest itself as.
I wish I could give this comment HackerNews Gold.
What the hell is is with cryptocurrency proponents and trying to redefine words to suit their narrative? First Bitcoin was NOT fiat currency (despite being one of the most fiat currencies by definition), then it was also a store of value (despite it being a horrible store of value, a high-risk high-reward investment is more accurate). Now it's supposed to be a battery? When the energy being put into it is basically p…
> [...] despite being one of the most fiat currencies by definition [...]
FIAT currencies are by design inflationary to enhance spending. Bitcoin is deflationary _by design_. Since there's no bank or state backing Bitcoin, the only way that bitcoin makes sense was/is deflation. This quality makes BTC an asset and that's what it is, a digital asset. As a currency BTC has already failed.
Earlier quoted context omitted.
>First Bitcoin was NOT fiat currency (despite being one of the most fiat currencies by definition) What is your working definition for fiat currency? Mine is: "Fiat money is a government-issued currency that is not backed by a commodity such as gold." Government doesn't issue bitcoins. Stopped reading after that as you seem uneducated on the subject.
I think of the government part as largely an accident; my definition of fiat money is “money that has value solely because the transacting parties say it has, and not intrinsic uses” - historically the way to get people to agree something intrinsically value-less has value was by government decree, but there are lots of exceptions. I think of the Yapannese rei stones as fiat money, for example (though there is some q…
In contrast, fiat value is held because an authoritative party says value is held, e.g. Chucky Cheese tokens, or the USD. Fiat requires this authority, as in its definition: “An arbitrary order or decree.”
There are no authoritative parties declaring that Bitcoin has value, rather the market is arriving at that conclusion through decentralized operation, just as has occurred for thousands of years with gold, shells, etc.
[1] https://nakamotoinstitute.org/shelling-out/
[2] To say that a store of wealth also has uses as jewelry is redundant, IMO - storing and displaying wealth are age-old desires.
What the hell is is with cryptocurrency proponents and trying to redefine words to suit their narrative? First Bitcoin was NOT fiat currency (despite being one of the most fiat currencies by definition), then it was also a store of value (despite it being a horrible store of value, a high-risk high-reward investment is more accurate). Now it's supposed to be a battery? When the energy being put into it is basically p…
> I really do think cryptocurrency and block-chain technology is cool. But the level of hype and double-think is getting insane. I agree with this, the amount of hype makes it hard to find the true innovations in the space, because most of it is honestly shit. > There are plenty of ways to do digital transactions Yes, but Bitcoin was not initially made to just "do digital transactions". It was made to be able to do d…
Earlier quoted context omitted.
Human organisations don't run on energy and resources. They run on money. Crypto is a weird kind of battery, where you can put in energy, take out money, and when you need energy later, buy energy for that money. Analogy doesn't make sense at all if you skip the money part.
> Human organisations don't run on energy and resources. They run on money. You are talking nonsense here. Money is just an abstraction of energy and resources used by a human organization. Remove the money and the organization can still function. Remove energy and resources and the organization can't function.
Money is a separate system that often but not always flows hand in hand with the flow of energy and resources.
> Remove the money and the organization can still function.
Not every organisation. Remove money from the stock market and you have barely anything left. Large portion of money circulates in organisations that have very little to do with energy or resources.
What the hell is is with cryptocurrency proponents and trying to redefine words to suit their narrative? First Bitcoin was NOT fiat currency (despite being one of the most fiat currencies by definition), then it was also a store of value (despite it being a horrible store of value, a high-risk high-reward investment is more accurate). Now it's supposed to be a battery? When the energy being put into it is basically p…
I agree with the sentiment, but this part is way off: > [...] despite being one of the most fiat currencies by definition [...] FIAT currencies are by design inflationary to enhance spending. Bitcoin is deflationary _by design_. Since there's no bank or state backing Bitcoin, the only way that bitcoin makes sense was/is deflation. This quality makes BTC an asset and that's what it is, a digital asset. As a currency B…
What the hell is is with cryptocurrency proponents and trying to redefine words to suit their narrative? First Bitcoin was NOT fiat currency (despite being one of the most fiat currencies by definition), then it was also a store of value (despite it being a horrible store of value, a high-risk high-reward investment is more accurate). Now it's supposed to be a battery? When the energy being put into it is basically p…
You need to have a triadic understanding of bitcoin, this is what allows it to be a flat currency, a store of value, and a battery at both one and the same time, through the act of transubstantiation of the coin a quantum state is triggered that allows the individual coin to choose which form it will manifest itself as.