It's not a "meme", it's a logical choice due to lower inflation. simple mathematics.
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Replying to @MustStopMurad @RyanSAdams and
Ben DiFrancesco Retweeted Michael Goldstein
OK you Bitcoiners need to get your story straight, is it a meme or not!?!
https://twitter.com/bitstein/status/1037771987400179712 …Ben DiFrancesco added,
Michael Goldstein @bitsteinMoney is a naturally emerging market phenomenon. Violence is only needed if you want to force people to use a shitcoin that they rightfully don't want to use. Bitcoin increases the cost of this violence exponentially, rendering it useless. The market will meme its way to Bitcoin. pic.twitter.com/T5Fbln1nDn1 reply 0 retweets 2 likes -
Replying to @BenDiFrancesco @MustStopMurad and
On a more serious note, to deny the memetic quality of money seems obviously wrong. Money is a shared illusion. A bubble that "never" pops. Some properties, like inflation rate, make it better/worse. But using an otherwise *worthless* asset as a store of value is not "pure math"
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Replying to @BenDiFrancesco @RyanSAdams and
But that’s where you are wrong. It’s obviously not “worthless”. All value is subjective.
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Replying to @MustStopMurad @RyanSAdams and
Swap "useless" for "worthless". Regretted the word choice as soon as I sent it. Bitcoin (like fiat) has no intrinsic use. I can't eat it, or use it as a tool, it won't keep me warm, etc... Yes, it's value is subjective. That is THE POINT. It's not "math"
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Replying to @BenDiFrancesco @RyanSAdams and
Foods value is as subjective as Bitcoin’s. There is no such thing as “intrinsic” value. That theory has been proven wrong time and time again. https://en.m.wikipedia.org/wiki/Subjective_theory_of_value … If Gold has monetary premium value then BTC has to have even greater value - Market is still mispriced.
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Replying to @MustStopMurad @BenDiFrancesco and
Dismissing market choice of media of exchange as a “meme” implies that it’s value is arbitrary when it’s not.
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Replying to @MustStopMurad @BenDiFrancesco and
If it was merely a meme, then we would use sand as money but we don’t. Money is a technology.
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Replying to @MustStopMurad @BenDiFrancesco and
First, it’s not dismissive to call something a meme. Memes are a cornerstone of civilization Second, I’m very happy to hear you finally agree money is a technology Third, of course money isn’t just a technology, otherwise a BTC fork w improved tech would easy surpass BTC
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Replying to @RyanSAdams @BenDiFrancesco and
I never denied that Money was a technology. That is a well known fact. But think of the term “technology” in a broader sense, incorporating human consensus and social contracts, which themselves are also a technology. Thus far there are no coins with significantly improved tech.
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...as they are all less robust, less proven, less battle tested, less secure, less recognizable, less liquid, less stable; which are all important components of said “technology” for this “technology” to be useful.
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