Menger, Mises & Rothbard we’re clear on this: All of the secondary functions of money (SoV, credit, payment medium, UoA) are predicated on its ability to serve its primary purpose as MoE.
But they're not buying coffee with it so it can't really be money.https://twitter.com/JWilliamsFstmed/status/1166349208468840448 …
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But confining "exchange" to petty retail is extremely wrong, as Bitcoin has amply demonstrated. Indeed, from studying origins & history of money, confining definition of money to 2-way exchanges, excluding other valuable transfers of wealth, also falls far short of completeness.
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Fair enough, but how does the context of the exchange or the number of individuals party to a tx change the rule?
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It doesn't. If it doesn't directly settle on Bitcoin, but only eventually settles there (usually as net settlement), it's a higher layer of bitcoin. All major currencies work in multiple digital layers. No big mystery here, just ignorance of overly talkative pundits.
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Yeah, those noobs, I'm buying my coffee with gold. Get on my level...
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Am I the only one who has never purchased coffee with PayPal?
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Really where I hear dash is real money in Venezuela and Zimbabwe
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Indonesia. And Singapore
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Clearly, if I can't buy a Large Venti Frappe Mocha Soy Latte with it, it is not money.
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We are all so lucky to be living in this time. When the idea was executed, the revolution started, the world was changed. All within a generation.
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internet-fake-money-thing huh ;)
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but - as coffee - it sometimes keeps you awake at night!
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Terrible waste of previous block space if one is buying coffee with it!
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I use
$bch for coffee.Thanks. Twitter will use this to make your timeline better. UndoUndo
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Many Bitcoin lightning payments going through Amazon, whether they like it or not
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A monetary system has base-money and credit-money. Base-money is the store of value. Credit-money is for daily use, created on top of the base-money via lending transactions (at the moment via banks) Bitcoin is base-money. Crypto-credit-money will follow - soon.
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To be fair here... I guess a big part its whales getting bitcoin in and out of the exchanges?
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exactly, wall st bank expat traders moving money to and from bitmex isn't exactly the envisioned use case but who knows
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