What is "the basic concept" of money? If bitcoin is so bad at it, why is it winning?
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Replying to @BitcoinBiology @Tom_Scribbler and
Money is debt owed by society to individuals for the value their labour or goods create. Bitcoin is bad money because its value fluctuates too wildly. It is bad if yesterday my labour earned enough to pay a day’s bills, but today it earned enough to pay a week’s.
1 reply 1 retweet 28 likes -
Replying to @FrankBigTime @Tom_Scribbler and
"its value fluctuates too wildly" The Internet was volatile in its early years. A growing tree fluctuates. If you want stability, stick with dead trees and Encyclopedia Britannica.
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Replying to @BitcoinBiology @FrankBigTime and
Okay now address the other half.
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Replying to @Tom_Scribbler @FrankBigTime and
Look at all that productivity in Venezuelapic.twitter.com/xipCpO1BUu
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Replying to @BitcoinBiology @FrankBigTime and
That does not address the point. The purpose of money is to represent the productive force in society. What do you think happens when you link that to 'true scarcity'?
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Replying to @Tom_Scribbler @FrankBigTime and
Austrian vs Keynesian debates are not my thing. Good question to ask
@saifedean or@stephanliverahttps://mises.org/library/deflation-and-liberty-1 …2 replies 0 retweets 0 likes -
Replying to @BitcoinBiology @Tom_Scribbler and
To be honest I don't care about either definition of money based on norms and definitions of society. I'm a scientist, and the universal currency of this universe is energy. Bitcoin is backed by pure energy stored in unbreakable asymmetric encryption. laws of nature
8 replies 1 retweet 3 likes -
Replying to @BitcoinBiology @Tom_Scribbler and
This is false Bitcoin is not "backed by energy" in the sense that other currencies are backed by gold You cannot take your Bitcoin and trade it back for energy -- a BTC does not entitle you to the megawatt-hours of the ton of coal it took to mine it It entitles you to nothing
3 replies 9 retweets 93 likes -
Replying to @arthur_affect @BitcoinBiology and
This is why Bitcoin is pernicious, it's a meaningless token with *no underlying value* and *no legal rights or guarantees bestowed on the holder* And it does not *store* energy or *contain* energy the way ridiculous statements like this imply it does It simply *uses* energy
4 replies 9 retweets 86 likes
Every new Bitcoin mined and every Bitcoin transaction *burns up stored physical energy* that is irretrievably lost and can never be used again as a result Second Law of Thermodynamics, Mr. Scientist -- all it does is rapidly increase the entropy of the system
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Replying to @arthur_affect @Tom_Scribbler and
₿itcoin ₿iohazard, protocol supremacist 🧬 🔬 ☣️ 🐝 🔑 Retweeted Jack Mallers
What percentage of Bitcoin mining is renewable energy? Find and industry that has a higher percentage. Speaking of entropy, have you found out how to safely and securely send $1M overseas? If you have, you may say these are problems of the rich. Until L2https://twitter.com/JackMallers/status/1346866335536582656 …
₿itcoin ₿iohazard, protocol supremacist 🧬 🔬 ☣️ 🐝 🔑 added,
0:59Jack Mallers @JackMallersI just published Announcing Strike Global. Today, the world changes; the fundamentals of value exchange between our species enters a new epoch. Send money anywhere, at any time, in seconds, and at no cost

http://global.strike.me
https://link.medium.com/sjGTCBNyPcb pic.twitter.com/oDA13npo3MShow this thread3 replies 1 retweet 0 likes -
Replying to @BitcoinBiology @Tom_Scribbler and
Right, nobody could safely and securely send money overseas before Bitcoin, international transactions of any kind were a terrifying gamble until 2017 or so Dear God listen to yourself
3 replies 1 retweet 31 likes - Show replies
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