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.
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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
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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
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Replying to @arthur_affect @Tom_Scribbler and
Which currencies are still backed by gold ? If you think so... cc
@ARKInvestpic.twitter.com/9veMyylQ9z
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Replying to @BitcoinBiology @Tom_Scribbler and
Almost all of the energy used by the right-hand bar is used for the basic functions of "banking" as a social activity that have *nothing to do* with Bitcoin mining's function of "money creation" The *creation* of fiat currency takes almost no energy at all, that's the point
1 reply 2 retweets 22 likes
The reason the BTC bar is so small is because no one actually uses it for anything There's no retail bank branches that need employees and buildings and air conditioning There's no safety deposit boxes for physical valuables, no one in the office doing mortgages and loans
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Replying to @arthur_affect @BitcoinBiology and
There's no user-friendly website enabling people to move their money between different accounts, there's no customer-service layer above the Bitcoin system protecting people from errors and fraud to enable stuff like ID verification for chargebacks
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Replying to @arthur_affect @BitcoinBiology and
There's no physical point-of-sale system for the stuff people *actually use money for* in day-to-day life
1 reply 1 retweet 14 likes - Show replies
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