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 @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 -
Replying to @arthur_affect @BitcoinBiology and
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
1 reply 1 retweet 22 likes -
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
1 reply 1 retweet 17 likes -
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 -
Replying to @arthur_affect @BitcoinBiology and
No network of readers for physical credit and debit cards so that it's actually relatively safe to buy gas at the pump (as opposed to the insane idea of doing an actual blockchain transaction to buy a soda)
3 replies 1 retweet 18 likes
The sheer fucking absurdity of Bitcoin evangelists thinking that all of this infrastructure is somehow only necessary because of "fiat currency" and that if we all switched to Bitcoin we could trash all of it and not pay for any of its upkeep
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Replying to @arthur_affect @BitcoinBiology and
None of you have actually thought about this at all For all that you're obsessed with "economics" written by right-wing cranks from the Austrian school you don't know or care about basic facts of how retail banking works, how running a business works, how paying for stuff works
2 replies 1 retweet 27 likes -
Replying to @arthur_affect
And it all hinges on the biggest lie of all... The networks (power, internet, etc) that bitcoin depends on run on fiat. I cannot pay an electric bill with bitcoin and as long as it has the volatility that BTCBROZ rely on, it won't be accepted...
0 replies 0 retweets 3 likes
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