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 @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
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Replying to @arthur_affect @Tom_Scribbler and
"legal rights" - which legislation? Why would I need legal rights bestowed on me? This universe gave us unbreakable uncensorable asymmetric encryption. Across time and space, and fluctuating legislations. What is the underlying value of USD?
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https://www.law.cornell.edu/uscode/text/31/5103 … Come on Mr. Economist, this is basic shit
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Replying to @arthur_affect @Tom_Scribbler and
what happened to the gold standard then ? what good is this promise outside of the USA?
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Replying to @BitcoinBiology @Tom_Scribbler and
We stopped using the gold standard because fiat currency is better Being backed by the laws of the government of the country you live in is, in fact, the strongest thing any currency can be "backed by"
3 replies 5 retweets 60 likes - Show replies
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