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
4 replies 9 retweets 86 likes -
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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Replying to @BitcoinBiology @Tom_Scribbler and
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 -
Replying to @arthur_affect @BitcoinBiology and
Backed by the government, but not guaranteed any fixed value. A dollar used to be worth an ounce of gold. Now it is an interest rate change or bank collapse or oil crisis away from wavering in value
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Replying to @TWP_Videos @BitcoinBiology and
Gold doesn't have any intrinsic value either
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Replying to @arthur_affect @TWP_Videos and
Somewhat disagree, gold is a very useful metal; Ductile, non-reactive, excellent conductor. If it was more common (as it may be in the future if we ever mine asteroids) then its density and non-toxicity would also be useful and we could use it where we use lead.
1 reply 0 retweets 1 like
The percentage of the market value of gold that is tied to genuine industrial use is vanishingly small, which we can see by the fact that its market price is extremely volatile and this volatility has no correlation with the health of the industries that use it
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Replying to @arthur_affect @TWP_Videos and
This is true, but it is a useful metal, even if we choose to waste much of it on jewellery. It has an intrinsic value, albeit somewhat less than what we have assigned to it.
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Replying to @FourWaterReed @arthur_affect and
Tulip bulbs also have intrinsic value - you can grow a flower from them! - but that isn't to say they are worth the same as a house. Things can have intrinsic value and at the same time also be over-valued.
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