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wycats's profile
Yehuda Katz 🥨
Yehuda Katz 🥨
Yehuda Katz  🥨
Verified account
@wycats

Tweets

Yehuda Katz  🥨Verified account

@wycats

Tilde Co-Founder, OSS enthusiast and world traveler.

Portland, OR
yehudakatz.com
Joined August 2007

Tweets

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    1. Yehuda Katz  🥨‏Verified account @wycats 12 Dec 2017

      How is Bitcoin not a "fiat" currency?

      17 replies 1 retweet 14 likes
    2. Aleš Najmann‏ @faustcz 15 Dec 2017
      Replying to @wycats

      what matters is if it's voluntary or forced by government. Nobody can force you to use bitcoin, but government can and it will force you to use their money. It's as easy as that.

      1 reply 0 retweets 0 likes
    3. Yehuda Katz  🥨‏Verified account @wycats 15 Dec 2017
      Replying to @faustcz

      Is that the definition of fiat?

      1 reply 0 retweets 0 likes
    4. Aleš Najmann‏ @faustcz 15 Dec 2017
      Replying to @wycats

      pretty much it is https://en.wikipedia.org/wiki/Fiat_money 

      1 reply 0 retweets 0 likes
      Yehuda Katz  🥨‏Verified account @wycats 15 Dec 2017
      Replying to @faustcz

      Why does bitcoin have intrinsic value?

      9:49 AM - 15 Dec 2017
      1 reply 0 retweets 0 likes
        1. New conversation
        2. Aleš Najmann‏ @faustcz 15 Dec 2017
          Replying to @wycats

          Intrinsic value is not important attribute of bitcoin. Bitcoin value is established by market forces, supply and demand. Voluntary demand - again, no government regulation. It's written in the article.

          1 reply 0 retweets 0 likes
        3. Yehuda Katz  🥨‏Verified account @wycats 15 Dec 2017
          Replying to @faustcz

          why are market forces of supply and demand a good attribute for a currency to have?

          1 reply 0 retweets 0 likes
        4. Aleš Najmann‏ @faustcz 15 Dec 2017
          Replying to @wycats

          Market forces are general mechanism to spread out and maximize utility between members of one/or many social groups. By taking part in market transaction everyone benefits otherwise it would make no sense to participate. It's essential economics principle, isn't it?

          1 reply 0 retweets 0 likes
        5. Yehuda Katz  🥨‏Verified account @wycats 15 Dec 2017
          Replying to @faustcz

          Is it possible for people to participate in a market without benefiting? Is it possible for markets to introduce coercive or irrational behavior even in the absence of a government?

          1 reply 0 retweets 0 likes
        6. Aleš Najmann‏ @faustcz 15 Dec 2017
          Replying to @wycats

          1st q: hardly. 2nd q: coercive - yes, imagine 'terms of service', irrational behavior is connected to inviduals, if you want to blame market, you have to blame human kind. Btw are we still talking about Fiat and Bitcoin? I don't think so :)

          0 replies 0 retweets 0 likes
        7. End of conversation

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