Quote from: Miz4r on April 02, 2017, 12:29:09 PM

Quote from: r0ach on April 02, 2017, 12:02:27 PM

And someone didn't want to accept my statement that bitcoin is a currency and not money so I had to explain in greater detail why:

Quote from: r0ach on April 02, 2017, 11:45:38 AM

Bitcoin is a currency not money. If you don't agree, YOU don't understand finance. It's a Rube Goldberg machine and nothing more. No random bullshit made up of completely arbitary variables created by humans is money. Money represents goods and services or the ability to do work. It's required to be connected to some type of commodity or energy resource if you're abstracting the system away from barter, otherwise the system is easily gamed and implodes as always.

Bitcoin is not a real commodity, it's a poor immitation like some type of tranny. The sunk cost in so called "creating" a bitcoin in the past does not transfer into delivering anything tangible into the future. It's more like a steady state system that can catastrophically fail and vaporize all imaginary "wealth" attached to it at any time - the glaring trait of all currencies past and future. One of the main reasons the noble metals are valued as money (gold and silver) are the anti-corrosive properties to defeat time itself, which guarantees you the ability to transfer that unit of account from the past to future, UNLIKE bitcoin.

Too bad you don't understand money yourself r0ach. The wealth attached to gold and silver is no more or less real than the wealth attached to Bitcoin. It could vaporize just as easily once enough people discover that gold and silver is completely outdated as a form of money and they are really nothing more than shiny rocks that are way too cumbersome to use and represent value in the modern digital world. Good luck living in the past with your useless heap of rocks, I prefer to embrace the future with Bitcoin as money instead. Cool

Completely wrong and you know you're a bullshit artist already. There was absolutely zero reasoning in that response. It was just blah blah metals are a barbarous relic and bitcoin is "da future!" but I can't explain why, it just is for no reason! Because I'm an idiot hipster in a digital hipster world, and bitcoin is digital therefore it's good! Yea, and fiat notes are digital too, go load up and see what happens.

Money has NUMEROUS different traits that have to be satisfied, and the only trait being so called "digital" helps is it's portability. Congratulations, you have exceled at around 10% of the required traits. Bitcoin is a currency and not money. Just because being digital allows you to dump it fast (portability), does not make it money or superior to anything else.