Let's compare this to fiat currencies because their misconception is the main reason why people fail to realize that by owning Bitcoin they own nothing. So, let's assume that you traded your car for 10,000 dollars. Now, the question is what do you own after such transaction? Do you own nothing or do you own something? Well, you own something. Namely, your own debt certificates. These certificates are either digital or paper. If you received banknotes you become the owner of paper debt certificates. If you received numerical value on your bank account you become the owner of digital debt certificates. With these certificates you are entitled to goods, services or property of borrowers. Let's explain how this ownership is utilized in practice.
^ FAIL
when you sell a car for FIAT. you dont own FIAT. you hold FIAT. but the FIAT is not yours.
its under licence by a government. they can take it from you without notice. they can freeze accounts they can tax it. they can do what they like, because its theirs.with bitcoin you own the private key that secures that you have full ownership control of the bitcoin linked to the private key
i dare you to have a bitcoin private key and a bank account. and truly ask yourself. who controls what
go on try to move your fiat out of an ATM for more than $500 amount.
try spending a substantial amount ($10k) fiat via a bank account without the bank asking questions.
you do not own FIAT. they are just letting you handle it under their licence terms
try crossing a state/country border with $10k see how much FIAT you get to own without question
as for saying bitcoin is a nothing value.
bitcoin has a cost value.im not talking about speculative price of the volatile market. im talking about the underlying value. the cost of its creation.
PoS coins for instance have no underlying value. as the underlying cost is zero. but bitcoin does have a underlying value.
you might wanna research that.
FIAT (not talking about market rate of loaves it would buy or rate compared to other currencies on forex) fiats underlying value is of the cost in its creation too. which is things like yes the debt (mortgage/credit agreement) that created the promissory note. but also the minimum wage laws that value a $7.50 as being an hours worth of sweat labour
.. one thing i do find funny.a patent /copyright is just an idea. yet you argue people do have ownership of something. even if its just an idea.. but then try to say bitcoin idea is not real........ pick a hypocrisy and stick with it. you cant be right on both sides of a table especialy if a patent/copyright may not even come with any creation cost
The government has monopoly on force so it can use coercion to take your life, freedom and property from you. In the same way, it can take your dollars from you. So? What that has to do with the fact that dollars represent the ownership of certificates of borrowers' debt while bitcoin represents the ownership of nothing?
B) Value is a subjective concept that also has nothing to do with the fact menioned under
A). Further, you cannot derive value from cost. Cost is the amount or equivalent paid or charged. If you paid 5,000 dollars to buy Bitcoin or spent a large amount of electricity to mine one, Bitcoin is still the ownership of nothing. IOWs, there is nothing outside the blockchain that you become the owner of. You simply gave your dollars for free or waste your electricity. If you see "value" in something like that, that's your subjective thing. In reality, this is irrational behaviour.
C) Patent is not an idea, but
right of the owner to exclude others from making, using, selling, and importing an invention for a limited period of time.