Post
Topic
Board Bitcoin Discussion
Re: Can you answer a couple of questions to a potential bitcoin buyer?
by
Antithesis
on 03/02/2022, 16:39:09 UTC
I am not asking about your personal opinions on bitcoin and what bitcoin means to you personally.
I've never spoken for my personal opinions towards Bitcoin in this thread. Actually, I challenge you to quote me wherever (you think) I did. Those things I've told you are facts.

With bonds or fiat currencies I have the ownership of debt.
Money is debt. You measure this debt in money. Fiat currencies are money, because they're considered by people as currencies. Two individuals could setup their own ledger which would contain their own transactions, in simple “numbers” as you say.

For instance, me and DooMAD. We could create a ledger that starts with 10,000 monetary units and deal by using this as a medium of exchange. Say DooMAD gave me a bar of chocolate, I signed in the ledger that I now own 10 less and he owns 10 more. If more people liked this ledger, it could be considered money. Yes, they're just numbers, but it's a lot easier to transfer the equivalent of ten Teslas by writing down some additional lines, if we're both agreeing on a value, than by transferring the actual vehicles. Therefore, it satisfies for this purpose.

A buyer (or "investor", if you will) gets nothing when they purchase Bitcoins other than numbers in some database with specific properties. That is an absolute fact that is impossible to refute.
But, that's what I've been telling him for the past page. The problem is that he can't understand that it's a wrong conclusion to consider something meaningless just because it's a number in some database... It satisfies one job. Therefore it has at least one purpose of existence.
Money is not debt because gold can be money but is not debt. A bond is debt. Fiat currency is debt. When borrowers are granted loans(dollars) and use them to collect goods, services and labour from the market, they are in debt to the market. They owe the market (dollar holders) goods, services and labour.  And they owe the banks the dollars. Then the banks force them(via collaterals) to withdraw dollars to liquidate theirs loans. So they return the goods, services and labour to the market and in that way get the dollars. Now they don't owe nothing to the market but they owe the bank the dollars. Finally, they pay bank the dollars and their monetary debt is settled. So fiat currencs are debt not because they are considered debt by people, but because actual people owe something to other actual people. What you "consider" is simply your state of mind and has nothing to do with reality.

So, when you hold fiat currencies you own debt. When you hold bitcoin you own a number in a database. Why would I trade you the ownership of debt for a number? Because you give it a fancy name?