Quote from: nullama on Today at 10:24:20 AM

Quote from: Snowshow on Today at 09:00:31 AM

~snip~

Any idiot can print numbers, and then claim they are coins, without having any liability to redeem them. That's called a fraud and not a payment system.

Bitcoin uses proof of work to generate new coins. In your terms, this would be the liability to redeem the coins. Miners are constantly working trying to find a new block, if one finds a new block, bitcoin is redeemed to the miner who discovered it.

Without work, there's no generation of new coins. You need the work to generate the coins, it's literally what you're saying. There is a liability, the work needs to be done. Bitcoins are not created out of thin air, they are given for work done.

And... another round of lyes and misinformation.

Writing down a number (a record) next to miner's address after that miner provided POW, doesn't magically make that record redeemable. For a record to be redeemable someone has to have a liability to exchange it for products, services or other redeemable records like fiat money.

Bitcoins, that is, bit-coins, don't exist. A coin is either a tangible item like gold or other item with intrinsic value, or a record where its issuer has a liability to redeem it. That what you have in Satoshi's system are numbers, fake-coins, that people falsely call coins, tokens or money.