Post
Topic
Board Bitcoin Discussion
Re: The Bitcoin Paradox - a Simple Online Scam Honored as Deity
by
Snowshow
on 11/05/2022, 12:05:13 UTC
I am starting to think that these posts are being written by the same person but with different throwaway accounts, but I'll debunk this one too, anyway.

It reminds me of another person who was babbling about quantity a few months ago.

tl;dr
The illusion is created by misusing the concept of quantity and name. ... By writing down numbers and names, the crypto systems create the illusion of assets(money). In that way, they deceive people and trick them out of their real assets.

False. Quantity is valid electronically as it is physically. Take your bank account for example. It *only* exists in numbers - your money is not backed by an appropriate amount of bank notes, because that's how bnks work. Your money is backed by debts - which are statements of amount owed to you, and are hence also numbers.

Debt in crypto is the appropriate amount of US Dollars (or whatever other fiat currency) that was used to buy the bitcoins in the first place. This is what backs the quantity of BTC.

Cheap philosophy. Tell me, what is the institution, organization, people or entity that ows you something when you hold a number next to your address? Well, none. Debt is in the banking system, recorded in balance sheet of the banks, black by mortgages and other liens, and plaid by borrowers in goods, services or labour to holders of banknotes or deposits prior to every loan repayment.

From the Satoshi's number you can benefit like in every scam - only in new investors voluntarily enter the system.