Quote from: NotATether on Today at 10:01:59 AM

Quote from: Snowshow on May 12, 2022, 05:09:17 AM

Ok, this is how you, or generally people who educate themselves by reading conspiracy theories, view banks and how they rationalize their participation in this scam. That what you described is a classical misconception about banks. Now I am going to explain to you what the facts are.

I would say the above is how you are rationalizing your consipracy theory.

Quote

Banks are in the business of granting loans to borrowers, that is, creating debt. When debt is created this must be evidenced somehow. For that purpose deposits or banknotes are used. As you can see, no debt - no deposits or banknotes. The latter are therefore just records of something that exists. The same as when Tesla company produce a car and then evidence the car's existence with a record in the accounting books. Once the debt is in existence, people invest in it. They invest by exchanging goods, services and labor with the borrowers for the deposits or banknotes. Finally, debt needs to be paid. That's why the banks use mortgages and other liens to force the borrowers to repay the loans. In that way the borrowers return goods, services and labor back to the people and settle the debt. The deposits and banknotes went out of circulation in that way. Meaning, no debt - no records of it. So, this is a legitimate business of creating debt, investing in debt, and settling debt. Debt is an asset because people (holders of deposits or banknotes) benefit at the debt settlement. Asset means that people benefit from it, either today, tomorrow or in the future.

In the Satoshi's system, on the other hand, there's no asset. All you have is protocols and database that use name BTC and numbers to create the illusion of asset and in that way trick people out of their real assets. Once they are tricked, they can benefit only if new investors voluntarily enter the system. Which is a textbook definition of a scam. So, there's no currency in the system. A currency is money and money is an asset [This is false. -NotATether]. Saying that there's currency in the Satoshi's system is spreading disinformation.

You are once again making the categorial mistake of classifying Bitcoin as merely a security instead of a currency proper. Foreign banknotes cannot be modeled with your above description - because the foreign currencies have backing in their respective countries' banks. Similarly, cryptocurrencies have the backing of all exchanges which sell them to users.

The reason you don't see BTC used as a debt is because banks don't issue loans in BTC, only in USD and other currencies.

And the final interjection you put at the end of your argument brings it crashing down like a house of cards: Your theory that money is an asset.

Money is not an asset - it is a vector used to buy actual assets like gold, stocks etc. and liabilities (an asset cannot be used as a currency).

You're playing semantics.
First. Foreign banknotes are evidence of investment in foreign debt. Just like you can invest in foreign companies you can invest in foreign debt. Nothing changes within regards to debt payment.

Second. A currency is s resource. A resource is something that benefits people. Fiat money is a resource that benefits people at debt repayments, as explained in the OP. A company is a resource because people benefit from capital or the production of goods and services. Gold is a resource because people benefit from it by usage in dentistry, medicine, electronics, computers, medals, statues, jewellery...

When you enter the Satoshi's system you haven't got a resource that benefits people. Only a number was attached to your address. That's all. Then you wait for the new investors to bring in the resources from which you can benefit. That's a textbook definition of an investment scam. People are scammed by various narratives that claim that in the system there's a currency or asset. Meaning, that in the system there's a resource from which people can benefit. Bu no one can benefit from within the system. The whole system is a giant fraud.