- Regarding value in debt: I hold a mortgage on someone's property. They pay me interest on the loan as well as pay back principal. Their debt is my asset.
Debt can be handled in Bitcoin too, theres no point here. The question is not wether or not debt is an asset. We are talking about forms of money. The claim is that debt is what gives fiat its value. But at the same time we know that debt based money creation has the consequence of debasing ones currency, which makes it less valuable over time, the more this process is being repeated. Which is already a contradiction in itself.
- There is no hard or sound money aspect to bitcoin.
I will ask some questions now, to see if you even have the capacity to understand this topic, sadly its necessary because the amount of trolls is huge. What would the criteria for a hard and sound money be? And why cant Bitcoin fulfill it?
It is digits on a computer
Can software have value and impact on the world? Theyre all just digits if we go down to machine code.
not backed by anything
If software can have value, what value would a system have, that has made a breaktrough in computer science by making it possible to store information in an unforgeable, uncensorable, open to anyone way without needing a central entity, and uses this foundation to issue money?
except pure faith
The oldest reference from the whitepaper is from 1957, but we can also choose the second oldest one, as its more related to cryptography. So we have atleast 28 years of prior research that lead to this moment. We have more than 15.000 nodes running the software all over the world, building a network and enforcing rules. Millions of lines of code, some of the best maintained production software there is, over 800 contributors that are really good in their fields. Interdisciplinary knowledge that shaped its architecture. An active community that is engaged in many things and wants to see humanity progressing. Is it all just pure faith or actual work?
and a hatred for the status quo financial system.
If the status quo financial system is good, why didnt Bitcoin stay at 0 market value? As it shouldnt even be able to compete against a superior system that is so beneficial, yet it is competing.
to the facts.
Name them.