Quote from: Medusah on May 29, 2024, 12:04:24 PM

Quote from: JamesNZ on May 28, 2024, 06:02:30 AM

But again, what that has to do with the topic at hand?

It has to do with your denial to acknowledge that money units can detach from any backing by debt and essentially represent nothing, relying solely on the faith that the government will be responsible the monetary policy.

Quote from: JamesNZ on May 28, 2024, 06:02:30 AM

They don't hold a debt-based asset, nor any other asset for that matter. They are as asset-empty as Monopoly money.

Money doesn't require being backed by debt. When you make a purchase from a vendor, you're not considering whether your banknotes represent any debt. Money functions primarily as a medium of exchange, contingent upon mutual agreement on its value. Monopoly money fails as money because it can be printed arbitrarily. Bitcoin can function as money, even though not backed by an asset, because it is the asset. It possesses the characteristics of money, like portability, durability, divisibility, and easy verifiability.

Literally every type of money throughout human history was unit of SOMTHING - cow, tobacco, metal, and, currently, debt. But if I were now to ask you: "unit of what is Bitcoin" what you would do is offer some generic answer like this: "Bitcoin is a coin, a digital asset, a currency, money, resource." You wouldn't be able to name SOMETHING actual. That's because Bitcoin is unit of nothing. That Satoshi guy simply wrote a protocol to tell people that they have xx units of nothing. It's a nonsense of a high order.

I can write down or put in some database the following: "Bob has 10 units of ABC". Then someone asks: what is ABC? As a response I offer the following generic answer: ABC is a digital asset. Then they ask: "What actually is that digital asset? What it can do? Let's see what Bob has, what needs these asset can fullfil so we can determine its value. For instance, Microsoft Word is a digital asset. And we know that it can fulfill people's needs regarding text editing. And that its value depends on how good it can do this editing." But I continue with the generic talk: "BTC is something precious, a revolution, a future of digital world." They insist: can you please answer what exactly is ABC? And I respond with this: "You don't understand ABC". "You're in dental.", "You hate ABC."...

So when you try to defend Bitcoin with generic talk, with red herrings and ad hominems, which is what you do, you're demonstrating nicely that Bitcoin is an empty unit. That no actual asset exists in the system. No money, no digital resource, no coin. You are demonstrating that you Bitcoin lovers currently exchange 70 thousand units of something for one unit of nothing. That you spend as much electricity as the entire country of Norway on managing nothing. You're demonstrating that you participate in the dumbest thing humanity ever invented.