Post
Topic
Board Bitcoin Discussion
Merits 1 from 1 user
Re: Why is Bitcoin the Dumbest Thing Ever Invented
by
cryptodevil
on 10/06/2024, 13:53:54 UTC
⭐ Merited by FatFork (1)
You can repeat the nonsense that money is representation of work done, but reality won't change. In reality, neither work is required to create Bitcoin, nor money is representation of work done.

Is it perhaps the condition children receive to believe that being wrong is a bad thing which is responsible for your inabilty to consider that your understanding of the topic is erroneous?

Let me break it down into the simplest terms I can:

The 'token' we use to represent money is currency. But we absolutely do not need to have a 'thing' at all. We could simply keep a record of debits and credits in a central database, agreed?

Money evolved out of the very first debit and credit ledgers we created and it was simply recorded as a number in a ledger. So if you as the farmer dropped off your grain at the local temple you would be assigned a certain number of credits for it and some of those credits would then be deducted against the debits you had previously run up earlier in the year when needing to buy your farming supplies etc. So you, like every other farmer and producer of goods for the community's economy would all have your debits and credits recorded in thie ledger.

If you were to look at a page of that ledger you would only see numbers being assigned to names as a result of whatever basis they had warranted a credit for. So you'd have no idea whether one unit was for grain, or grapes, or timber, as this wasn't necessary to know.

Do you know why it wasn't necessary to know? Because each unit recorded represented only one thing. The value introduced into the economic system as a result of time and energy expended creating it. Work.


That we then decided to create a token system which would then allow people to hold their own representation of that monetary unit, and then buy goods and services from other people who would accept it in exchange, is what saw the creation of a currency unit representing that monetary unit previously recorded in the ledger.

That is the difference between money and currency. Currency is just the token 'thing' we created to be able to move those written monetary unit records from the central ledger into the hands of the people so they could trade freely without it having to go through the central record for every transaction.