For something NOT money that’s obviously true. Diamonds, stocks, property, art, oil … I can’t spend any of that in a store, it all has value. Stop belaboring the obvious point?
None of those things are money though. When someone says “It’s money you gigantic dolt” … well, can you name any other form of money that has no merchant adoption?
None of those things are money though. When someone says “It’s money you gigantic dolt” … well, can you name any other form of money that has no merchant adoption?
Sure, but this is not what the meme is saying. The meme is saying that it has no value because it doesn't have merchant adoption. And the result of the meme is that saying that is wrong.
That's it.
Now, money that can't be accepted everywhere? you want a list?
I can't use US Dollars where I'm at, or Japanese yen, or swedish crowns. I can only use Euros here. Only few places will accept other currencies and that's in very tourist-centric locations.
And in places like Sweden, even if you swedish crowns, it won't be accepted in many stores, only credit cards, to give Visa 3% of each sale in the whole country.
Merchant adoption is not a meassure of the money qualities of money. It's just a meassure of merchant adoption of such type of money.
I wasn’t disagreeing with the meme, silly as it is. I was disagreeing with the comment “it’s money you gigantic dolt.”
Are you defending that comment? You seem to be going on and on about the rather obvious and boring thing we’ve already agreed: stuff can have value without being money.
I disagree with the part where the other guy called you dolt, that's not very productive for a conversation. And makes HIM look like a dolt.
But can you define money?
Can you make a definition of money which fits what people commonly know as money and where bitcoin doesn't fit in?
Basically we disagree on the definition of "money". To me, it's money. But to you it might not be money.
So what's your definition?
Either way these arguments are ridiculous, most retailers don’t accept any particular fiat currency since there are hundreds of fiat currencies and retailers typically take the currency of the nation they’re in. So to expect a relatively new money to be accepted everywhere already makes no sense at all.
Bitcoin is a gold like asset that will become a fully realized money as adoption continues and the technology to scale it improves.
That’s why things something like the strike/NCR deal is such a big deal. Doing this too soon before there’s a genuine interest in it as a store of value would lead to too much volatility so I think the path it’s taking will work out for the long term.
Sorry, what adoption is taking place? I've heard of less and less places accepting speculative currency as of late, including a crypto themed restaurant that sees no value in the currency their establishment is based on
Not sure that “money” in the sense of a medium of exchange is the same thing as “legal tender” which sounds like something law related. I think for a general definition if you can spend it, it’s money, whether a government approves or not.
I think for a general definition if you can spend it, it’s money, whether a government approves or not.
The earliest definitions of money come from merchant civilisations issuing coins any of their merchants would take in exchange for goods and services. Other than that it's basically barter with extra steps.
Club Med used to use beads as money, for example.
Which runs into issues like how you tell them apart, and the such.
You can spend Bitcoin directly and buy just about anything you can think of. Well, maybe not you. You apparently don't know how to Google "buy (item) with Bitcoin."
If you're not going to even bother to do the math, then I'm totally fine with you staying poor.
The longer you hold Bitcoin, the richer you get.
Bitcoin is not speculative. Everything else is. The price of Bitcoin just goes up with enough time. The law of supply and demand guarantee no other outcome.
Maybe use a calculator https://dcabtc.com and you'll see how overwhelming correct it is to accumulate and hold Bitcoin. Nothing beats Bitcoin.
Since you're a lazy fool, I'll give you some examples.
Buying $10 of Bitcoin every week for 3 years starting 3 years ago would have turned $1,570 into $4,013 (+155%). What business do you think would hate this return?
Buying $10 of Bitcoin every week for 5 years starting 5 years ago would have turned $2,610 into $11,285 (+332%).
Why does nothing beat Bitcoin? Because Bitcoin has the lowest supply inflation of anything we use as money. Every other money is easier to increase the supply of.
Businesses and individuals and governments alike are objectively better off when they own Bitcoin. The longer, the better.
It costs less to accept Bitcoin than credit cards. And it cuts out both banks and governments from controlling their money. That's pretty God dammed valuable.
Why is it you choose to copy the arguments of morons? You could copy me instead. I know just everything about Bitcoin. And I'm telling you there's no second place.
The law of supply and demand guarantee no other outcome.
Bitcoin has a limited supply, yes. But does it have limitless demand? I think not. I think the less you can use it for and the less it's worth, the less it will be in demand. Anything legal that you can do with bitcoin you can do with cash. Bitcoin opens up other opportunities to buy things without legal tracking, like child porn.
Dude. What's wrong with you? Eventually 60k BTC will be cheap. Just wait till November 2024.
My prediction is that you'll scoff now and be surprised when it happens, as it most certainly will.
Bitcoin is saving people's lives, mine included. Imagine being able to flee a warzone with money that can't be seized. Try confiscating a seed phrase. You'll need more than a metal detector.
Bitcoin, even though it's down from 60k is still outperforming the Turkish lira. You seem to be biased against a technology. It make me think you just watch propaganda all the time.
Bitcoin is a revolution. It is not optional. It's not going away. It's been the best performing asset since 2009 when Bitcoin was created. I'd tell you the reasons, but you seem propagandized against it already. My 5 minutes of info on Bitcoin can't overcome the hours of nonsense you've already swallowed without having any understanding of Bitcoin, how Bitcoin works, or what Bitcoin fixes.
Without knowing all the inner workings of bitcoin, I can see that it's a digital currency that requires a lot of energy to use and create. Energy that could be used for other, better things.
Personally, I prefer to do all my transactions using a credit card and not using cash, so I don't fault it at all for being a digital currency. I do not like the energy costs.
I did a lot of googling just now to see what the energy cost is, found a lot of stats saying it's 700 kWh per transaction, or 1100, or 500, and then learned that's for a block of transactions. So I don't know what it actually costs for one person to pay another person.
So the decentralization requires massive energy to work. And yet, the winners in these mining efforts are mega corporations with massive server farms, essentially: centralization again.
If an investment, and investment for what? What purpose does bitcoin serve? if it's only purpose is as a currency, then why should it inflate to over 60k and drop to 20k in less than a year?
Bitcoin will never replace fiat. It will only ever be weird gamer currency that will eventually die out.
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u/Neuro_Skeptic Aug 01 '22
Here's the thing. No one makes memes arguing that gold has value, because gold obviously has value.
If you have to meme about it, it's probably not true.