Bitcoin is crypto and is not a currency
775 sats \ 7 comments \ @Lux 19 Sep 2023 bitcoin
Change my mind ;)
We all know crypto is short for cryptography.
A currency can only exist by decree, in a commercial Babylonian jurisdiction. Currency is not money, it lacks substance, or, economically speaking, it lacks the store of value function.
So the correct term is cryptomoney.
Have a nice day :)
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21 sats \ 0 replies \ @DarthCoin 19 Sep 2023
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10 sats \ 5 replies \ @ek 19 Sep 2023
A currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state.
-- https://en.m.wikipedia.org/wiki/Currency
Not sure where you're getting
A currency can only exist by decree, in a commercial Babylonian jurisdiction. Currency is not money, it lacks substance, or, economically speaking, it lacks the store of value function.
from
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409 sats \ 1 reply \ @Lux OP 19 Sep 2023
I'm getting it from law.
Banknote = private company promissory note, a promise to pay. Can be currency. A coin as a standardized piece of precious metal, is money. A standardized piece of non precious metal is currency.
I can link some resources if necessary wikipedia is a shitcoin ;)
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0 sats \ 0 replies \ @DarthCoin 19 Sep 2023
You nail it!
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0 sats \ 2 replies \ @DarthCoin 19 Sep 2023
That is referring to a currency as legal tender... and that is another story.
people in a nation state.
that is a a key point... "nation state".
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0 sats \ 1 reply \ @ek 19 Sep 2023
that is a a key point... "nation state". cancel
That's the more general definition and also just the most common example. This might be the source of our disagreement.
Gold was a currency, sea shells were a currency. Currency used to have nothing do with "legal tender" or "by decree" or "nation states".
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0 sats \ 0 replies \ @DarthCoin 19 Sep 2023
no. Those were money, medium of exchange. Is something different.
The "what is money" podcast is explaining very well this.
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