pull down to refresh

352 sats \ 7 replies \ @TheMorningStar 6 Sep \ on: Bitkit Wallet AMA - John Carvalho, CEO of Synonym AMA
When do you see Bitcoin overtake the fiat shit?
write
preview
this territory is moderated
79 sats \ 6 replies \ @BitcoinErrorLog OP 6 Sep
Bitcoin can't scale, thus it has not solved fiat.
It can be argued that Bitcoin itself is a form of "market fiat."
So what? People make monies of various qualities, and various people use them in various quantities for various reasons.
If Bitcoin is the best, then the question is by which measure?
reply
20 sats \ 0 replies \ @TheMorningStar 6 Sep
Thanks for your honest answer.
reply
21 sats \ 4 replies \ @DeltaClimbs 7 Sep
Wrong. Scalability is subjective. Everyone is free to use bitcoin as a measure today of they wish without ever having to touch bitcoin directly.
You have a broken model of "money" because you are not sufficiently familiar with the notion of measure of value, the often ignored 4th function of money.
Anyone who sincerely wishes to understand the nature of total global adoption must start here or remain in ignorance.
reply
0 sats \ 3 replies \ @john_doe 7 Sep
Hello, I come after the debate but could you please reference a chapter of a book or an article? His point I think was Bitcoin is not scalable for all people of planet earth, which looks to me correct, hence his conclusion is I guess let us use Lightning. I am not sure what you mean as counter argument by "measure of value". If you don't have a chapter of a book or an article could you then explain?
reply
0 sats \ 2 replies \ @BitcoinErrorLog OP 7 Sep
"measure of value" requires agreeing on a unit, hence "unit of account"
"Scalability" just means to make something bigger, so the question is "scaling what?"
reply
0 sats \ 1 reply \ @john_doe 7 Sep
Ah sorry, I was asking to @DiracDelta as I didn't get his answer. I guess your point was transactions on Bitcoin won't scale to all people on Earth, which made sense to me. And he seems to refute somewhat that. So I was wondering what he meant in more details.
reply
0 sats \ 0 replies \ @DeltaClimbs 9 Sep
Sure, I wrote a bit about it. https://heaviside.substack.com/p/the-forgotten-fourth-function-of
You can also look into Financially (USD) Settled Forward Contracts.
"Using" bitcoin as MOE for regulated long term contracts with a dollar unit of account is a total LARP.
reply