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77 sats \ 15 replies \ @Rothbardian_fanatic 9 Dec \ on: The Fallacy of Store of Value vs. Medium of Exchange bitcoin
BTC is nowhere near a MoE, yet. To be a MoE, there has to be wide acceptance of the medium. I don’t think bitcoin or any other altcoin has reached even near that point, yet. Something like in El Salvador has to happen before there will be acceptance. Right now, voluntary acceptance seems to be going at a very slow pace.
This is my point. Can be and currently is are different things. I think many bitcoiners do not understand that.
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They will learn, although this might become the case in the near future.
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This is where i disagree with schools of economics.
What percentage of people using it makes it a MoE?
Do we need government approval for that?
Can I call it MoE if i use it as such, or do i have to wait for the rest of the world?
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Perhaps 50% of people using a commodity as MoE is good. But is think it may be less if you consider that you could purchase everything you need to live with that commodity.
No, you never need state approval. You might have to endure a gun to your head or being kidnapped, but you don’t need state approval. (I have problems with this kind of construction because the state is made of individuals doing sh*tty things, not a collective.)
You can call it MoE if it is working that way for you, IMO.
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Money exists with or without the state so I don't think government approval is the key. Think about the prison example. Also, the point isnt how you would define the term. It's how is it defined by the person you speak to or at least making it clear how you define it if that differs from them. Talking past people is an easy mistake to make and key communication flaw.
We can't force definitions on people. We can define what we mean though as I have attempted to do.
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I know what you mean. Some things sound collectivist that are not. I'm referring to the way the term is used but also trying to make the point it happens spontaneously as well. Money, law, and order predate the state and outside of it. MoE is no different.
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I said that in my post...
Well said. A “collectivist” thought or thought pattern cannot exist in a world of humans because every human is an individual. Bees and ants are a bit different, though. They have a “collective”.
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You have a point on talking past people. Most of us here would be using BTC as MoE if they could. The world is just a bit slow on catching up, is all.
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