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21 sats \ 7 replies \ @kepford OP 10 Dec \ parent \ on: The Fallacy of Store of Value vs. Medium of Exchange bitcoin
Yes, it is. And its not. Depends on how define the meaning of the term and the scope of the market you are looking at.
Why didn't you read my post before commenting. You seemed to have missed the point. I use bitcoin as a currency every day. This post comes out of of talking to bitcoin curious people that have fallen into the SoV limitation trap. My whole point is that that is a lie.
Channeling my inner DarthCoin self.
Its funny how many of the comments on this post are proving my points. In economics I've heard no one define MoE in the way many bitcoiners define it. And more practically when no-coiners ask me if they can spend their bitcoin the answer is yes... but its not like you can go to the grocery store and use it like you use your fiat. Stating reality isn't some sort of stupid take. Its the opposite.
I'm not making up definitions here. Language is anarchy. And there are disagreements about what words mean. I think I am very clear about this in the post.
Bitcoiners are good at a lot of things but finding disagreements where none should be may be none is close to the top.
I've read it. I do not deny your post. I just commented with additional info for those denying it.
I use bitcoin as a currency every day.
Wrong. Bitcoin is NOT a currency. currency means created by decree by a gov.
you can go to the grocery store and use it like you use your fiat.
I do that almost every day. because I do not have fiat anymore.
Bitcoiners are good at a lot of things but finding disagreements
You tell me... 😂😂😂
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Got it. Thanks Darth. We need more examples for the no-coiners.
Bitcoin is NOT a currency. currency means created by decree by a gov
Really? I mean are you getting that from statists. Because they also believe money is created by decree by governments. Many statist economists deny the spontaneous development of money. But bitcoin is money and gold was money.
Created by decree sounds like fiat not currency. Currency is even used in other communication to describe exchanges in social situations.
Here's the popular definition of currency.
circulation as a medium of exchange
general use, acceptance, or prevalence
I don't think I've ever heard a non-statist say currency is by decree of the state.
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fiat money = currencies
Can you call bitcoin a currency? Maybe, if you refer to the BTC you have in a CEX and you trade them for other fiat currencies. You made trading, speculation etc
But when is about going to a grocery shop, bitcoin is simply money. not a currency.
general use, acceptance, or prevalence
That is because a currency is declared (decree) a legal tender... now we are going back to what really is a legal tender: #744780
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Under your definition (remember language isn't by decree either) I agree with you. I just don't think people widely use your definition. I don't think we disagree though Darth. :)
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Until some years ago, when I discovered Bitcoin, I was also very confused about these terms, I was quite ignorant in this matter, even that I tried to step out of the system.
Slowly I learned how to make the difference and also talking with people from the banking sector, how they describe these terms.
For many banksters, Bitcoin is just money. But still do not want to say it in public.
We really need to make this difference and separate from the fiat in all ways possible. Otherwise normies will be really confused.
Most of the people are trying to fit bitcoin into existing financial system. They are wrong. Bitcoin will change TOTALLY the whole financial system. Instead of building same old system around Bitcoin , try to change the whole system to be adapted to Bitcoin.
The perfect stupid example are those fucking "bitcoin visa debit cards". The people issuing them are FUCKING MORONS that do not want the fiat system go away. They literally live in the past.
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That's interesting. The normies I know would use money, currency, and dollars all interchangeably. They have no clue what MoE or SoV are. They are not educated on economics. I mean they know a lot of fallacies of Keynesian Economics but that's mis-information. I try to meet them where they are. I was once where they are and I try to remember that. It can be hard because I'm wired different.
I think most people are followers and question very little around them. I can't change who they are but I can influence them as they have been influenced by the system.
I think we have to adapt the message to the audience so sometimes that means we say things in ways that might make others cringe. That' my approach at least.
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Yeah try teaching this girl basic economics... not talking about what is a currency and how money works.
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