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Saylor says Bitcoin is Capital not Currency
320 sats \ 18 comments \ @unschooled 11 Mar bitcoin
During his BPI speech, Saylor makes the case for using digital USD as currency while stockpiling BTC as a reserve/capital asset. He also called it the most 'interesting' assest the world has ever seen....
Will the world accept stablecoins as their currency?
An advantage of Bitcoin/Lightning is obviously it's permissionless nature, but will the unbanked of the world just accept the laundry list of conditions for having access to US stable coins for convenience-sake?
Paker Lewis in his latest piece says this will be like swimming upstream. It is true, bitcoin is being used as currency, but can digital currency normalization squash this?
Truth is, I don't think either of them really knows, just like the grifters on Twitter over the past few days with their price hopium, TA and the like.
I for one subscribe to the currency camp, as I feel do most of the Stackers here. Perhaps even Satoshi would. Ideologically speaking, this is the side to be on, but can ideology outrun pragmatism?
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224 sats \ 1 reply \ @SimpleStacker 11 Mar
Why does anyone need to define what Bitcoin is, or isn't?
The important thing is, it can be used as currency, and it can be used as a store of value. What emerges as its most prominent function will simply depend on how the usage and technology evolves.
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0 sats \ 0 replies \ @unschooled OP 11 Mar
#910840
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63 sats \ 1 reply \ @jgbtc 11 Mar
It's both, which is the whole, correct, point of Parker's article. Gold was money. Minting (standardizing supply, weight, and unit by a trusted authority) made it currency. Gold coins were property, capital, and currency. So is Bitcoin, except the trusted authority is the system itself. The standard unit (currency) is inseparable from the money. It's all combined together which is why people have a hard time understanding this.
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0 sats \ 0 replies \ @unschooled OP 12 Mar
I wonder if gold faced as much resistance by plebs as there is against Bitcoin. Logically, wouldnt gold need to have been a good MoE before it became a store of value? With Bitcoin, it seems the opposite, almost as though it needs to prove itself as a medium of exchange.
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10 sats \ 10 replies \ @0xbitcoiner 11 Mar
it's not currency or capital, but money!
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0 sats \ 9 replies \ @unschooled OP 11 Mar
I should rephrase that what I take issue with is Saylor saying it's not a currency.
Not trying to mince words about the economic and policy impacts re subtle differences between money, currency and capital.
Saylor was very clear it's not a currency and by this I believe he means for it not to compete with the dollar, hence his advocating for stablecoins cough CBDCs
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5 sats \ 8 replies \ @0xbitcoiner 11 Mar
Saylor has done a lot for Bitcoin, but it seems to me that he's drifting away from its essence.
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0 sats \ 7 replies \ @028559d218 11 Mar
I also agree that Bitcoin is not a currency. It doesn't act like one. It isn't used like one (at least not enough or in no way consistently right now) and Bitcoin does not have an issuer like all currencies do.
The Yen is issued by... Japan. The Dollar is issued by... the United States. The Euro is issued by... the European Union.
Bitcoin is issued by.... ASIC mining machines and coinbase transactions?
Bitcoin is "digital capital".
"Capital" is defined as ( https://onlinemba.ku.edu/experience-ku/mba-blog/what-is-capital-in-business )
  • In business, the term “capital” refers to financial assets used to fund operations and growth. It can be used to purchase assets, cover expenses, and invest in new opportunities. Businesses have to efficiently manage their capital to meet their obligations as well as innovate and expand into new markets. Although capital is money, from a business perspective, it’s specifically money for current operations and future investments.
Therefore Bitcoin is money... but it's 'high-powered' money that is for investing too or large evaluations over long time periods or distances. Something which 'currencies' do not excel at because they have an issuer and depreciate continuously.
Peer 2 peer "digital cash" refers to in my opinion "digital settlement" not necessarily "digital currency" and it's the settlement of "digital capital" across time and space that's the digital cash.
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0 sats \ 5 replies \ @unschooled OP 11 Mar
It seems like Saylor wants to relegate bitcoin to a reserve asset to help the USD stay dominant. I believe he has always refuted its "currency-like"/medium of exchange characteristics.
But that being said, Saylor seems to know exactly the semantic game he is playing. By refusing to acknowledge the MoE value of bitcoin, it really appears as though he is cosying up to those who would dollar dominance for eternity.
Lewis' essay, on the other hand, across as much more genuine.
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0 sats \ 4 replies \ @028559d218 12 Mar
If he said 'oh it's money the best money blah blah...' I believe it might concern regulators. So he doesn't say that specifically.
There is no way that Btc helps the USD stay dominant... I never understood that logic. It's like saying that the winning hockey team... helps the losing hockey team stay dominant. How?
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0 sats \ 0 replies \ @0xbitcoiner 11 Mar
electronic/digital cash is great 🤠
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0 sats \ 0 replies \ @dingding541 11 Mar
Anyone who becomes a big name in Bitcoin ends up a retard
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0 sats \ 0 replies \ @DarthCoin 11 Mar
Read also here my old post: #446513 about Saylor.
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0 sats \ 0 replies \ @nitter 11 Mar bot
https://xcancel.com/corybates1895/status/1899460427735847154
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