Abstract
Economy is a pretty simple concept - it is a system for producing and exchanging resources. Money is also a simple concept - it is a specific type of resource that has features like durability, portability, divisibility, uniformity, and acceptability. In 2008, a person or group under the identity Satoshi Nakamoto, allegedly invented a payment system that exchanges its own money in the form of electronic coins, generally known as bitcoins. Here, we will use Nakamoto's own definition of coins in order to demonstrate that they invented no such system. Instead, they invented a payment simulator. In this simulator, cryptographically signed numeric attributions are recorded into a distributed database called "blockchain". This mimics the recording of quantity that occurs when resources are produced or exchanged through economic activity. Given that Nakamoto's invention neither produces nor exchanges resources, this makes it a simulator, a Monopoly-style game, and not something that relates to real money or economy.
Here you can read the article: https://btcsim.wordpress.com/
While I generally agree with the definition of economy as a concept and of money as a concept, it's not all that simple. For example, acceptability of local fiat can be very low in a different country, next to nonexistent. That means there's a limit to that. Also, I am not sure what you mean by uniformity as money is often banknotes and coins that aren't unoform at all.Economy is a pretty simple concept - it is a system for producing and exchanging resources. Money is also a simple concept - it is a specific type of resource that has features like durability, portability, divisibility, uniformity, and acceptability. In 2008, a person or group under the identity Satoshi Nakamoto, allegedly invented a payment system that exchanges its own money in the form of electronic coins, generally known as bitcoins. Here, we will use Nakamoto's own definition of coins in order to demonstrate that they invented no such system. Instead, they invented a payment simulator. In this simulator, cryptographically signed numeric attributions are recorded into a distributed database called "blockchain". This mimics the recording of quantity that occurs when resources are produced or exchanged through economic activity. Given that Nakamoto's invention neither produces nor exchanges resources, this makes it a simulator, a Monopoly-style game, and not something that relates to real money or economy.
Here you can read the article: https://btcsim.wordpress.com/
As for the claim that it's a payment simulator, it sounds as it it means it isn't real, it's a fake etc. That certainly isn't it. You know what else is a payment simulator? When you pay by card in a shop, and your online banking tells you that you spent money there. The money will actually leave your account much later, so all 'transactions' we rely on aren't really happening, at least not at that moment. Bitcoin is real enough to work and be trusted.
I agree fully with what davis196 said. Most of them forget to consider the fact that bitcoin does not work just like that where you send money from one side and receives from another side. It’s literally process of creating something by using real energy (electricity), real machineries work it, computations happening for real and much more stuff to give it real world presence.
If we take into account OP calculations then there is no point to the traditional bank system! After all it’s just printed piece of paper with some famous personalities printed on them.
Nothing is created. Energy is spend on maintaining the record of numeric attributions. In short, it is spend on running the simulation. If we take into account OP calculations then there is no point to the traditional bank system! After all it’s just printed piece of paper with some famous personalities printed on them.
