Bitcoin: A Medium Of Exchange *Not A Fiat Multiplier* - page 2.

figmentofmyass

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Quote from: TimeBits on July 29, 2019, 04:32:19 PM

Quote from: figmentofmyass on July 29, 2019, 04:30:14 PM

Quote from: TimeBits on July 29, 2019, 04:09:11 PM

who is "they"?

fiat money is being slowly devalued but bitcoin's value is rising much faster. there's no point complaining about human nature. it's just rational greed playing out.

The bankers, the FED.

How do you measure that? fiat?

purchasing power. let's compare october 2010 purchasing power to june 2019: https://data.bls.gov/cgi-bin/cpicalc.pl?cost1=1&year1=201010&year2=201906

inflation is up 17%. bitcoin---not accounting for inflation---is up ~94999900% over the same period.

Quote from: TimeBits on July 29, 2019, 04:32:19 PM

LOL, I am not complaining I am showing people why they are dumb.

they aren't dumb, they are just rationally greedy. see bitcoin gains in USD vs inflation above. people don't want to be restricted to transacting with the small number of people/merchants/services using bitcoin at this point. they just want the purchasing power---the wealth.

Quote from: TimeBits on July 29, 2019, 04:32:19 PM

btw, he does not mention about selling it for fiat.

I have obtained bitcoin with no fiat, I have bought items with no fiat, I have traded bitcoin for many things, food, water and computers without any fiat. Never used any fiat to obtain bitcoin, never sold any bitcoin for fiat. I have bitcoin left over and items left over. NO FIAT NEEDED

your items which were bought with fiat? whose supply lines are all paid for with fiat? lol. Roll Eyes

why are you using satoshi's writings as support for your position? he obviously wasn't nearly as fanatical as you. his words show that he supported free markets. the only person in the room who thinks bitcoin shouldn't trade against fiat is you.

serjent05

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Quote from: TimeBits on July 29, 2019, 04:09:11 PM

Bitcoin: A Medium of Exchange

Did you guys ever think they killed satoshi and turned his project into something it was not meant to be?

This is probable but there is no fact to support that satoshi had been killed and yes it did cross my mind.

Quote from: TimeBits on July 29, 2019, 04:09:11 PM

Here is the first sentence of the white paper:
A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.

So the exchange you use, is not peer to peer you trust a 3rd party with your bitcoins, The exchange is also a finical institution (so you pissed on satoshi`s grave 2x) not to mention you trade if for fiat which is created by another financial institution. (so 3x piss on his grave) just in the first sentence of the white paper.

What is wrong with you guys? Do you not understand bitcoin was put here to compete with $cam $lavery unlimited monopoly money, not be a measure of it and facilitate it?

Seriously you are all a bunch of dummy heads.

https://twitter.com/binance
https://twitter.com/APompliano/status/1155213526736285699
https://twitter.com/DYORPodcast/status/1155115419784679431
https://twitter.com/Excellion/status/1134346501356785664

So can you tell the merchant how they can convert their BTC to fiat to replenish their goods? We know the fact that many producers do not accept Bitcoin as payment.

Quote from: TimeBits on July 29, 2019, 04:09:11 PM

Why has satoshi not traded any of his btc of fiat? because he understands that they have unlimited money supply and he has limited, so if he trades they get all of his supply for free, not matter if 1 btc = 1000000000000000 USD they still get all of his shit for free.

No one ever know why satoshi never touch any of his BTC after his disappearance. Anything coming from other people is just an assumption and a huge possibility that other people thinking is not what satoshi is thinking.

TimeBits

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Merit: 62

Quote from: figmentofmyass on July 29, 2019, 04:30:14 PM

Quote from: TimeBits on July 29, 2019, 04:09:11 PM

who is "they"?

fiat money is being slowly devalued but bitcoin's value is rising much faster. there's no point complaining about human nature. it's just rational greed playing out.

The bankers, the FED.

How do you measure that? fiat? LOL, I am not complaining I am showing people why they are dumb.

"If it somehow acquired any value at all for whatever reason, then anyone wanting to transfer wealth over a long distance could buy some, transmit it, and have the recipient sell it."
btw, he does not mention about selling it for fiat.

I have obtained bitcoin with no fiat, I have bought items with no fiat, I have traded bitcoin for many things, food, water and computers without any fiat. Never used any fiat to obtain bitcoin, never sold any bitcoin for fiat. I have bitcoin left over and items left over. NO FIAT NEEDED

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: TimeBits on July 29, 2019, 04:09:11 PM

Did you guys ever think they killed satoshi and turned his project into something it was not meant to be?

who is "they"?

Quote from: TimeBits on July 29, 2019, 04:09:11 PM

So the exchange you use, is not peer to peer you trust a 3rd party with your bitcoins, The exchange is also a finical institution (so you pissed on satoshi`s grave 2x) not to mention you trade if for fiat which is created by another financial institution. (so 3x piss on his grave) just in the first sentence of the white paper.

to use bitcoin, you need to own some. an exchange is merely one way to buy some bitcoins.

satoshi wouldn't have advocated using exchanges instead of bitcoin, but i don't think he'd have a problem with people buying/selling it for fiat money:

Quote from: satoshi on August 27, 2010, 12:32:07 PM

As a thought experiment, imagine there was a base metal as scarce as gold but with the following properties:
- boring grey in colour
- not a good conductor of electricity
- not particularly strong, but not ductile or easily malleable either
- not useful for any practical or ornamental purpose

and one special, magical property:
- can be transported over a communications channel

If it somehow acquired any value at all for whatever reason, then anyone wanting to transfer wealth over a long distance could buy some, transmit it, and have the recipient sell it.

Quote from: TimeBits on July 29, 2019, 04:09:11 PM

What is wrong with you guys? Do you not understand bitcoin was put here to compete with $cam $lavery unlimited monopoly money, not be a measure of it and facilitate it?

fiat money is being slowly devalued but bitcoin's value is rising much faster. there's no point complaining about human nature. it's just rational greed playing out.

TimeBits

member

Activity: 224

Merit: 62

Bitcoin: A Medium of Exchange

Did you guys ever think they killed satoshi and turned his project into something it was not meant to be?

Here is the first sentence of the white paper:
A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.

So the exchange you use, is not peer to peer you trust a 3rd party with your bitcoins, The exchange is also a finical institution (so you pissed on satoshi`s grave 2x) not to mention you trade if for fiat which is created by another financial institution. (so 3x piss on his grave) just in the first sentence of the white paper.

What is wrong with you guys? Do you not understand bitcoin was put here to compete with $cam $lavery unlimited monopoly money, not be a measure of it and facilitate it?

Seriously you are all a bunch of dummy heads.

https://twitter.com/binance
https://twitter.com/APompliano/status/1155213526736285699
https://twitter.com/DYORPodcast/status/1155115419784679431
https://twitter.com/Excellion/status/1134346501356785664

Why has satoshi not traded any of his btc of fiat? because he understands that they have unlimited money supply and he has limited, so if he trades they get all of his supply for free, not matter if 1 btc = 1000000000000000 USD they still get all of his shit for free.

Also USD is backed by nothing so
1 btc = 1000 USD or 1 btc = 2000 USD is the same thing.

1 x 0 = 0
1000 x 0 = 0
1000000000000 x 0 = 0

Topic: Bitcoin: A Medium Of Exchange *Not A Fiat Multiplier* - page 2. (Read 353 times)

Topic: Bitcoin: A Medium Of Exchange Not A Fiat Multiplier - page 2. (Read 353 times)