Topic: Bitcoin is money, everything else is credit. - page 5. (Read 2245 times)
Don't see bitcoin as mighty like you (yet), it's a different system that indeed has several advantages. But i still consider gold better.
Nothing gets on my nerves more than hearing "Bitcoin is an investment".
Bitcoin is not an investment, Bitcoin is money. In fact, everything other than gold and Bitcoin is simply credit.
Money is supposed to enrich, not impoverish; yet, inflationary credit (fiat) has done nothing but robbed the saver, the worker, and the retiree of his/her purchasing power while enriching Wall Street and asset holders.
Bitcoin is not an investment, Bitcoin is money. In fact, everything other than gold and Bitcoin is simply credit.
Money is supposed to enrich, not impoverish; yet, inflationary credit (fiat) has done nothing but robbed the saver, the worker, and the retiree of his/her purchasing power while enriching Wall Street and asset holders.
I agree with your point of view. I disagree with your use of "credit". You're not using that word in way that's consistent with its definition.
"Credit" does not mean inflationary (that's not part of the definition at all). Credit means lending. So your claim that owning or using fiat is owning or using credit is not true.
The definition of Credit in the monetary usage is: the ascription or acknowledgment of something as due or properly attributable to a person, institution, etc.:
Bitcoin is money. Everything else is not credit.
Now more to your point, if we were to refer to Bitcoin (not as an investment but) as a currency that increases spending power over time we may tap into the intrigue of a whole new demographic of future adopters.
If you want to learn more about the BTC and why it is such a massive revolution in the way we consider what money is, I recommend you the following links :
I see BTC as a monetary systm owned and managed by the people who trust it instead our fiat monetray systems based in debt and the power of banks/wallstreet
- https://www.youtube.com/watch?v=v6yNxN_YBNU : Bitcoin the End of money as we know it ! 1h documentary
- http://magazine.ouishare.net/2013/05/bitcoin-human-based-digital-currency/
I see BTC as a monetary systm owned and managed by the people who trust it instead our fiat monetray systems based in debt and the power of banks/wallstreet
Nothing gets on my nerves more than hearing "Bitcoin is an investment".
Bitcoin is not an investment, Bitcoin is money. In fact, everything other than gold and Bitcoin is simply credit.
Money is supposed to enrich, not impoverish; yet, inflationary credit (fiat) has done nothing but robbed the saver, the worker, and the retiree of his/her purchasing power while enriching Wall Street and asset holders.
Bitcoin, unlike credit, is not inflationary, but deflationary. The price of Bitcoin doesn't rise, the cost of goods relative to Bitcoin falls.
As long as our monetary system is not rooted in private property ethic, that is, banks are allowed to lend "money" they do not have (conjured from thin air), the economic boom and bust cycle will only continue to grow in severity.
Anyone who has read either Ludwig Von Mises or Rothbard's work is familiar with the concept (for more on why Bitcoin is money, and everything else is credit, I highly recommend What has government done to our money? by Rothbard, available here for free: https://mises.org/library/what-has-government-done-our-money).
People aren't investing in Bitcoin persay, but rather, riding off the enriching effects of price deflation, which has existed in the US before the creation of the Federal Reserve.
Bitcoin has all the properties of money, and in my humble opinion, is a better monetary unit than gold.
Thoughts? What do you see Bitcoin as?
Tzadik
Bitcoin is not an investment, Bitcoin is money. In fact, everything other than gold and Bitcoin is simply credit.
Money is supposed to enrich, not impoverish; yet, inflationary credit (fiat) has done nothing but robbed the saver, the worker, and the retiree of his/her purchasing power while enriching Wall Street and asset holders.
Bitcoin, unlike credit, is not inflationary, but deflationary. The price of Bitcoin doesn't rise, the cost of goods relative to Bitcoin falls.
As long as our monetary system is not rooted in private property ethic, that is, banks are allowed to lend "money" they do not have (conjured from thin air), the economic boom and bust cycle will only continue to grow in severity.
Anyone who has read either Ludwig Von Mises or Rothbard's work is familiar with the concept (for more on why Bitcoin is money, and everything else is credit, I highly recommend What has government done to our money? by Rothbard, available here for free: https://mises.org/library/what-has-government-done-our-money).
People aren't investing in Bitcoin persay, but rather, riding off the enriching effects of price deflation, which has existed in the US before the creation of the Federal Reserve.
Bitcoin has all the properties of money, and in my humble opinion, is a better monetary unit than gold.
Thoughts? What do you see Bitcoin as?
Tzadik
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