Bitcoin is not a currency and this is why. - page 2.

franckuestein

legendary

Activity: 1960

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Truth will out!

idk what you say.
Whether it is a currency or not I can buy things with it and execute transactions with everyone I want.

I'm sending that message listening to music with headphones bought with bitcoin. Problem?

But in your case continue thinking that's not a currency… haha Cheesy

cbeast

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Let's talk governance, lipstick, and pigs.

Quote from: elasticband on December 27, 2014, 05:45:59 AM

Quote

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.

Cash is currency by definition. What cash do you think the paper is written about?

elasticband

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Nighty Night Don't Let The Trolls Bite Nom Nom Nom

Quote

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.

cbeast

donator

Activity: 1736

Merit: 1014

Let's talk governance, lipstick, and pigs.

Quote from: elasticband on December 27, 2014, 05:30:32 AM

Quote from: cbeast on December 27, 2014, 05:16:38 AM

Quote from: elasticband on December 27, 2014, 05:14:21 AM

i see very little mention of creating a digital cryptocurrency https://bitcoin.org/bitcoin.pdf

Try the title

Quote

Bitcoin: A Peer-to-Peer Electronic Cash System

yes creating an electronic payment method similar to the way cash works in the real world. Not a mention of currency though.

There is no mention of your hypothesis in Satoshi's paper. Your interpretation is wrong.

elasticband

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Quote from: cbeast on December 27, 2014, 05:16:38 AM

Quote from: elasticband on December 27, 2014, 05:14:21 AM

i see very little mention of creating a digital cryptocurrency https://bitcoin.org/bitcoin.pdf

Try the title

Quote

Bitcoin: A Peer-to-Peer Electronic Cash System

yes creating an electronic payment method similar to the way cash works in the real world. Not a mention of currency though.

cbeast

donator

Activity: 1736

Merit: 1014

Let's talk governance, lipstick, and pigs.

Quote from: elasticband on December 27, 2014, 05:14:21 AM

i see very little mention of creating a digital cryptocurrency https://bitcoin.org/bitcoin.pdf

Try the title

Quote

Bitcoin: A Peer-to-Peer Electronic Cash System

elasticband

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Nighty Night Don't Let The Trolls Bite Nom Nom Nom

i see very little mention of creating a digital cryptocurrency https://bitcoin.org/bitcoin.pdf

cbeast

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Activity: 1736

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Let's talk governance, lipstick, and pigs.

Quote from: elasticband on December 27, 2014, 04:55:41 AM

Quote from: cbeast on December 27, 2014, 04:45:30 AM

Quote from: elasticband on December 27, 2014, 04:41:04 AM

Quote from: Clint on December 26, 2014, 07:29:08 AM

bitcoin is still a currency coz it can be used in paying or sending money to someone

so by your definition paypal and western union are currecny as these can be used to pay for things and send value to someon

They still use banks or fiat. Try sending money without banks or fiat with them.

bitcoin highly involves both fiat and banks, i have spent the last year living from bitcoin hoard, could i do that without my bank or local currency being used....... No

You can do a lot more than you could a year ago. You probably could live on Bitcoin alone if you wanted to bad enough. That's not my point. Bitcoin was designed to be a currency. That's why it's called Bitcoin and not Bitdraft.

elasticband

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Nighty Night Don't Let The Trolls Bite Nom Nom Nom

Quote from: cbeast on December 27, 2014, 04:45:30 AM

Quote from: elasticband on December 27, 2014, 04:41:04 AM

Quote from: Clint on December 26, 2014, 07:29:08 AM

bitcoin is still a currency coz it can be used in paying or sending money to someone

so by your definition paypal and western union are currecny as these can be used to pay for things and send value to someon

They still use banks or fiat. Try sending money without banks or fiat with them.

bitcoin highly involves both fiat and banks, i have spent the last year living from bitcoin hoard, could i do that without my bank or local currency being used....... No

cbeast

donator

Activity: 1736

Merit: 1014

Let's talk governance, lipstick, and pigs.

Quote from: elasticband on December 27, 2014, 04:41:04 AM

Quote from: Clint on December 26, 2014, 07:29:08 AM

bitcoin is still a currency coz it can be used in paying or sending money to someone

so by your definition paypal and western union are currecny as these can be used to pay for things and send value to someon

They still use banks or fiat. Try sending money without banks or fiat with them.

elasticband

legendary

Activity: 1036

Merit: 1000

Nighty Night Don't Let The Trolls Bite Nom Nom Nom

Quote from: Clint on December 26, 2014, 07:29:08 AM

bitcoin is still a currency coz it can be used in paying or sending money to someone

so by your definition paypal and western union are currecny as these can be used to pay for things and send value to someon

dimsky

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Activity: 62

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Why can't bitcoins be a storage of value and a tradeable currency?

jabo38

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mining is so 2012-2013

Quote from: Febo on December 26, 2014, 12:48:06 PM

Quote from: jabo38 on December 25, 2014, 01:21:28 PM

Bitcoin is not a currency and this is why.

Bitcoin is internet of currency.
It is not currency. Why to invent something there already is?

USD paper bill today is also not Roman Gold coin.
Is something diferent used today for same purpose as that roman gold coin used 2000 years ago.
It is just easier and much cheaper to send 1 million USD to Japan, then one box of Gold coin.

Bitcoin will be used for same purpose as USD was used yesterday.

Bitcoin or a later 2.0 might very well end up being the Internet of currencies. But it isn't yet. That would be pretty cool though.

franky1

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Merit: 4794

Quote from: wadili89 on December 26, 2014, 07:26:09 AM

I always see Bitcoin as a precious commodity, like an electronic version of gold. It can be used for payment but I never thought its suited well for that.

gold (the commodity) is used to be melted down and used to make products.

gold (the asset) is a store of value.. like the federal reserve use to have vaults full of it. not for production but for the purpose of value storage

commodities are items that are used in production. beef= nice beef burgers. wheat=bread oil=car fuel.. get my point?

so please will people realise bitcoin is not a commodity.. its an asset.

and anything in the world should a few people choose to use it as such, can use anything as a currency.. so bitcoins full description is an asset based currency

Febo

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Quote from: jabo38 on December 25, 2014, 01:21:28 PM

Bitcoin is not a currency and this is why.

Bitcoin is internet of currency.
It is not currency. Why to invent something there already is?

USD paper bill today is also not Roman Gold coin.
Is something diferent used today for same purpose as that roman gold coin used 2000 years ago.
It is just easier and much cheaper to send 1 million USD to Japan, then one box of Gold coin.

Bitcoin will be used for same purpose as USD was used yesterday.

xuan87

legendary

Activity: 1666

Merit: 1001

Quote from: wadili89 on December 26, 2014, 07:44:54 AM

Quote from: Clint on December 26, 2014, 07:29:08 AM

bitcoin is still a currency coz it can be used in paying or sending money to someone

Gold can be used for that, stocks can be used, anything which has value can be used. This doesnt make it a currency.

Even legally Bitcoin is seen as a commodity, not a currency.

bitcoin is not currency but it's an internet currency.
It's nature is abstract not real

BillyBobZorton

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Activity: 1204

Merit: 1028

Quote from: Q7 on December 25, 2014, 08:59:22 PM

That is because acceptance rate is so low. We are simply not at that stage just yet and it's true there are not many places where you can buy something with bitcoin. We need auction sites like ebay or amazon to change that. If this happens it will be big.

Acceptance is low because people still have never heard what Bitcoin is and those that did (that are not geeks) have a vague idea of it and don't see any real use for it unfortunately. Lets hope the future will make people see its place.

madmax6688

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Quote from: bitbaby on December 26, 2014, 08:01:00 AM

Well maybe it's not a currency yet but it takes time for every currency to get in the loop. You're making this statement as if it's over, it's only just starting.

Rather than say it's not a currency say what it IS.

An assest.

A way of storing value like gold.

gjgjg

sr. member

Activity: 448

Merit: 250

Quote from: jabo38 on December 26, 2014, 02:25:53 AM

Quote from: gjgjg on December 25, 2014, 04:52:52 PM

If i gave an American some swiss francs or Japanese yen it would be awkward to use it in 'the loop' you describe, but not impossible - they are still currencies.

They would work just fine if I travel to Japan or Switzerland. The loop doesn't have to exist everywhere, but we need a loop somewhere.

[/quote]

But there is a btc loop, my point was that it was just hard to go through it for btc users, but it does exist (comparing the convenience of someone in usa tryng to use foreign currencies. They need to go to a lot of effort to use it, like btc users do, but doesnt change status of foreign currency as a currency).

bitbaby

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Well maybe it's not a currency yet but it takes time for every currency to get in the loop. You're making this statement as if it's over, it's only just starting.

Topic: Bitcoin is not a currency and this is why. - page 2. (Read 4142 times)