Topic: Bitcoin is NOT a Currency - Etsy Labs, Brooklyn - May 14th - page 4. (Read 7534 times)

How deep does the memory hole go?

Freedom is slavery, war is peace, and bitcoin is not currency. Move along, citizen.

Bitcoin is a currency, even though many people wish it were not.

LOL +1

Most  people are brainwashed to think that "currency" is an equivalent of "fiat currency", while in reality "fiat currency" is a sub set of "currency". I.e. "Currency" includes "fiat currencies" and "non fiat currencies".

That Kenneth Bromberg, "lead programmer of Bloomberg's", is arguing that Bitcoin is not a "fiat currency" but uses term "currency" because he is as brainwashed as the rest of the population to think that "fiat currency" is the same  thing as "currency" (or just a shill).

Logically, if the above is true, then his argument (whatever it is) is utter nonsense.

This is a logical fallacy. Even if he has proven that Bitcoin is not a "fiat currency", it does not mean that Bitcoin is not a "currency".

Let me give you an example. There are two subjects a man and a woman. One could use word man when he refers to either "a man" or "a woman" (i.e. instead of "a person"), then prove that some "third person" is not "a man" and conclude that the "third person" is not "a person" (and not "a woman"). If true, this means that "a person" is not "a person" and not "a woman" and "not a man". This proves presence of  a logical fallacy.

If anyone will be there on May 14th, Ask him whether "currency" and "fiat currency" are exactly the same thing. If yes, then you will demonstrate that it is not true and crush his faulty logic. If not, then he has to prove that his definition of "currency" is correct and not actually a definition of "fiat currency".

According to wikipedia:

note that that "fiat currency" is a physical representation of "fiat money".


One valid argument in favour of Bitcoin not being a "currency" is that Bitcoin is not a "medium of exchange". This seems to be obviously false.

Another valid argument would be that Bitcoin is not "generally accepted". But what "generally accepted" means? I would say "generally accepted" means "generally accepted in Bitcoin community". If you want to argue otherwise please prepare to explain how Mongolian Tugriks are not a currency.

Hi guys.

let's break this down, as I have had this discussion with many humans, from trained economists to the layman.

Is BTC a currency?

1)  let's define currency:  http://en.wikipedia.org/wiki/Currency  -->  "In economics, currency refers to a generally accepted medium of exchange."  

2) I think bitcoin fits this description.

3)  some economists I have talked to run down a list to see if BTC is or isn't a currency.  something like this:
3a)  Is it a store of value?
3b)  can it be easily transferred and traded?
3c) is it accepted by many merchants for goods and services?


I think BTC is a currency at this point.  It probably became something like a micro-currency when it was first traded for actual USD, even if only a few cents, so long as there would have been a handful of people or merchants would accept the BTC for some good or service.   My best guess is early 2011 BTC became a currency, somehow crawling out of the Satoshi-based primordial soup that it came from, up through the ranks of WoW and Second Life, into the flourishing drug trade and now extended to many, many widely varying businesses.

I'd be happy if he succeeds.  Classifying Bitcoin as a 'currency' is a significant liability in my opinion.  I figure it's to late, and also that it's too obvious that Bitcoin is, for all intents and purposes, a 'currency', but hopefully Bromberg does his thing well and Bitcoin continues to remain uninteresting to legislation and the like for as long a period of time as possible.

I'm happy to have Bitcoin classified as a 'foodstuff' if it perpetuates the amount of time it and it's economy has to evolve and develop unmolested.

These so called experts really piss me off. With Bitcoin there are no theories or abstract definitions, only practice. In practice at the moment Bitcoin is being used as a currency. You can use it to buy all sorts of goods and services. Therefore to a certain group of people Bitcoin is a currency. End of story.

a bacon sammich and awesome sauce on the side

My shooting from the hip response is, first, that whether bitcoin is a currency is a matter of some controversy and is going to depend on exactly what conditions one counts as necessary for something to be a currency, but, of course, this will be addressed by Bromberg and he's going to give us some set of conditions the whole of which bitcoin will not satisfy.  

Second, whether bitcoin does or does not satisfy the conditions of what it is to be a currency it may or may not trade on global currency exchanges.  I'm no expert, but I'm guessing that there are instruments which trade on global currency exchanges which do not satisfy all of the conditions Bromberg will set forth.  Therefore, even if something does not fit the conditions, it doesn't follow that it won't trade on those exchanges.

Third, it isn't clear that bitcoin does not trade on global currency exchanges since it is a matter of controversy whether MtGox and other bitcoin exchanges are not global currency exchanges.

Fourth, let's just grant that bitcoin doesn't satisfy the conditions you set forth for something to be a currency and that, therefore, it doesn't trade on the global currency exchanges.  Therefore...?  While the bitcoin economy is still very, very small, nevertheless, yesterday Fred may have bought a Wii using bitcoin and in that case bitcoin may have performed a function no different than USD.  If that's the case, than for all practical purposes bitcoin was/is a currency.  

Finally, if, for all practical purposes, it performs like a currency, but it doesn't satisfy all the conditions you set forth, then would you be happier if we called it a schmurrency instead of a currency?  A schmurrency, you see, is an instrument which performs, for all practical purposes, just like a currency, but it doesn't satisfy the Brombergian demands of what it is to be a currency.  And, here's a fact:  Some people get along fine using currencies in certain contexts and some people get along fine using schmurrencies in some contexts.  The end.

I'm supposed to be going, but have another Bitcoin event the same time!!!

Bitcoin is NOT a Currency

Etsy Labs Brooklyn, May 14th 7pm


http://www.meetup.com/BK-Tech-Talks/events/55386052/

Would anyone in the area like to go to this and counter any FUD this guy comes out with?