Topic: How Satoshi Nakamoto Fooled the World - page 11. (Read 8965 times)

Bitcoin does NOT have scarcity because it is capped at 21 million.

This is the most hilarious thing ive read from you in a long time. Scarcity means the supply relative to other goods. You cant get more than 21 million Bitcoin no matter how hard you will try, or how many numbers exist. It cant get more scarce than this.

This is like saying that O2 molecules have scarcity because they are put in a container that by that definition can take only limited number of those molecules. In the same way Nakamoto put limited amount of numbers (21 million) in their container and gave them the name bitcoins. That doesn't make these numbers scarce, because numbers are all around us, just like O2 molecules.

This is like thinking land on earth isnt scarce too, because theres trillions of other planets that have land too.

Quote from: darkv0rt3x on July 07, 2022, 04:10:03 AM

P.S. You can transcribe value of one resource only to another resource. Because resources provide utility and it's is utilities of the resources what is transcribed.
Bitcoin is a number that you get next to your address, not a resource that provides utility which is why there's nothing to transcribe to.

K i have a simple question for you, what is the task of money? Why didnt we keep doing barter?

There's one problem in you thinking. Bitcoin is a number. Just because numbers in Nakamoto scheme are limited that doesn't make them scarce. Numbers are all around us. So basically, a person or a group of people put numbers in the box, give them the name "bitcoin" and convince you to purchase numbers because bitcoins are limited. Which is as stupid as putting air in the box, giving the air in the box the name "boxair", and convincing people to purchase air because boxair is limited. Hahaha. You people are the participants in the stupidity never seen in human history.

tadamichi

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Activity: 168

Merit: 421

武士道

Tell me you're naive without actually telling me you're naive! lol. So why the hell are we so fucked up in terms of economics? How the hell middle classes are about to be extinguished? How are we being lied about inflation? Why are prices spiking? Are you a retard? Can't you see that this shiat coin and shiat system can't work because of the people behind it and because of the lack of properties to turn it into a sound money? Where have you been living? Under the skirts of your mom, for sure! Jeezzz. Putin said, and he's absolutely right, that you only need to be able to read to understand these things, but what the hell? You can read and apparently write, but you understand nothing! It must be something else!

Idk if he realized yet that loans and debt are a concept that can be done on Bitcoin too. You just wont be able to create infinite money by giving out loans, like banks are doing now. Meaning the individual wont suffer from the gambling politicians/banks are doing, when they had nothing to do with it in the first place.

darkv0rt3x

hero member

Activity: 1274

Merit: 681

I rather die on my feet than to live on my knees

Quote from: ObscurePen on July 07, 2022, 03:40:49 AM

Quote from: ObscurePen on July 07, 2022, 03:00:07 AM

So I think what you are saying is that Bitcoin doesn't have any inherent value in it. This I believe (to the best of my knowledge, someone correct me if I am wrong. I am also still learning) is true. Bitcoin price is simply determined by supply and demand. And like gold or silver or copper, exchanges have put a price to the scarcity of Bitcoin and the demand for it which is what determines price.

Supply and demand are concepts that refer to resources traded in the market. Bitcoin is not a resource. It's a number that you get when giving your resources to someone in order to join Nakamoto scheme. So, bitcoin has nothing to do with supply and demand. The same is true for the concept of scarcity. Only resources can be scarce. Bitcoin scarcity is an oxymoron. Bitcoin is a number. Numbers are infinite in quantity.

But Bitcoin does has a scarcity, it is capped at 21 million.

Quote from: Snowshow on July 07, 2022, 03:49:26 AM

It's a number that you get when giving your resources to someone in order to join Nakamoto scheme.

Thus doesn't the value of your resources get transcribed to bitcoin. Isn't this how gold gets its value? If (hypothetically) suddenly people said gold is not useful, then its price would drop because the value of the resource (our time + energy) that we are willing to pay for it is less.

Bitcoin does NOT have scarcity because it is capped at 21 million. This is like saying that O2 molecules have scarcity because they are put in a container that by that definition can take only limited number of those molecules. In the same way Nakamoto put limited amount of numbers (21 million) in their container and gave them the name bitcoins. That doesn't make these numbers scarce, because numbers are all around us, just like O2 molecules.

P.S. You can transcribe value of one resource only to another resource. Because resources provide utility and it's is utilities of the resources what is transcribed.
Bitcoin is a number that you get next to your address, not a resource that provides utility which is why there's nothing to transcribe to.

More personal opinions and 0 facts nor arguments! So why should we act upon them?
What the fuck is your definition of scarcity? How can you say that 21 million is not scarce compared to 2281 trillion shitdollars ?
https://ycharts.com/indicators/us_currency_in_circulation

What a stupid comparison you make with O2. There is no more Bitcoins outside of the network or anywhere else. How you compare it to putting O2 in a container??? There is more O2 out of the container. There is no more Bitcoin anywhere else! Don't make yourself look like a stupid person and learn something.

The 21 millions, if you want to compare, would be the total number of O2 molecules you could ever find anywhere. Not in a container!

darkv0rt3x

hero member

Activity: 1274

Merit: 681

I rather die on my feet than to live on my knees

Quote from: darkv0rt3x on July 07, 2022, 03:31:40 AM

I must disappoint you. Bitcoin is not God. It's not a person. It's not a living being. It cannot do anything. It's a number. Or more precisely, it's a unit of the number 21 million that an anonymous person created in their imagination and falsely presented as money in order to scam naive and gullible people out of their resources. Protocols and network are just means to transfer units and subunits of Nakamoto's imaginary number between those naive and gullible people.

You present facts you say.

In the above quote I see only 7 personal opinions deprived of any useful content, backed by the same thing as your so called resource "debt", which is thin air! Were are the facts, arguments? Nowhere to be seen.
So, we shall not act upon your ridiculous opinions that can't even stand on their own!

.....

Their only purpose is to inform about the size of a resource transferred in the banking system (debt). Debt is a resource because it provides utility to number holders at debt payment as explained in the OP.

So, stop insulting numbers in the banking system by calling them shit. You look ridiculous.

Debt is a resource my ass! It provides shit other than slavery to the people, socialism and capitalism for the rich, politics, corrupts and other people like that. Society middle classes are wiped out at the expense of your so called (stupid) resource "debt". Debt is not a resource just because they tell you it is. You're so naive that chickens can see clearly what you cannot see!

You're the ridiculous one here and you haven't even noticed it even after 30 pages!
If I teach a chicken where food is, she learns in like 5 attempts or so. If I teach her where danger is, I bet she learn in less than 1/10 of the examples given to you here showing the value underlying Bitcoin!

Allow me disappoint you by informing you that you're dumber than a chicken!

https://www.reddit.com/r/Damnthatsinteresting/comments/vs6zyj/monetary_issue/

You said nothing new, but only started to insult debt. Debt simply means that one borrowed something from someone and must return it in the future. There's nothing wrong with that. It's a normal business between people. You're again looking ridiculous by insulting this.

Tell me you're naive without actually telling me you're naive! lol. So why the hell are we so fucked up in terms of economics? How the hell middle classes are about to be extinguished? How are we being lied about inflation? Why are prices spiking? Are you a retard? Can't you see that this shiat coin and shiat system can't work because of the people behind it and because of the lack of properties to turn it into a sound money? Where have you been living? Under the skirts of your mom, for sure! Jeezzz. Putin said, and he's absolutely right, that you only need to be able to read to understand these things, but what the hell? You can read and apparently write, but you understand nothing! It must be something else!

tadamichi

full member

Activity: 168

Merit: 421

武士道

Bitcoin does NOT have scarcity because it is capped at 21 million.

This is the most hilarious thing ive read from you in a long time. Scarcity means the supply relative to other goods. You cant get more than 21 million Bitcoin no matter how hard you will try, or how many numbers exist. It cant get more scarce than this.

This is like saying that O2 molecules have scarcity because they are put in a container that by that definition can take only limited number of those molecules. In the same way Nakamoto put limited amount of numbers (21 million) in their container and gave them the name bitcoins. That doesn't make these numbers scarce, because numbers are all around us, just like O2 molecules.

This is like thinking land on earth isnt scarce too, because theres trillions of other planets that have land too.

Quote from: ObscurePen on July 07, 2022, 03:40:49 AM

P.S. You can transcribe value of one resource only to another resource. Because resources provide utility and it's is utilities of the resources what is transcribed.
Bitcoin is a number that you get next to your address, not a resource that provides utility which is why there's nothing to transcribe to.

K i have a simple question for you, what is the task of money? Why didnt we keep doing barter?

Snowshow

jr. member

Activity: 252

Merit: 1

Quote from: ObscurePen on July 07, 2022, 03:00:07 AM

So I think what you are saying is that Bitcoin doesn't have any inherent value in it. This I believe (to the best of my knowledge, someone correct me if I am wrong. I am also still learning) is true. Bitcoin price is simply determined by supply and demand. And like gold or silver or copper, exchanges have put a price to the scarcity of Bitcoin and the demand for it which is what determines price.

Supply and demand are concepts that refer to resources traded in the market. Bitcoin is not a resource. It's a number that you get when giving your resources to someone in order to join Nakamoto scheme. So, bitcoin has nothing to do with supply and demand. The same is true for the concept of scarcity. Only resources can be scarce. Bitcoin scarcity is an oxymoron. Bitcoin is a number. Numbers are infinite in quantity.

But Bitcoin does has a scarcity, it is capped at 21 million.

Quote from: ObscurePen on July 07, 2022, 03:40:49 AM

It's a number that you get when giving your resources to someone in order to join Nakamoto scheme.

Thus doesn't the value of your resources get transcribed to bitcoin. Isn't this how gold gets its value? If (hypothetically) suddenly people said gold is not useful, then its price would drop because the value of the resource (our time + energy) that we are willing to pay for it is less.

Bitcoin does NOT have scarcity because it is capped at 21 million. This is like saying that O2 molecules have scarcity because they are put in a container that by that definition can take only limited number of those molecules. In the same way Nakamoto put limited amount of numbers (21 million) in their container and gave them the name bitcoins. That doesn't make these numbers scarce, because numbers are all around us, just like O2 molecules.

P.S. You can transcribe value of one resource only to another resource. Because resources provide utility and it's is utilities of the resources what is transcribed.
Bitcoin is a number that you get next to your address, not a resource that provides utility which is why there's nothing to transcribe to.

tadamichi

full member

Activity: 168

Merit: 421

武士道

Quote from: darkv0rt3x on July 07, 2022, 03:31:40 AM

It's a number that you get when giving your resources to someone in order to join Nakamoto scheme.

Thus doesn't the value of your resources get transcribed to bitcoin. Isn't this how gold gets its value? If (hypothetically) suddenly people said gold is not useful, then its price would drop because the value of the resource (our time + energy) that we are willing to pay for it is less.

Another reason could be the supply of gold increasing, if were really thinking long term and about the upcoming age of space exploration, gold might not be the best way to store value for humanity. There is just too much of it.

Snowshow

jr. member

Activity: 252

Merit: 1

I must disappoint you. Bitcoin is not God. It's not a person. It's not a living being. It cannot do anything. It's a number. Or more precisely, it's a unit of the number 21 million that an anonymous person created in their imagination and falsely presented as money in order to scam naive and gullible people out of their resources. Protocols and network are just means to transfer units and subunits of Nakamoto's imaginary number between those naive and gullible people.

You present facts you say.

In the above quote I see only 7 personal opinions deprived of any useful content, backed by the same thing as your so called resource "debt", which is thin air! Were are the facts, arguments? Nowhere to be seen.
So, we shall not act upon your ridiculous opinions that can't even stand on their own!

.....

Their only purpose is to inform about the size of a resource transferred in the banking system (debt). Debt is a resource because it provides utility to number holders at debt payment as explained in the OP.

So, stop insulting numbers in the banking system by calling them shit. You look ridiculous.

Debt is a resource my ass! It provides shit other than slavery to the people, socialism and capitalism for the rich, politics, corrupts and other people like that. Society middle classes are wiped out at the expense of your so called (stupid) resource "debt". Debt is not a resource just because they tell you it is. You're so naive that chickens can see clearly what you cannot see!

You're the ridiculous one here and you haven't even noticed it even after 30 pages!
If I teach a chicken where food is, she learns in like 5 attempts or so. If I teach her where danger is, I bet she learn in less than 1/10 of the examples given to you here showing the value underlying Bitcoin!

Allow me disappoint you by informing you that you're dumber than a chicken!

https://www.reddit.com/r/Damnthatsinteresting/comments/vs6zyj/monetary_issue/

You said nothing new, but only started to insult debt. Debt simply means that one borrowed something from someone and must return it in the future. There's nothing wrong with that. It's a normal business between people. You're again looking ridiculous by insulting this.

ObscurePen

sr. member

Activity: 385

Merit: 266

Quote from: ObscurePen on July 07, 2022, 03:00:07 AM

So I think what you are saying is that Bitcoin doesn't have any inherent value in it. This I believe (to the best of my knowledge, someone correct me if I am wrong. I am also still learning) is true. Bitcoin price is simply determined by supply and demand. And like gold or silver or copper, exchanges have put a price to the scarcity of Bitcoin and the demand for it which is what determines price.

Supply and demand are concepts that refer to resources traded in the market. Bitcoin is not a resource. It's a number that you get when giving your resources to someone in order to join Nakamoto scheme. So, bitcoin has nothing to do with supply and demand. The same is true for the concept of scarcity. Only resources can be scarce. Bitcoin scarcity is an oxymoron. Bitcoin is a number. Numbers are infinite in quantity.

But Bitcoin does has a scarcity, it is capped at 21 million.

It's a number that you get when giving your resources to someone in order to join Nakamoto scheme.

Thus doesn't the value of your resources get transcribed to bitcoin. Isn't this how gold gets its value? If (hypothetically) suddenly people said gold is not useful, then its price would drop because the value of the resource (our time + energy) that we are willing to pay for it is less.

darkv0rt3x

hero member

Activity: 1274

Merit: 681

I rather die on my feet than to live on my knees

I must disappoint you. Bitcoin is not God. It's not a person. It's not a living being. It cannot do anything. It's a number. Or more precisely, it's a unit of the number 21 million that an anonymous person created in their imagination and falsely presented as money in order to scam naive and gullible people out of their resources. Protocols and network are just means to transfer units and subunits of Nakamoto's imaginary number between those naive and gullible people.

You present facts you say.

In the above quote I see only 7 personal opinions deprived of any useful content, backed by the same thing as your so called resource "debt", which is thin air! Were are the facts, arguments? Nowhere to be seen.
So, we shall not act upon your ridiculous opinions that can't even stand on their own!