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Topic: On Bitcoin as money - page 2. (Read 257 times)

legendary
Activity: 1666
Merit: 1196
STOP SNITCHIN'
January 13, 2019, 07:04:48 PM
#3
The truth is that money, conceptually, is a very simple construct, which can be explained in a couple words. Basically, it is a nondimensional system of measuring value of things with some arbitrary point of reference. Nondimensional here means that it doesn't have any particular unit of measurement attached (like kilo, meter, or anything from physical world). In short, it is the forms of money where things get truly complicated

I've seen people say that intrinsic value is a requirement for money, but I think they're wrong. It seems that the only true requirement for money is that it's scarce. Without a sense of scarcity, all value becomes arbitrary. Past that, all that's really required is a general consensus among people to use something as money.

Satoshi made a great post about this many years ago.

And there is nothing which could conceptually prevent Bitcoin from being a "Turing-complete" form of money

I don't understand what this means. Turing completeness is just a statement about whether a system can perform any possible calculation or computer program. What does this have to do with money?
sr. member
Activity: 686
Merit: 270
FREEDOM RESERVE
January 13, 2019, 05:51:50 PM
#2
Money is like maths. It exists. But it has no substance. Money is...information. Who has what, who has how much of everything? Let me give you some money, here, take it. Feels real doesn’t it. It’s just paper, but what have I “given” you? Well, I don’t have it anymore I gave it to you. Enjoy it.
legendary
Activity: 3486
Merit: 1280
English ⬄ Russian Translation Services
January 13, 2019, 02:55:01 PM
#1
Many authors often claim that the concept of money is not something which an average Joe can easily understand, that it is too complex to explain in a few words, or anything to that tune. I'm strongly inclined to think that the message here is that people should not ask questions as to the veracity, validity and value of arguments allegedly proving that Bitcoin is not money and cannot become money, ever

The truth is that money, conceptually, is a very simple construct, which can be explained in a couple words. Basically, it is a nondimensional system of measuring value of things with some arbitrary point of reference. Nondimensional here means that it doesn't have any particular unit of measurement attached (like kilo, meter, or anything from physical world). In short, it is the forms of money where things get truly complicated

And there is nothing which could conceptually prevent Bitcoin from being a "Turing-complete" form of money
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