[VIDEO]: Bitcoin Exists Only in Satoshi's Imagination - page 2.

BlackHatCoiner

legendary

Activity: 1512

Merit: 7340

Farewell, Leo

Quote from: Antithesis on July 03, 2021, 04:24:54 AM

The whole point of the video is that bitcoin is imaginary things and that electronic entries in the blockchain are representations of that imaginary thing.

Nowhere in the whitepaper, neither in bitcoin.org, is said that bitcoins are electronic entries that represent a thing. The video describes a falsely analogy between Porches and Bitcoin. It compares a guy having cars with another one who just imagines them. Then, it says that you can't have bitcoins, you just imagine them, which is wrong. I can imagine that I have 50 BTC, but the system works with proofs. If I don't provide the necessary proof, I'm an imaginator, if I do, I'm the owner. So, there's no difference with Porches and bitcoins besides intangibility!

It doesn't exist on anyone's imagination, it is just a way to transact value. An unstoppable and censorship resistant ledger of debts. Anyone who thinks that it should be evaluated can join.

Quote from: Cryptoshops on July 03, 2021, 02:48:07 AM

Lets be honest here without Fiat Bitcoin would be worthless because 99% of people sell or trade it for Fiat money Without it being linked to Fiat it would not have any value at all.

Would you mind sharing with us your statistics? I'm curious to know how you calculated that ninety nine percent.

so98nn

hero member

Activity: 2114

Merit: 603

Quote from: Cryptoshops on July 03, 2021, 02:48:07 AM

Quote from: remotemass on July 03, 2021, 01:45:50 AM

[...]

Lets be honest here without Fiat Bitcoin would be worthless because 99% of people sell or trade it for Fiat money Without it being linked to Fiat it would not have any value at all.

Pretty wrong.

Bitcoin has value because bitcoin can surpass the limitations of the fiat. Unlimited transaction, secured funds, anonymous nature etc which has been taught over and over here.
Don't look at bitcoin as a trading instrument, because it was not meant for it. It was made so that the potential earnestness of blockchain can be explored along with its alternate use to the fiat.
Let's not forget that USD or any fiat is more or less measurable unit of the BTC. In the inverted sense, x USD = x BTC or you can also perceive it as x BTC = x USD.

remotemass

legendary

Activity: 1122

Merit: 1017

ASMR El Salvador

The blockchain ledger is not imaginary. There are real transactions between bitcoin addresses using public-key cryptography.
Look at the definition of "electronic coin" in the bitcoin whitepaper to better understand in what sense bitcoins exist.

In a sense, I agree with you. There are no coins. Only timestamped transactions that cannot double-spend funds.
But your understanding of how it all works seems very little and poorly digested. I recommend you to study it better before saying all that deceiving nonsense.

But if that is your truth, hope you are happy with it. But be sure that Maths will not change with your poor understanding of it all.

-remotemass

Antithesis

jr. member

Activity: 98

Merit: 1

Quote from: remotemass on July 03, 2021, 01:45:50 AM

The video is quite good but based on lies and fundamental misconceptions. It is probably good at ludibriating people for a few hours before an expert comes in.

Bitcoins are not a digital representation of goods and services. They are digital assets (with a fixed scheduled supply that makes them scarce and useful as a medium of exchange) earned by the miners that secure the network and verify transactions.
Those miners create a valuable network and that is why they are paid.

When the paid miners put a price to sell their coins a market is created, allowing for a transfer of wealth to happen in between the market participants.

Please read the bitcoin whitepaper for a couple of hours before saying nonsense. And also please read some past threads on this forum regarding pyramid and Ponzi schemes, which unlike bitcoins are illegal everywhere. It may look a bit like those as more adoption pushes the price up but in reality very different from them. Please read a bit more.

-remotemass

Nowhere in the video is said that "bitcoins are a digital representation of goods and services." You simply made that up. The whole point of the video is that bitcoin is imaginary things and that electronic entries in the blockchain are representations of that imaginary thing.

In the rest of the comment you talk about the management of electronic entries, which has nothing to do with the point of the video. You also describe imaginary bitcoins. I know that in people's imagination bitcoin is a lots of things. That's ok, but the video is not concerned with this. Video simply explains why bitcoins exist only in the imagination.

Pmalek

legendary

Activity: 2730

Merit: 7065

Quote from: Cryptoshops on July 03, 2021, 02:48:07 AM

Lets be honest here without Fiat Bitcoin would be worthless because 99% of people sell or trade it for Fiat money Without it being linked to Fiat it would not have any value at all.

That's because bitcoin's adoption rate hasn't reached a stage where you can use it everywhere you go. You have to convert it to fiat if the other party you buy from doesn't accept bitcoin. Imagine it being the other way around. If you lived in a place where everyone takes bitcoin and avoids fiat. You wouldn't have to exchange your bitcoin to USD because you can get everything you need with BTC already.

kaggie

sr. member

Activity: 333

Merit: 506

What is Satoshi is dead, and therefore cannot exist?

Then Satoshi's imagination only exists in your imagination. If bitcoin exists in Satoshi's imagination, and Satoshi's imagination exists in your imagination, then does your imagination exist?

If your imagination exists, bitcoin exists.

I tried watching the video for five seconds, but was confused when it ignored that car ownership is registered with the state on digital media.

Kong Hey Pakboy

member

Activity: 1120

Merit: 68

Quote from: Cryptoshops on July 03, 2021, 02:48:07 AM

Lets be honest here without Fiat Bitcoin would be worthless because 99% of people sell or trade it for Fiat money Without it being linked to Fiat it would not have any value at all.

You could say the same for fiat, if people didn't put a value and acknowledge that value, fiat will also be worthless. I don't get why the comparison, it's not like fiat is that different in terms of putting value in it.

Cryptoshops

member

Activity: 271

Merit: 10

Quote from: remotemass on July 03, 2021, 01:45:50 AM

The video is quite good but based on lies and fundamental misconceptions. It is probably good at ludibriating people for a few hours before an expert comes in.

Bitcoins are not a digital representation of goods and services. They are digital assets (with a fixed scheduled supply that makes them scarce and useful as a medium of exchange) earned by the miners that secure the network and verify transactions.
Those miners create a valuable network and that is why they are paid.

When the paid miners put a price to sell their coins a market is created, allowing for a transfer of wealth to happen in between the market participants.

Please read the bitcoin whitepaper for a couple of hours before saying nonsense. And also please read some past threads on this forum regarding pyramid and Ponzi schemes, which unlike bitcoins are illegal everywhere. It may look a bit like those as more adoption pushes the price up but in reality very different from them. Please read a bit more.

-remotemass

Lets be honest here without Fiat Bitcoin would be worthless because 99% of people sell or trade it for Fiat money Without it being linked to Fiat it would not have any value at all.

remotemass

legendary

Activity: 1122

Merit: 1017

ASMR El Salvador

The video is quite good but based on lies and fundamental misconceptions. It is probably good at ludibriating people for a few hours before an expert comes in.

Bitcoins are not a digital representation of goods and services. They are digital assets (with a fixed scheduled supply that makes them scarce and useful as a medium of exchange) earned by the miners that secure the network and verify transactions.
Those miners create a valuable network and that is why they are paid.

When the paid miners put a price to sell their coins a market is created, allowing for a transfer of wealth to happen in between the market participants.

Please read the bitcoin whitepaper for a couple of hours before saying nonsense. And also please read some past threads on this forum regarding pyramid and Ponzi schemes, which unlike bitcoins are illegal everywhere. It may look a bit like those as more adoption pushes the price up but in reality very different from them. Please read a bit more.

-remotemass

Antithesis

jr. member

Activity: 98

Merit: 1

https://youtu.be/aBl-O_3g_58

The video explains how the phenomenon of representative equivalence and the myth of fiat money being just paper bills or electronic entries on the bank accounts, enabled the craziness in which people trade real things for imaginary ones. Bitcoin of course being the imaginary thing.

Topic: [VIDEO]: Bitcoin Exists Only in Satoshi's Imagination - page 2. (Read 226 times)