Why treat bitcoin as money and not code/software? - page 2.

Sovereign_Curtis

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Quote from: BookLover on November 16, 2013, 02:00:01 PM

Quote from: Birdy on November 16, 2013, 10:50:01 AM

USD are just some pieces of paper with ink on it.
Money is defined by the way you use it, not by the stuff it's made of.

+1
OP, have you seen the new 100 dollar bills? They look like monopoly money. Roll Eyes

But yes, life would be simpler without the governement breathing down our necks, but redefining bitcoin as software won't change that.

I agree that that ship has sailed. There were so many people who were thrilled when the government said bitcoin is money, either forgetting or ignorant of the fact that the US government does not tolerate competing currencies that have a farts chance of threatening the dollar.

BookLover

hero member

Activity: 533

Merit: 500

^Bitcoin Library of Congress.

Quote from: Birdy on November 16, 2013, 10:50:01 AM

USD are just some pieces of paper with ink on it.
Money is defined by the way you use it, not by the stuff it's made of.

+1
OP, have you seen the new 100 dollar bills? They look like monopoly money. Roll Eyes

But yes, life would be simpler without the governement breathing down our necks, but redefining bitcoin as software won't change that.

DannyHamilton

legendary

Activity: 3416

Merit: 4658

Quote from: ?? on ??

Bitcoin is actualy three things combined into one:

1. Coins
2. Protocol
3. Payment network

Except that there isn't any such thing as a "coin" in bitcoins. Only transactions on a payment network that transfer control of value by way of a mutually accepted protocol.

Quote from: ?? on ??

Correct use of terms would be, for example, "I have received some bitcoins over Bitcoin" for the case when you received bitcoins using direct access to
payment network (Bitcoin-Qt or MultiBit software)

Or if you want to be technically correct:

"I have discovered an accounting ledger entry in the publicly shared ledger database known as 'the blockchain' which encumbers value with a requirement to provide a digital signature from a private key that I happen to have access to before I can re-encumber any of that value with a similar requirement."

Quote from: ?? on ??

or "I have received some bitcoins over BTC-e exchange" for the case when you received bitcoins without accessing payment network (transfer of coins happened within BTC-e exchange domain, BTC-e user to BTC-e user).

Or perhaps:

"My account over at the BTC-e exchange has been credited with a promise from BTC-e to transfer some value upon a request from me."

Quote from: ?? on ??

Commonly used term for later case is offchain transaction.

True, that is a "commonly used term". I prefer to think of it as an uninsured, unregulated, un-audited "bank account" with a small foreign company.

DannyHamilton

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Activity: 3416

Merit: 4658

Quote from: Sovereign_Curtis on November 16, 2013, 10:13:25 AM

The comparison is not bitcoin and bank accounts, its bitcoin and the USD.

The point is that "money" that you have in a bank is just 0s and 1s in a computer database maintained by software, "bitcoins" is just 0s and 1s in a computer database maintained by software. To say that "bitcoins" is software because it is "just 0s and 1s" is to say that the transfer of value can't be represented as a transaction entry in a computer based transaction ledger.

Quote from: Sovereign_Curtis on November 16, 2013, 10:13:25 AM

Bank accounts are just a bank's way of accounting and displaying transaction information, etc.

And bitcoins are just the bitcoin protocol's way of accounting and displaying transaction information, etc.

MicroGuy

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Twitter @realmicroguy

We as individuals can treat bitcoin as software, code, anything we please.

But what really counts is the consensus view. For example, gold is not good for much other than filling teeth or making jewelry yet it's one of the most sought after materials in the world. Why not just treat gold like an ordinary mineral?

Quote from: Birdy on November 16, 2013, 10:50:01 AM

Money is defined by the way you use it, not by the stuff it's made of.

I like this explanation.

Birdy

sr. member

Activity: 364

Merit: 250

Quote from: Sovereign_Curtis on November 16, 2013, 10:13:25 AM

The comparison is not bitcoin and bank accounts, its bitcoin and the USD.

Bank accounts are just a bank's way of accounting and displaying transaction information, etc.

USD are just some pieces of paper with ink on it.
Money is defined by the way you use it, not by the stuff it's made of.

Sovereign_Curtis

newbie

Activity: 34

Merit: 0

Quote from: DannyHamilton on November 16, 2013, 09:59:54 AM

Quote from: Sovereign_Curtis on November 16, 2013, 02:59:25 AM

I figure this is probably a great place to ask this question.

So I'm in the shower this morning, and it hits me: Bitcoin is just ones and zeroes. Sure it has lots of the features and benefits traditional currency can provide (and a whole lot more), but it's just code, right? So how come (besides the fact government just loves to steal) bitcoin is being treated like it's money and not software? Having someone sign an End User License Agreement would be a hell of a lot simpler than having to gather tons of information on them.

Then maybe I wouldn't have to drive to Canada to see a Robocoin kiosk in action.

(Yes I'm in NH, yes I know the Lamassu guys, but I still haven't seen one of their machines)

Bank accounts are just 1s and 0s as well. If bitcoin was treated as software, then bank accounts would have to be treated as software too.

The comparison is not bitcoin and bank accounts, its bitcoin and the USD.

Bank accounts are just a bank's way of accounting and displaying transaction information, etc.

DannyHamilton

legendary

Activity: 3416

Merit: 4658

Quote from: Sovereign_Curtis on November 16, 2013, 02:59:25 AM

I figure this is probably a great place to ask this question.

So I'm in the shower this morning, and it hits me: Bitcoin is just ones and zeroes. Sure it has lots of the features and benefits traditional currency can provide (and a whole lot more), but it's just code, right? So how come (besides the fact government just loves to steal) bitcoin is being treated like it's money and not software? Having someone sign an End User License Agreement would be a hell of a lot simpler than having to gather tons of information on them.

Then maybe I wouldn't have to drive to Canada to see a Robocoin kiosk in action.

(Yes I'm in NH, yes I know the Lamassu guys, but I still haven't seen one of their machines)

Bank accounts are just 1s and 0s as well. If bitcoin was treated as software, then bank accounts would have to be treated as software too.

Sovereign_Curtis

newbie

Activity: 34

Merit: 0

I figure this is probably a great place to ask this question.

So I'm in the shower this morning, and it hits me: Bitcoin is just ones and zeroes. Sure it has lots of the features and benefits traditional currency can provide (and a whole lot more), but it's just code, right? So how come (besides the fact government just loves to steal) bitcoin is being treated like it's money and not software? Having someone sign an End User License Agreement would be a hell of a lot simpler than having to gather tons of information on them.

Then maybe I wouldn't have to drive to Canada to see a Robocoin kiosk in action.

(Yes I'm in NH, yes I know the Lamassu guys, but I still haven't seen one of their machines)

Topic: Why treat bitcoin as money and not code/software? - page 2. (Read 1434 times)