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I like how Satoshi is a kind of genius God in some people's eyes. Explaining what he would do in a situation, as though it is written in gospel somewhere.
by coderdude 10y ago
I like how Satoshi is a kind of genius God in some people's eyes. Explaining what he would do in a situation, as though it is written in gospel somewhere.
- ebbv 10y agoThat's because Bitcoin's value is entirely belief based (you can't do anything useful with a Bitcoin if nobody else believes it has value), so the whole thing is much closer to a religion than anything based on reason and logic.
- cmurf 10y agoWe're all working with fiat currencies you know.
- zymhan 10y agoI think that's the point GP is making.
- 1_player 10y agoHonestly, that applies to any kind of currency.
- hellbanner 10y agoWhat kind of currency do you accept for your work? Is it reason and logic based or a fiat "belief based" currency?
- BenoitP 10y agoI'll take a bite. A currency that is backed by a powerful and stable state. A state that enforces nearly constant but low inflation; a process by which money has to be invested and flow into an economic system in order to have a shot keeping the same value. I bought 7BTC in April-May 2011 when they were at 7EUR each, during one of the first press-coverage booms. Private key is currently in a cupboard on my old laptop; And precisely because Bitcoin has not inflation, they're staying there.
- st3v3r 10y ago"Is it reason and logic based" What currency is that? Cause it sure isn't bitcoin. Maybe Dogecoin?
- blueflow 10y agoThis also applies to every other fiat currency like the euro or dollar.
- s_q_b 10y agoThe USD and the Euro are backed by the fact that the government will only accept payment in those currencies. That's why it says "for all debts, public and private." The strength of a state-sponsored fiat currency is two-fold: First, the amount of commerce done with the government. And second, the government's ability to use force to prevent the use of other currencies in the licit domestic market, to stop the free movement of cash, and to detain those that do not comply. Succinctly, fiat currencies are maintained by tanks and taxes.
- raddad 10y agoThe currency can change quickly and the old stuff becomes quite worthless. Ask the Confederates.
- s_q_b 10y agoThey lost their force and power of taxation. It's actually a great example of how fiat currencies work. No "tanks", no taxes, no currency.
- digi_owl 10y agoAnd thus you may say that every Euro using nation effectively gave up sovereignty when they adopted said currency...
- s_q_b 10y agoI would characterize it as more of a joint sovereignty pact, with all agreeing to accept a currency, and all in a mutual defense organization. It's not a pure federal government, but it's at least a confederacy. But, to address the elephant in the room, as one can see from recent events divorcing fiscal union from monetary union can have some very detrimental effects.
- CyberDildonics 10y ago> Bitcoin's value is entirely belief based Its value, like the value of any form of money, are based on the ideal properties of money.