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I think the hangup with BTC as a commodity is that I can make a loaf of bread with wheat and eat it and the amount of wheat in the world is depleted as a result

by mulmen 3y ago

I think the hangup with BTC as a commodity is that I can make a loaf of bread with wheat and eat it and the amount of wheat in the world is depleted as a result. Similarly I can use gold to build a cell phone or some jewelry and while it is possible to recover it isn't as simple as trading BTC. How is a BTC consumed?

scottiebarnes 3y ago
The majority of gold usage is in investment/central bank reserve. Technology applications are a fraction of the usage. Jewelry is a major usage, however part of the reason for its use in jewelry is a hybrid combination of its store of value properties (ex. in Indian culture afaik, gold jewelry plays a large part in passing down wealth, families gift gold jewelry at weddings etc.). So you consume bitcoin the same way a central bank consumes gold: by sitting on it, selling it when you need to, or buying more in times of expected turmoil. Bitcoin is far younger than gold (12 years vs thousands), so its obviously more volatile. https://www.statista.com/statistics/299609/gold-demand-by-industry-sector-share/ https://www.statista.com/statistics/299609/gold-demand-by-in...
- mulmen 3y ago
  Trading something doesn’t consume it. That’s a very confusing overloading of terminology.
  - scottiebarnes 3y ago
    Well consumer comes from the base word consume, which by definition includes the buying of a good or service, which is essentially a trade. Consume: - eat, drink, or ingest (food or drink). - buy (goods or services). - use up (a resource). - (especially of a fire) completely destroy. - (of a feeling) absorb all of the attention and energy of (someone).
    - deleted 3y ago
      [deleted]
    - mulmen 3y ago
      I was asking an honest question but I don't like being trolled. Have a nice day.
      - scottiebarnes 3y ago
        Not sure why you think you're being trolled. Have a good one.
      - dcow 3y ago
        You’re not bing trolled? Wat.
      - skinnymuch 3y ago
        How would you be trolled? You asked and you got answered. What are you disagreeing with?
        mulmen 3y ago
        None of these responses answer the question.
ryathal 3y ago
BTC is consumed when someone forgets their password.
jallen_dot_dev 3y ago
Technically the thing you hold and use is a transaction output, and once an unspent transaction output (UTXO) is spent it can't be spent again. So from that perspective it is consumed!
deleted 3y ago
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jpadkins 3y ago
shaping gold into jewelry doesn't consume it. One of the reasons its been currency for 5k years is because you can melt it down and re-use it as coins or other jewelry etc. Gold isn't consumed, for the most part.
- deleted 3y ago
  [deleted]

by mulmen 3y ago

scottiebarnes 3y ago

The majority of gold usage is in investment/central bank reserve. Technology applications are a fraction of the usage. Jewelry is a major usage, however part of the reason for its use in jewelry is a hybrid combination of its store of value properties (ex. in Indian culture afaik, gold jewelry plays a large part in passing down wealth, families gift gold jewelry at weddings etc.). So you consume bitcoin the same way a central bank consumes gold: by sitting on it, selling it when you need to, or buying more in times of expected turmoil. Bitcoin is far younger than gold (12 years vs thousands), so its obviously more volatile. https://www.statista.com/statistics/299609/gold-demand-by-industry-sector-share/ https://www.statista.com/statistics/299609/gold-demand-by-in...

mulmen 3y ago
Trading something doesn’t consume it. That’s a very confusing overloading of terminology.
- scottiebarnes 3y ago
  Well consumer comes from the base word consume, which by definition includes the buying of a good or service, which is essentially a trade. Consume: - eat, drink, or ingest (food or drink). - buy (goods or services). - use up (a resource). - (especially of a fire) completely destroy. - (of a feeling) absorb all of the attention and energy of (someone).
  - deleted 3y ago
    [deleted]
  - mulmen 3y ago
    I was asking an honest question but I don't like being trolled. Have a nice day.
    - scottiebarnes 3y ago
      Not sure why you think you're being trolled. Have a good one.
    - dcow 3y ago
      You’re not bing trolled? Wat.
    - skinnymuch 3y ago
      How would you be trolled? You asked and you got answered. What are you disagreeing with?
      - mulmen 3y ago
        None of these responses answer the question.

ryathal 3y ago

BTC is consumed when someone forgets their password.

jallen_dot_dev 3y ago

Technically the thing you hold and use is a transaction output, and once an unspent transaction output (UTXO) is spent it can't be spent again. So from that perspective it is consumed!

deleted 3y ago

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jpadkins 3y ago

shaping gold into jewelry doesn't consume it. One of the reasons its been currency for 5k years is because you can melt it down and re-use it as coins or other jewelry etc. Gold isn't consumed, for the most part.

deleted 3y ago
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