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0 pointsErlich_Bachman5y ago0 comments

> That does not make it less true that money does not have magical properties and bitcoin will not create a new world order.

Is anyone really claiming that? The OP's post doesn't seem to be in this spirit anyway. It's more like "Bitcoin has true usefulness, it will keep some meaningful value for a long time, enable other use cases that didn't even exist before.". Nobody is saying that it is going to replace all other forms of money.

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toto4445y ago

> Nobody is saying that it is going to replace all other forms of money.

To be a money it somehow has to. What is the value of a dollar ? The set of goods you can buy with a dollar. As long as the value of a bitcoin is expressed in another currency that is weird to call it a money.

hfsp5y ago

There is a lot of conflation in btc threads between store of value, medium of exchange, and unit of account.

You are referring to unit of account.

https://nakamotoinstitute.org/mempool/bitcoin-as-a-store-of-...

shawnz5y ago

The value of every currency is expressed in other currencies. How else would you do it? Are you saying there is nothing in existence which can really be considered "money" except maybe the US dollar?

toto4445y ago

If suddenly every land on Earth but the UK is flooded, £1 will still have a value : the set of goods you can buy with £1.

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lottin5y ago

The value of a currency is expressed in purchasing power. Exchange rates are prices of currencies in terms of other currencies, they don't tell us anything about purchasing power.

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0 pointsErlich_Bachman5y ago0 comments

> That does not make it less true that money does not have magical properties and bitcoin will not create a new world order.

0 comments

toto4445y ago

> Nobody is saying that it is going to replace all other forms of money.

hfsp5y ago

There is a lot of conflation in btc threads between store of value, medium of exchange, and unit of account.

You are referring to unit of account.

https://nakamotoinstitute.org/mempool/bitcoin-as-a-store-of-...

shawnz5y ago

The value of every currency is expressed in other currencies. How else would you do it? Are you saying there is nothing in existence which can really be considered "money" except maybe the US dollar?

toto4445y ago

If suddenly every land on Earth but the UK is flooded, £1 will still have a value : the set of goods you can buy with £1.

1 more reply

lottin5y ago

The value of a currency is expressed in purchasing power. Exchange rates are prices of currencies in terms of other currencies, they don't tell us anything about purchasing power.

1 more reply

j / k navigate · click thread line to collapse