Ok, I don't disagree with you about store of value. But we are talking about money as a whole. And you said yourself that all those properties were important. By your own metric, if Bitcoin is missing some or weak in them, it isn't money. If you said Bitcoin and Monero were not money, that would sound consistent to me. But saying Bitcoin is money and Monero is not seems not correct especially with Moneros closer similarities with gold (private, fungible, low inflation, limitless supply).
And that is exactly why Bitcoin isn't fungible. Bitcoin is fungible in theory, on a protocol level. In the real world, 1 BTC =/= 1 BTC because of unique/distinguishable/non-uniform histories. If my coin is tainted by some past criminal activity or coinjoining, and others are able to see that, they will value it less than a freshly mined coin or one with no dirty past. Even if they don't care, they know others might care. A coin could even be overvalued if it belonged to a celebrity. We already have many examples of all this and Bitcoin isn't even widespread yet.
"You don't ask nicely that everyone else not spend your coins; You just protect them using a cryptographic key.
Similarly, you don't ask nicely everyone else not distinguish your monetary units; You just make them *technically* indistinguishable AKA fungible." -BinaryFate
Gold is virtually limitless.
Even if we mine all the gold on earth in some distant future there is a whole universe out there (which could also be endless or so vast it is virtually endless). Access to it is only limited by time, technology, and profit.
Yes, I don't mind this discussion. "Hidden Secrets of Money" is great. Monero users were actually the ones that showed me it. Just let me know if you want to agree to disagree.
SaberhagenTheNameless / Saberhagen The Nameless
npub14a…yz6rn
2024-02-13 20:08:26
in reply to nevent1q…grr0
Author Public Key
npub14a6q6xvt4wuv0wpdpfr336e4fweldtu6np3ehpw55h83xuw2h2zsgyz6rnPublished at
2024-02-13 20:08:26Event JSON
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"content": "Ok, I don't disagree with you about store of value. But we are talking about money as a whole. And you said yourself that all those properties were important. By your own metric, if Bitcoin is missing some or weak in them, it isn't money. If you said Bitcoin and Monero were not money, that would sound consistent to me. But saying Bitcoin is money and Monero is not seems not correct especially with Moneros closer similarities with gold (private, fungible, low inflation, limitless supply).\n\nAnd that is exactly why Bitcoin isn't fungible. Bitcoin is fungible in theory, on a protocol level. In the real world, 1 BTC =/= 1 BTC because of unique/distinguishable/non-uniform histories. If my coin is tainted by some past criminal activity or coinjoining, and others are able to see that, they will value it less than a freshly mined coin or one with no dirty past. Even if they don't care, they know others might care. A coin could even be overvalued if it belonged to a celebrity. We already have many examples of all this and Bitcoin isn't even widespread yet.\n\n\"You don't ask nicely that everyone else not spend your coins; You just protect them using a cryptographic key.\nSimilarly, you don't ask nicely everyone else not distinguish your monetary units; You just make them *technically* indistinguishable AKA fungible.\" -BinaryFate\n\nGold is virtually limitless. \nEven if we mine all the gold on earth in some distant future there is a whole universe out there (which could also be endless or so vast it is virtually endless). Access to it is only limited by time, technology, and profit.\n\nYes, I don't mind this discussion. \"Hidden Secrets of Money\" is great. Monero users were actually the ones that showed me it. Just let me know if you want to agree to disagree.",
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