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Wrong, currency can not be final settlement that's why there are two different words. There is no distinction between a "network" and a market so that was just pulled out of your ass (especially since gold has nothing to do with swift). Study money, and get back to me. Bitcoin is money, Lightning is A currency. The "network" is your own fabrication. Bitcoin is information and as such its mode of existence is in a ledger.

Tauri 10mo ago

There’s an ungodly amount of nonsense to unpack here. What do you think FedWire settles with? USD, a currency. What unit does the Fed use to maintain its ledger? USD, a currency. A currency is a denominator, not a certificate of ownership you muppet, that’s called a banknote. Visa and Mastercard are payment networks, not markets—holy shit, lol. And yeah, Gold has nothing to do with SWIFT, but under the fiat standard, dollars are supposedly “as good as gold.” Setting aside that statist heuristic fallacy, Lightning isn’t a currency because you don’t settle Lightning on-chain—you settle Bitcoin locked in escrow. The denominator—the currency—is still Bitcoin. Bitcoin is simultaneously money and currency on-chain. The base layer is a monetary system (a network for transaction settlement), and so is Lightning, although they have different properties. The fact that you’re trying to lecture me on money while spouting this clown-tier nonsense is hilarious.

You probably skimmed one retarded book on money—probably some Keynesian drivel or Lyn Alden’s half-baked takes—parroting that “money is a ledger” nonsense with zero citations from Mises, Rothbard, or anyone who actually understands the subject. If money is just a “ledger,” then what is the unit the ledger is kept in? What’s being accounted for? A ledger isn’t money; it’s just a record of debts and credits. The money is the unit it tracks, and if you don’t get that, you’re already lost.

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JackTheMimic 10mo ago 💬 2

Guy, Currency is BACKED BY A MONETARY ASSET. What is USD backed by, genius? Either you can't read or can't follow a logical train of thought more than a few ties. USD is a fiat asset after 1971. It is a terrible money, but more importantly its nature is muttled by its expansion by digital equivalence. A physical dollar is the asset, the numbers on a bank ledger are not always the asset and are the currency coupon of the USD asset. Hilarious that you think you have any idea about what you are speaking.

As for the ledger, bitcoin is in and of itself information on a ledger. The ownership of that encrypted information is locked behind cryptographic keys. I didn't say money is a ledger, I said bitcoin is information on a ledger. Dollars are a fiat asset. Digital dollars are currency on a ledger. And you have no clue what you are talking about.

Tauri 10mo ago

Alright, let’s get something straight: Your whole game about “currency is backed by a monetary asset” is a classic display of half-assed ideology, and it’s not even historically accurate (because there were many instances of unbacked currencies in circulation in the past - including ones redeemable for taxes, church properties or not redeemable at all). The USD isn’t backed by some hidden asset—it’s fiat, a government-issued promise. It may be a garbage currency, but still a currency. Arguing otherwise is denying the word’s meaning. Claiming that a physical dollar is the asset while the ledger is merely a “coupon” is a retarded oversimplification of monetary systems. You have kindergarten level understanding of money and knowledge of its history, and it shows. I suggest you stop embarrassing yourself further and maybe pick a Mises book or something to fill your blanks.

JackTheMimic 10mo ago 💬 1

Again, you can't read so, I won't waste any more time here. Any questions just read what I already wrote. Those "currencies" you are referring to are not currencies, they would be called money. Anything that can be used non-consumptively as a trade settlement is money. In no case was there a currency that WAS a final settlement. Gold coins for instance are not currency, they are literally a monetary asset.

Physical USD is a fiat asset. Assets ARE the backing. Digital USD is not an asset it is a coupon redeemable for the asset (physical dollars).

You can try to insult all you want, you are wrong and might be the dumbest entity I've had the misfortune of responding to.

Tauri 10mo ago

You making up things on the go don’t make you right. It’s not a problem of reading and understanding. You’re simply delusional. Muting you now, since this has been a waste of my time.