Nostr Web Client

Go ahead, create just 5 more #sats and send them to my wallet. If they aren't a part of the 21 million #Bitcoin, the sats will never be accepted. Tell me how not scarce are they again.

As I said, ridiculous claims 😆

a source familiar with the matter 2y ago

You're not paying attention to detail.

When you say "send me the sats" would you be satisfied if I sent a flash drive with the existing blockchain on it? Strictly speaking I've sent you ALL the sats.

I suspect not.

You're not talking about sats as a real entity in computer memory, you're talking about sats as accounting units (which I am saying do not exist).

I can run all the nodes I want without thereby duplicating into existence more sats. But the "sats" are real in *only* this sense - as entries in computer memory. The scarce "thing" you are trading doesn't exist. What exists is a record that can be duplicated independently of how much Bitcoin it records (ie the Bitcoin is not scarce in this sense).

A helpful comparison is the (hyperinflated & abandoned) Weimar Reichsmark, which sells for more than zero as a historical document but has zero value as a currency. Because of this, the 10 trillion mark note sells for approximately the same as the 10 thousand mark note, not a million times as much.

Yes, currently the accounting units of Bitcoin trade for more than zero real goods. This is true also of US "dollar" accounting units, which are equally fiction.

Reply to this note

Please Login to reply.

Discussion

Secretary Janet Yellen 2y ago

You are not paying attention to detail.

#Bitcoin is limited to 21 million coins. The records of all the #sats doesn't mean it isn't scarce.

There's one Eiffel Tower, millions of records, many copies. Yet there's still only one true Eiffel Tower.

Are you going to send me the sats you ve created and prove the whole world that Bitcoin isn't scarce or not? Talk is cheap.

BottleTeams 2y ago

The straw man king strikes again.

Secretary Janet Yellen 2y ago

The people knowing about #Bitcoin for a decade while dismissing it, are the most salty. I hope he'll stick to the straws for at least a decade and never buy any.