Nostr Web Client

Money is money, time is time, a commodity is a commodity, property is property, a man is a man, a woman is a woman etc . Or, to confuse people, they are all the same.

BitcoinStu 1y ago

A man is a man, a man is also a person, a human, an animal, a living organism. Things can be more than one thing.

Money is money, and it's also a commodity. I know this is getting complicated but try not to over-simply things so that it fits into your narrative that bitcoin is "only money".

And to be completely honest as of today bitcoin is pretty shitty money. That will, hopefully, change with time. But as of right now it sucks as money.

Money is an asset (read commodity) that serves the following purposes:

1. store of value

2. medium of exchange

3. unit of account

Bitcoin is a poor medium of exchange because only a tiny fraction of people will trade with it. And bitcoin is a terrible unit of account because it's purchasing power varies wildly by the hour making it inappropriate to use for accounting, at least for now.

In any society "money" is the asset that exists within that society which has the best mix of the following properties:

1. portability

2. fungibility

3. durability

4. verifyability

5. divisbility

6. scarcity

Bitcoin is the best mix of those properties. This is why I believe that over time it will become the defacto "money" for the world. But money must be a commodity before it can become money.

Hopefully this helps you understand better the relationship of these concepts to each other.

Reply to this note

Please Login to reply.

Discussion

Des Imoto マキシ 1y ago

My man, the Keynsian’s got you so confused. Let’s play a word association game. Should help you get back to the roots of our language. If you blur the meaning of words, we can’t communicate. Here are my associations:

Money-gold (interestingly, confusingly, serves two purposes. A commodity ie raw material for jewlery, and, separately, money)

Property-land

Commodity-wheat

Investment-open a bakery

Woman-baby

Man-…

You can’t invest money in money

You can’t eat money

You can’t grow things on money

A man can’t have babies

Etc

Yes, a man is also a human, but a man is not a woman. And yes, the first five are also assets („enough to settle a will“). But money is not a commodity, property (any item that a person or a business has legal title over. Property can be tangible items, such as houses, cars, or appliances, or it can refer to intangible items that carry the promise of future worth, such as stock and bond certificates), nor an investment etc etc

Why would you want to classify money that way anyway?

BitcoinStu 1y ago

You can smoke money. In prison cigarettes are the asset most durable, fungible, divisible, portable, verifyable, and scarce, so they are used as money.

They are an asset, they are a drug, they are a commodity, and they are money. My man.

BitcoinStu 1y ago

You can invest money in money. I have purchased some Yen with my Dollars in the hopes the value of Yen will increase vs the dollar.

Bitcoin is not really money, not yet anyway. But it's certainly a commodity. Some day it may be money as well.

Des Imoto マキシ 1y ago

QED