My argument is we will revert to barter & only True Believers will accept Bitcoin, and they will quickly lose faith when they see how few other True Believers there are.

Also, you might lose electricity or Internet temporarily.

Vibe

It tracks monetary value energy in cyber space being moved from one owner to another.

It's a decentralized accounting unit which does not track any real thing

Is the market wrong to value gold?

Is the market wrong to value fiat notes?

The Bitcoin maxi case can't depend on the current valuation of Bitcoin because doing so validates fiat & gold as well (and of course the historical value of South Sea Company stock & Enron stock would be defended as well)

US Federal Reserve Notes "have value"

Euro notes "have value"

Who are you to tell a billion people in the Western world whose use these notes every day that their notes don't really have value?

Well, all you need to be is somebody who can think & realize the notes are an accounting unit divorced from reality. The same is true of Bitcoin.

Again, we've tried your trust thingy with gold for a few thousands of years. It didn't work.

Your metal disks need a trust and a centralized authority to verify the purity. #Bitcoin works better.

A currency being backed by something means you can redeem the currency for that thing.

When the dollar was backed by gold, you could go to the issuer of dollars and demand gold. The dollar had value because gold had value, not because there was stored energy or the accounting system or anything like that.

With Bitcoin you have no particular right to go to the miner and demand energy or "blocks". So it is unbacked just as fiat currency now is.

Moreover, the energy used to create Bitcoin does not confer value. This is a variation of the labor theory of value, which has rightly been discarded for subjective theory of value - see my longer post in this thread (replying to Sec Yellen) for a more complete explanation.

I’m not sure why but Cash app closed my account and apparently neither are they. Sending BTC off of the exchange must be a violation.

They certainly make it difficult with daily limits.

No, I don't. But it is unbacked - a currency without a money, just like fiat. It is just as worthless for that reason.

Fiat has mathematical problems that Bitcoin does not.

Fiat has economic problems that Bitcoin also does.

I’m not sure why but Cash app closed my account and apparently neither are they. Sending BTC off of the exchange must be a violation.

They certainly make it difficult with daily limits.

Do you deny that Bitcoin is a human creation?

Gm 🫂👊🏼

Your keys, your notes; only you can post, and only you can read your DMs because they are encrypted.

However, whatever you post publicly is public data and is available to everyone, it open protocol.

You can download copy of them and broadcast it to some other relay.