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Author Topic: Bitcoin: SDR for the little guy.  (Read 3413 times)
benjamindees
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July 06, 2011, 04:40:41 AM
 #21

decem- : by ten

-ate : to do, to make, to cause, or to act upon; to do something with

"Decimate" is derived from the ordinal, "decimus", which means "tenth".  Its meaning and original usage pertain to reducing the number of a thing, not increasing it.  So your attempting to use "decimate" to mean "inflation" was exactly wrong and they were right to call you out on it.

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billyjoeallen
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July 06, 2011, 04:49:00 AM
 #22

Very briefly,

decem- : by ten

-ate : to do, to make, to cause, or to act upon; to do something with


I understand language. I don't go by the definition you just found at Google.

Told you. Now he is hoping someone jumps on the "you don't use language the way it is defined?" argument, because that could go on forever and he'll get a kick out of it the whole way.

Actually I caren't.  I've simply shown that people who rely on pithy internet searches to do all of their reasoning for them are inferior to people who reason based on fundamental understanding. That is the end of this particular argument.

Now as for Bitcoin being the poor man's SDR, my assessment still stands.

This is getting amusing. Pithy is actually a compliment. You would have gotten more mileage out of the word "pedantic".  You assessment never stood in the first place. Nobody who has the power to move the decimal has any incentive to actually do so.

Except it was sarcasm...

/s/pithy/s/ internet searches.

now quit being a pithant and post something relevant.

Those with the ability to move the decimal have no incentive to do so. The decimal won't move.

You see I have been posting something relevant, three times now actually- with no substantive response.

insert coin here:
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Synaptic
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July 06, 2011, 04:49:17 AM
 #23

decem- : by ten

-ate : to do, to make, to cause, or to act upon; to do something with

"Decimate" is derived from the ordinal, "decimus", which means "tenth".  Its meaning and original usage pertain to reducing the number of a thing, not increasing it.  So your attempting to use "decimate" to mean "inflation" was exactly wrong and they were right to call you out on it.

The suffix -ate is contextually sensitive. "Decimate" is not a concrete word.

Furthermore, "reducing" the valuation of the primary unit of exchange by moving the decimal over is exactly correct.
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July 06, 2011, 04:50:19 AM
 #24

Very briefly,

decem- : by ten

-ate : to do, to make, to cause, or to act upon; to do something with


I understand language. I don't go by the definition you just found at Google.

Told you. Now he is hoping someone jumps on the "you don't use language the way it is defined?" argument, because that could go on forever and he'll get a kick out of it the whole way.

Actually I caren't.  I've simply shown that people who rely on pithy internet searches to do all of their reasoning for them are inferior to people who reason based on fundamental understanding. That is the end of this particular argument.

Now as for Bitcoin being the poor man's SDR, my assessment still stands.

This is getting amusing. Pithy is actually a compliment. You would have gotten more mileage out of the word "pedantic".  You assessment never stood in the first place. Nobody who has the power to move the decimal has any incentive to actually do so.

Except it was sarcasm...

/s/pithy/s/ internet searches.

now quit being a pithant and post something relevant.

Those with the ability to move the decimal have no incentive to do so. The decimal won't move.

You see I have been posting something relevant, three times now actually- with no substantive response.

It will if the wet-dream of Bitcoin proponents, which is a bitcoin worth over $100, comes to fruition.
DamienBlack
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July 06, 2011, 04:59:16 AM
 #25

Now as for Bitcoin being the poor man's SDR, my assessment still stands.

Really? That is news to me. But I guess I'll take your work on it.

Read about it. Post your arguments how it's different.

Essentially, Bitcoin acts just as SDR does between currencies, just on a mundane scale.

So SDR was a decentralized, p2p, deflationary, pseudo-anonymous currency?

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Synaptic
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July 06, 2011, 05:05:03 AM
 #26

Now as for Bitcoin being the poor man's SDR, my assessment still stands.

Really? That is news to me. But I guess I'll take your work on it.

Read about it. Post your arguments how it's different.

Essentially, Bitcoin acts just as SDR does between currencies, just on a mundane scale.

So SDR was a decentralized, p2p, deflationary, pseudo-anonymous currency?

No, SDR is a supplementary foreign exchange reserve asset, which is the primary function of bitcoin today. A reserve asset.

All that other bullshit cruft is simply what gives BTC any credibility among its small number of users.
billyjoeallen
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July 06, 2011, 05:19:23 AM
 #27

Very briefly,

decem- : by ten

-ate : to do, to make, to cause, or to act upon; to do something with


I understand language. I don't go by the definition you just found at Google.

Told you. Now he is hoping someone jumps on the "you don't use language the way it is defined?" argument, because that could go on forever and he'll get a kick out of it the whole way.

Actually I caren't.  I've simply shown that people who rely on pithy internet searches to do all of their reasoning for them are inferior to people who reason based on fundamental understanding. That is the end of this particular argument.

Now as for Bitcoin being the poor man's SDR, my assessment still stands.

This is getting amusing. Pithy is actually a compliment. You would have gotten more mileage out of the word "pedantic".  You assessment never stood in the first place. Nobody who has the power to move the decimal has any incentive to actually do so.

Except it was sarcasm...

/s/pithy/s/ internet searches.

now quit being a pithant and post something relevant.

Those with the ability to move the decimal have no incentive to do so. The decimal won't move.

You see I have been posting something relevant, three times now actually- with no substantive response.

It will if the wet-dream of Bitcoin proponents, which is a bitcoin worth over $100, comes to fruition.

What makes you think so?

insert coin here:
1Ctd7Na8qE7btyueEshAJF5C7ZqFWH11Wc

Open an exchange account at CampBX: options, lowest commissions, and best security
https://campbx.com/register.php?r=0Y7YxohTV0B
Synaptic
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July 06, 2011, 05:27:09 AM
 #28

Very briefly,

decem- : by ten

-ate : to do, to make, to cause, or to act upon; to do something with


I understand language. I don't go by the definition you just found at Google.

Told you. Now he is hoping someone jumps on the "you don't use language the way it is defined?" argument, because that could go on forever and he'll get a kick out of it the whole way.

Actually I caren't.  I've simply shown that people who rely on pithy internet searches to do all of their reasoning for them are inferior to people who reason based on fundamental understanding. That is the end of this particular argument.

Now as for Bitcoin being the poor man's SDR, my assessment still stands.

This is getting amusing. Pithy is actually a compliment. You would have gotten more mileage out of the word "pedantic".  You assessment never stood in the first place. Nobody who has the power to move the decimal has any incentive to actually do so.

Except it was sarcasm...

/s/pithy/s/ internet searches.

now quit being a pithant and post something relevant.

Those with the ability to move the decimal have no incentive to do so. The decimal won't move.

You see I have been posting something relevant, three times now actually- with no substantive response.

It will if the wet-dream of Bitcoin proponents, which is a bitcoin worth over $100, comes to fruition.

What makes you think so?

Ok, sweetie, I'll break it down for you:

If bitcoin reaches a steady $100/BTC, and people actually expect to use it as a transactional currency, then the nominal valuation of the exchange unit will need to be shifted over to facilitate trade comfortably.

It's just very psychologically irritating to be dealing with tenths of something in normal daily transactions.

"ALPACA SOCKS, ON SALE, ONLY .003 BTC"

It's inane.
asdf
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July 06, 2011, 05:35:08 AM
 #29

What makes you think so?

Ok, sweetie, I'll break it down for you:

If bitcoin reaches a steady $100/BTC, and people actually expect to use it as a transactional currency, then the nominal valuation of the exchange unit will need to be shifted over to facilitate trade comfortably.
no it won't.

It's just very psychologically irritating to be dealing with tenths of something in normal daily transactions.

"ALPACA SOCKS, ON SALE, ONLY .003 BTC"

It's inane.

Who cares. Your whole thread is inane. people will use BTC as they are currently denominated, just like Zimbabwe used 10,000,000,000 notes. It's not going to change just because of your quibbles. Get over it.

And moving the decimal place is not the same as inflation.

Synaptic
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July 06, 2011, 05:39:54 AM
 #30

What makes you think so?

Ok, sweetie, I'll break it down for you:

If bitcoin reaches a steady $100/BTC, and people actually expect to use it as a transactional currency, then the nominal valuation of the exchange unit will need to be shifted over to facilitate trade comfortably.
no it won't.

It's just very psychologically irritating to be dealing with tenths of something in normal daily transactions.

"ALPACA SOCKS, ON SALE, ONLY .003 BTC"

It's inane.

Who cares. Your whole thread is inane. people will use BTC as they are currently denominated, just like Zimbabwe used 10,000,000,000 notes. It's not going to change just because of your quibbles. Get over it.

And moving the decimal place is not the same as inflation.



This whole forum's inane, that's why I fit in so well here.
benjamindees
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July 06, 2011, 05:46:44 AM
 #31

"Decimate" is not a concrete word.

Furthermore, "reducing" the valuation of the primary unit of exchange by moving the decimal over is exactly correct.

Sorry, but no.  "Decimatio" is a concrete word for which we have evidence of use by Plutarch, Suetonius, Tacitus and Livy at least.  It refers to the practice in a Roman Legion of eliminating a tenth of the soldiers in a unit.  Note that this is not the same as reducing something by ten, so even then your comparison fails.

Furthermore, the Bitcoin exchange rate floats freely.  "Moving the decimal" of Bitcoin has no devaluation effect so I'm not even sure what you are arguing.

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July 06, 2011, 05:50:24 AM
 #32

"Decimate" is not a concrete word.

Furthermore, "reducing" the valuation of the primary unit of exchange by moving the decimal over is exactly correct.

Sorry, but no.  "Decimatio" is a concrete word for which we have evidence of use by Plutarch, Suetonius, Tacitus and Livy at least.  It refers to the practice in a Roman Legion of eliminating a tenth of the soldiers in a unit.  Note that this is not the same as reducing something by ten, so even then your comparison fails.

Furthermore, the Bitcoin exchange rate floats freely.  "Moving the decimal" of Bitcoin has no devaluation effect so I'm not even sure what you are arguing.

lol...

alright.

HAHAHA.
DamienBlack
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July 06, 2011, 05:55:21 AM
 #33

Now as for Bitcoin being the poor man's SDR, my assessment still stands.

Really? That is news to me. But I guess I'll take your work on it.

Read about it. Post your arguments how it's different.

Essentially, Bitcoin acts just as SDR does between currencies, just on a mundane scale.

So SDR was a decentralized, p2p, deflationary, pseudo-anonymous currency?

No, SDR is a supplementary foreign exchange reserve asset, which is the primary function of bitcoin today. A reserve asset.

All that other bullshit cruft is simply what gives BTC any credibility among its small number of users.

you know what else is a reserve asset? Gold. Gold is doing really well. So bitcoin will do really good.

Note: the previous statement was silly.

PS -- Guys, it is so easy to troll you on linguistics that I feel like doing it myself. Can we try to stay on topic.

I trade bitcoin options at https://bitoption.org/ ... Join me.
I play poker at https://betco.in/ ... Join me.
Support the bitcoin economy, what do you do?
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billyjoeallen
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July 06, 2011, 06:01:34 AM
 #34

Very briefly,

decem- : by ten

-ate : to do, to make, to cause, or to act upon; to do something with


I understand language. I don't go by the definition you just found at Google.

Told you. Now he is hoping someone jumps on the "you don't use language the way it is defined?" argument, because that could go on forever and he'll get a kick out of it the whole way.

Actually I caren't.  I've simply shown that people who rely on pithy internet searches to do all of their reasoning for them are inferior to people who reason based on fundamental understanding. That is the end of this particular argument.

Now as for Bitcoin being the poor man's SDR, my assessment still stands.

This is getting amusing. Pithy is actually a compliment. You would have gotten more mileage out of the word "pedantic".  You assessment never stood in the first place. Nobody who has the power to move the decimal has any incentive to actually do so.

Except it was sarcasm...

/s/pithy/s/ internet searches.

now quit being a pithant and post something relevant.

Those with the ability to move the decimal have no incentive to do so. The decimal won't move.

You see I have been posting something relevant, three times now actually- with no substantive response.

It will if the wet-dream of Bitcoin proponents, which is a bitcoin worth over $100, comes to fruition.

What makes you think so?

Ok, sweetie, I'll break it down for you:

If bitcoin reaches a steady $100/BTC, and people actually expect to use it as a transactional currency, then the nominal valuation of the exchange unit will need to be shifted over to facilitate trade comfortably.

It's just very psychologically irritating to be dealing with tenths of something in normal daily transactions.

"ALPACA SOCKS, ON SALE, ONLY .003 BTC"

It's inane.


It's no big deal all all. Besides, with Bit-pay and other merchant clients, you can make all your purchases and sales in dollar terms, using up-to-the-minute exchange rates automatically factored in.  

The only thing psychologically irritating is discovering months after the fact that you spent a half a million dollars on a pizza.  

insert coin here:
1Ctd7Na8qE7btyueEshAJF5C7ZqFWH11Wc

Open an exchange account at CampBX: options, lowest commissions, and best security
https://campbx.com/register.php?r=0Y7YxohTV0B
Timo Y
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July 06, 2011, 10:51:34 AM
 #35

Yes, Bitcoin is just like SDR.

It's issued by a central authority.
It represents a claim for a basket of fiat currencies.
That central authority dictates to everyone what they can and cannot buy with bitcoin.
That central authority dictates with whom you can trade bitcoin.
Everyone using bitcoin obeys those rules.
A bitcoin transaction takes several days.
Nobody is using bitcoin for anything apart from storing value.
Its supply is variable.

Great analogy!

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benjamindees
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July 06, 2011, 10:57:36 AM
 #36

Bitcoin is actually a much better global reserve currency than SDR since it doesn't have a fixed exchange rate and therefore can't be defaulted upon.

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July 14, 2011, 04:13:50 PM
 #37

Yes, Bitcoin is just like SDR.

It's issued by a central authority.
It represents a claim for a basket of fiat currencies.
That central authority dictates to everyone what they can and cannot buy with bitcoin.
That central authority dictates with whom you can trade bitcoin.
Everyone using bitcoin obeys those rules.
A bitcoin transaction takes several days.
Nobody is using bitcoin for anything apart from storing value.
Its supply is variable.

Great analogy!

It's SDR *for the little guy* as I said. Nation States of course use rules and regulations applicable to their real and present circumstances. Y'know, the circumstances of relevance and importance to people and organizations that actually have any bearing on consensual financial reality outside of these forums.

However, in effect the bitcoins are a very SDR-esque wanna-be reserve currency.

Analytically, Bitcoin is literally nothing more than a basket of fiat currencies, and always will be.

All the other super-fantastic anarchocryptojerkoffism is really inconsequential and over-rated in the end-game analysis. Furthermore, withjust a tad more effort than I care to put forth to take the piss out of you, it can easily be demonstrated that bitcoin has become centrally regulated ipso facto, by naturally emergent circumstances in a number of ways.

QED such as, Son.
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