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Author Topic: IF THIS IS NOT MONEY WHY BITCOIN IS VALID ?  (Read 107 times)
hoangvuthach
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July 09, 2018, 11:39:53 AM
 #1

VOLUME 1: IS THE CODE THAT MUST BE MONEY?

Cryptocurrency, as well as other things, can be considered money if accepted. But to be considered a currency, money needs to be added.


Money must have all these 7 properties can perform all its functions. Bitcoin has these seven factors:
1. Circulation: Many business units have allowed Bitcoin payments.
2. Identity: Bitcoin can not be faked.
3. Breakable Bitcoin:
4. Durability: Bitcoin does not last long.
Easy to transport: Bitcoin is easy to transport.
6. Scarcity: Bitcoin has only 21 million coin.
7. Uniformity: Bitcoins are the same.

The primordial form of the economy is the direct exchange of goods for the lack of money to mediate transactions.

🚀The currency has to perform three functions:
1. Medium of Exchange
: In ancient times, using commodities as an exchange agent => as currency => as goods, there are two types
a) Non-metal (salt, shell, chicken, chicken feathers)
=> Easy to damage.
= The target is in some areas

Cashew nut was used around 1200 BC, something to bring in the desert is not able to eat because desert people do not know what this is.

=> Poor liquidity
b) Metallic currencies (gold, silver)
=> Initial metal currency is roughly processed.
=> 3000 BC, rings were used as money in Egypt and Mesopotamia. They are also known as ring money.
They are also called ring money but do not consider them as currency

=> No metamorphosis over time
=> Jewelry is always rare, where does not accept.
Contemplate:
_ From the form of money first, itself has real value (instricnt value) when no role for money.
Pig as gold with chicken of course everyone understands what its value itself.

🚀Function 2: Unit of Account -
In 650 BC, the Lydia people used electrum (a natural mixture of gold and silver) to cast out stamped coins to distinguish the false. Today, people call this the first currency of mankind.

The face value of 1 stater is the largest one-to-one 1/24, the world's only 12 1 Stater from 650 BC

In 561 BC, the Lydians learned the technique of splitting gold from silver (some speculated that the technique they learned was to separate silver from gold) and the first gold coin. That is why ancient gold coins are almost pure.

The first gold coin was born in 561 BC

However, due to having to touch the newly used to make the gold coins worn out.
Inheritance:
_ The nominal value of gold coins = face value
_ The value of money itself = the amount of gold used to cast money into money
_ The value of money itself is always smaller than the nominal value due to traffic wear . People have always accepted this currency for over 2000 years.

The real art is in ancient Philip II 359 - 336 BC

🚀Function 3: Store of Value
_ Non-metal currencies can not do this function due to perishability.
Non-metal non-metals are eliminated over time.
Contemplate:
_ This function is the function of monetary value.
It's hard to win enough chickens to buy a building.

Alexander the Great, who collected most of the world gold 336 - 323 BC. Figure Athena

🚀Other functions of money such as Standard of Deferred Payment
_ Sometimes people are borrowing, paying for rent, paying taxes
_ We all use the money to pay and close the transaction.
_ Money and transactions are not related to the goods.
Contemplate:
_Tien should have purchasing power (demand) relatively stable and sustainable over time, the newly created trust do people accept it for payment.

Gold is just beautiful when ancient people molded into money. Pantikapaion 340 BC

🚀To overcome the weakness of the coins, people make money to represent the goods and most notably gold coins.
_ This paper will represent the corresponding goods stored in the warehouse and allowed to be redeem at any time.
In 1816, gold officially became a measure of value in Britain, before the paper money here is not guaranteed in gold. In the United States, the first 1863 gold coins were issued. The value of gold coins is the corresponding gold they represent.
It can be said that the currency from the appearance to this time is always made of gold or representing the gold.

$ 100 1863 Gold Certificate is very rare and the money in the picture has been liquidated for 60 billion

🚀Gold is here.
Gold is the only material that is not only for beauty but for the history of human trust given to it.
1931, countries begin to give up gold.
There is no need to have gold to ensure that legal money is guaranteed by the state and circulated for hours.

Jesus was sold for 30 pieces of silver, the shekel, but 30 pieces of which were unknown, but they were cast for only five years 66-70 AD. This piece of the front is labeled EW, meaning year 5 and will be AD 70 years around April - August

🚀🚀Many people say legal money has no intrinsic value. Again, I think the value of money is the amount of money that can be exchanged. Only a bad currency can have a corresponding standard of ease and easy to understand and do not need to prove that this standard is true. For legal money, you will need to use a lot of complex mathematical calculations to figure out its true value.

Cleopatra VII is one of the most beautiful women of all time. This tetradrachm was cast in 41-40 BC

Money coding can do all three functions as currency, but that does not mean that it can do the job well. Gold has done well for many years but is also eliminated.

Silver can also be beautiful without losing gold. 400 BC Dionysius I

Being unable to do a good monetary role as a fixed sum does not mean that the pre-coding value is not valid, so is gold .

VOLUME 2: WHY DOES THE CODE DO NOT MAKE MONEY WHICH MAKES A MONEY? 




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July 09, 2018, 06:55:00 PM
 #2

This is a well traced historical anticident of money from coins that are physical to paper felt and back to coins that are not physically felt which is cryptocurrency. The difference so far in the trace from antiquity to modernity is the legal backing and general acceptance for all. This I believe will be achieved someday soon.

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July 09, 2018, 10:13:59 PM
 #3

4. Durability: Bitcoin does not last long.
Bitcoin is here to stay so if you think that bitcoin won't last long then crypto's will also not last and kicking in the internet world.

Regardless of what your thread suppose to be, you created a very informative thread where you've gathered different coins/money that are part of the history.

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July 09, 2018, 10:49:08 PM
 #4

4. Durability: Bitcoin does not last long.
Bitcoin is here to stay so if you think that bitcoin won't last long then crypto's will also not last and kicking in the internet world.

Regardless of what your thread suppose to be, you created a very informative thread where you've gathered different coins/money that are part of the history.
Among those 7 properties this is the only thing i do disagree about where he do get about the idea that bitcoin wont last long?
As far as we know with this new tech, it cant be easily to neglect about into the things that it contributes when it comes to payment system. This would remain for long for sure if not forever but somehow it would last for many years and this would only be possible depending on the current adoption of the community where it do supports.
Its not a big deal for it not to be regulated or to become or considered as money but we do know it has a value, therefore it can be considered as one (thru digital).

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batang_bitcoin
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July 09, 2018, 10:53:51 PM
 #5

4. Durability: Bitcoin does not last long.
Bitcoin is here to stay so if you think that bitcoin won't last long then crypto's will also not last and kicking in the internet world.

Regardless of what your thread suppose to be, you created a very informative thread where you've gathered different coins/money that are part of the history.
Among those 7 properties this is the only thing i do disagree about where he do get about the idea that bitcoin wont last long?
As far as we know with this new tech, it cant be easily to neglect about into the things that it contributes when it comes to payment system. This would remain for long for sure if not forever but somehow it would last for many years and this would only be possible depending on the current adoption of the community where it do supports.
Its not a big deal for it not to be regulated or to become or considered as money but we do know it has a value, therefore it can be considered as one (thru digital).
I don't know where he got that idea that bitcoin's durability = it won't last long. I want to know he's points too on why he think that it won't go long. I'm not saying too that it's going to last forever but that "long" he might be thinking about few years from now which we do have the same thoughts of disagreeing. Bitcoin is the foundation of the crypto market and look on how big the money is flowing in and adoptions that are coming on it and even big companies are starting to get interested of building their own exchanges.

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July 10, 2018, 03:15:38 AM
 #6

Can you give is the source of this information, hoangvuthach? English is clearly not your first language, and I think it would be easier to read the essay or article from where you got this from lol. Ty.
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July 10, 2018, 08:36:21 AM
 #7

This is a well traced historical anticident of money from coins that are physical to paper felt and back to coins that are not physically felt which is cryptocurrency. The difference so far in the trace from antiquity to modernity is the legal backing and general acceptance for all. This I believe will be achieved someday soon.
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July 10, 2018, 12:19:46 PM
 #8

It's not only money that has defined value.
So, the similar is with Bitcoin it doesn't have to be declared as currency/payment method to be valuable. This is more matter of regulation and legal definition.
The second thing about how Bitcoin will last this is also a complex question but it's something that is strongly connected with users and market. As long as user will support Bitcoin and the market will exist, the Bitcoin will last.

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July 10, 2018, 02:25:53 PM
 #9

Acceptance and agreement is one thing to consider a thing a currency, so if people are agreeing that they can use it for payment then it is consider as mode of payment, Bitcoin doesn't need to go under approval of government to do so.

Also remember when you were a child when you agree with your playmate that this leaf is money and you will decide how will it cost compared to other leaves, that how it works as well with Bitcoin and some altcoin.
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July 10, 2018, 08:46:28 PM
 #10

Because it seems to me that people invest real money and thereby create value for what in fact there is no  Undecided

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July 10, 2018, 09:46:00 PM
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Because it has a value already, especially when people are trading actual money for it.
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July 10, 2018, 10:41:31 PM
 #12

This is a well traced historical anticident of money from coins that are physical to paper felt and back to coins that are not physically felt which is cryptocurrency. The difference so far in the trace from antiquity to modernity is the legal backing and general acceptance for all. This I believe will be achieved someday soon.
Bitcoin is accepted because of its superior features compared to traditional currency banners that have been proven for a long time since bitcoin was born. At present there are many countries that recognize and use bitcoin as a kind of asset and currency to pay online for the services of the country.

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July 10, 2018, 11:44:03 PM
 #13

   You gathered a lot of data in the history but we are now in modern world with modern technology. Bitcoin is not a money it is a digital currency in a form of money because we can also use it as payments. Bitcoin is not a money but we can make money through it. It is durable as long as there is a market demand and supply it can be last for a long period of time. Bitcoin is already a valuable form of money online that's why it is valid and use by many people in this generation with the help of new and modern technology.

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July 10, 2018, 11:52:58 PM
 #14

4. Durability: Bitcoin does not last long.
Bitcoin is here to stay so if you think that bitcoin won't last long then crypto's will also not last and kicking in the internet world.

Regardless of what your thread suppose to be, you created a very informative thread where you've gathered different coins/money that are part of the history.
Among those 7 properties this is the only thing i do disagree about where he do get about the idea that bitcoin wont last long?
As far as we know with this new tech, it cant be easily to neglect about into the things that it contributes when it comes to payment system. This would remain for long for sure if not forever but somehow it would last for many years and this would only be possible depending on the current adoption of the community where it do supports.
Its not a big deal for it not to be regulated or to become or considered as money but we do know it has a value, therefore it can be considered as one (thru digital).

sorry, my mind is bitcoin can not be damaged like the paper money

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July 12, 2018, 10:51:18 AM
 #15

Coming here to write the history of money doesn’t help us in any way. Even golf can be used for the same thing as you can do with Bitcoin. Some of you don’t even think about what you post in this forum, you just go ahead and post whatever comes to your mind.

Bitcoin can’t be our currency, but you can use it for transactions or invest your money in it. We already have our main currencies that we are using, we have dollars, euros, pounds and a lot of them, why do you want us to rewrite everything. Makes no sense.

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July 12, 2018, 11:25:22 AM
 #16

With this your historical analysis and outlined characteristics which is clear, I think you deserve some merits which I am willing to give if only you can do a proper reference of what you quoted there. The content is rich enough to trace the origin on how we get here and how bitcoin compared to money and why it should function as such.

In my own opinion, while its undeniable that those facts exist to the advantage of bitcoin to be regarded as money, money in itself is on the basis of the sentiments that people attached to the particular item and the population involved makes it money. Today the crisis and conflict we are having is that the majority of the population and those who can influence decisions have still not key into the revolution.

Another factor to note is that bitcoin comes with anonymity which other money that have come over time in human evolution, does not posses such. When people have money, it can be established and known if traced adequately but for bitcoin, I can have 100btc and I would join others to criticise those who own and it cannot be traced to me.
iluvbitcoins
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July 12, 2018, 10:58:55 PM
 #17

4. Durability: Bitcoin does not last long.
Bitcoin is here to stay so if you think that bitcoin won't last long then crypto's will also not last and kicking in the internet world.

Regardless of what your thread suppose to be, you created a very informative thread where you've gathered different coins/money that are part of the history.
Among those 7 properties this is the only thing i do disagree about where he do get about the idea that bitcoin wont last long?
As far as we know with this new tech, it cant be easily to neglect about into the things that it contributes when it comes to payment system. This would remain for long for sure if not forever but somehow it would last for many years and this would only be possible depending on the current adoption of the community where it do supports.
Its not a big deal for it not to be regulated or to become or considered as money but we do know it has a value, therefore it can be considered as one (thru digital).

sorry, my mind is bitcoin can not be damaged like the paper money

That's a good opinion.
But it's a bad argument.

It can't be damaged like paper money which makes it superior to paper money.
It does not mean it is not money.

Money is what I use to pay someone for a service or for a product.

Signature for rent.
coinhunt
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July 24, 2018, 02:34:34 PM
 #18

4. Durability: Bitcoin does not last long.
Bitcoin is here to stay so if you think that bitcoin won't last long then crypto's will also not last and kicking in the internet world.

Regardless of what your thread suppose to be, you created a very informative thread where you've gathered different coins/money that are part of the history.
Among those 7 properties this is the only thing i do disagree about where he do get about the idea that bitcoin wont last long?
As far as we know with this new tech, it cant be easily to neglect about into the things that it contributes when it comes to payment system. This would remain for long for sure if not forever but somehow it would last for many years and this would only be possible depending on the current adoption of the community where it do supports.
Its not a big deal for it not to be regulated or to become or considered as money but we do know it has a value, therefore it can be considered as one (thru digital).

sorry, my mind is bitcoin can not be damaged like the paper money

That's a good opinion.
But it's a bad argument.

It can't be damaged like paper money which makes it superior to paper money.
It does not mean it is not money.

Money is what I use to pay someone for a service or for a product.


But it's possible to buy some stuff with Bitcoin, and even pay for services. So, why it can't be money?
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July 24, 2018, 05:06:28 PM
 #19

Bitcoin has all the key properties of physical currencies. The only thing that is the shortfall as seen by centralized instructions is its decentralization and transparency offered by blockchain technology.
yanixbtc
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July 24, 2018, 09:30:42 PM
 #20

   You gathered a lot of data in the history but we are now in modern world with modern technology. Bitcoin is not a money it is a digital currency in a form of money because we can also use it as payments. Bitcoin is not a money but we can make money through it. It is durable as long as there is a market demand and supply it can be last for a long period of time. Bitcoin is already a valuable form of money online that's why it is valid and use by many people in this generation with the help of new and modern technology.

Yes, that’s right we must accept that if human has it’s own evolution and so with the money. It has evolved with the new technologies. Bitcoin is considered is acceptable in payment and in exchange of goods like fiat money do. Therefore, bitcoin is money and a valid currency that is digital with no physical form. It is more valuable than any physical money ever existed.
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