[VIDEO]An indisputable proof that bitcoin is fake money and...

[antikvark]

The easiest way to detect if something is real money or fake money is to check whether it can perform the primary function of money, which is to act as a means by which parties exchange goods and services in the market. Real money is capable of performing this function, while fake money is not.
~snip~

FED prints dollar when US government request for it. Dollar is backed buy debt.
Any other currency is backed by dollar.
Tell me how long this system you expect to survive?

This is irrelevant for this topic.

[Kapyong]

Incorrect terms -

instead of $ = real money and BTC = fake money,

it should be $ = old money and BTC = new money.

[AB de Royse777]

The easiest way to detect if something is real money or fake money is to check whether it can perform the primary function of money, which is to act as a means by which parties exchange goods and services in the market. Real money is capable of performing this function, while fake money is not.
~snip~

FED prints dollar when US government request for it. Dollar is backed buy debt.
Any other currency is backed by dollar.
Tell me how long this system you expect to survive?

This is irrelevant for this topic.

How it's irrelevant? You are questioning Bitcoin as money and I am questioning fiat that has considered as money. If there are any question here then the entire fiat system is questionable.

[BrewMaster]

you first start by inventing your own definition of something and then try to convince others to accept YOUR definition of that thing then you continue to make your conclusion based on that initial false definition!

with that logic i can set certain conditions and prove that you don't even exist just because i said so. but you wouldn't cease to exist because of that definition.

it is the same with bitcoin. the definition of money as a medium of exchange is simple and clear. and since bitcoin can be used as a currency, it is a real currency or in the more commonly used term "money".

[yazher]

I disapproved the using of term money because it is not money in the first place.
it can be used to pay for selective things but it was not money at all.
The long explanation does not give us the most important things why Bitcoin is not money.
In the first place, it was not money because there is no hard copy of bitcoin.

Remember everything was just made by that 1 person which we consider the brain of bitcoin no other than Satoshi.
so far there has no flaw with this thing so we don't have
a reason to doubt it and until now we continue to support it.

[Betwrong]

~ Fake dollars are not valuable because the guy invested a lot of funds into money counterfeit machine. In the same way blockchain entries are not valuable because a miner invested a lot of electricity to generate them. ~

It seems like you don't understand how Bitcoin mining works. A lot of electricity is invested not in creation of new coins, but in order to win the block reward. The more miners around, the higher hashing power you must have to increase the probability of winning the reward for creating a valid block of transactions. Your comparison to money counterfeit machine is absolutely irrelevant here.

[Lauren Smith]

Why don't you just fuck off? Seriously? Why are you here? Nothing you have said make any sense in the slightest bit. You make it sound overly complicated because you somehow feel it makes you sound more intelligent but the only thing it serves is make you sound like your speaking mindless dribble.

You clearly live in a fantasy world and have almost no understanding of the economy.

It is extremely easy to understand crypto.

Crypto source = blockchain
Fiat source = goverment

Both are released slowly as to keep inflation under control.
Both can be traded for goods are services.
Both are given value depicted by the demand of the market. (so I can give you $10 instead of swapping my cow for 3 of your sheep we now use value and this value is stored digitally or physically)

So you should go to the people that author the dictionary and tell them that they are wrong since you know more the them.



Definition of money


Money is any good that is widely used and accepted in transactions involving the transfer of goods and services from one person to another. Economists differentiate among three different types of money: commodity money, fiat money, and bank money. Commodity money is a good whose value serves as the value of money

[antikvark]

The easiest way to detect if something is real money or fake money is to check whether it can perform the primary function of money, which is to act as a means by which parties exchange goods and services in the market. Real money is capable of performing this function, while fake money is not.
~snip~

FED prints dollar when US government request for it. Dollar is backed buy debt.
Any other currency is backed by dollar.
Tell me how long this system you expect to survive?

This is irrelevant for this topic.

How it's irrelevant? You are questioning Bitcoin as money and I am questioning fiat that has considered as money. If there are any question here then the entire fiat system is questionable.

It is irrelevant because speculation about the survival of current monetary system has nothing to do with the question whether Bitcoin is real money or fake money.

[killat]

In financial world anything is about offer and demand. As long as buyers are willing to pay the price requested for Btc it is not and will not be fake money.

Imagine that tomorrow nobody will want to buy American dollars. Would dollar be fake money, too?

[antikvark]

you first start by inventing your own definition of something and then try to convince others to accept YOUR definition of that thing then you continue to make your conclusion based on that initial false definition!

with that logic i can set certain conditions and prove that you don't even exist just because i said so. but you wouldn't cease to exist because of that definition.

it is the same with bitcoin. the definition of money as a medium of exchange is simple and clear. and since bitcoin can be used as a currency, it is a real currency or in the more commonly used term "money".

If you counterfeit dollars they will be used as a currency. But, that doesn't mean they are not fake. I explained in detail what differentiate between fake and real money. In the case of real money, those that put intrinsically worthless paper bills or digital entries into circulation, provide goods or services to the opposite party -- current bills or entries holders-- which happens when they take these bills or entries out of circulation . In the case of fake money, they extract goods and services from the opposite party and than they disappear without providing any goods and services to this party. Basically, they leave worthless bills or entries in an infinite circulation chain, and were just using those to lure the public into transferring real money, goods and services into their hands.

[AB de Royse777]

It is irrelevant because speculation about the survival of current monetary system has nothing to do with the question whether Bitcoin is real money or fake money.

You are not making sense anymore. The current monetary system has everything to do with Bitcoin. Your current system is as broken as a fragile glass. It's not far away from another financial collapses that happened in 2008. You lot like to be fucked by FED.

[antikvark]

Why don't you just fuck off? Seriously? Why are you here? Nothing you have said make any sense in the slightest bit. You make it sound overly complicated because you somehow feel it makes you sound more intelligent but the only thing it serves is make you sound like your speaking mindless dribble.

You clearly live in a fantasy world and have almost no understanding of the economy.

It is extremely easy to understand crypto.

Crypto source = blockchain
Fiat source = goverment

Both are released slowly as to keep inflation under control.
Both can be traded for goods are services.
Both are given value depicted by the demand of the market. (so I can give you $10 instead of swapping my cow for 3 of your sheep we now use value and this value is stored digitally or physically)

So you should go to the people that author the dictionary and tell them that they are wrong since you know more the them.



Definition of money


Money is any good that is widely used and accepted in transactions involving the transfer of goods and services from one person to another. Economists differentiate among three different types of money: commodity money, fiat money, and bank money. Commodity money is a good whose value serves as the value of money

Why I am here? Because I am making an educational video about Bitcoin being fake money and I wanted to see if my approach is understandable to an average Joe. I see that it is not, so I will have to change something.

[NeuroticFish]

~long story with mixed up terms ~

No, you seem to misunderstand money and Bitcoin too.
Shortly, your long story is like telling that Puma is counterfeit Adidas.


However... let me show you how we stay.
The definition of money is

something generally accepted as a medium of exchange, a measure of value, or a means of payment

And fake means counterfeit. You know, for this you need the original thing to copy/fake it. And exactly the miners you blame and also all the full nodes over the world ensures that "counterfeit Bitcoin" cannot exist.

[manok jepang]

Unfortunately, no one has specifically tried to highlight this problem. In developed countries like the United States, Bitcoin and other digital currencies are considered commodities, although in practice they are still used as a means of payment. they don't consider it fake money

[antikvark]

~long story with mixed up terms ~

No, you seem to misunderstand money and Bitcoin too.
Shortly, your long story is like telling that Puma is counterfeit Adidas.


However... let me show you how we stay.
The definition of money is

something generally accepted as a medium of exchange, a measure of value, or a means of payment

And fake means counterfeit. You know, for this you need the original thing to copy/fake it. And exactly the miners you blame and also all the full nodes over the world ensures that "counterfeit Bitcoin" cannot exist.

If you hack your bank and put some additional zeros to you account you basically counterfeited digital dollars, but no original thing to copy it existed. So given your logic it is impossible to make fake digital money. This is obviously absurd. Fake money is the one that is intrinsically worthless and is put into circulation with the intention to extract real money, goods and services from other people, without providing these people something valuable in the future.

[NeuroticFish]

If you hack your bank and put some additional zeros to you account you basically counterfeited digital dollars, but no original thing to copy it existed. So given your logic it is impossible to make fake digital money. This is obviously absurd. Fake money is the one that is intrinsically worthless and is put into circulation with the intention to extract real money, goods and services from other people, without providing these people something valuable in the future.

As I said, you don't understand money. If you hack in a bank, you don't create counterfeit dollars.

The dollar is the physical form for debt. For "I owe you" a certain amount of.. things.
When the banks will show you a number in the account, that's not dollars, since it's not physical. That's simply "the bank owes you this amount". Completely different thing! That's why for every dollar you deposit, they can lend .. how many? 6, 8? Because it's only a promise, not money.
When you pay with the card, you "transact" the same "I owe you" in the digital form. It's not (physical) dollars.

And when you hack in, you trick the bank to think they owe you back more than you deposited. When you withdraw from ATM, you'll get dollars. And I don't know any ATM the delivers fake dollars.

[Kakmakr]

So by your definition of Money a intermediary such as Bank should exist to identify him as a party responsible for putting money into circulation... <your words>  Well, that is exactly why Bitcoin was developed to remove the power of corrupt Banks from our monetary system.

My definition of money is a system of money in general use in a particular country. Bitcoin is becoming more mainstream now and it is just a question of time, before we can say that it is in general use.    It only becomes legal tender, when the government accept it as a currency or a medium of exchange. <That will probably never happen> 

[antikvark]

If you hack your bank and put some additional zeros to you account you basically counterfeited digital dollars, but no original thing to copy it existed. So given your logic it is impossible to make fake digital money. This is obviously absurd. Fake money is the one that is intrinsically worthless and is put into circulation with the intention to extract real money, goods and services from other people, without providing these people something valuable in the future.

As I said, you don't understand money. If you hack in a bank, you don't create counterfeit dollars.

The dollar is the physical form for debt. For "I owe you" a certain amount of.. things.
When the banks will show you a number in the account, that's not dollars, since it's not physical. That's simply "the bank owes you this amount". Completely different thing! That's why for every dollar you deposit, they can lend .. how many? 6, 8? Because it's only a promise, not money.
When you pay with the card, you "transact" the same "I owe you" in the digital form. It's not (physical) dollars.

And when you hack in, you trick the bank to think they owe you back more than you deposited. When you withdraw from ATM, you'll get dollars. And I don't know any ATM the delivers fake dollars.

The dollar is debt, regardless if it is physical or digital. You can counterfeit both by creating bills or digits that are not backed by loan contract or your obligation to reply the debt. Hence, you are using semantics and focus on things irrelevant for this topic.

[NeuroticFish]

Hence, you are using semantics and focus on things irrelevant for this topic.

If you don't want to follow logic, that's your problem. Hacking into bank is not creating counterfeit money. Period.
However, the fact you don't want to follow logic means that you are most probably trolling and I don't intend to feed trolls, so I'll stop here. Have a nice day.

[AB de Royse777]

~snip~
when the government accept it as a currency or a medium of exchange. <That will probably never happen>  

The only thing government has to control its citizen is to control their finance. Government knows it very well and they will do everything in their power to have their control over their citizens.

Problem is: Regular people, average joe are not financially educated. In some cases a financially educated person does not bother much. Thanks to Bitcoin, decentralized technology that gives us hope.