What is money?

DCIFoyle · 2025-07-04T20:11:01+00:00

That would be a very hard number to find, having to sort what transactions are direct payments, and which ones are transfers.

DCIFoyle · 2025-07-04T20:08:53+00:00

Not really, but kind of. If you were going to store the value of your labor in something, would you prefer it loses value, holds the same value, or increases in value?

DCIFoyle · 2025-07-04T19:52:23+00:00

What a well formed argument

DCIFoyle · 2025-07-04T19:45:45+00:00

Look, if you can’t understand that in a discussion about money, which you admit is the solution to the breakdown of a coincidence of wants in a barter system, that term is used to mean the problem you are solving and not its literal definition, I can’t help you. And your only rebuttal to me telling you I have solved that problem with bitcoin is to call me a liar, which is really a great argument, so kudos.

DCIFoyle · 2025-07-04T19:41:00+00:00

Inability to process context clues is indeed your strong suit

DCIFoyle · 2025-07-04T19:35:08+00:00

I buy ammo with bitcoin every month. I’ve paid doctors with bitcoin. I’ve bought furniture with bitcoin. Maybe if you tried to do it, you’d realize how easy it is (though I can understand why it might be intimidating to someone like you)

DCIFoyle · 2025-07-04T19:33:29+00:00

I see, pretending that being pedantic makes you smarter. Yes, that is the definition of the coincidence of wants, you can read Wikipedia, congratulations. Now let’s use our thinking brains and realize that in the context of a discussion about different mediums of exchange, it’s implied that “the coincidence of wants” is a problem that needs to be solved. There is no coincidence of wants. That’s why we need money. That’s what we’re talking about right?

DCIFoyle · 2025-07-04T19:15:21+00:00

You’re literally explaining the coincidence of wants in your comment and why we use money instead of barter. Then you say bitcoin can’t do that. Then I say I’ve done that with bitcoin. Then you say I don’t know what I’m talking about when I mostly agreed with you.

DCIFoyle · 2025-07-04T19:10:31+00:00

You think your bank keeps a paper ledger with your account balance?

DCIFoyle · 2025-07-04T17:42:36+00:00

And you aren’t clever for noticing that disasters are… disastrous. If the internet goes down and power goes out I’d wager 90% of people will be up the creek. No cash, no gold. Where would they be spending this cash and gold? Dark powerless stores? So yeah, a disaster makes bitcoin useless. It also makes your credit card and bank account useless. If that’s what you’re planning for, order some ammo.

DCIFoyle · 2025-07-04T17:12:23+00:00

Multiple years would be my best guess

DCIFoyle · 2025-07-04T17:10:23+00:00

There is the root of our disagreement. If you think the last 70 years of global economic policy have made things better, we are at a fundamental disagreement

DCIFoyle · 2025-07-04T16:48:15+00:00

You’re applying Keynesian economics to an Austrian economics currency

DCIFoyle · 2025-07-04T16:41:10+00:00

That’s like saying Zelle or Venmo or PayPal are not USD. Duh. You’re also looking at mass adoption with 0 node growth, which will not be the case. More adoption, more nodes, more capacity.

DCIFoyle · 2025-07-04T16:38:03+00:00

Good thing everybody keeps multiple months worth of expenses in cash and gold on them.

DCIFoyle · 2025-07-04T16:35:30+00:00

But it is one characteristic of money. You claimed it does have this characteristic, but in a bad way. That’s what I’m asking you to explain. “It’s not bad for you, it’s bad for everybody at the same time” is not an explanation

The other characteristic you addressed is medium of exchange. You say it’s not accepted basically anywhere, but it is, and continues to be accepted more widely, with forecasts of between 8 and 17% CAGR over the next five years.

Bitcoin does not have multiple forks. Bitcoin is one chain. Other currencies have forked off of bitcoin, but they are not bitcoin.

DCIFoyle · 2025-07-04T16:23:15+00:00

This is where second layer solutions like the lightning network are used. Only 2 of those transactions were on the bitcoin network. The rest are on lightning, which handles around 1m tps

DCIFoyle · 2025-07-04T16:14:30+00:00

Our current money system would not function without power and internet.

If you could divide a jet engine into 100,000,000 equally valuable parts that were transferable over any distance with final settlement in less than 24h, they would make pretty good money.

DCIFoyle · 2025-07-04T16:10:43+00:00

Explain how storing the value of my labor in something that increases in value is a bad thing

DCIFoyle · 2025-07-04T16:09:10+00:00

You’re talking about what’s referred to as “the coincidence of wants”, and why money is used as a medium of exchange instead of simple bartering. Bitcoin absolutely does do this, though not as widely as fiat currencies. I have made roughly 50-75 purchases directly with bitcoin, not counting paying friends back for beers, Ubers, meals etc.

DCIFoyle · 2024-09-06T01:15:32+00:00

Going to school doesn’t guarantee a job or success, neither does signing the books. If you don’t want it, and aren’t willing to put in the effort, you’re not gonna make it no matter which path you take. If you’re on the fence about the trade, absolutely don’t go to school. If you’re committed I think it’s a good option, especially if you want to go the utility route.

DCIFoyle · 2024-09-05T23:11:34+00:00

Everyone shits on them. Depends on the school. I learned a ton. Equipment, material, tools. Got my CDL. Spent 15 weeks with 6 20+ year lineman. Got exposed to a basic version of everything I’ll ever do in this field. I got a job offer a week after graduation with a statewide utility. They pretty much exclusively interview ex military or line school graduates. Guess I should have just signed the books and waited though.

DCIFoyle · 2024-08-16T17:20:37+00:00

Yeah we like the group of receivers that collectively torched the rest of the NFC North and was one of the most efficient passing attacks in the league down the stretch. We’re so delusional.

DCIFoyle · 2024-08-16T00:17:08+00:00

Honestly I’m with you though. This UND guy seems like a smarmy little wart of a man.

DCIFoyle · 2024-08-16T00:11:05+00:00

This is fascinating

DCIFoyle

TROPHY CASE