I've been listening to Bitcoin podcasts and reading posts on here

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H

Herod

kiwifarms.net
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Aug 1, 2022
I've noticed a lot of you Bitcoiners are falling into the same logical error that I would expect a Keynesian economist or a particularly smooth-brained chimp to fall into. Fortunately I'm here to educate you guys.

Money is NOT a tool primarily for spending. This is NOT the most important feature nor primary purpose of money and is NOT why money has value. You do NOT use money when you spend it on a ham sandwich.

Money is a tool primarily for saving. This is the most important feature and primary purpose of money and is why money has value. You begin using money when you save in it and you cease using money when you exchange it for a ham sandwich.

This is why Keynesians and midwits with limited cognitive ability do not and will never see the value of Bitcoin. In their limited minds spending is what is important and this is why they go on and on about nonsense metrics like GDP
 
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Money is fungible. That's its primary strength. Bitcoin (and other ledger-based systems) are not. Hence, they are not money. They are - in the parlance of economics - positional goods.



ETA: typo
 
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Money is a primarily for storing value. We don't want to barter for every transaction, especially when you have something that is not dividable, easier to designate something that is woth 0.3 goat and 0.01 milk cartons and use it instead to trade.
If we want to go that route with Bitcoin the problem is that the value it stores is the energy spent making it and hype. If the hype goes away its value will go to zero.
 
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