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Mini thread on the #Bitcoin:
I believe the argument that $BTC is not the real Bitcoin because it is not 'cash' is a purely semantics based error.
If you look up the synonyms of cash, the first that pop up are: money, currency, legal tender.
Let's dive into the WP 1/x
I believe the argument that $BTC is not the real Bitcoin because it is not 'cash' is a purely semantics based error.
If you look up the synonyms of cash, the first that pop up are: money, currency, legal tender.
Let's dive into the WP 1/x
[Abstract] "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution."
Can payments be sent directly from one party to another without an intermediary? Yes.
Can payments be sent directly from one party to another without an intermediary? Yes.
[Introduction] "What is needed is an electronic payment system based on cryptographic proof instead of trust,
allowing any two willing parties to transact directly with each other without the need for a trusted
third party."
Does that sound like $BTC to you? Sounds like it to me
allowing any two willing parties to transact directly with each other without the need for a trusted
third party."
Does that sound like $BTC to you? Sounds like it to me
Moving on to some of #Satoshi quotes from forums etc, we arrive at my theory of semantics error:
"The more standard Wiki thing to do is that we should have a paragraph in one of the more general categories that we are an instance of, like Electronic Currency or Electronic Cash."
"The more standard Wiki thing to do is that we should have a paragraph in one of the more general categories that we are an instance of, like Electronic Currency or Electronic Cash."
From an email thread 2008-11-08:
"If the supply of money increases at the same rate that the number of people using it increases, prices remain stable. If it does not increase as fast as demand, there will be deflation and early holders of money will see its value increase."
"If the supply of money increases at the same rate that the number of people using it increases, prices remain stable. If it does not increase as fast as demand, there will be deflation and early holders of money will see its value increase."
From a p2pfoundation forum 2009-02-11:
"It's time we had the same thing for money. With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless."
"It's time we had the same thing for money. With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless."
From a mailing list 2009-01-08:
"There are two ways to send money. If the recipient is online, you can enter their IP address and it will connect, get a new public key and send the transaction with comments."
"There are two ways to send money. If the recipient is online, you can enter their IP address and it will connect, get a new public key and send the transaction with comments."
The list goes on. The interchanging use of currency, cash, and money points to the idea that the actual word 'cash' was never meant to be the crux of #Bitcoin. To get so hung up on that term is to lose sight of what was really trying to be conveyed.
cc: @danheld @100trillionUSD @BitcoinErrorLog @APompliano @lopp @udiWertheimer @saifedean @SatoshiLite @aantonop among others.
Respect your thoughts in the space and would love to hear you opine on what seems to be a continuous debate on irrelevant points.
Respect your thoughts in the space and would love to hear you opine on what seems to be a continuous debate on irrelevant points.
