A point for discussion by BitFaced on X:
https://x.com/i/status/2071682961179566348
"Why BTC is NOT money:
Money is a temporary placeholder for goods and services.
But money itself cannot become the good it is supposed to represent. It has to be *transferred* to someone who already has the good, or can perform the service, in *exchange* for it.
BTC is treated like the good, not the money.
People don’t want to spend it. They want to “own” it, hoard it, and watch the number go up.
But what are they owning? There are no coins. Nothing physically moves. The ledger updates. A private key (you can't own a number) grants control over an entry in a database.
BTC is not functioning as money. It is functioning as the object being chased.
And if people actually tried to use BTC as everyday money at global scale, it would break immediately: mempool backlog in the millions, enormous fees, and massive transaction delays.
BTC is not money.
People are speculating that one day someone else might use it as money.
Yet their own behavior reveals the contradiction: they don’t use it as money. They hold it as a bet.
BTC is not money. It is speculation masquerading as money."
https://x.com/i/status/2071682961179566348
"Why BTC is NOT money:
Money is a temporary placeholder for goods and services.
But money itself cannot become the good it is supposed to represent. It has to be *transferred* to someone who already has the good, or can perform the service, in *exchange* for it.
BTC is treated like the good, not the money.
People don’t want to spend it. They want to “own” it, hoard it, and watch the number go up.
But what are they owning? There are no coins. Nothing physically moves. The ledger updates. A private key (you can't own a number) grants control over an entry in a database.
BTC is not functioning as money. It is functioning as the object being chased.
And if people actually tried to use BTC as everyday money at global scale, it would break immediately: mempool backlog in the millions, enormous fees, and massive transaction delays.
BTC is not money.
People are speculating that one day someone else might use it as money.
Yet their own behavior reveals the contradiction: they don’t use it as money. They hold it as a bet.
BTC is not money. It is speculation masquerading as money."
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