Bitcoin: Past and Future. By Adam Taché and Murad Mahmudov

Debunking latest Core rhetoric: Medium of Exchange ≠ Means of Payment

Lately I've seen the "medium of exchange is not the same thing as a method of payment" idea being floated a lot by BTC maxis. Saifdean Ammous tried to pull this out in his debate with a George Selgin. The Bitcoin Observer also mentioned this argument on Twitter in a discussion about Libra's failure. However, according to this paper, the distinction between a medium of exchange and a means of payment is that a means of payment is not necessarily settled immediately. They argue that currency is a medium of exchange, while checks and debit cards are not.
In my opinion, this exposes the fundamental flaw in the argument that "Bitcoin is not a method of payment". It's as if the Coretards are trying to separate Bitcoin UTXOs from the Bitcoin P2P network and Bitcoin mining, and arguing that the network isn't important, and mining is a given. However, without the payment, mining, and P2P validation network, BTC UTXOs have a clear value: ZERO. You can't separate them, the value depends 100% on the network and mining. And as we saw in 2017, when fees rose over $100/transactions, a fair percentage of UTXOs became unspendable, as the fees to move them would be higher than their value.
Of course, we live in a world increasingly dominated by electronic fiat, is this a medium of exchange? Electronic fiat has a fairly tenuous supply and value, and it also depends intrinsically on a payment network that is controlled by governments and corporations. Increasingly, electronic fiat appears to be more a method of spurring labor and creating debt.
Thoughts are welcomed.
submitted by horsebadlyredrawn to btc [link] [comments]

George Levy - Who Pays Miners the Bitcoin Mining Rewards? BITCOIN MINING trailer FREE BITCOIN MINING WORKING 2020 JULY FOR IOS, ANDROID AND LAPTOP/PC! Best Bitcoin Mining Site & Android/Iphone  No Fee + No Investment  Payment Proof! Raspberry Pi 4 Bitcoin Mining For 24 Hours!

‎Welcome to the audio podcasting home of Saifedean Ammous and The Bitcoin Standard. When a pseudonymous programmer introduced “a new electronic cash system that's fully peer-to-peer, with no trusted third party” to a small Online mailing list in 2008, very few paid attention. Ten years later, and a… Bitcoin. Can Bitcoin Replace Government-Issued Money? A Debate Watch economists Saifedean Ammous and George Selgin face off at the Soho Forum. Todd Krainin | 8.22.2019 12:10 PM Selgin argued that the overall cost of transactions and their final settlement cost are far higher in case of Bitcoin than other fiat currencies. The expensive mining procedure of BTC has the cost implications, and that’s why probably we witness the higher net cost of a final settlement through the use of BTC and some other cryptocurrencies. Bitcoin, in short, was the first medium to allow for perfectly anonymous transactions, avoiding both a paper trail and face-to-face contact, and to do so with the same convenience as any other sort of "digital" payment. Bitcoin's inventors were thus able to take advantage of an unfilled niche. Author links open overlay panel George Selgin. Bitcoin has a positive, albeit declining, growth rate. old Zaires continued for a time to be the preferred currency in Zaire's diamond-mining province of East Kasai, were they traded in April 1997 for US dollars at a rate of 16M:1, despite having been officially replaced in 1993 with new

[index] [29200] [25708] [318] [25327] [1705] [2543] [26936] [521] [27555] [1717]

George Levy - Who Pays Miners the Bitcoin Mining Rewards?

Bitcoin mining will come to an end; According to the Bitcoin Protocol, the number of Bitcoins will be closed at 21 million. One of the main questions many people have about Bitcoin is turning ... George Selgin is a senior fellow and director of the Center for Monetary and Financial Alternatives at the Cato Institute and Professor Emeritus of Economics at the University of Georgia. New Free Litecoin Mining Site 2020 Best Mining Without Invest Free LTC Mining Loading... Autoplay When autoplay is enabled, a suggested video will automatically play next. This is a trusted website, I’ve used it for quite a while now via my laptop and now they support IOS, so it looks like I’ll be able to make more bitcoin now! Link to the website: https ... Noob's Guide To Bitcoin Mining - Super Easy & Simple - Duration: 11:37. UFD Tech 2,497,798 views. 11:37. Raspberry Pi Cluster Ep 1 - Introduction to Clustering - Duration: 8:09.

Flag Counter