Bitcoin is money
Economists like Per Bylund and George Selgin say Bitcoin is not money because it lacks the Medium of Exchange (MoE) property of money. That is to say, Bitcoin is not money because an arbitrary number of people do not use it as such.
This is a nonsense argument. An argument that is equivalent to excluding “things people need to live” from CPI ala Krugman.
In this place that is #nostr, people have chosen Bitcoin as their preferred MoE. My local currency is AUD but that is practically useless here - there is no real way for me to send/receive tiny fractions of that currency that are useful here, and the participants in the economy of nostr likely wouldn’t want AUD for the most part.
That i can’t send/receive AUD on nostr does not make AUD, not money. 26.5M people use AUD every day, obviously that is money.
But where do they use that money? In Australia. With Australian businesses. For Australian goods and services. They don’t try to buy Pho in Hanoi or Biltong in Joburg with AUD, they don’t try to send value over nostr with it, it is a tool for a time and place.
Bitcoin is money for the time and place of the internet. The internet is a global network with 64.5% adoption across 8.1 Billion people, it’s not subject to jurisdiction in the same way that fiat money is.
The internet-connected pho seller in Hanoi can accept Bitcoin if they choose and maybe use that money to buy some Biltong from the South African online. That they don’t currently do this does not make Bitcoin, not money.
Bitcoin as MoE is currently largely used for online use cases. That is today. But when a history of Bitcoin is written in 50 or 100 years no-one thinks these days are going to just be ignored. A history will not be measured from an arbitrary “it was a MoE for a large percentage of people” point forward the same as the internet won’t be measured from today’s 64.5% adoption forwards.
The case that it’s not widely enough used as MoE to qualify as money is simply their projection of their own unqualified arbitrary threshold. They are valuing their own basket of goods in Bitcoin and because they don’t use Bitcoin to buy anything, they dismiss its moneyness. They don’t receive zaps on nostr, or buy their meat from the butcher with Bitcoin. They’ve never orangepilled a pho merchant or a Biltong seller to transact in Bitcoin.
Bitcoin doesn’t become money when it reaches an arbitrary adoption threshold which satisfies Bylund or Selgin. It becomes money to Bylund and Selgin when they use it, the same as it is money to anyone who already uses it or who chooses to in future.
It is possible that we are early but it is certain they will be late.
Even if Bitcoin ‘fails’ and becomes the global de facto blackmarket currency in a world of CBDCs, it’s going to be better to have been early in the fixed supply of 21M than late.
The price to pay for hubris resulting in being wrong is going to be interesting to witness. https://i.nostr.build/lnxB.jpg
🏴☠️⚡💎 #BTC #MktCAP #DEBT #RATIO 💊🧡🚀
Current ₿ Market Cap: $518,172,931,046.00
Current US National Debt: $33,100,408,357,471.81
Current ₿/Debt-Ratio: 1.57%
₿ Market Cap: $319,722,045,805.10
US National Debt: $30,928,911,613,306.73
2022 ₿/Debt-Ratio: 1.03%
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US National Debt: $28,428,918,570,048.68
2021 ₿/Debt-Ratio: 3.14%
₿ Market Cap: $535,967,306,917.84
US National Debt: $26,945,391,194,615.15
2020 ₿/Debt-Ratio: 1.99%
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US National Debt: $22,719,401,753,433.78
2019 ₿/Debt-Ratio: 0.58%
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2018 ₿/Debt-Ratio: 0.31%
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US National Debt: $20,244,900,016,053.51
2017 ₿/Debt-Ratio: 1.23%
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2016 ₿/Debt-Ratio: 0.08%
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2015 ₿/Debt-Ratio: 0.04%
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2014 ₿/Debt-Ratio: 0.02%
₿ Market Cap: $9,205,343,763.00
US National Debt: $16,738,183,526,697.32
2013 ₿/Debt-Ratio: 0.05%
#Bitcoin #BTC #soundMoney #zap #graduallyThenSuddenly #twentyOneMillion #blockForBlock #stackingSats #zappingSats #nyknyc #dyor #unbankTheBanked #runBitcoin #financialFreedom #nostr #plebchain
It's ₿809,133 o'block.
🔶🔶🔶 Market-Data 🔶🔶🔶
#BITCOIN price is at $26,576.17
24h Price-Change: 0.02%
#BTC is -60.7% down from #ATH
#BTC has 154.43% left to reach #ATH
24h Market-Cap-Change: 0.0%
24h Total-Trading-Vol.: $2,077,276,643
🪙🪙🪙 BTC-Supply-Data 🪙🪙🪙
Circulating Supply: 19,494,575
Coins left to mine: 1,505,425
Halving-Date: ~2024-03-19 18:52
Days until next #BTC-Halving: ~177
Blocks until next #BTC-Halving: 30,867
🕸️🕸️🕸️️ BTC-Network-Data 🕸️🕸️🕸️️
No. of Full-Nodes: ~6,616
Chain-Size: 478.1 GB
Overall Transactions: 899,704,323
Transactions 24h: 629,871
Avg. 24h TX Fee: ⚡7,814 | $2.08
Median 24h TX Fee: ⚡3,403 | $0.90
No. of Addresses: 50,091,017
⛏️⛏️⛏️ BTC-Mining-Data ⛏️⛏️⛏️
Avg. Blocktime: 8.27 min.
1-Day Net-Hashrate in EH/s: 445.456
7-Day Net-Hashrate in EH/s: 404.504
30-Day Net-Hashrate in EH/s: 397.598
90-Day Net-Hashrate in EH/s: 387.358
365-Day Net-Hashrate in EH/s: 324.673
Dif. Progress: 35.6%
Dif. Change: -1.7
Next Dif. Adjustment: 2023-10-03 17:24
Blocks until next Dif. Adjustment: 1299
Mining-Reward per Block in BTC: 6.25
⚡⚡⚡ Lightning-Stats ⚡⚡⚡
Total Capacity in BTC: 4,909.15
Avg. Capacity in Sats: 7,133,006
Avg. Base Fee in mSats: 850
as of AUGUST 2023 YoY | MoM
🇺🇸United States: 3.7% | 0.4%
🇩🇪Germany: 6.1% | 0.3%
🇮🇹Italy: 5.4% | 0.3%
🇫🇷France: 4.9% | 1.0%
🇬🇧Great Britain: 6.2% | 0.3%
🇯🇵Japan: 3.3% | 0.5%
🇨🇦Canada: 4.0% | 0.4%
🇨🇳China: 0.1% | 0.3%
🇮🇳India: 7.5% | 2.4%
🇷🇺Russia: 22.5% | 5.6%
🇧🇷Brazil: 4.6% | 0.2%
🇿🇦South Africa: 4.8% | 0.3%
☝️this is why we #hodl & #stacksats ☝️
#Bitcoin #soundMoney #zap #twentyOneMillion #blockForBlock #stackingSats #zappingSats #nyknyc #dyor #unbankTheBanked #bankrun #runBitcoin #financialFreedom #nostr #plebchain
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