Merged Bitcoin - Part 3

[dirtywick]

and presumably, one would assume he thought he was improving on the financial system, not making a worse one that only functions as a stupid gambling scam that facilitates child porn and terrorist payments

 

[psionl0]

if he had any inkling his design wouldn't be suitable for cash the way I have defined cash he may have altered it.

ftfy.
The design process doesn't start with a finished product with all possible bugs ironed out before making anything. It starts with prototypes and testing.

 

[dirtywick]

no you didn't fix anything, i would never write something like that. i'm not confused about what cash is used for

 

[psionl0]

no you didn't fix anything

Sure I did. GOTO 5279

 

[dirtywick]

no and please stop editing my posts to try and make me sound like an idiotic lunatic, it's impolite

 

[psionl0]

If you still don't get it then try reading posts #5278 and #5279 again.

 

[dirtywick]

what's your definition of "get"

 

[psionl0]

what's your definition of "get"

In the context of my post, it means to understand.

Any other feeble attempts at humour you wish to try?

 

[steenkh]

Well, you can spend them at the casino's bar and restaurant (and use them to tip staff) so maybe the answer is "yes"?
OTOH you can't spend them at supermarkets so maybe the answer is "no"?
Seriously, you can find edge cases that will test any definition of "cash" that I can come up with.

If Bitcoin only works as cash in edge cases, wouldn't it be safe to say that it doesn't work as cash generally?

 

[psionl0]

If Bitcoin only works as cash in edge cases, wouldn't it be safe to say that it doesn't work as cash generally?

My post didn't say that. I am saying that no matter how you define "cash", you can find examples that may not be covered by that definition. Such examples might be considered "cash" under a similar definition of "cash". That is what I mean by "edge case".

Your casino chip is a good example of an edge case. Bitcoin might be another.

 

[dirtywick]

If Bitcoin only works as cash in edge cases, wouldn't it be safe to say that it doesn't work as cash generally?

or you could perhaps rephrase that as failed to work as cash generally, as opposed to succeeded to do so

 

[psionl0]

or you could perhaps rephrase that as failed to work as cash generally, as opposed to succeeded to do so

Since you are not game to offer your own definition of "cash" let me help you out with a few examples:
- Only physical tokens can be "cash" (bitcoin fails).
- Only legal tender can be "cash" (bitcoin fails again).
- It isn't "cash" if somebody refuses to accept it for payment (another failure for bitcoin).
- It isn't "cash" if transfers can't be effected immediately (guess what that means for bitcoin).

There are other examples I could come up with but I think the point has been made. It is easy to define "cash" in such a way that bitcoin fails to meet its definition.

 

[Roger Ramjets]

- Only physical tokens can be "cash" (bitcoin fails).
- Only legal tender can be "cash" (bitcoin fails again).
- It isn't "cash" if somebody refuses to accept it for payment (another failure for bitcoin).
- It isn't "cash" if transfers can't be effected immediately (guess what that means for bitcoin)...
There are other examples I could come up with but I think the point has been made. It is easy to define "cash" in such a way that bitcoin fails to meet its definition.

I'm sure there are, but they will be just as irrelevant.

Definition of Cash
1: ready money
2: money or its equivalent (such as a check) paid for goods or services at the time of purchase or delivery

Cash is another name for 'ready money' ie. money that that is immediately available for transferring to another party in exchange for goods and services. These days it applies to EFTPOS cards (90% of 'cash' transactions in New Zealand) and debit cards as well as bank notes and coins. Bitcoin was invented for the stated purpose of fulfilling this role. The fact that it failed due to poor implementation is irrelevant to what it is supposed to be. I can't claim that the hammer I designed to hit nails in but failed because it has no head is actually a log because you can use it as firewood.

 

[psionl0]

Cash is another name for 'ready money' ie. money that that is immediately available for transferring to another party in exchange for goods and services. These days it applies to EFTPOS cards (90% of 'cash' transactions in New Zealand) and debit cards as well as bank notes and coins.

Funnily enough, when I go to pay for my shopping, the girl at the checkout always asks if I want to pay by "card or cash". I guess they haven't caught up with the modern definition of "cash".

Bitcoin was invented for the stated purpose of fulfilling this role.

No, that wasn't the "stated purpose". Bitcoin was created to solve the "double spend" problem without requiring a "trusted third party" or a centralised computer. Nowhere in the introduction to the white paper is there any predictions for bitcoin's future nor any claims that bitcoin will do everything that can currently be done with cash.

It is just an unfortunate choice of words in the title that has enabled libertarians and haters alike to completely ignore the white paper and make fantastic claims about bitcoin based solely on the title of the white paper.

 

[dirtywick]

yeah how unfortunate that they called it cash in the title is making your argument seem really bad

 

[psionl0]

Case in point.

 

[dirtywick]

Security breach drains $320 million in bitcoin from Liquid Network

Liquid Network halted transactions after nearly 4,000 bitcoin worth $320 million were withdrawn in an apparent software exploit.

pressinsider.com

another $300m gone in a hack

 

[dirtywick]

Party's over for crypto scammers who went on a spending spree after a $240 million bitcoin theft

A 22-year-old man from Singapore is expected to plead guilty this week in Washington to orchestrating one of the largest cryptocurrency thefts in U.S. history, duping a stranger out of bitcoin worth over $240 million.

apnews.com

insane story about the life of a crypto scammer

Word of their windfall quickly spread in crypto scammers’ circles. A week after the big score, Chetal’s parents were driving in Danbury, Connecticut, when several masked men cut them off, forced them out of their new car, beat Chetal’s father with a baseball bat, shoved the couple into a van and bound their hands.

The captors, from Miami, had intended to use Chetal’s parents as leverage for extorting him into giving up his share of the stolen crypto. But the ransom plot fell apart when witnesses notified police, who apprehended the carjackers.

The FBI showed up to search Chetal’s apartment in Brunswick, New Jersey, on Sept. 9, 2024, and found $37 million in stolen crypto in his possession. He agreed to cooperate with their investigation.