Bitcoin as a unit of account

piezoe said:
Most of the world will remain oblivious to bit coin as the "the emerging unit of account" of course, because bit coin has none of the necessary attributes to be adopted as either a national currency or a reserve currency. It can never be either, and so it never will be...
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Tell me you missed out on buying bitcoin without telling me you missed out on buying bitcoin...that video is correct. Look at how pizza equity has dwindled against bitcoin...1 pizza used to be worth 10,000 bitcoins...now it is worth 0.00046 bitcoins. :)
 
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llIHeroic said:
But even gold I’d argue was never really a unit of account, the only way we got it to function that way was creating currency and backing it 1:1 with gold. It was the currency unit(s) that drove gold as a unit of account, never the actual ounces of gold.

I think if adoption continues and as global wealth transitions to the tech native generations, BTC mkt cap could potentially still have a ways to go and crack into the 6 digit realm for spot. But there’s a ceiling there somewhere and I think it’s still gotta be below total world gold market cap at $13T or whatever, since established governments and powers that be with all their reserves aren’t just going to quietly let their value go.

Long-term, inflationary fiat is the worst place to concentrate your assets, store of value is better, but ownership of useful production is always going to outperform both in the long-run. Trade the BTC adoption boom if you are a crypto bull but don’t get parked here forever, eventually equities / risk assets will surpass any commodity on a boom in the long term as they always have throughout history.
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Gold had many disadvantages that made it difficult to be adopted widely, difficult to verify, difficult to transport, not very divisible

These are the areas that bitcoin excels in

Current estimate of 150M worldwide that own bitcoin and still has a lot of room for adoption

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piezoe said:
Most of the world will remain oblivious to bit coin as the "the emerging unit of account" of course, because bit coin has none of the necessary attributes to be adopted as either a national currency or a reserve currency. It can never be either, and so it never will be...
More...

I totally agree with you. Bitcoin is new and very different then current national currencies and historical reserve currencies.
 
Pekelo said:
By the way someone just sent 1.1 M worth of BTC to a dead address. This is how you prove what kind of whale you are. :)
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I read the best explanation of this. The theory goes that someone apparently owed Craig Wright some money, and since Craig claims that he is Satoshi, the sender assumed that Craig would just be able to spend it himself since he should have the keys to that address!!!! Absolutely brilliant.
 
NoahA said:
Good explanation here as well!!!
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This is dangerous, one of the replies on the thread mentioned it could give the DOJ reason (felony for failure to report) to go after Satoshi with the full force of the courts, subpoenas to isp's, fbi investigation

This will definitely crash the price of bitcoin if Satoshi is revealed or arrested... but it would be temporary, and if needed fork the bitcoin core software to a new repo

The deadline is 15 days, not sure if any efforts to put together a fund raising to have a law firm claim ownership of the address, report the transaction and challenge the law in the courts

This law is crazy, could be all planned out, the 26 bitcoins could be from someone working with the US gov, this is a deliberate setup, the amount is egregious so cannot be "accidentally go unnoticed" by Satoshi

NoahA said:
I read the best explanation of this. The theory goes that someone apparently owed Craig Wright some money, and since Craig claims that he is Satoshi, the sender assumed that Craig would just be able to spend it himself since he should have the keys to that address!!!! Absolutely brilliant.
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It's a good one, but not gonna be practical. Payment for any debt has to be in an agreed upon payment method, Craig would easily say he did not accept the terms of btc payment
 
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johnarb said:
This is dangerous, one of the replies on the thread mentioned it could give the DOJ reason (felony for failure to report) to go after Satoshi with the full force of the courts, subpoenas to isp's, fbi investigation

This will definitely crash the price of bitcoin if Satoshi is revealed or arrested... but it would be temporary, and if needed fork the bitcoin core software to a new repo

The deadline is 15 days, not sure if any efforts to put together a fund raising to have a law firm claim ownership of the address, report the transaction and challenge the law in the courts

This law is crazy, could be all planned out, the 26 bitcoins could be from someone working with the US gov, this is a deliberate setup, the amount is egregious so cannot be "accidentally go unnoticed" by Satoshi



It's a good one, but not gonna be practical. Payment for any debt has to be in an agreed upon payment method, Craig would easily say he did not accept the terms of btc payment
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https://www.bbc.com/news/blogs-echochambers-27074746

Anyway Craig Wright resides in the UK so a big middle finger to this shakedown lol.
 
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wxytrader said:
https://www.bbc.com/news/blogs-echochambers-27074746

Anyway Craig Wright resides in the UK so a big middle finger to this shakedown lol.
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I don't want to be the fudder, lol, but since Craig never proved ownership of any of the Satoshi coins by signing with the private key or moving any of the coins, it can be easily argued that the DOJ can proceed with the investigation, plus no US courts established Craig as Satoshi

With FISA and secret courts, they could do this without announcing on the pretense of national security, anyway, I'm no lawyer so probably being too paranoid
 
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