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Bitcoin and Ether

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  • Nov 5th, 2019 6:08 am
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Deal Fanatic
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Sep 1, 2013
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kevindurant1 wrote:
Oct 12th, 2019 1:27 am
Credit Card is not Fiat. It is not tender money. You are not liquidating anything. You are paying for what you owe using BTC instead of Fiat.

No. When you pay with a credit card, you are borrowing fiat, and you have to pay back the debt (and possibly some interest) in fiat. You can sell BTC, or any other asset for that matter, and use the fiat to pay the debt.

Paying for something in BTC means that the the goods or service you buy is priced in BTC, and you BTC to buy it directly, or use a credit card, and pay your credit card bill in BTC.
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Apr 8, 2013
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CheapScotch wrote:
Oct 12th, 2019 6:32 am
No. When you pay with a credit card, you are borrowing fiat, and you have to pay back the debt (and possibly some interest) in fiat. You can sell BTC, or any other asset for that matter, and use the fiat to pay the debt.

Paying for something in BTC means that the the goods or service you buy is priced in BTC, and you BTC to buy it directly, or use a credit card, and pay your credit card bill in BTC.
You are not borrowing Fiat. You are borrowing representative money.

https://www.investopedia.com/ask/answer ... -money.asp
Fiat money is one that is declared legal tender. This includes any form of currency in circulation such as paper money or coins.
Representative money is, unlike fiat money, government-produced money backed by a physical commodity such as precious metals. Other forms of representative money are still in place, including financial instruments like checks and credit cards.
Fiat is pretty much just a physical representation of the currency like the Canadian Dollar.
Ok, Boomer 😂
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kevindurant1 wrote:
Oct 12th, 2019 1:07 pm
Representative money is, unlike fiat money, government-produced money backed by a physical commodity such as precious metals.
If I use a credit card in Canada to pay for something in CAD, I am borrowing CAD. Please explain what physical commodity is backing the CAD I am borrowing.
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CheapScotch wrote:
Oct 12th, 2019 5:08 pm
If I use a credit card in Canada to pay for something in CAD, I am borrowing CAD. Please explain what physical commodity is backing the CAD I am borrowing.
Answer is on post 5717. You didnt read the last part.
Other forms of representative money are still in place, including financial instruments like checks and credit cards.
Are you done?. Face With Tears Of Joy

https://money.howstuffworks.com/currency.htm

Just go here so I dont have to answer your silly questions.
Ok, Boomer 😂
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kevindurant1 wrote:
Oct 12th, 2019 5:47 pm
Answer is on post 5717. You didn't read the last part.
Post #5717 does not mention any physical commodity which backs the CAD I am borrowing when I use a credit card in Canada.

Try again. Smiling Face With Open Mouth
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CheapScotch wrote:
Oct 12th, 2019 8:28 pm
Post #5717 does not mention any physical commodity which backs the CAD I am borrowing when I use a credit card in Canada.

Try again. Smiling Face With Open Mouth
Other forms of representative money are still in place, including financial instruments like checks and credit cards.
Other forms of representative money are still in place, including financial instruments like checks and credit cards.
Other forms of representative money are still in place, including financial instruments like checks and credit cards.
Post 5717 Face With Tears Of Joy
Ok, Boomer 😂
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kevindurant1 wrote:
Oct 12th, 2019 10:31 pm
Post 5717 Face With Tears Of Joy
When you are having an argument with a child, sometimes they will repeat their point over and over again in the belief that if they say it often enough, it will be become true and they will "win" the argument. Am I having an argument with a child?

https://en.wikipedia.org/wiki/Fiat_money
Fiat money is a currency without intrinsic value that has been established as money, often by government regulation. Fiat money does not have use value, and has value only because a government maintains its value, or because parties engaging in exchange agree on its value.[1] It was introduced as an alternative to commodity money and representative money. Commodity money is created from a good, often a precious metal such as gold or silver, which has uses other than as a medium of exchange (such a good is called a commodity). Representative money is similar to fiat money, but it represents a claim on a commodity (which can be redeemed to a greater or lesser extent).
CAD is not backed by any commodity. If you use a credit card in Canada, you are borrowing in CAD, and you must pay back in CAD - no commodities involved here. If you sell BTC or any other asset for CAD to pay your credit card bill, this does not mean that BTC is money. If it were, than you could argue that any asset is money. Money is a store of value, a medium of exchange and a unit of account. BTC is an utter failure in 2 out of 3 here: you can't spend BTC directly to buy most things you want or need in life, and practically no good or service is quoted in BTC. You could make a stronger argument that is is a store of value, but BTC does a lousy job at that, given its volatility.
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CheapScotch wrote:
Oct 13th, 2019 8:35 am
When you are having an argument with a child, sometimes they will repeat their point over and over again in the belief that if they say it often enough, it will be become true and they will "win" the argument. Am I having an argument with a child?

https://en.wikipedia.org/wiki/Fiat_money



CAD is not backed by any commodity. If you use a credit card in Canada, you are borrowing in CAD, and you must pay back in CAD - no commodities involved here. If you sell BTC or any other asset for CAD to pay your credit card bill, this does not mean that BTC is money. If it were, than you could argue that any asset is money. Money is a store of value, a medium of exchange and a unit of account. BTC is an utter failure in 2 out of 3 here: you can't spend BTC directly to buy most things you want or need in life, and practically no good or service is quoted in BTC. You could make a stronger argument that is is a store of value, but BTC does a lousy job at that, given its volatility.
No need for personal attack if you can't win an argument.
Ok, Boomer 😂
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kevindurant1 wrote:
Oct 14th, 2019 1:06 am
No need for personal attack if you can't win an argument.
If you want to be treated like an adult, act like one.

I think you understand the point we are trying to make about the low adoption of BTC. You can't spend it directly for most things without converting it fiat currency first, and its a hassle to deal with. I don't see that changing anytime in the foreseeable future. As long as it is around, it will never be more than a fringe phenomena of interest to Crypto evangelists, speculators and criminals.
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CheapScotch wrote:
Oct 17th, 2019 7:28 pm
Well, maybe Crypto evangelists and speculators support UNICEF's philanthropic objectives as well?
Bitcoin is a tool. It's neutral and amoral - people will use it for whatever means they see fit.
Heatware/HoFo upon request

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