sagenumen t1_izbcb5w wrote on December 7, 2022 at 9:22 PM

Reply to comment by Kinexity in Ethereum’s energy switch saves as much electricity as entire Ireland uses | The success of The Merge concept may now serve as a roadmap to enable a switch from Proof of Work to Proof of Stake in Bitcoin. by chrisdh79

I exchanged it for goods with a party that could then exchange it further for other goods. How, exactly, does that not fit your description?

Kinexity t1_izbfzvm wrote on December 7, 2022 at 9:47 PM

You did something more of a barter trade. This crypto isn't going to be spent by the next party but sold on the exchange. No circulation in the economy.

sagenumen t1_izbmxai wrote on December 7, 2022 at 10:33 PM

There’s already an economy around crypto. You may not be a part of it, but it’s there.

Further, exchanging one currency for another is still circulation.

Kinexity t1_izbp8v9 wrote on December 7, 2022 at 10:50 PM

Do you get paid in crypto? Do you buy food in crypto? Could you live for the rest of your life without touching money because you can buy every product in crypto? If an answer to any of those questions is yes - are you actually using crypto or is there an intermediary which actually converts it and gives you a false sense of existence of crypto economy?

It is circulation but it's not currency circulation in the economy when most of it is buying and selling the damn thing because of speculation.

sagenumen t1_izbqg6j wrote on December 7, 2022 at 10:58 PM

Don’t hurt yourself running those goalposts all over the place.

OP said it’s not money. That’s false. People use it every day to pay for things. You might not be a part of that economy, but it exists. I can’t live my life with the stack of Colombian Pesos on my desk, either. It’s still money.

Anposter t1_izbt23e wrote on December 7, 2022 at 11:16 PM

That is not definition of money and you are trying to argue about semantics. It could fall under fiat money definition but it's not issued by government so it doesn't. It is not representative money which you think when you think about pesos, because it has no intrinsic value. You can consider it as a salt back in the day which was used as means of trading, which is not money by any modern definition.