People should learn the meaning of the words they are using

Georg Engelmann

Active Member
Sep 10, 2015
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105
Austria
bitcoincashstandards.org
In Bitcoin many people are using words they don't understand such as fungibility:


Definition:
Fungibility is the property of a good or a commodity whose individual units are capable of mutual substitution.

Here's another example for you:
You walk into a store with a $100 note that smells like a crack pipe and for that reason the store owner asks you to leave.

Does that mean the $100 note isn't worth $100? No, it doesn't. It just means that you're either directly involved in criminal activity or having close relations to criminals and the store doesn't want to be affiliated with that.

Another term that is commonly misused by Bitcoin users is inflation – inflation refers to the increasing cost for goods and services over a period of time. Saying: "Bitcoin had an inflation rate of almost 50% over the last year" is a valid (assuming we're talking about goods and services in the United States!). This term does not refer to an increasing money supply, but it can be the result of that. test
 
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Erdogan

Active Member
Aug 30, 2015
476
855
Well your first problem word fungibility fits exactly with the first example. If a bitcoin fraction is not just as good as another bitcoin fraction, the fungibility is lacking. The same with the smelling note example.

Bitcoin fractions are not completely fungible due to the blockchain history. This is not optimal, but it is the way it is. The more of the adresses that have nonpublic owners, the less of a problem this is.

The fiat paper rectangles have reduced fungibility as your example showed, plus each note has a number that distinguish them. Also someone could put hidden marks on them. It could be used to taint some notes is the case of theft, for example. Most people don't care. Some places in the world obviously fake notes goes, for a reduced value.

Conclusion: There is non-perfect fungibility in both systems, of a different character.

For the inflation word, we just have to accept that there are two meanings, one is for the money quantity expansion (as in inflating, or blowing up the quantity like you blow up a balloon) the other being the inflating, or blowing up, of the prices of all kinds of stuff on the market except money.

Linguistically it fits best with the blowing up of the money quantity, because it is an action executed by the money system manager, while the blowing up of prices is an effect (of the money quantity expansion plus a host of other reasons).

As long as people define the chosen meaning, or if it is obvious in the context, it is ok.
 

Georg Engelmann

Active Member
Sep 10, 2015
183
105
Austria
bitcoincashstandards.org
Bitcoin fractions are not completely fungible due to the blockchain history. This is not optimal, but it is the way it is. The more of the adresses that have nonpublic owners, the less of a problem this is.
No, it is not an issue of fungibility -- otherwise the U.S. Marshall Service would get less money for 'tainted' Bitcoins, but they are getting the spot price.
 

Erdogan

Active Member
Aug 30, 2015
476
855
I agree that the meaning of words are important, and I am happy to discuss some of them...

The fungibility does not directly say anything about the value, but as two different coin fractions can be distinguished, they can also be valued differently. I the case of the US Marshalls' sale, other aspects of the sale were also different, and the price is not public, so we don't know (and we do not have a standard value to compare it against anyway). Still the non perfect fungibility could be a reason for a higher price, and it could be the reason for a lower price as well. It depends on the persons valuing, the buyer and the seller, and we can not look into their thoughts,

The reason fungibility is a theme, is that fungible stuff makes good money, but it is not the only trait to look at.
 

theZerg

Moderator
Staff member
Aug 28, 2015
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2,327
@chmod755 The term inflation is used in several meanings. When you need precision you should use the term "price inflation" or "monetary base/unit inflation"
 
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Bagatell

Active Member
Aug 28, 2015
728
1,191
Wikipedia said:
Liberalism is a political philosophy or worldview founded on ideas of liberty and equality.[1][2] The former principle is stressed in classical liberalism while the latter is more evident in social liberalism.[3] Liberals espouse a wide array of views depending on their understanding of these principles, but generally they support ideas and programs such as freedom of speech, freedom of the press, freedom of religion, free markets, civil rights, democratic societies, secular governments, and international cooperation.
 

Fatman3002

Active Member
Sep 5, 2015
189
311
@Bagatell
Thankfully you're not trying to drag me into a debate on the legitimacy of the american use of the term liberalism.

I read Theymos' stance as one where he allows and promotes both political liberalism, in the way of freedom of speech, through the way he has structured BCT and, as a form of extreme political liberalism and freedom of speech, allows doxing and similar; and extreme economical liberalism, in that he allows account farming, signature campaigns and trading trust at BCT.

But to defend his highly illiberal actions of late he refers to his right to rule over what he sees himself entitled to. He refers to "self-ownership", which is an aspect of economic liberalism. But he is twisting it into an excuse to curtail the freedom of speech he is so extremely liberal with in other cases. And this is done purely to promote his personal beliefs and views in those areas. You might call his view an extreme form of liberalism, to the point where consistency breaks completely. But I tend to look for consistency, and I see extreme liberalism which at times is twisted to suit the needs of a fairly narcissistic self.

Therefore: Narcissistic Liberalism.
 

Bagatell

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Aug 28, 2015
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It's precisely the illegitimacy of the American use of liberal I'm getting at. What you are describing as "extreme liberalism" would be much better described as anarchic as in not following or having any laws or rules : wild and uncontrolled. The fact that all sorts of political extremists have wrapped themselves in the liberal flag to hide their true intentions is all the more reason we should use the right words to label them. Therefore: Narcissistic, sociopathic fascist control freak.
 

Fatman3002

Active Member
Sep 5, 2015
189
311
@Bagatell

Ok, you might know his work better than I do. There are plenty of anarcho-capitalists in the field. He definitely seems somewhat in awe of his own magnificence, but I haven't seen him express any real fascist sympathies; other than his sense of entitlement, his censorship and his obvious respect for "The One True Leader", Core Devs.

He sure isn't good at being a liberal.
 
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cbeast

Active Member
Sep 15, 2015
260
299
"Decentralize" is the word that bugs me. Folks use the term when they only mean distributed.