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Self-Described Bitcoin Creator Craig Wright Sues a Podcaster for Libel

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Re: Self-Described Bitcoin Creator Craig Wright Sues a Podcaster for Libel

#21
post #15
post #14

Earlier quoted context omitted.

All cryptocurrencies (except Bitcoin) are idiotware. Bitcoin was built on the idea of sound money - as a fix for the serious problem of inflation. Other "cryptocurrencies" are pro-inflation by design. They're based on the idea that "everyone can print money," by simply redefining a few constants and recompiling the code. Their proponents see this as pro-freedom, but free money is worthless money. "Cryptocurrencies" a…

But still Bitcoin has a lot of inflation due to speculators... I would trust more a criptocurrency that is used to buy/sell something "tangible" like Filecoin that is used to buy/sell storage.

[deleted]

Re: Self-Described Bitcoin Creator Craig Wright Sues a Podcaster for Libel

#22
post #15

Earlier quoted context omitted.

But still Bitcoin has a lot of inflation due to speculators... I would trust more a criptocurrency that is used to buy/sell something "tangible" like Filecoin that is used to buy/sell storage.

Bitcoin has inflation because there is still a block reward to subsidize mining. Speculators driving up the USD exchange rate does not create new units of the currency, it isn’t inflation.

It's inflation because by buying/selling large quantities they effectively change bitcoin's value. In fact in the past there were a lot of repentine changes in bitcoin's value and not by some cents but in the order of hundreds of dollars.This is an inflation higher than most if not all "traditional" currencies.

Re: Self-Described Bitcoin Creator Craig Wright Sues a Podcaster for Libel

#23
post #20
post #15

Earlier quoted context omitted.

But still Bitcoin has a lot of inflation due to speculators... I would trust more a criptocurrency that is used to buy/sell something "tangible" like Filecoin that is used to buy/sell storage.

Bitcoin has initial inflation due to the process by which the currency is created, where the operators of the network are subsidized in the newly created coin for designating their hardware to securing the network. However, there is a halvening every 210000 blocks, with an eventual complete elimination of a subsidy and creation of any more of the currency. There is a hard cap on the amount of the currency in existenc…

>The storage has value - that will continue to be the case whether there is a token or a hundred tokens, or no tokens.

And this is exactly why I think that a token used for a specific tangible thing like storage would be more stable: storage has a value and that value doesn't repentinely change by hundreds of dollars in a day.

Re: Self-Described Bitcoin Creator Craig Wright Sues a Podcaster for Libel

#24
post #14

Earlier quoted context omitted.

All cryptocurrencies (except Bitcoin) are idiotware. Bitcoin was built on the idea of sound money - as a fix for the serious problem of inflation. Other "cryptocurrencies" are pro-inflation by design. They're based on the idea that "everyone can print money," by simply redefining a few constants and recompiling the code. Their proponents see this as pro-freedom, but free money is worthless money. "Cryptocurrencies" a…

Bitcoin was built with a really narrow ideological view of money (that limited supply of money is good) built on a fallacy (that current money is fake money created by governments, when in reality it's created by the banking system through credit). It's not “sound money” it's more like «libertarian dream money», and so far it failed at becoming a money (e.g. something you would buy stuff with), because of the scarcit…

"so far it failed at becoming a money"

Bitpay (one of the largest Bitcoin payment processors in the world) processed a record $1 billion in transactions in 2018. This impressive increase of people using Bitcoin to buy real-world products and services shows Bitcoin is doing very well as "money": https://www.businesswire.com/news/home/20190116005701/en/Bit...

Re: Self-Described Bitcoin Creator Craig Wright Sues a Podcaster for Libel

#25
post #23
post #20

Earlier quoted context omitted.

Bitcoin has initial inflation due to the process by which the currency is created, where the operators of the network are subsidized in the newly created coin for designating their hardware to securing the network. However, there is a halvening every 210000 blocks, with an eventual complete elimination of a subsidy and creation of any more of the currency. There is a hard cap on the amount of the currency in existenc…

>The storage has value - that will continue to be the case whether there is a token or a hundred tokens, or no tokens. And this is exactly why I think that a token used for a specific tangible thing like storage would be more stable: storage has a value and that value doesn't repentinely change by hundreds of dollars in a day.

Storage can change value at the blink of an eye, as can the junk token which purports to represent it. The things which dictate value are supply and demand. In storage, you will pay what you need based on your demands, and the price will be determined by how much is available. If there is abundance, it it cheap, if it is scarce, it will be expensive. The same is true for the token. However, as I've pointed out, the token is by-design not scarce, because anybody can print their own substitute. The token only creates additional friction between the consumer, who wants storage, and the seller, who wants money for their service.

If the seller ends up with a bunch of "storage tokens", what good is it for them if they want to do their grocery shopping? What good is it for paying their bills? Do you think each of these services will have their own token, and each one will present an additional layer of friction for every person who just wants to get on with their lives?

Of course this isn't the case. People will sell of whatever junk tokens they have and try to accumulate and save the most saleable commodity, which will be the one which does not depreciate, or depreciates as the slowest rate compared to any other commodity, ensuring that they will get their value's worth when they eventually want to trade it for something they need.

The seller of storage is also going to want to trade their commodity, storage, for a commodity which is more saleable than storage. They would never sell it for something less saleable than storage unless they had a direct need for that commodity. The seller will therefore, also offer their services in exchange for the most saleable commodity - the one with universal applicability which the greatest number of other people will accept in exchange for goods or services.

I suggest reading Carl Menger's "On the Origins of Money"[1] for a better understanding of how certain commodities become money.

[1]:http://monadnock.net/menger/money.html

Re: Self-Described Bitcoin Creator Craig Wright Sues a Podcaster for Libel

#26
I'm glad all the exchanges are delisting Bitcoin SV and the value of it will crash to nothing with no trade volume. First he wants to reward individuals for doxing someone and now this. He deserves what's coming to him. Trolls need to be banished.

Re: Self-Described Bitcoin Creator Craig Wright Sues a Podcaster for Libel

#27

> The controversial digital-asset entrepreneur filed a claim in a British court on Wednesday, accusing podcaster Peter McCormack of writing a libelous series of tweets about him in March and April over Wright’s claim that he developed Bitcoin under the pseudonym Satoshi Nakamoto. So does Craig Wright need to prove he's Satoshi in order to win a libel case against someone who says he's not Satoshi?

Britain's libel laws are garbage, so I'm sure he doesn't.

Can you tell me more about that and how to establish jurisdiction in Britain and also collect upon winning?

Are judgements in Britain worthwhile, monetarily?

Re: Self-Described Bitcoin Creator Craig Wright Sues a Podcaster for Libel

#28
post #6

> The controversial digital-asset entrepreneur filed a claim in a British court on Wednesday, accusing podcaster Peter McCormack of writing a libelous series of tweets about him in March and April over Wright’s claim that he developed Bitcoin under the pseudonym Satoshi Nakamoto. So does Craig Wright need to prove he's Satoshi in order to win a libel case against someone who says he's not Satoshi?

Didn't Liberace sue a newspaper for libel when they said he was gay... and then win. I do not know why anyone gives this guy the time of day. There is a way to indisputably prove if he is satoshi and it is the one thing he will not do. It is like if I start telling everyone the Lamborghini in the parking lot is mine, and they ask me to turn it on, and I spend the next 4 years arguing that it is mine instead of just t…

"trigger a massive tax bill"

This shouldn't deter him from conclusively proving he is Satoshi. His mere oral claim that he is Satoshi should trigger a massive tax bill anyway. He can't both claim to the world he is Satoshi while telling his tax authority "actually I'm just lying, don't tax me".

Re: Self-Described Bitcoin Creator Craig Wright Sues a Podcaster for Libel

#29
post #15

Earlier quoted context omitted.

But still Bitcoin has a lot of inflation due to speculators... I would trust more a criptocurrency that is used to buy/sell something "tangible" like Filecoin that is used to buy/sell storage.

Bitcoin has inflation because there is still a block reward to subsidize mining. Speculators driving up the USD exchange rate does not create new units of the currency, it isn’t inflation.

Inflation is not (directly) related to the supply of a currency, but to the value of that currency (usually measured vs the amount of goods/services a unit can purchase). When a currency loses value over time, it is inflating, when it gains value over time, it is deflating.

Now, supply of a currency CAN impact its value, so large increases in supply can lead to large decreases in value. It seems pretty obvious that the main driver of value changes in Bitcoin is not the supply but the demand. The block reward will only have a significant impact on the deflation of bitcoin if demand becomes much, much more stable. Since the primary driver of Bitcoin demand is speculation, this does not seem likely anytime soon.

Re: Self-Described Bitcoin Creator Craig Wright Sues a Podcaster for Libel

#30
post #24

Earlier quoted context omitted.

Bitcoin was built with a really narrow ideological view of money (that limited supply of money is good) built on a fallacy (that current money is fake money created by governments, when in reality it's created by the banking system through credit). It's not “sound money” it's more like «libertarian dream money», and so far it failed at becoming a money (e.g. something you would buy stuff with), because of the scarcit…

" so far it failed at becoming a money " Bitpay (one of the largest Bitcoin payment processors in the world) processed a record $1 billion in transactions in 2018. This impressive increase of people using Bitcoin to buy real-world products and services shows Bitcoin is doing very well as "money": https://www.businesswire.com/news/home/20190116005701/en/Bit...

1 billion is what, about 1% of supply of bitcoin? So less than that since this includes bitcoin cash as well?

> In the past year, the BitPay wallet added integrations with major gift card brands, enabling users to buy gift cards in-app for travel, food, and shopping with Bitcoin and Bitcoin Cash.

They don't break out what types of goods/services are being purchased. I wonder to what percentage of their transaction are being used to sell / launder bitcoins associated with illegal activity by buying gift cards that can then be resold.

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