Ask HN: Could Bitcoin be replaced by an ERC-20 token? • Hacker News Board

Re: Ask HN: Could Bitcoin be replaced by an ERC-20 token?

#51

Post by bradwood » Fri, May 27, 2022, 9:35 PM UTC

bradwood wrote: post #49

Deritiod wrote: post #43

Earlier quoted context omitted.

1. Money isn't just created. 2. Bitcoin is not inflation save either. And much more volatile.

> 1. Money isn't just created. Er.. It is. Between quantitative easing and fractional reserve banking it is created in 2 ways. Spend some time reading and researching on these topics please

And, by definition, bitcoin _is_ inflation-safe as it's supply is capped. Inflation means inflation of the money supply (often thought of as an increase in prices).

Bitcoins price may vary against other assets but it's supply will never exceed 21m

Re: Ask HN: Could Bitcoin be replaced by an ERC-20 token?

#52

Post by Deritiod » Fri, May 27, 2022, 10:00 PM UTC

npc12345 wrote: post #48

Deritiod wrote: post #33

Earlier quoted context omitted.

Have you read any of it and actually understood it? I read now 8 articles and all of them are really bad :-/ I really don't have the motivation to go through all of that Garbage... One dude compares the Bitcoin energy consumption with aluminum while ignoring that aluminum is actually helpful to smelt while Bitcoin is not. There is so much ignorance in all of them. 'But how much energy should a monetary system consume…

0. A dollar your ancestors earned in 1919 buys about a 1/100 right now of what it used to. 1. A dollar you earned in 2019 buys about a quarter right now of what it used to. 2. A bitcoin you bought in 2019 buys about 5 times right now of what it used to. 3. A bitcoin bought in 2135 will buy around the same in 2135, that it will buy in 2235. ...and 2335 ...and 2435. You don't seem to care about [0] and [1]? I DEEPLY ca…

You would be right if it would be the same thing.

It's not.

I talked about the specific issue that right now dollar has to be transferred into Bitcoin.

And Bitcoin would look very similar to what dollar currently looks like. It would also has issues with inflation etc.

Re: Ask HN: Could Bitcoin be replaced by an ERC-20 token?

#53

Post by Deritiod » Sat, May 28, 2022, 8:12 AM UTC

bradwood wrote: post #51

bradwood wrote: post #49

Earlier quoted context omitted.

> 1. Money isn't just created. Er.. It is. Between quantitative easing and fractional reserve banking it is created in 2 ways. Spend some time reading and researching on these topics please

And, by definition, bitcoin _is_ inflation-safe as it's supply is capped. Inflation means inflation of the money supply (often thought of as an increase in prices). Bitcoins price may vary against other assets but it's supply will never exceed 21m

Just because you will not be able to make more Bitcoin doesn't mean that you will experience no inflation.it just means that it will express itself different.

'Inflation is the rate of increase in prices over a given period of time'.

Either this will break Bitcoin because it is limited or the Bitcoin domination will change.

Already people are no longer buying one Bitcoin but subbitcoins like 0.01

Edit: and just in case you want to argue that this is deflation: Deflation is also bad. But BTC might reach a fluctuation point were it would see deflation and inflation.