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Bitcoin Is Time

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Re: Bitcoin Is Time

#21

Post by kolinko »

Scoundreller wrote: post #16
kneel wrote: post #14

Earlier quoted context omitted.

Negative yielding debt is literally a waste of time. Money is worth less as you move into the future. Fiat is literally a black hole.

What percentage of assets are negative yielding? They can’t all be negative in real terms.

All cash is, also any investment below inflation - so most bonds.

Re: Bitcoin Is Time

#22

Post by tromp »

hanniabu wrote: post #15
phyro wrote: post #9

Thank you for sharing this! I wrote a much shorter article on why I believe Grin is the closest to "time is money" here https://phyro.github.io/what-is-grin/grin_emission.html Bitcoin can be thought of as a clock, but the unit that is being transfered can't be thought as time because for it to be mappable to time, you need a linear function and Bitcoin's emission is exponential because of the halvings.

How is Bitcoin's admission exponential? Isn't it a stepped linear emission?

It's inverse exponentially approaching the 21 million limit, which it can never reach [1].

[1] https://medium.com/amberdata/why-the-bitcoin-supply-will-nev...

Re: Bitcoin Is Time

#26

Post by dmm »

joosters wrote: post #8

Time is money. Bitcoin is wasted time. And wasted money. And wasted energy.

In the winter I ride my bike down streets lined with cars idling because their owners don't want to ride in the cold for a few minutes.

In a way I appreciate bitcoin for its absurd and unambiguous wastefulness. It's sort of the perfect expression of consumerism, destroying the precious and irreplaceable earth for something immediately disposed of.

Re: Bitcoin Is Time

#27

Post by Dzugaru »

dmak wrote: post #17
joosters wrote: post #8

Time is money. Bitcoin is wasted time. And wasted money. And wasted energy.

Why are you so salty? Care to elaborate?

It's just natural, that people are salty about proof-of-work that leads to computation devices scarcity. No one asked for this and it's really scary - society can economically decide, that distributed ledger protection is more important, than gaming and science. Just like we economically can decide that global warming is not important.

Re: Bitcoin Is Time

#28

Post by ttul »

Dirlewanger wrote: post #23
joosters wrote: post #8

Time is money. Bitcoin is wasted time. And wasted money. And wasted energy.

Everything on the planet uses energy. Why are people so obsessed with Bitcoin's energy usage in particular?

Because it’s enormous? A colleague just finished putting together a 125MW BTC mining operation. That’s sheer insanity. Nobody has ever been able to explain how Bitcoin saves the world from climate catastrophe by using 0.3% of all electricity.

Re: Bitcoin Is Time

#29

Post by jhauris »

bdamm wrote: post #25
amelius wrote: post #18

Bitcoin is a Ponzi scheme.

If Bitcoin is a Ponzi scheme, then gold must be as well.

Can you elaborate on how that's true? Gold has use in making other physical products, such as electronics, which can do things and thus create value. Bitcoin comparatively seems to be a net drain on resources and value.

Re: Bitcoin Is Time

#30

Post by mopsi »

Dirlewanger wrote: post #23
joosters wrote: post #8

Time is money. Bitcoin is wasted time. And wasted money. And wasted energy.

Everything on the planet uses energy. Why are people so obsessed with Bitcoin's energy usage in particular?

Concern trolling. A lot of jealousy hides behind environmental concerns these days. You went on a trip or bought a supercar? But MPG yada-yada-yada...
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