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All cash is, also any investment below inflation - so most bonds.
This motivates productive use of that capital. Deflationary currencies just guarantee the rich get richer as an axiom.
This is the article that made things finally click with me. Thinking about the pre-WWI gold standard and the issues that existed there and the improvements that Bitcoin brings around time, consensus, etc. The baseless negative comments with no interaction with the article content confirms for me that Bitcoin is on to something. Sour grapes syndrome is a result of pride, I think.
> Sour grapes syndrome is a result of pride, I think. Or maybe it comes from people who have read an Econo101 textbook and who have spent a lot of time trying to explain a crowd of Bitcoin enthusiasts why their reasoning is wrong but no one has been listening to them so far so they are bored. Back in the time I used to spend my days on a forum about Economics. Every other week there was a random guy who signed up jus…
I took more than 101, and not sure what you refer to there.
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If you think the US military or any military will go away because Bitcoin you’re delusional. > Why is there not a daily hackernews thread complaining about the energy consumption of the US military? People are willing to pay a high energy cost for safety. Bitcoin doesn’t provide me any safety and it doesn’t have the strongest military in the world claiming it’s worth anything. If you think Bitcoin will topple governm…
I know the US military won't go away as long as USD is used as the world's currency. Getting off USD is a prerequisite to ending American imperialism, it's not the only thing that needs to be done by a long shot though.
Time is money. Bitcoin is wasted time. And wasted money. And wasted energy.
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> Sour grapes syndrome is a result of pride, I think. Or maybe it comes from people who have read an Econo101 textbook and who have spent a lot of time trying to explain a crowd of Bitcoin enthusiasts why their reasoning is wrong but no one has been listening to them so far so they are bored. Back in the time I used to spend my days on a forum about Economics. Every other week there was a random guy who signed up jus…
Would you care to share your Econo101 knowledge? I'm not an economist, but nothing has convinced me yet that bitcoin is not the best form of money.
Transaction rates - Artificially kept low to profit miners.
Privacy - Every Bitcoin transactions is on a public blockchain.
Transaction fees - Using Bitcoin for even one transaction a day gets expensive.
Online only - Unlike cash only works with network access.
Conformation Time - Failing to wait for conformation in effect allows double spend attacks. Think 10 people buying computer equipment from different stores at the same time.
Assuming the implementation was changed to support wider adoption, a fixed currency has significant economic issues. For example, making or taking a loan in a currency that’s gaining value quickly becomes untenable.
PS: Of course all of this could be changed, but acknowledging issues is the first step in selecting a new set of tradeoffs.
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> Sour grapes syndrome is a result of pride, I think. Or maybe it comes from people who have read an Econo101 textbook and who have spent a lot of time trying to explain a crowd of Bitcoin enthusiasts why their reasoning is wrong but no one has been listening to them so far so they are bored. Back in the time I used to spend my days on a forum about Economics. Every other week there was a random guy who signed up jus…
Would you care to share your Econo101 knowledge? I'm not an economist, but nothing has convinced me yet that bitcoin is not the best form of money.
I don't have any opinion about Bitcoin one way or another, though through these fascinating arguments I gain new insight about the money and its relationship with geopolitics, human civilisation and other aspects.
[1] https://www.yanisvaroufakis.eu/2013/04/22/bitcoin-and-the-da...
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I'm not saying this is you, but many people on HN will cry out "Use Boring Tech!" while also not understanding why Bitcoin is king. Bitcoin is old, secure, proven, and most importantly _simple_. Of course what you sacrifice with Proof of Stake is sovereignty. A random person cannot participate in the network unless they have X amount of existing resources. So that's the trade-off as I understand it. Depends on where…
Your point could be truth in theory, and/or in the future. However, in practice, it seems that it almost works the other way around. To mine on BTC, you cannot enter the game with 10$ to your name. You can't buy a mining rig, it is way too wasteful to mine on your existing CPU, etc. However if we look for example at staking in Ethereum, there are decentralized (no trust required) pools that allow you to stake however…
Just making money, yes you can pool together. And that's a great feature of smart contract networks. But we are also seeing smart contracts being brought into Bitcoin that allows the same things. I just think sovereignty and making money shouldn't be conflated.
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If you think the US military or any military will go away because Bitcoin you’re delusional. > Why is there not a daily hackernews thread complaining about the energy consumption of the US military? People are willing to pay a high energy cost for safety. Bitcoin doesn’t provide me any safety and it doesn’t have the strongest military in the world claiming it’s worth anything. If you think Bitcoin will topple governm…
I know the US military won't go away as long as USD is used as the world's currency. Getting off USD is a prerequisite to ending American imperialism, it's not the only thing that needs to be done by a long shot though.
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Maybe try reading the post again? I have no affiliation or even opinion about that coin, but it is painfully clear for that post only that the proposed problem of value is "valid consensus mechanism that scales of PoS and PoW networks". Half of the comments on this page complain about how Bitcoin uses too much energy and how PoW is wasteful. This is a direct (allegedly, if what they write is correct) solution to exac…
I honestly don't think that either BitCoin or CryptoCurrency in general _can_ be reformed. The whole mess is a complete write-off.