41–50 of 67 posts
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The fact your indication is very close to the original comment makes me wonder if this is alt-account behavior.
No, I'm a different person, not sure how I can prove that to you though?
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By transaction costs I not only mean the fees you pay to the miners by the way. Every time there is deflation, there is an opportunity transaction cost made up by the difference in price between the forward pulled transaction and the change in price due to deflation of the reverse transaction that would happen in the future. (Assuming equilibrium of sales and purchases over a lifetime).
Companies must source inputs ahead of time, so they are spending money first and earning it later. In other words, they must sell low and buy high. Any enterprise must overcome the hurdle rate imposed by deflation induced transaction costs. This is why deflation kills an economy. The easiest way to reduce transaction costs is by not producing anything and that is why the Bitcoin economy has remained small.
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No, I'm a different person, not sure how I can prove that to you though?
Maybe you can prove your identity and humanity (!) with some kind of a distributed immutable ledger. ;)
Earlier quoted context omitted.
No, I'm a different person, not sure how I can prove that to you though?
Maybe you can prove your identity and humanity (!) with some kind of a distributed immutable ledger. ;)
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Until a currency has a military and economy behind it, it’s a toy. That is what a currency represents: power and trust.
The blockchain doesn't protect jack shit. if someone wants to take out key infrastructural concentrations it's the police forces of the respective territories these mining farms are located in that are going to guarantee the actual security for the protocol.
The great irony here is that this very protocol or, rather the people who promote it, are doing so specifically to undermine the stability of the economies they depend on for their project's physical security.
It's amazing that these self- dealing sociopaths have made it as far as they have.
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Gold has always been a currency, it is a currency right now and it will be a currency for all future. That's why central banks deal in gold, while the serfs pay interest for fake paper money. Not the entire world is shackled and under military or police threat. You could also free yourself, if you research how to. Even without using any bitcoin nor gold.
Gold can be made into currency, aka a coin. As can silver or bronze or zinc. https://en.wikipedia.org/wiki/Debasement as an example of what happens when gold ends up a currency.
The debasement is an inevitable fact that those metaphorical doors are closing and opening over time. In fact, the impression that gold bugs give is that the government and general public should force all those doors to stay open at great expense, while they do nothing as if laziness was a virtue that demands compensation.
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Until a currency has a military and economy behind it, it’s a toy. That is what a currency represents: power and trust.
I think the fundamental and radical idea of cryptocurrency is that this is not true. Currency can have value even if it isn't derived from the point of a sword. I know crypto has a lot of scam baggage and that is unavoidable for a permissionless system, I think. Regardless, the idea that you can wrest away the levers and dials of monetary policy away from world powers and put it in the hands of a permissionless syste…
Not to sound nitpicky but an idea cant dis-/proof anything.
Trust is the only foundation of cryptocurrencies, and your argument is a good example of biased reasoning to coat it with such (i guess you still hodl). The volatility of cryptocurrencies will be their downfall aka. loss of trust in the long term because people already have the expectation of rising value, whereas a stable currency would require a roughly 1:1 exchange, which would make it hot garbage for pretty much all the hypsters. They value hodling and not circulation, which is the primary use case of a currency.
My argument is a systemic one. I am not pointing to graphs or big players.
Earlier quoted context omitted.
Until a currency has a military and economy behind it, it’s a toy. That is what a currency represents: power and trust.
I think the fundamental and radical idea of cryptocurrency is that this is not true. Currency can have value even if it isn't derived from the point of a sword. I know crypto has a lot of scam baggage and that is unavoidable for a permissionless system, I think. Regardless, the idea that you can wrest away the levers and dials of monetary policy away from world powers and put it in the hands of a permissionless syste…
Being resistant to scams is one of the key features of modern finance. The joke that cryptocurrencies continue to rediscover the history of finance is not just a joke, it is the reality.
So many of the things that the crypto world complains about with fiat currency are actually things that allow the whole system to function well, and came about to combat scams and frauds that people don't want.
People don't want a Wild West economy.
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Hasn't the monetary system historically reverted to commodity money whenever there was a shakeup in the major powers? I have doubts about the "bitcoin is better commodity money" idea myself, but they have more to do with the fact that Bitcoin is probably quite easy to kill at superpower scale and less to do with the idea that we will never see commodity money ever again.
What's the vector you think a super power would use to kill it?
There, done.
The blockchain is secured by proof of work, but proof of work is secured by proof of lead.