651–660 of 930 posts
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I think you're confusing proof of work with proof of stake. The integrity of the Bitcoin network is enforced by the miners agreeing on the rules, not by anyone staking their ownership for governance.
What about if you hack a lost wallet and then you transfer the coins to yourself. No proof of work needed then. It is just there, in your wallet.
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Yeah, i really dislike bitcoin, but have to admit, it has been a very profitable investment for a lot of people (and still hasn't completely crashed like expected)... ... although as a form of currency (as opposed to an investment) for El Salvador, it looks like it's a failure
It’s around 100k USD apiece, +875% in the last 5y, +340% over last 2y, +130% over last 1y… I’d also qualify this as “not quite crashed yet” I dont know what the future hodls but it’s looking pretty good for bitcoin so far
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To save some time, can you define the True Scotsman here? Would the US in the 1920s count as a liberal capitalistic country for example? England in the 1860s?
Yes, and yes, which is one reason that, as it turns out, neither the US in the 01920s nor England in the 01860s experienced the famines that affected some other parts of the world at the same time. (In the 01920s Russia was experiencing its first famine that could reasonably be attributed to communism, and in the 01860s Sweden and Finland were experiencing their last famines before their transitions to capitalism.) B…
England was a capitalistic economy in the 1850s, no?
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Regardless of whether you think of them as successful or failed, I don't think you can see El Salvador's policies as "progressive".
How is it "progressive" to allow public safety issues to disproportionately impact vulnerable populations?
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Fair demand by the IMF. Presumably they require their loan to be repaid in fiat because of their internal charter. If Bitcoin adoption eventually removes El Salvador's ability to issue fiat, their loan can't be repaid.
The IMF will definitely not accept repayment in El Salvador's own fiat currency! That would be obviously stupid of them.
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It’s around 100k USD apiece, +875% in the last 5y, +340% over last 2y, +130% over last 1y… I’d also qualify this as “not quite crashed yet” I dont know what the future hodls but it’s looking pretty good for bitcoin so far
>I dont know what the future hodls but it’s looking pretty good for bitcoin so far The future always looks good right before a crash. You really don't want a currency as unstable as bitcoin as your legal ledger. we would have had 2 crashes already in this decade alone: the obvious 2020 dip and the dip in 2023. All the DOGE/Trump shennaigans + the investigation on the Hawk Tuah coin will probably crash it again late t…
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If you own a house you are part of a Ponzi scheme in most developed nations. Japan already has houses worth $0 because Japan has run out of population growth to keep the demand for houses growing. The same issue will occur in other countries that have low population growth. In New Zealand we have been importing people so house prices have been appreciating. However my impression is that other countries are competing…
> If you own a house you are part of a Ponzi scheme in most developed nations. Not unless you explicitly choose to. If you own a house to have a roof above you, to have a comfortable and safe place for you and your family, if you love and care about that place, then that's what you are getting out of the house. Its monetary value changes are "just" a side story. But if you buy a house purely as an investment, then ye…
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Regardless of whether you think of them as successful or failed, I don't think you can see El Salvador's policies as "progressive".
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https://www.france24.com/en/live-news/20250128-no-way-out-gr...
If he was killing them directly in gas chambers instead of letting them rot in prison, the population would be as safe, if not safer, forever.
Would that still be "progressive" for you?
Would you have supported Jonathan Swift's "Modest Proposal" too, at the time? Or sterilizing poor people? I mean, those are perfectly logical suggestions that would work, wouldn't they?
Bitcoin as legal tender, as in something you are legally required to accept as a debt payment, is kind of a terrible idea. What if the person owed money has no idea how to muck around with private keys, not getting hacked and so on? Does your average small law firm who has to deal with legal stuff have any idea how to do that?
What if the person owed money has no idea how to check if a bill is not a counterfeit, doesn't want to learn about really small security prints on every note, what if somebody robs their wallet?
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How many people in the Bitcoin community actually think a predictably deflationary asset is good to use as a currency?
https://en.wikipedia.org/wiki/Argumentum_ad_populum I'd much prefer a small amount of deflation to the massive inflation that USD is currently undergoing. And furthermore I think our economic system which encourages young people to take on debt in order to have niceties such as housing and transportation is massively exploitative and unsustainable.
So I'd assume a small amount of predictable deflation would shrink an economy.
Anyone know more about this?