Earlier quoted context omitted.
O know this a joke, but the other problem with horses is fuel: endless fields for hay. So wilderness destruction.
Imagine we focused on lab-grown hay instead of lab-grown meat...
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Bitcoin Is Time
731–740 of 1001 posts
Re: Bitcoin Is Time
#732A few questions I need help with - If bitcoin becomes a store of value / digital gold and people increasingly hold their wealth in Bitcoin countries will lose the ability control and regulate their own economy. 1) Why would any country hand over the reins of its economy to others ? India is already thinking of banning cryptocurrencies, China has similar thoughts too, if many large countries ban it how would Bitcoin s…
1) Countries economies consist of the individuals within them. In India, where Bitcoin is banned, its exchange rate has since increased. Same in Pakistan. Hyperinflation occurs frequently despite a governments' best efforts. The market is the master and the government is only an actor.
2) This is probably the best piece on that point: https://quillette.com/2021/02/21/can-governments-stop-bitcoi.... The summary is that unlike another country's currency, Bitcoin is significantly harder to attack.
3) Economic sanctions can still exist. You still have to pay your taxes even though many avoid them. What sanctions are you referring to specifically?
4) Look into the Lightning Network to see one among various ways Bitcoin is scaling outside of exchanges. It will continue to develop in interesting ways. In the meantime, governments that enable what a growing number of people want will be rewarded while those that attempt to ban it will suffer. The incentives to do so are not in their favor (also argued in the article above).
Re: Bitcoin Is Time
#733Earlier quoted context omitted.
Counterexample: when I recently read about its energy consumption (per byte stored), I sold my bitcoins in disgust, at roughly today's prices. I've held almost continuously since 2011, although I trimmed my position a few times. If I come across something that works without PoW, is safe against quantum computers and somehow eliminates the threat of forks (seems impossible), I'll invest in that.
Good. I hope you git rid of your hair dryer as well. It’s not too late, you can get back in, though you will have a tax bill. Maybe it can be a wash trade. But if FUD that’s dishonest about bitcoin mining scared you off then you haven’t learned enough about bitcoin yet. This us how bitcoin seeks the strongest hands. HFSP
The hair dryer, unlike a blockchain, is not a technology for durable, immutable and highly available storage, so I wouldn't judge it based on energy per byte second.
Re: Bitcoin Is Time
#734Let me fix that title. Happy to be downvoted into negative territory. I only have 11 points. Go ahead. "Bitcoin Is A Waste of Time (and Resources)" What Bitcoin has done is that it taught people they can come together in a sustained flash mob (like an on-the-fly hedge fund operation) and manipulate the price of speculative assets by creating artificial short-term pump-n-dump type demand. Bitcoin has trained our colle…
The most boring, tired take around.
Ignorant people like to call it Dutch Tulips. Was Dutch Tulips a one-tie event? Or did it continue to increase in value and usage with higher highs and higher lows every couple years?
By your "waste of resources" take, which is again so tired - at least Bitcoin is helping Venezuelans and Nigerians and others who have purchased it, unlike video games, which waste FAR more electricity and are a larger waste of resources.
Re: Bitcoin Is Time
#735Earlier quoted context omitted.
That's hardly relevant for someone looking at them in 2021, of for choosing a "global reserve currency" which involves a staggering appreciation of both. Bitcoin 2021 has been 85% "premined", the only difference is that it is (much) more widely distributed.
The difference is that it was not a premine. I don’t know how can you say it’s a small difference..
Nano was distributed via solving capchas(pow) no different than mining bitcoin.
Re: Bitcoin Is Time
#736Let me fix that title. Happy to be downvoted into negative territory. I only have 11 points. Go ahead. "Bitcoin Is A Waste of Time (and Resources)" What Bitcoin has done is that it taught people they can come together in a sustained flash mob (like an on-the-fly hedge fund operation) and manipulate the price of speculative assets by creating artificial short-term pump-n-dump type demand. Bitcoin has trained our colle…
I've been saying the same damn thing about automobiles man, horses already have self driving even! and they don't pollute like cars. Look at the mess we're in now! who's laughing?? Cars pollute and need roads, we had to build so many roads and gas stations. We even had to go to war to make sure we have enough oil.
Two wrongs don't make a right. And there are different levels of being wrong.
Re: Bitcoin Is Time
#737Earlier quoted context omitted.
> There are modern solutions to transportation that are superior to cars, like rail, frequent busses, and bike infrastructure, Bicycles are nice but have lower capacity for cargo and passengers; mass transit is less flexible. So they aren’t strictly superior. > Bitcoin does not solve any problem that any other transaction network technology can't solve, How else do you propose to have a distributed ledger that is res…
> Bicycles are nice but have lower capacity for cargo and passengers; mass transit is less flexible. So they aren’t strictly superior. Mass transit in much of the world is perfectly acceptable. You build cities around transit, walking and biking instead of giant chasms between buildings. This is not a problem that exists in Europe. You don't have to get rid of all cars, just most of them. And the best way to start is…
>> How else do you propose to have a distributed ledger that is resistant to inflation?
> That's not a real problem. You solve it by ignoring it and getting back to things that actually matter.
The distributed ledger isn't even secure. Just look where the cheap electricity is, create a network partition and all the other transaction will vanish after the network partition doesn't exist anymore.
Re: Bitcoin Is Time
#738Reminder: Bitcon is a ponzi. Learn how the investment fraud works. [1] [1]: https://github.com/openblockchains/bitcoin-ponzi
The very first line is flawed as mining companies are increasingly not selling their mined bitcoin. Why would they? They are obviously mining because they are bullish.
In fact, who is selling bitcoin? Only those that don't believe it won't be an upgrade to base-layer money. Those that would call themselves bitcoiners don't want to sell it. I've never heard of a Ponzi where some people just won't sell!
This page is an embarrassing collection of misinformation.
Re: Bitcoin Is Time
#739Earlier quoted context omitted.
I've been saying the same damn thing about automobiles man, horses already have self driving even! and they don't pollute like cars. Look at the mess we're in now! who's laughing?? Cars pollute and need roads, we had to build so many roads and gas stations. We even had to go to war to make sure we have enough oil.
One of the motivating factors behind late 19th century horseless carriages was the reduction in pollution. It isn't at all accurate to say that horses don't pollute. In some respects their pollution is worse.
My SUV pollutes less than a dog, simply because I run it once a week or less. The dog, as a horse, must breathe, eat and poop 24x7. Animals generate CO2 too. And methane.
To be short, saying that Bitcoin has the right of polluting while doing nothing useful in return because there are cars, is wrong.
Re: Bitcoin Is Time
#740Earlier quoted context omitted.
That article is from 2013 and so we must grade it on a curve. He makes several wrong assumptions about how bitcoin works because he’s thinking it is based on trust, and he is an inflationist. I have yet to have an economist explain to me why deflation us bad- computers getting cheaper is good, fixed income people being able to afford things us good. Inflation mainly allows government to hand out money yo wall street…
"I have yet to have an economist explain to me why deflation us bad" There are a few different issues. First, volatility is universally bad for a currency, because it makes all transactions in the currency more risky. Money should always be a medium of exchange first and foremost; there should be little to no room for speculating on the value of money and people should not have to factor in unexpected changes in the…
It’s a shame you spent so much time patiently trying to explain all that to me, not realizing it’s probably the ten thousandth time I’ve heard this. I appreciate the efforts, bit that view is rationalization and I tried to save you the effort by pointing out that the technology industry has not stopped like you would expect if your view were reality.
And I assure you, as someone who holds bitcoin that has greatly appreciated, I can’t wait to spend it on things that depreciate.
In fact my spending has increased now that my spending power has increased dramatically.