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Bitcoin Is Time

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Re: Bitcoin Is Time

#751

Post by pshc »

Held_der_Arbeit wrote: post #717
fredfoobar wrote: post #373

Earlier 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.

Horsecrap everywhere! We tried that, we switched to automobiles.

Who knows, deep learning AI has progressed to be just about smart enough to make autonomous poop-picking-up robots feasible—maybe it’s a sign

Re: Bitcoin Is Time

#752

Post by gamblor956 »

cwkoss wrote: post #524
gamblor956 wrote: post #472

Earlier quoted context omitted.

Violating Chinese currency controls generally results in spending one's life in a tiny prison cell. As for bank transfers, at my previous company we had to send hundreds of international payments each year and all of the transfers were finished within minutes of initiation. And Paypal and other companies have made it possible to donate to charities without a credit card for almost 2 decades.

The housing market (and luxury vehicle market) on the Pacific coast of America would beg to differ

The housing market in California is direct proof of the success of China's capital controls. Capital outflow from China to the West Coast dropped over 90% after Xi introduced capital controls.

When I was still in consulting, I had dozens of clients whose projects were killed when their Chinese investors could no longer get their money out of China to invest. A billion building sits unfinished across the street from Staples Center in LA (and has, for 3 years) because the developer can't get its money out of China to finish the building.

Thousands of local buyers are able to buy houses and condos in LA these past 3 years because they don't have to compete with all-cash foreign buyers any longer.

Re: Bitcoin Is Time

#753

Post by cyphertruck »

shawnz wrote: post #292
cyphertruck wrote: post #278

Earlier quoted context omitted.

Null transactions require mining. The question is if nobody wants to mine who will mine? Old mining chips are already so cheap they cost less than a cheap bitcoin transaction. It would not cost much to mine just to preserve the value of your holdings.

The point of submitting the transaction would be to incentivize mining by posting a bounty for it, in the form of a transaction fee. It would be just like paying other people to mine at a loss on your behalf.

Ah,I misunderstood your point because I read another reply.

You make an excellent point!

Re: Bitcoin Is Time

#754

Post by companyhen »

superbcarrot wrote: post #550
gnrlst wrote: post #210

I'm ready to be downvoted to oblivion, especially by all the Bitcoin purists, but I hope my message sparks at least some curiosity. Bitcoin is getting "weaker" every year for several reasons: - emerging centralization due to economies of scale. If this trend continues the mining power will be so consolidated that a 51% attack will be likely. The Nakamoto coefficient is already at 4, and tending towards 3. - energy us…

The sibling comments show just how difficult it is to talk constructively about these things even at a place like HN. I have no idea about the technical merits of Nano but the emotionally charged reactions with little argumentation aren't helping anyone. Is there a place online where people actually discusss cryptocurrencies on a technical/economic merit? That kind of discussion certainly isn't happening on reddit, a…

That is why someone created https://www.reddit.com/r/CryptoTechnology/

Re: Bitcoin Is Time

#755

Post by hooande »

boredpandas777 wrote: post #348

Let 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…

Ugh. I appreciate and agree with your perspective, but this isn't related to the content of the article at all. You just responded to the title

Re: Bitcoin Is Time

#756

Post by moralsupply »

blobster wrote: post #745
moralsupply wrote: post #680

Earlier quoted context omitted.

I'm certainly laughing with how much purchase power Bitcoin provided me so far. I'll be laughing at your comment in 5 years time once a single Bitcoin will be valued above $1M USD while your fiat currency savings will have lost at least 50% of its current purchase power. Screenshot this.

You're predicting >12% yearly inflation? That seems like a pretty bold prediction. I'm curious if you have any sources that would back your prediction.

https://fred.stlouisfed.org/series/M2SL

Re: Bitcoin Is Time

#757

Post by smolder »

lowkey wrote: post #570
FlyingSnake wrote: post #545

Earlier quoted context omitted.

I almost typed a snarky remark, but then realized that you make a valid point with that analogy. However the analogy feels a little weak to me: > We even had to go to war to make sure we have enough oil I don't see countries going to war over BTC (or the mining pool) as they already have cornered all the fiat currencies in a tight system. All they could do is sabotage the BTC system and make it less lucrative for nor…

> I don't see countries going to war over BTC (or the mining pool) as they already have cornered all the fiat currencies in a tight system. I think that's the point here. Unlike BTC which is powered by Proof of Work (POW), the US Dollar is powered by Proof of Violence (POV). As a result the full accounting for the externalities caused by US dollars would have to include the cost of supporting and using the largest mi…

Fiat is not powered by "proof of violence" because violence is not needed for it to function. It is maintained by social contract and the threat of violence, because otherwise it could only depend on trust, and trust is very expensive, as Bitcoin proves.

Re: Bitcoin Is Time

#758

Post by tzs »

jyrkesh wrote: post #687
hannasanarion wrote: post #609

Earlier quoted context omitted.

Yes, which is why I didn't say anything about horses. Opposition to cars, like opposition to bitcoin, isn't rustic ludditism. There are modern solutions to transportation that are superior to cars, like rail, frequent busses, and bike infrastructure, but lose out in funding and hype because they're not prestigious and utopian like cars are. Likewise, Bitcoin does not solve any problem that any other transaction netwo…

But do you think we ever could have gotten to electric cars if we hadn't used gas-powered cars as a stepping stone? I'd probably agree with you if you were to say that it's taken too long, but I'd argue that the crappy fuel-burning stuff is a necessary milestone on the transition to something better. I see Bitcoin as the Model T of new currency models. Decentralization is the future of currency and contracts, even if…

> But do you think we ever could have gotten to electric cars if we hadn't used gas-powered cars as a stepping stone?

That's probably not a good example, considering that electric cars predate gas powered cars. By the start of the 20th century, 40% of the cars in the US were steam powered, 38% electric, and 22% gasoline.

Re: Bitcoin Is Time

#760

Post by svachalek »

krrrh wrote: post #291
thewarrior wrote: post #137

Earlier quoted context omitted.

I recently decided to think deeply about Bitcoin and I think my initial skepticism about Bitcoin was wrong. Most of the criticisms of Bitcoin are centered around the fact that Bitcoin has a very low throughput. However this is not necessarily a problem. And here is one hypothetical example of how we can overcome this issue: When countries owe each other money they used to transfer gold back and forth or trust someone…

One of the properties of gold that roughly held true for centuries was a stable value. When gold threatened to become too scarce for a growing economy the incentive to mine, explore, and develop new mining technology increased. Goldbugs often point out that an ounce of gold has always been close to the price of a nice suit (admittedly a fuzzy measure, and it’s sometimes a really nice suit, and sometimes just a really…

There are various "stablecoins" that show you can have some of the benefits of crypto without wild price fluctuations. There is another interesting project called SORA that features a digital central bank managed via sortition (basically like juries, but more complicated).

https://medium.com/sora-xor/sora-the-new-economic-order-3ec3...

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