gravitycorn

Adaption benefits those who adapted earlier.

It’s always funny to see early adopters’ criticisms of inflation politics and power to the 99% rhetoric when all they want to do is flip the curve around and apply the same “upward distribution” to their monetary system, but in reverse (timewise) and worse (distribution wise).

But do you really access them in a decentralised fashion?

Imagine a pariah state where you want to evade heavy inflation by acquiring some trusted and agreed upon “store of value”, let’s say btc.

Assuming you don’t want to run massive covert mining rigs converting your local energy to btc you need an exchange, which can be regulated in the same way the dollar exchanges are regulated.

You could argue that you can onboard people to btc by illegal barter, but for that you need major gatekeepers aquiring the btc or running said mining rigs in the first place. Maybe ransomware extortion might be an alternative. They then have to be willing to distribute those deflationary btc to the people by exchange against goods or inflationary cash without adding a big premium on top.

Of course I am oversimplifying, but it’s not as easy as one would think.

And we haven’t even touched on what a dystopian place this country will be when a completely public and auditable database of cash flows will be the ledger of choice in an autocratic (or any) country.

Also, a question always worth asking when talking about blockchain: Where would you store your unrecoverable password to your life savings-account? Does your hair-dresser might know the amount of your life savings because you paid your last haircut with btc?

Wait, you never did a git rebase?

How does a consensus algorithm help when the nodes are not connected to the p2p network?