I believe you are absolutely correct.
828 karma · joined February 14, 2013
Government?
Minor nit: The gov't doesn't give the loans, they underwrite & insure the loans.
"The fundamental value of fiat currency is its capacity to pay taxes to a regional entity?"
This is (roughly speaking) the description of a currency, isn't it? I would point out that as a store of value, bitcoin's up
> [BTC's] original task of matching or exceeding fiat money in actual day to day usability.
I don't think BTC was intended to serve in the way you're describing. I believe it was designed to neuter/obviate at-large Central Banks (e.g. money printers, debasers of currency, economic overlords). In this way, it's gone a long way towards the intended purpose. Furthermore, as a base-layer, it's been extended considerably to support day-to-day usability. Further, as a Store of Value, it's done a lot better than USD in almost every time-scale you can compare, and all the ones that matter.
Here's the quote from the release (via: http://satoshinakamoto.me/2008/11/01/bitcoin-p2p-e-cash-pape...)
>>> The main properties: Double-spending is prevented with a peer-to-peer network. No mint or other trusted parties. Participants can be anonymous. New coins are made from Hashcash style proof-of-work. The proof-of-work for new coin generation also powers the network to prevent double-spending. >>>
I would also like to add that the original point of money is not to support a month's worth of planning... the point of money is to support planning across planting seasons and lifetimes. Wages and wage-work came along long after money was invented.
Are you saying that keeping some amount of bitcoin tied up in a LN channel is painful?
Or are you saying that holding bitcoin for 1-30 days is "regular usage" ?
Also, you completely ignored the point about running a node.
Have you ever considered why banks look like temples?
Do you know the weight of a shekle?
Consider discovering more about these topics before you opine on "money".
> Maybe try thinking through the relationship between not consuming something now, and wanting to consume something in the future without using the idea of money?
Do you know about "time preference"? Do you appreciate how an inflationary currency promotes a shorter time preference? Can you see how that impacts the world by promoting rapid consumption?
Consider investigating how hard money impacts time preference.
What?? The parent was talking about the lightning network... which is built on top of the bitcoin node network.
> being unable to run a full node anymore
Full node syncs & runs fine even on a raspi 3... it's slow... and you're not participating in mining... but it's running, and does what you would expect a node to do (validate, receive & broadcast transactions).
i guess that line is the communication protocol?
Can you expound on the fundamental means of valuation for Fiat currency? It's my understanding that there is no fiat currency with any fundamental backing. I was pretty sure Khadaffi was killed for promoting an African currency backed by gold, in lieu of the USD hegemony.
> The value of fiat currency is ultimately tied to the economics of global, and therefore provides an objective means to value said currencies, both themselves and relative to other currencies.
This ^^ is not fundamental... this is relative.
it would be helpful to me if you could cite an example. i don't actually think this is true.
Sometimes the best fix is a disassembly.
what are you talking about crypto-related fraud without even a nod to these enormous organizations that have been convicted (multiple times) of fraud?
Separate Money from the State
there are forks of bitcoin, to be sure... but the majority of "cryptos" out there are GPU mineable coins, because there's hardware that can be exploited to mine "profitably". not to mention the need to pre-mine shitcoins so they can be given to grifters and shills who pump & dump.
> The idea that inflation is anything other than an increase in the supply of money is an intentionally confounding theoretical device with no basis in reality.
you're again conflating price and monetary inflation. and again mixing in somebody else's prejoratives to flavor your discussion of their topics.
here's a link [1]
lol.
> Defining inflation as a function of supply distracts us from the real-world problems causing broad-based increases in price.
price is a function of supply and demand already. you don't need to redefine inflation unless you're trying to dupe feeble-minded rubes.
It's not clear to me if you're talking about monetary or price inflation.
https://mises.org/library/money-inflation-and-price-inflatio...
> some economists have interpreted price inflation as a desperate method by which the public, suffering from monetary inflation, tries to recoup its command of economic resources by raising prices at least as fast, if not faster, than the government prints new money.
(i mean proof-of-stake, not the alternative inflammatory PoS)
you might say that the grid can only support a certain load at a some given time, but obviously more energy could be provided.
in any case, i think it's silly to concern ourselves with (specifically Bitcoin's) energy consumption, as it's tiny compared to the efficiency gains that are realized elsewhere as a result of bitcoin's adoption.
You make a decent argument.
> Think of the hypnosis scene from "Get Out"
this is EXACTLY right.
> an empty void for an eternity when it was only a few minutes.
if you maintained the ability to interpret audio and visual inputs, then probably 20-30 minutes, if SWIM had to guess.
> the thought that police use it to pacify someone during an arrest is sickening.
this is EXACTLY right.
reminds me of the psychonaught/rapist sex therapist guy who was mega-dosing women with MDMA or 2CB before forcing himself on them.