7 ms·

You don't have to transport a heavy metal, instead all you have to do is ensure an electrical grid, fully functional internet access, and a distributed network

by kaikai 7y ago

You don't have to transport a heavy metal, instead all you have to do is ensure an electrical grid, fully functional internet access, and a distributed network of other people! I'm not sure that's any easier than carry around metal :P

unhashable 7y ago
I see: you’re concerned with a future where the concept of an internet ceases to exist? I’m afraid money will be the least of our problems then.
- gchokov 7y ago
  It's already happening with Russia and China having their own networks.
  - unhashable 7y ago
    Absolute financial control of citizens is a hell on earth type of dystopia we must resist, thwart, and avoid at all costs. We must not go silently into that dark night.
- glofish 7y ago
  for me, it not so unthinkable that you could have intermittent access to the internet (out days at a time), or that some parts of the internet would not be accessible for extended periods of time for you it seems that must equate the end of the world where it doesn't matter anyway.
  - unhashable 7y ago
    This is an interesting scenario worth thinking through. If Bitcoin is forced to go split-brain temporarily, the network could coordinate to rejoin after the fact. Or, it could stay split in two. Regardless, infighting over which network was “the real Bitcoin” would ensue. See Bitcoin Cash and friends.
    - sparkie 7y ago
      A "rejoin" isn't really possible. People who spent money on the "wrong" chain will simply have to live with the fact that their money is lost on the "right" chain, although it will probably not be an overnight thing. The two forks could exist for a long time after the split simultaneously, and many merchants may accept either form of payment. There will even be arbitrage between the two chains as profit can be made. Ultimately, one chain will come to dominate the other, and the ones who fight hardest for it to be their chain will probably find they're on the wrong one. That's because people on the right chain will not need to fight about it. They'll just be running their software as they've been doing till now, and it will pick the correct chain for them. The ones screaming "you need to download a new client" will proceed in destroying their own reputations.
      - unhashable 7y ago
        So which is more likely: severe debasement of USD or the devolving of the global internet (ala an increase of firewall-ism by nation states)?
        gerikson 7y ago
        In my opinion: the latter.
        unhashable 7y ago
        You think the internet is going to be compartmentalized before USD is devalued? Fed is printing $4T this week!
        unhashable 7y ago
        Update: Fed just committed to unlimited liquidity injections through money creation. USD debasement is now a guarantee. Welcome to the new normal. https://twitter.com/apompliano/status/1238463895095869440?s=21 https://twitter.com/apompliano/status/1238463895095869440?s=...
- deleted 7y ago
  [deleted]
- freeopinion 7y ago
  Money was definitely not the least of the problems in Puerto Rico when the grid went down.
SuperFerret 7y ago
And on top of all of that, you can't use crypto for anything except to hold. Good luck selling any large sums.
SkyBelow 7y ago
It isn't, it is more difficult, but it is a different kind of difficult. That is why both have a place, and will continue to do so until a social collapse, at which point only gold will remain. But until such a point, bitcoin exists as sometime harder to trade than gold in some ways and easier in others. It also borrows a bit from fiat currency in that it only has value because we agree to give it value (at least greater than the value of as single cut of cloth/plastic paper). Gold has some level of intrinsic value in both how resistant it is to change, its socially desirable look, and its practical use.
- matvore 7y ago
  There is no such thing as “intrinsic” value. Value requires an evaluator. Maybe you mean that bitcoin doesn’t have value outside of its ostensive monetary value. Bitcoin has that too. It can back up data to thousands of locations and be censorship resistant and have a verifiable timestamp.
- c22 7y ago
  I'm not convinced that the total social collapse of modern society will result in a state where either bitcoin or gold hold much value.

by kaikai 7y ago

unhashable 7y ago

I see: you’re concerned with a future where the concept of an internet ceases to exist? I’m afraid money will be the least of our problems then.

gchokov 7y ago
It's already happening with Russia and China having their own networks.
- unhashable 7y ago
  Absolute financial control of citizens is a hell on earth type of dystopia we must resist, thwart, and avoid at all costs. We must not go silently into that dark night.
glofish 7y ago
for me, it not so unthinkable that you could have intermittent access to the internet (out days at a time), or that some parts of the internet would not be accessible for extended periods of time for you it seems that must equate the end of the world where it doesn't matter anyway.
- unhashable 7y ago
  This is an interesting scenario worth thinking through. If Bitcoin is forced to go split-brain temporarily, the network could coordinate to rejoin after the fact. Or, it could stay split in two. Regardless, infighting over which network was “the real Bitcoin” would ensue. See Bitcoin Cash and friends.
  - sparkie 7y ago
    A "rejoin" isn't really possible. People who spent money on the "wrong" chain will simply have to live with the fact that their money is lost on the "right" chain, although it will probably not be an overnight thing. The two forks could exist for a long time after the split simultaneously, and many merchants may accept either form of payment. There will even be arbitrage between the two chains as profit can be made. Ultimately, one chain will come to dominate the other, and the ones who fight hardest for it to be their chain will probably find they're on the wrong one. That's because people on the right chain will not need to fight about it. They'll just be running their software as they've been doing till now, and it will pick the correct chain for them. The ones screaming "you need to download a new client" will proceed in destroying their own reputations.
    - unhashable 7y ago
      So which is more likely: severe debasement of USD or the devolving of the global internet (ala an increase of firewall-ism by nation states)?
      - gerikson 7y ago
        In my opinion: the latter.
        unhashable 7y ago
        You think the internet is going to be compartmentalized before USD is devalued? Fed is printing $4T this week!
        unhashable 7y ago
        Update: Fed just committed to unlimited liquidity injections through money creation. USD debasement is now a guarantee. Welcome to the new normal. https://twitter.com/apompliano/status/1238463895095869440?s=21 https://twitter.com/apompliano/status/1238463895095869440?s=...
deleted 7y ago
[deleted]
freeopinion 7y ago
Money was definitely not the least of the problems in Puerto Rico when the grid went down.

SuperFerret 7y ago

And on top of all of that, you can't use crypto for anything except to hold. Good luck selling any large sums.

SkyBelow 7y ago

It isn't, it is more difficult, but it is a different kind of difficult. That is why both have a place, and will continue to do so until a social collapse, at which point only gold will remain. But until such a point, bitcoin exists as sometime harder to trade than gold in some ways and easier in others. It also borrows a bit from fiat currency in that it only has value because we agree to give it value (at least greater than the value of as single cut of cloth/plastic paper). Gold has some level of intrinsic value in both how resistant it is to change, its socially desirable look, and its practical use.

matvore 7y ago
There is no such thing as “intrinsic” value. Value requires an evaluator. Maybe you mean that bitcoin doesn’t have value outside of its ostensive monetary value. Bitcoin has that too. It can back up data to thousands of locations and be censorship resistant and have a verifiable timestamp.
c22 7y ago
I'm not convinced that the total social collapse of modern society will result in a state where either bitcoin or gold hold much value.