4 ms·
> You can perform a practically unlimited number of transactions per second with gold. But but but - there's a hard upper limit!!! There's barely 3x10^19 atoms
by bigiain 6y ago
> You can perform a practically unlimited number of transactions per second with gold.
But but but - there's a hard upper limit!!! There's barely 3x10^19 atoms in 1 gram of gold! /s
(Obviously we could trade electrons, protons, and neutrons on a side chain to scale transactions up by almost 3 orders of magnitude...)
- arcticbull 6y agoTo be fair, we actually tried the side-chain model when the dollar was backed by gold :) the crypto folks are just speed-running the history of finance. I don't wanna spoil the surprise, but of course, it ended poorly.
- bigiain 6y agoI guess there's a good analogy connecting "floating the dollar" and "stable coins" somewhere. "These crypto coins are 1:1 backed with US Dollars! Except when we arbitrarily decide they aren't any more! Watch the invisible hand at work!!!"
- arcticbull 6y agoOr when international law enforcement decides they're not because 30% of the backing dollars are the proceeds of money laundering. Then you pretend it's fully backed anyways, raise an LEO just because, and move on because crypto. Ah, I do so love the future.