3 ms·

The creator was trying to make “electronic cash” that evaded central banking manipulation from what I can tell. Except there’s a fixed supply. There isn’t a fi

The creator was trying to make “electronic cash” that evaded central banking manipulation from what I can tell. Except there’s a fixed supply. There isn’t a fixed supply of value in the world.

vmception 6y ago
That is correct, there are a lot of things as well as incomplete features in the first versions of bitcoin that were deprecated by the open source community, some of it while in ongoing communication with Satoshi Nakamoto. One of the strengths of this asset class is that it has no static limitations, while any improvements to its core concept must reach overwhelming consensus otherwise it debilitates the entire system. The amendment ratification process has a long lead time, even when it is not politicized. The current Taproot and Schnoor amendments actually improve the "electronic cash" feature set, and has signaling consensus already but they must signal for I think 6-12 months before the nodes start updating their software. Hopefully wallets and exchanges use this time to implement the technology as default for the users (but they won't, human nature)
- deleted 6y ago
  [deleted]
beaner 6y ago
This doesn't mean anything, you need to make an argument as to why you believe that for an asset to be successful as a currency, its number of units needs to expand or contract in relation to value being produced.
ayyy 6y ago
It's a "fixed supply" of something that's very divisible. The media loves the fixed supply narrative, but it's really not important. Other coins have permanently inflating supplies and their charts mostly match the bitcoin chart. The real gift of bitcoin is that it jump-started a wave of innovation by birthing "cryptocurrency". Once people saw that money would flow into bitcoin, people started new projects to try out all the other now-obvious ideas for cryptocurrencies. People want to build important things. If you're thinking of bitcoin in the mindset of beanie babies or building a better credit card, then you may have missed the bigger thing that's happening. It's becoming obvious, to me at least, that cryptocurrency is trending in a direction where it will profoundly disrupt any industry that uses the internet, beginning with finance. Also, I've been following this thread, and you should probably re-read all of vmception's comments. IMO he's right about some important stuff that your replies suggest you may be missing.

vmception 6y ago

That is correct, there are a lot of things as well as incomplete features in the first versions of bitcoin that were deprecated by the open source community, some of it while in ongoing communication with Satoshi Nakamoto. One of the strengths of this asset class is that it has no static limitations, while any improvements to its core concept must reach overwhelming consensus otherwise it debilitates the entire system. The amendment ratification process has a long lead time, even when it is not politicized. The current Taproot and Schnoor amendments actually improve the "electronic cash" feature set, and has signaling consensus already but they must signal for I think 6-12 months before the nodes start updating their software. Hopefully wallets and exchanges use this time to implement the technology as default for the users (but they won't, human nature)

deleted 6y ago
[deleted]

beaner 6y ago

This doesn't mean anything, you need to make an argument as to why you believe that for an asset to be successful as a currency, its number of units needs to expand or contract in relation to value being produced.

ayyy 6y ago

It's a "fixed supply" of something that's very divisible. The media loves the fixed supply narrative, but it's really not important. Other coins have permanently inflating supplies and their charts mostly match the bitcoin chart. The real gift of bitcoin is that it jump-started a wave of innovation by birthing "cryptocurrency". Once people saw that money would flow into bitcoin, people started new projects to try out all the other now-obvious ideas for cryptocurrencies. People want to build important things. If you're thinking of bitcoin in the mindset of beanie babies or building a better credit card, then you may have missed the bigger thing that's happening. It's becoming obvious, to me at least, that cryptocurrency is trending in a direction where it will profoundly disrupt any industry that uses the internet, beginning with finance. Also, I've been following this thread, and you should probably re-read all of vmception's comments. IMO he's right about some important stuff that your replies suggest you may be missing.