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Still one of the best descriptions of bitcoin I have seen. > imagine if keeping your car idling 24/7 produced solved Sudokus you could trade for heroin https:

Still one of the best descriptions of bitcoin I have seen. > imagine if keeping your car idling 24/7 produced solved Sudokus you could trade for heroin https://twitter.com/Theophite/status/1030225104234373121 https://twitter.com/Theophite/status/1030225104234373121

louwrentius 6y ago
Yes, I think it's perfect.
chordalkeyboard 6y ago
Imagine if the government required you to use ice cubes for currency and people wondered why everyone was using some highly inefficient workaround so their money didn’t vanish in between getting paid and paying bills.
- paulryanrogers 6y ago
  Considering the volatility and poor fundamentals of BTC I think your ice cube analogy might be reversed.
  - chordalkeyboard 6y ago
    Considering the value proposition of BTC is to avoid keeping your money in fiat currency that is constantly depreciating while BTC is appreciating, the analogy is apt.
    - paulryanrogers 6y ago
      Key part being "while BTC is appreciating". Which seems based more on the greater fool theory than a sustainable asset or currency. (Lightning network not withstanding)
      - chordalkeyboard 6y ago
        > Key part being "while BTC is appreciating". Which seems based more on the greater fool theory than a sustainable asset or currency. Thats just a failure to understand the value proposition of bitcoin. Its a medium of exchange that has a hard limit on inflation, no greater fool required. Hence, the comparison of ice cubes and fiat currency.
        cosmotic 6y ago
        The 7 transactions per second limit would suggest it is not a suitable replacement. Considering the energy cost and environmental consequences this article references, we'd need the ice anyway. Edit: this (older?) article says 4.6 transactions per second and a propagation (read: transaction) time of 14 seconds. This is with near-zero percent of transactions in the world taking place in btc. https://hackernoon.com/the-blockchain-scalability-problem-the-race-for-visa-like-transaction-speed-5cce48f9d44 https://hackernoon.com/the-blockchain-scalability-problem-th...
        chordalkeyboard 6y ago
        > The 7 transactions per second limit would suggest it is not a suitable replacement. Thats something people will have to decide for themselves. > Considering the energy cost and environmental consequences this article references, we'd need the ice anyway. Don’t worry, when it melts they will make more.
    - deleted 6y ago
      [deleted]
eMGm4D0zgUAVXc7 6y ago
Imagine if you could just print money to pay your bills and hide the fact that you're bankrupt. - That's what governments do with fiat money.
- yongjik 6y ago
  ...There surely is a large overlap between bitcoin enthusiasts and people who don't understand how fiat currency works, isn't it?
  - eMGm4D0zgUAVXc7 6y ago
    Which particular part did I not understand?
  - chordalkeyboard 6y ago
    No, I doubt it considerably. In fact bitcoin enthusiasts are likely to have a better understanding of fiat than the average person, due to the value proposition of cryptocurrencies.
    - Apocryphon 6y ago
      Most bitcoin enthusiasts at this point are more likely to be speculators who enjoy amassing (currently) rapidly appreciating assets that can be converted back to fiat currency, than deeply-committed ideologues who are familiar with the economic implications of the project.
      - chordalkeyboard 6y ago
        > Most bitcoin enthusiasts at this point are more likely to be speculators who enjoy amassing (currently) rapidly appreciating assets that can be converted back to fiat currency, than deeply-committed ideologues who are familiar with the economic implications of the project. I think you may be conflating recent bandwagoners with enthusiasts. “There’s a limit to the number of bitcoin but the government can print as many dollars as they want” is a value proposition that bitcoin enthusiasts are likely to be familiar with.

louwrentius 6y ago

Yes, I think it's perfect.

chordalkeyboard 6y ago

Imagine if the government required you to use ice cubes for currency and people wondered why everyone was using some highly inefficient workaround so their money didn’t vanish in between getting paid and paying bills.

paulryanrogers 6y ago
Considering the volatility and poor fundamentals of BTC I think your ice cube analogy might be reversed.
- chordalkeyboard 6y ago
  Considering the value proposition of BTC is to avoid keeping your money in fiat currency that is constantly depreciating while BTC is appreciating, the analogy is apt.
  - paulryanrogers 6y ago
    Key part being "while BTC is appreciating". Which seems based more on the greater fool theory than a sustainable asset or currency. (Lightning network not withstanding)
    - chordalkeyboard 6y ago
      > Key part being "while BTC is appreciating". Which seems based more on the greater fool theory than a sustainable asset or currency. Thats just a failure to understand the value proposition of bitcoin. Its a medium of exchange that has a hard limit on inflation, no greater fool required. Hence, the comparison of ice cubes and fiat currency.
      - cosmotic 6y ago
        The 7 transactions per second limit would suggest it is not a suitable replacement. Considering the energy cost and environmental consequences this article references, we'd need the ice anyway. Edit: this (older?) article says 4.6 transactions per second and a propagation (read: transaction) time of 14 seconds. This is with near-zero percent of transactions in the world taking place in btc. https://hackernoon.com/the-blockchain-scalability-problem-the-race-for-visa-like-transaction-speed-5cce48f9d44 https://hackernoon.com/the-blockchain-scalability-problem-th...
        chordalkeyboard 6y ago
        > The 7 transactions per second limit would suggest it is not a suitable replacement. Thats something people will have to decide for themselves. > Considering the energy cost and environmental consequences this article references, we'd need the ice anyway. Don’t worry, when it melts they will make more.
  - deleted 6y ago
    [deleted]

eMGm4D0zgUAVXc7 6y ago

Imagine if you could just print money to pay your bills and hide the fact that you're bankrupt. - That's what governments do with fiat money.

yongjik 6y ago
...There surely is a large overlap between bitcoin enthusiasts and people who don't understand how fiat currency works, isn't it?
- eMGm4D0zgUAVXc7 6y ago
  Which particular part did I not understand?
- chordalkeyboard 6y ago
  No, I doubt it considerably. In fact bitcoin enthusiasts are likely to have a better understanding of fiat than the average person, due to the value proposition of cryptocurrencies.
  - Apocryphon 6y ago
    Most bitcoin enthusiasts at this point are more likely to be speculators who enjoy amassing (currently) rapidly appreciating assets that can be converted back to fiat currency, than deeply-committed ideologues who are familiar with the economic implications of the project.
    - chordalkeyboard 6y ago
      > Most bitcoin enthusiasts at this point are more likely to be speculators who enjoy amassing (currently) rapidly appreciating assets that can be converted back to fiat currency, than deeply-committed ideologues who are familiar with the economic implications of the project. I think you may be conflating recent bandwagoners with enthusiasts. “There’s a limit to the number of bitcoin but the government can print as many dollars as they want” is a value proposition that bitcoin enthusiasts are likely to be familiar with.