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First, I will say, I do agree that fiat does have its flaws, and certainly the Fed is an institution that is run in great secrecy. To that end, why not use act

First, I will say, I do agree that fiat does have its flaws, and certainly the Fed is an institution that is run in great secrecy. To that end, why not use actual gold as a hedge? Why reinvent the wheel with a technology that burns ridiculous levels of energy, and doesn't at least have some additional side utility, like how gold is used in electronics or jewelry?

seibelj 5y ago
I fundamentally disagree that mining bitcoin is a “waste”. Bitcoin accomplishes what it takes all governments, their banks, their courts, their payment networks, and a huge amount of human labor and energy to accomplish in a single platform. Secondly, the value that bitcoin provides - an unhackable, incorruptible, un-bannable form of wealth preservation and transfer - is so useful that the energy is worth it. Finally, I don’t play any video games. I don’t watch any Twitch or Tiktok. I honestly think video games as a concept are a waste of time and energy. But I don’t think they should be banned, despite their enormous cost of electricity. Similarly, you shouldn’t advocate for a ban based on electricity use. Just regulate the use of electricity, or don’t be surprised when everything else some dipshit politician hates is banned on the same grounds. And why bitcoin over gold? Gold can’t be sent natively over the internet. It’s expensive to store and transfer. Metal-as-currency is old and bypassed by superior monetary technology (bitcoin).
- dragonelite 5y ago
  I agree a finite supply to limit the endless ambition of capitalists and imperialists. From what I gathered gold, silver and salt(why your work income is called salary) was used as currencies so empires could fine tune their supply lines and empires better. The bigger the empire and ambitions the more likely coin clipping and debasing took place.

seibelj 5y ago

I fundamentally disagree that mining bitcoin is a “waste”. Bitcoin accomplishes what it takes all governments, their banks, their courts, their payment networks, and a huge amount of human labor and energy to accomplish in a single platform. Secondly, the value that bitcoin provides - an unhackable, incorruptible, un-bannable form of wealth preservation and transfer - is so useful that the energy is worth it. Finally, I don’t play any video games. I don’t watch any Twitch or Tiktok. I honestly think video games as a concept are a waste of time and energy. But I don’t think they should be banned, despite their enormous cost of electricity. Similarly, you shouldn’t advocate for a ban based on electricity use. Just regulate the use of electricity, or don’t be surprised when everything else some dipshit politician hates is banned on the same grounds. And why bitcoin over gold? Gold can’t be sent natively over the internet. It’s expensive to store and transfer. Metal-as-currency is old and bypassed by superior monetary technology (bitcoin).

dragonelite 5y ago
I agree a finite supply to limit the endless ambition of capitalists and imperialists. From what I gathered gold, silver and salt(why your work income is called salary) was used as currencies so empires could fine tune their supply lines and empires better. The bigger the empire and ambitions the more likely coin clipping and debasing took place.