4 ms·

> It has so far produced nothing except higher values measured in fiat. And the higher the values go the more resources needed for the computer networks. That

> It has so far produced nothing except higher values measured in fiat. And the higher the values go the more resources needed for the computer networks. That isn’t strictly true. Before the advent of Bitcoin, there was no global currency of fixed supply controlled by computer algorithms. That simple academic experiment was quickly infiltrated by profiteers, however. Most people never cared to cultivate an understanding of Bitcoin beyond the barest of surface level understandings, and these same people are now able to finger point at blatantly self-serving get-rich-quick ICO projects — like Ethereum and Chia — which have clearly achieved nothing in spite of endlessly promising investors “innovation”. The only thing innovative that has ever come out of the Bitcoin space is Bitcoin itself: a speculative store of value. Every national currency is similarly speculative, and people who “missed” Bitcoin are loathe to admit the same thing that happened to gold’s market capitalization prior to its ubiquitous use as money, is now happening to Bitcoin.

matkoniecz 5y ago
> there was no global currency of fixed supply controlled by computer algorithms That is not good in itself. > That simple academic experiment Original description by its author intended it as a replacement for a payment system and currencies, not as an academic experiment or as a store of value useless for normal transactions
- atweiden 5y ago
  Every aspect of cryptocurrency save for one either fails to solve any societal issue, exascerbates existing ones, or is otherwise hype entrepreneurship. But the deflationary global economic system Bitcoin facilitates disincentivizes mass consumerism — mass consumerism which is destroying the world’s natural ecosystems. This is only possible via a global currency of fixed supply controlled by computer algorithms. Bitcoin’s creator invented this. It is an innovation, in every sense. Deflationary economics discourages capital investment, because it rewards saving — i.e. “hoarding” — not spending or investing. Assuming a Bitcoin-based economic system, as the pace of technological advancement continues to quicken, and more products and services hit the market, absolute BTC-denominated prices will have to decrease. More products and services on the market, with a fixed supply of money, equals lower absolute prices. In addition, global adoption of a free-market money like Bitcoin would eliminate the ability of governments to fund weapons of war and public works projects by printing their own money. That would no longer be possible. Bitcoin throttles humanity, and with it humanity’s ecological destructiveness could be kept at bay. No other aspect of cryptocurrency is of societal value in any way.

matkoniecz 5y ago

> there was no global currency of fixed supply controlled by computer algorithms That is not good in itself. > That simple academic experiment Original description by its author intended it as a replacement for a payment system and currencies, not as an academic experiment or as a store of value useless for normal transactions

atweiden 5y ago
Every aspect of cryptocurrency save for one either fails to solve any societal issue, exascerbates existing ones, or is otherwise hype entrepreneurship. But the deflationary global economic system Bitcoin facilitates disincentivizes mass consumerism — mass consumerism which is destroying the world’s natural ecosystems. This is only possible via a global currency of fixed supply controlled by computer algorithms. Bitcoin’s creator invented this. It is an innovation, in every sense. Deflationary economics discourages capital investment, because it rewards saving — i.e. “hoarding” — not spending or investing. Assuming a Bitcoin-based economic system, as the pace of technological advancement continues to quicken, and more products and services hit the market, absolute BTC-denominated prices will have to decrease. More products and services on the market, with a fixed supply of money, equals lower absolute prices. In addition, global adoption of a free-market money like Bitcoin would eliminate the ability of governments to fund weapons of war and public works projects by printing their own money. That would no longer be possible. Bitcoin throttles humanity, and with it humanity’s ecological destructiveness could be kept at bay. No other aspect of cryptocurrency is of societal value in any way.