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>> the second is the first iteration of computer money. I mean... I am charitably trying to find interpretation/context in which this is meaningfully true, and
by NikolaNovak 5y ago
>> the second is the first iteration of computer money.
I mean... I am charitably trying to find interpretation/context in which this is meaningfully true, and failing. In which way is bitcoin more "computer money" than any other money these days?
I purchase things, pay my bills, obtain payment, invest, and do all my transactions at least 95% digitally, with "computer money".
Uncharitably, I could call Bitcoin "that, but less practical / more wasteful". Charitably, I could say "There are specific goals/circumstances where Bitcoin has benefits".
But I feel it's decades late to be "first iteration of computer money", unless there's some squinting and extremely specific ad-hoc defining that I haven't imagined. Even the "Money" part (as practical transactional currency) is these days increasingly less relevant,by proponents and pundits alike, as opposed to "investment vehicle" or "storage of value".
(as for chess, I don't know; I gave up when I realized how much memorization, as opposed to developing of understanding, was involved to get much better; it may indeed enable self-knowledge and mold character at some level beyond the ones I've achieved. Therefore, I cannot contribute to discussion on whether Chess is practical/efficient/meaningful way to grow those characteristics - i.e. hammering rocks for 5,000hrs probably grows character at some level but may not be sufficiently practical/efficient to matter. I respect it like a do Golf - it takes immense skill, dedication, and investment to develop it to a high level, and world-class players are incredibly good at it; but it's not a skill I desire to grow myself anymore).
- fleddr 5y ago"Computer money" isn't a great term to describe the difference indeed. Rather, some call it the first digital scarcity, or sound money. Emphasis is on how minting, the creation of new money, is strictly enforced by the protocol (software), and decentralized. Further, it is hard-capped. As such, it's money that is born digitally, natively. This extends to ownership, which is just a bunch of private keys.
- tacitusarc 5y agoDigital scarcity and sound money cannot be the same, as scarcity and money are at odds with each other.
- fleddr 5y agoNo they're not. Money is supposed to be scarce and has been for the vast majority of the history of civilization. But let's agree to disagree there. Even then, money has multiple roles: unit of account, store of value. Currently, Bitcoin plays the role of storing value. Like a savings account, or "digital gold". Not for payments. It might play a payment role in the future on layer 2, or it might not. Too soon to tell.