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This all changes when miners pay for their electricity in bitcoin and electricity companies pay their employees in bitcoin, and their employees pay for their re

This all changes when miners pay for their electricity in bitcoin and electricity companies pay their employees in bitcoin, and their employees pay for their rent and groceries in bitcoin, etc. Circular economy.

lottin 5y ago
And pigs might fly.
- anonporridge 5y ago
  I'm sure you would have said something similar if I was arguing 2 years ago that publicly traded companies would put bitcoin on their balance sheets and nation states would declare it legal tender and add it to their treasuries. Year after year for the 13 years of bitcoin's existence, people have been saying ABC will never happen, and then it happens. You're worshiping a god of the gaps that gets smaller and smaller with each passing year, while bitcoin only grows stronger. You could still be right, and finally after years of defying the haters, bitcoin is on the verge of collapse and its growth and integration into civilization will halt. Historical performance is no guarantee of future results and all that. But maybe it's just getting started.
  - lottin 5y ago
    Well, you're right about that... human stupidity never ceases to surprise me, so weird things could happen.
bb88 5y ago
Value is still removed as BTC is added to the ledger without going through an exchange. It only shows up in price when the mined BTC is sold -- regardless whether or not it's converted to fiat or not. IOW, "BTC printer goes brrr"
- anonporridge 5y ago
  You do understand that bitcoin's inflation rate is algorithmically defined to halve every 4 years and trend toward 0, right? It's already 1.74% per year an will half to 0.84% in 2024. https://www.bitcoinblockhalf.com/ https://www.bitcoinblockhalf.com/ https://github.com/bitcoin/bitcoin/blob/7c08d81e119570792648fe95bbacddbb1d5f9ae2/src/validation.cpp#L1408-L1419= https://github.com/bitcoin/bitcoin/blob/7c08d81e119570792648...
  - lottin 5y ago
    That's not bitcoin's inflation rate. That's the rate at which bitcoins are printed. Additionally, bitcoins can also be created and destroyed via fractional reserves.

lottin 5y ago

And pigs might fly.

anonporridge 5y ago
I'm sure you would have said something similar if I was arguing 2 years ago that publicly traded companies would put bitcoin on their balance sheets and nation states would declare it legal tender and add it to their treasuries. Year after year for the 13 years of bitcoin's existence, people have been saying ABC will never happen, and then it happens. You're worshiping a god of the gaps that gets smaller and smaller with each passing year, while bitcoin only grows stronger. You could still be right, and finally after years of defying the haters, bitcoin is on the verge of collapse and its growth and integration into civilization will halt. Historical performance is no guarantee of future results and all that. But maybe it's just getting started.
- lottin 5y ago
  Well, you're right about that... human stupidity never ceases to surprise me, so weird things could happen.

bb88 5y ago

Value is still removed as BTC is added to the ledger without going through an exchange. It only shows up in price when the mined BTC is sold -- regardless whether or not it's converted to fiat or not. IOW, "BTC printer goes brrr"

anonporridge 5y ago
You do understand that bitcoin's inflation rate is algorithmically defined to halve every 4 years and trend toward 0, right? It's already 1.74% per year an will half to 0.84% in 2024. https://www.bitcoinblockhalf.com/ https://www.bitcoinblockhalf.com/ https://github.com/bitcoin/bitcoin/blob/7c08d81e119570792648fe95bbacddbb1d5f9ae2/src/validation.cpp#L1408-L1419= https://github.com/bitcoin/bitcoin/blob/7c08d81e119570792648...
- lottin 5y ago
  That's not bitcoin's inflation rate. That's the rate at which bitcoins are printed. Additionally, bitcoins can also be created and destroyed via fractional reserves.