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Bitcoin is a quantum leap. In history we have moved from single entry accounting to double entry accounting (the current traditional financial system despite t

by orbit7 4y ago

Bitcoin is a quantum leap. In history we have moved from single entry accounting to double entry accounting (the current traditional financial system despite the interconnectedness based on an ancient accounting system) requiring a 3rd party to maintain integrity a system open to and actively abused. Bitcoin is triple entry accounting an immutable trust-less based system. That's a huge huge innovation. The bitcoin token has been valued by the open market and is the fastest appreciating asset in history. Fiats actually a flawed manipulated system, look over time at how much value the dollar loses in a generation and to countries that have been destroyed by inflation.

throw457 4y ago
What? :D
viraptor 4y ago
This has a high "Jesse, What the Fuck Are You Talking About" energy. The reason Terra fell is because most of the transactions that were supposed to assure its value were kept in a secret double accounting system. And that brought BTC down ~50% which shouldn't happen if it's not held up by magical behind the scenes accounting. There's no 3rd party integrity here and it's not been appreciating for weeks now.
- orbit7 4y ago
  Bitcoin's network has worked perfectly as designed so I'm not sure I understand where your coming from. The coin price will always fluctuate and be over speculated or over sold at times, its what markets do. Terra was described as an attack, I'd describe it as architectural failure and crap for anyone who had money in it.
  - viraptor 4y ago
    I mean that it turns out the value of BTC is at least half backed by the original system, just skipping over the standard guarantees. And every other drop in stablecoins affects BTC further. That means for all the tech behind it, the value actually relies on good old fat funds that we hope are legit (but have no way to check) Most transfers still happen off-network, so it's back to the double entry. Not that BTC is triple entry in any way - there's still two parties on each spend entry.
HelloNurse 4y ago
> Fiats actually a flawed manipulated system, look over time at how much value the dollar loses in a generation and to countries that have been destroyed by inflation. Inflation would be a nice problem to have for Bitcoin: it would mean that it is de facto money, anchored to the real world by meaningful prices and conversions, and following the trends of actual economy and finance.
- orbit7 4y ago
  Well I guess you have that option with others that came after it. But to me what stands with Bitcoin is it can't be manipulated by inflation and its ledger cannot be tampered with that makes it technically superior to anything before it.
  - amanaplanacanal 4y ago
    Technically superior for what use cases though?

by orbit7 4y ago

throw457 4y ago

What? :D

viraptor 4y ago

This has a high "Jesse, What the Fuck Are You Talking About" energy. The reason Terra fell is because most of the transactions that were supposed to assure its value were kept in a secret double accounting system. And that brought BTC down ~50% which shouldn't happen if it's not held up by magical behind the scenes accounting. There's no 3rd party integrity here and it's not been appreciating for weeks now.

orbit7 4y ago
Bitcoin's network has worked perfectly as designed so I'm not sure I understand where your coming from. The coin price will always fluctuate and be over speculated or over sold at times, its what markets do. Terra was described as an attack, I'd describe it as architectural failure and crap for anyone who had money in it.
- viraptor 4y ago
  I mean that it turns out the value of BTC is at least half backed by the original system, just skipping over the standard guarantees. And every other drop in stablecoins affects BTC further. That means for all the tech behind it, the value actually relies on good old fat funds that we hope are legit (but have no way to check) Most transfers still happen off-network, so it's back to the double entry. Not that BTC is triple entry in any way - there's still two parties on each spend entry.

HelloNurse 4y ago

> Fiats actually a flawed manipulated system, look over time at how much value the dollar loses in a generation and to countries that have been destroyed by inflation. Inflation would be a nice problem to have for Bitcoin: it would mean that it is de facto money, anchored to the real world by meaningful prices and conversions, and following the trends of actual economy and finance.

orbit7 4y ago
Well I guess you have that option with others that came after it. But to me what stands with Bitcoin is it can't be manipulated by inflation and its ledger cannot be tampered with that makes it technically superior to anything before it.
- amanaplanacanal 4y ago
  Technically superior for what use cases though?