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This bullcrap can be easily displeed by the simple fact that all currencies are designed to be limited in supply and deflationary. It means that if I get as mu

This bullcrap can be easily displeed by the simple fact that all currencies are designed to be limited in supply and deflationary. It means that if I get as much as a single coin now, it will be many magnitudes more valuable than fractions of a fraction of a coin available to anyone born 50 years from now. This alone is significantly worse than whatever capitalism we have now.

EGreg 4y ago
Not all. Just the ones that want to act as a store of value. There is nothing inherently about smart contracts that necessitates this. However, people DO want to prevent the possibility of a small group of people suddenly inflating or dumping huge amounts of the token.
- dmitriid 4y ago
  > Just the ones that want to act as a store of value. No. It's all of them. > There is nothing inherently about smart contracts that necessitates this What do "smart" "contracts" have to do with this? There's a simple fact of life: every cryptocurrency has a limited supply. So, the people who got to it first will get significantly more than anyone in the future.
  - EGreg 4y ago
    Smart contracts are what powers most tokens. That's what it has to do with it. You can put any rules you want, but typically you want to prevent a small group from inflating or dumping the coins. How you do that is up to each designer.
    - smoldesu 4y ago
      It still wouldn't matter. There's not a single cryptocurrency on the planet that will deliver us from capitalism until it's market cap surpasses the USD (hint: as long as the IMF exists, this will never happen). Until then, the US government still dictates how capital moves. Furthermore, even if crypto wasn't a second or third-class currency, there's no fair system of governance or administration that could assure that capital is being distributed equitably. You're suggesting a system that is ripe for abuse, and then denying that anything bad will happen because you haven't put forth any concrete solutions. You can wax philosophical about decentralized network and fighting "the man" all day, but this kind of armchair debate is why nothing ever gets done in the crypto space. The advocates refuse to let their actions speak louder than their words.
    - dmitriid 4y ago
      You keep responding to something else that has literally zero relevance to what I'm saying, and to reality. Facts of life: - all cryptocurrencies have a limited supply - all cryptocurrencies are built to be deflationary - in all cryptocurrencies 50 years from now people will be getting fractions of a fraction of a coin because currencies have a limited supply - if you get one/two/ten <coins> of whatever currency early, they will inevitably make you rich in comparison to anyone 50 years in the future because you got hold of something that is by definition in limited supply (well, in case this particular coin has any particular value or even exists in 50 years) None of this has anything to do with inflation or dumping coins, or "smart" "contracts".
randomran01234 4y ago
Ethereum and DOGE unlike Bitcoin have no fixed supply cap. Many other cryptocurrencies like Cosmos and Tezos are inflationary and have adaptive inflation rates built into the protocol. > It means that if I get as much as a single coin now, it will be many magnitudes more valuable than fractions of a fraction of a coin available to anyone born 50 years from now. This is an investment thesis that may not prove to be true. If it was a factual statement that was certain, everybody would just move all their funds to Bitcoin.
- dmitriid 4y ago
  > have no fixed supply cap > Many other cryptocurrencies ... are inflationary So, no different than any current currency > This is an investment thesis that may not prove to be true It's not a thesis. It's a fact of life aka reality. The only thesis about it is whether a particular coin will even exist in 50 years. It's also a fact of life that practically no one uses cryptocurrencies as actual currency. HODL was the rallying cry as Bitcoin was rapidly increasing in value. What a nice alternative to capitalism you got there.
  - randomran01234 4y ago
    > So, no different than any current currency Except there isn’t a centralized actor manipulating the supply and issuance, and it’s distributed to block producers as a reward for securing the network. > It's not a thesis. It's a fact of life aka reality So a single BTC will be worth millions in 50 years, got it. If that is a known fact, we all better start buying.
    - dmitriid 4y ago
      "Except there isn’t a centralized actor manipulating the supply and issuance" and "distributed to block producers as a reward" are mutually exclusive > So a single BTC will be worth millions in 50 years, got it. If bitcoin (or any other supply-limited coin) remains popular for such an extended period of time: yes, yes it will. And not necessarily millions in relation to other currencies. Even within itself. It's limited. Example: "The Solana Foundation has announced that a total of 489 million SOL tokens will be released in circulation. At the moment, about 260 million of these have already entered the market." There are 9 billion people in the world. By the very definition of a limited coin whoever got hold of the initial supply will be richer (in Solana) than anyone who didn't get there in time. Forget 50 years from now. Already now there aren't enough coins in circulation.

EGreg 4y ago

Not all. Just the ones that want to act as a store of value. There is nothing inherently about smart contracts that necessitates this. However, people DO want to prevent the possibility of a small group of people suddenly inflating or dumping huge amounts of the token.

dmitriid 4y ago
> Just the ones that want to act as a store of value. No. It's all of them. > There is nothing inherently about smart contracts that necessitates this What do "smart" "contracts" have to do with this? There's a simple fact of life: every cryptocurrency has a limited supply. So, the people who got to it first will get significantly more than anyone in the future.
- EGreg 4y ago
  Smart contracts are what powers most tokens. That's what it has to do with it. You can put any rules you want, but typically you want to prevent a small group from inflating or dumping the coins. How you do that is up to each designer.
  - smoldesu 4y ago
    It still wouldn't matter. There's not a single cryptocurrency on the planet that will deliver us from capitalism until it's market cap surpasses the USD (hint: as long as the IMF exists, this will never happen). Until then, the US government still dictates how capital moves. Furthermore, even if crypto wasn't a second or third-class currency, there's no fair system of governance or administration that could assure that capital is being distributed equitably. You're suggesting a system that is ripe for abuse, and then denying that anything bad will happen because you haven't put forth any concrete solutions. You can wax philosophical about decentralized network and fighting "the man" all day, but this kind of armchair debate is why nothing ever gets done in the crypto space. The advocates refuse to let their actions speak louder than their words.
  - dmitriid 4y ago
    You keep responding to something else that has literally zero relevance to what I'm saying, and to reality. Facts of life: - all cryptocurrencies have a limited supply - all cryptocurrencies are built to be deflationary - in all cryptocurrencies 50 years from now people will be getting fractions of a fraction of a coin because currencies have a limited supply - if you get one/two/ten <coins> of whatever currency early, they will inevitably make you rich in comparison to anyone 50 years in the future because you got hold of something that is by definition in limited supply (well, in case this particular coin has any particular value or even exists in 50 years) None of this has anything to do with inflation or dumping coins, or "smart" "contracts".

randomran01234 4y ago

Ethereum and DOGE unlike Bitcoin have no fixed supply cap. Many other cryptocurrencies like Cosmos and Tezos are inflationary and have adaptive inflation rates built into the protocol. > It means that if I get as much as a single coin now, it will be many magnitudes more valuable than fractions of a fraction of a coin available to anyone born 50 years from now. This is an investment thesis that may not prove to be true. If it was a factual statement that was certain, everybody would just move all their funds to Bitcoin.

dmitriid 4y ago
> have no fixed supply cap > Many other cryptocurrencies ... are inflationary So, no different than any current currency > This is an investment thesis that may not prove to be true It's not a thesis. It's a fact of life aka reality. The only thesis about it is whether a particular coin will even exist in 50 years. It's also a fact of life that practically no one uses cryptocurrencies as actual currency. HODL was the rallying cry as Bitcoin was rapidly increasing in value. What a nice alternative to capitalism you got there.
- randomran01234 4y ago
  > So, no different than any current currency Except there isn’t a centralized actor manipulating the supply and issuance, and it’s distributed to block producers as a reward for securing the network. > It's not a thesis. It's a fact of life aka reality So a single BTC will be worth millions in 50 years, got it. If that is a known fact, we all better start buying.
  - dmitriid 4y ago
    "Except there isn’t a centralized actor manipulating the supply and issuance" and "distributed to block producers as a reward" are mutually exclusive > So a single BTC will be worth millions in 50 years, got it. If bitcoin (or any other supply-limited coin) remains popular for such an extended period of time: yes, yes it will. And not necessarily millions in relation to other currencies. Even within itself. It's limited. Example: "The Solana Foundation has announced that a total of 489 million SOL tokens will be released in circulation. At the moment, about 260 million of these have already entered the market." There are 9 billion people in the world. By the very definition of a limited coin whoever got hold of the initial supply will be richer (in Solana) than anyone who didn't get there in time. Forget 50 years from now. Already now there aren't enough coins in circulation.