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Okay. People have successfully avoided fraud, theft, and the tyrannical seizure of their assets by arbitrary decisions of arbitrary government officials. Bill

Okay. People have successfully avoided fraud, theft, and the tyrannical seizure of their assets by arbitrary decisions of arbitrary government officials. Billions of dollars worth of assets are stored on blockchains. Unless you have a mathematical argument against the properties of a blockchain, I will continue to believe the properties are true.

polygamous_bat 4y ago
> Billions of dollars worth of assets are stored on blockchains. There is no mathematical proof that they will be worth billions of dollars tomorrow. I mean, I would wager if the original Satoshi wallets wake up and start selling Bitcoin this time tomorrow the total market cap can be counted in millions. Sure, maybe mathematically there will never be more than X tokens, but no one cares about that. Everyone at the end of the day cares about what they can trade one token for. Otherwise, it's worth less than monopoly money or Chuck-E-Cheese tokens.
- siftrics 4y ago
  I agree. What is your point?
- haimez 4y ago
  It’s a deflationary currency, which makes it a really bad fit for “fungible currency things”
root_axis 4y ago
> Billions of dollars worth of assets are stored on blockchains. Nah. As FTT and FTX shows, the marketcap for blockchain tokens means nothing.
- siftrics 4y ago
  I agree, some subset of tokens created on a permissionless blockchain are or will be worthless. In fact, I bet that subset is >99%. I don't see what your point is.
  - root_axis 4y ago
    My point is that the amount of value "stored" in blockchains is manipulated and vastly overstated.
    - siftrics 4y ago
      Sure. I agree. Doesn't change the extremely valuable mathematical properties of blockchains or their set of use-cases.
Sebguer 4y ago
Let's steelman your argument here. >People have successfully avoided fraud, theft, and the tyrannical seizure of their assets by arbitrary decisions of arbitrary government officials. Tomorrow morning, the US government announces that any US citizen in possession of cryptocurrency is committing a crime. Using it in a transaction is an even bigger crime. What happens to the value of crypto? Your faux-decentralized currency is valuable only inasmuch as it can be used. It is just as much at the mercy of 'arbitrary decisions of arbitrary government 'officials'.
- siftrics 4y ago
  Newsflash. Other countries exist. How do you think any of these companies and protocols even exist? They sure as hell don't have enough regulatory clarity to be confident they can operate as US entities right now. Vast majority of true defi protocols were funded by companies formed outside the US because the country has essentially criminalized it by refusing to put into law what you need to do to be compliant.
- SilasX 4y ago
  Funny you suggest this as a nightmare scenario, since the US government did that with gold, while debasing the currency by 40%: https://www.history.com/this-day-in-history/fdr-takes-united-states-off-gold-standard https://www.history.com/this-day-in-history/fdr-takes-united...

polygamous_bat 4y ago

> Billions of dollars worth of assets are stored on blockchains. There is no mathematical proof that they will be worth billions of dollars tomorrow. I mean, I would wager if the original Satoshi wallets wake up and start selling Bitcoin this time tomorrow the total market cap can be counted in millions. Sure, maybe mathematically there will never be more than X tokens, but no one cares about that. Everyone at the end of the day cares about what they can trade one token for. Otherwise, it's worth less than monopoly money or Chuck-E-Cheese tokens.

siftrics 4y ago
I agree. What is your point?
haimez 4y ago
It’s a deflationary currency, which makes it a really bad fit for “fungible currency things”

root_axis 4y ago

> Billions of dollars worth of assets are stored on blockchains. Nah. As FTT and FTX shows, the marketcap for blockchain tokens means nothing.

siftrics 4y ago
I agree, some subset of tokens created on a permissionless blockchain are or will be worthless. In fact, I bet that subset is >99%. I don't see what your point is.
- root_axis 4y ago
  My point is that the amount of value "stored" in blockchains is manipulated and vastly overstated.
  - siftrics 4y ago
    Sure. I agree. Doesn't change the extremely valuable mathematical properties of blockchains or their set of use-cases.

Sebguer 4y ago

Let's steelman your argument here. >People have successfully avoided fraud, theft, and the tyrannical seizure of their assets by arbitrary decisions of arbitrary government officials. Tomorrow morning, the US government announces that any US citizen in possession of cryptocurrency is committing a crime. Using it in a transaction is an even bigger crime. What happens to the value of crypto? Your faux-decentralized currency is valuable only inasmuch as it can be used. It is just as much at the mercy of 'arbitrary decisions of arbitrary government 'officials'.

siftrics 4y ago
Newsflash. Other countries exist. How do you think any of these companies and protocols even exist? They sure as hell don't have enough regulatory clarity to be confident they can operate as US entities right now. Vast majority of true defi protocols were funded by companies formed outside the US because the country has essentially criminalized it by refusing to put into law what you need to do to be compliant.
SilasX 4y ago
Funny you suggest this as a nightmare scenario, since the US government did that with gold, while debasing the currency by 40%: https://www.history.com/this-day-in-history/fdr-takes-united-states-off-gold-standard https://www.history.com/this-day-in-history/fdr-takes-united...