dnprock

8 ms·

31.
by dnprock 6y ago
Layer 2 does not solve the medium of exchange problem. The cause is volatility which is rooted in Bitcoin's limited supply design. You can dig in Layer 2 adoption. It's not growing. Bitcoin only has 2 use cases: hold and speculate
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by dnprock 6y ago
I agree that Bitcoin remains volatile. It will never stabilize. But there's a misunderstanding that Bitcoin will replace fiat. It doesn't have to compete directly. Bitcoin is an alternative money. It's volatile but predictabl
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by dnprock 6y ago
I think Satoshi didn't know that Bitcoin would not be a medium of exchange. It will remain digital gold. Bitcoin cannot fulfill its original promise to be electronic cash. This is the hardest hurdle for bitcoiners to understand. They t
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Yi Ching and Cryptocurrency(bitflate.org)
1 points by dnprock 6y ago|0 comments
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by dnprock 6y ago
I'm not sure when Ethereum supporters would wake up. Ethereum's design creates this kind of Dark Forest problem. When it is programmable, you are at risk of being overpowered by bots. Computers are far more efficient than humans.
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by dnprock 6y ago
The problem with gold is not unlimited supply. Humans have mostly colonized planet Earth. It has become increasingly difficult to mine gold. Average Joe can no longer mine gold with a pickaxe. Gold mining now requires large capital expendit
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by dnprock 6y ago
LOL. :) Sometimes I wonder what happens if humans go extinct. There may be a new civilization by ants, spiders, or insect descendants. Or there could be another reptilian domination. I think the most "successful" people are the pe
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by dnprock 6y ago
Schools are closed. We have a sky high unemployment rate. A raging pandemic across the world with no end in sight. We want things to be normal. The Fed is doing its best at pumping money to keep the market afloat. So we have some weird thin
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by dnprock 6y ago
I think some investors are naive about the food cultures. Here's some advice for you. Food is personal. It's extremely hard to change the way people eat. Most of you are busy changing the world. You like the convenience of tapping
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by dnprock 6y ago
I think paper money is a novelty. It's a good invention. It detaches the concept of money from gold. It makes money easily transported. But that can run amok. The Gold Standard was in place to protect societies from detaching too far f
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by dnprock 6y ago
Harari sees history as fiction. But I think we need to make a distinction between fiction and physical reality. Gold is a physical reality that got married into human's fiction. DEC technologies are still around. They just got replicat
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by dnprock 6y ago
Gold is not simply a shiny metal or a collective fiction. I think many historians (e.g. Harari) got this wrong. Humans first learned how to manipulate metal through gold around 40k years ago. It sparked the metal industries that advanced hu
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by dnprock 6y ago
I think Harari is wrong when he suggested gold is a collective fiction. The first metal humans worked with was gold. This happened 40k years ago. Through gold, humans accumulated knowledge and invented metal technologies. We then progressed
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by dnprock 6y ago
Gold probably started out as a toy. Humans learned to manipulate metal with gold around 40k years ago. It sparked metallurgy industries (e.g. Bronze Age, Iron Age). They advanced human civilizations. Gold use as money probably predated any
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by dnprock 6y ago
I used to hunt for music and movies. I was an enthusiastic movie and music fan. But these days, I mostly give up. I listen to underground/indie artists and some classical music. I ignore popular music and movies, especially those promo
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by dnprock 6y ago
"Software isn't our product, software is our marketing" I think this is fairly accurate. In software, you can write some for marketing, but keep some proprietary.
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by dnprock 6y ago
I see learning to play an instrument as a self improvement exercise. It's a process. There's a lag between our hands and our ears. It's easy for the ears to know a "good" song. It's hard for the hands to play a
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by dnprock 6y ago
I clarify my point about sushi going through China. In the Takamiya's paper, one of the links above, the author discussed the Ocean Road hypothesis. I agree with this hypothesis. It'd be difficult for the food culture to propagate
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by dnprock 6y ago
This sushi article is an example of SCMP smearing history. > By the 12th century, this method of fermenting fish had travelled from the Mekong to China, and then on to Japan, where it was called narezushi. It's a substantial claim t
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by dnprock 6y ago
I'd make the case that fish sauces were independently developed by different cultures. I think historians are overly trying to make connections in this case. Fish sauce is very simple. You only need two ingredients: fish and salt. Any
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by dnprock 6y ago
I follow COVID-19 data. I notice an interesting trend: Cases increase. Deaths and hospitalizations have not increased much. It seems the US has come up with good enough cures for COVID-19. The cost of shutdown is high. The trend is reopenin
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by dnprock 6y ago
I see this news as a loss for the US. It has to resort to regulations to stop TSMC from doing business with Huawei. When you can't incentivize your ally, that means your opponent's business is still very attractive. Regulations wi
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by dnprock 6y ago
In this transaction, there's only 0.00291948 BTC sent to the scamming address: bc1qxy2kgdygjrsqtzq2n0yrf2493p83kkfjhx0wlh. It's time to learn more about Bitcoin. :)
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by dnprock 6y ago
We're in the middle of a pandemic with no end in sight. We're having a high unemployment rate. The stock market is also at all time high. That's something terrible about this economy. Bitcoiners assign the cause to the moneta
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by dnprock 6y ago
DAI is made by pegging on Ethereum. Ethereum is a volatile asset due to its limited supply. DAI is inherently volatile. Its peg can fail. No amount of algorithm and automation can fix the problem. To be digital native, you need to accept so
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by dnprock 6y ago
Bitcoin volatility has not decreased. There was a big drop in March 2020. Bitcoin's limited supply makes its price volatile. I don't think volatility will ever go away. It's a property. I chart some data from BitMex here: ht
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by dnprock 6y ago
I think there will be centralization on 2nd layers like the Lightning Network. Bitcoin's mainchain is slow. Running full node is expensive. Decentralization comes with tradeoffs. Lightning tries to live up with Bitcoin's ethos. It
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by dnprock 6y ago
> What's Bitcoin's excuse? Bitcoin has already worked as a Store of Value. It can survive on this narrative without other use cases. I think of Bitcoin is a piece in the future money puzzle. We need to find the other missing pi
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by dnprock 6y ago
Not all bitcoiners are crazy. The crazy ones will eventually leave Bitcoin. I think Bitcoin can succeed without world collapse. Bitcoin has been a niche currency. The missing piece is adoption. There're proposals to address this proble
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by dnprock 6y ago
Bitcoin is an incredible technology. It can survive on its own. Bitcoin is an important piece of future money. Bitcoin is not the new internet protocol. The system is slow moving and hard to change. Bitcoin can be compared to ham radio. But

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