hndamien

82 ms·

931.
by hndamien 9y ago
This reminds me of the time that other industry being disrupted pressed pause on the disruptor.
932.
by hndamien 9y ago
Land wealth was also weighted to early adopters.... Gold wealth was weighted towards early adopters...
933.
by hndamien 9y ago
Why is deflation bad?
934.
by hndamien 9y ago
OK, I didn't do the math. Thanks for the correction :). Turns out - lets ignore your generosity there, that we are realistically talking around 1000 trillion. National debt is at like 14 trillion. Chinese M1 money stock is 7 trillion.
935.
by hndamien 9y ago
There are many motivations for buying bitcoin, speculation, get rich quick, freedom from bankers, a fair economic system and unit of exchange that can be transported geographically instantly and cheaply without censorship, to buy alt coins
936.
by hndamien 9y ago
And transportation.
937.
by hndamien 9y ago
To be fair, I think it only trades there and Binanace. But yeah, I'd probably stay away.
938.
by hndamien 9y ago
It helps if they control a private key to a wallet very early in the blockchain.
939.
by hndamien 9y ago
Thats a bold claim given the history.
940.
by hndamien 9y ago
Infinite divisibility is the important point you are overlooking here.
941.
by hndamien 9y ago
The difference is semantic. You don't invest in a depreciating asset (USD). Despite this fact, you still do have and use depreciating assets - cars, inflationary currencies. It just so happens, that your preference is to get rid of bad
942.
by hndamien 9y ago
A Ponzi scheme is based on a lie that there is an underlying asset delivering some yield, when in fact it is other investor money. So you can never sell the asset to derive the capital gain. Bitcoin on the other hand has an underlying asset
943.
by hndamien 9y ago
This is the correct answer. Also, many of them have sold previously for reasons and lived/ live with severe regret. This is how HODLers are born.
944.
by hndamien 9y ago
It also used to have value as a medium of exchange. Not so much these days.
945.
by hndamien 9y ago
Actually, his strategy here is buy high, sell higher. This is going to be a common theme for years to come.
946.
by hndamien 9y ago
It is a very big world, and many people will not have a single bitcoin but will still use the network as a transfer mechanism, savings vehicle etc. This is not unreasonable.
947.
by hndamien 9y ago
Thats not how this works.
948.
by hndamien 9y ago
For 7 years?
949.
by hndamien 9y ago
The exchange value in this case directly impacts the utility. If you are moving large amounts of wealth and the price is high, then the transfer bandwidth is also high. If the price is low then the transfer bandwidth is low. Ability to tran
950.
by hndamien 9y ago
Percentages are what matter here.
951.
by hndamien 9y ago
A high market cap (for wealth transfer bandwith and lower volatility), high hash-rate (for security) and large number of people willing to accept it as money (for conversion use) also give it value. Hence it isn't exactly true that you
952.
by hndamien 9y ago
You would be mistaken, but I can see how you may conclude that. See Dash/ Bitconnect for a more apt comparison.
953.
by hndamien 9y ago
Perhaps it is equity based money rather than debt based money and it would be wise to have a non-zero multiplier.
954.
by hndamien 9y ago
No offense, but I found the writing for these stories to be pretty horrible. The idea and concept is great, but horrible execution. There is also some very poor grammar in there as well.
955.
by hndamien 9y ago
1x is 100%, I believe they were telling a very witty joke.
956.
by hndamien 9y ago
Looks like Bitcoin is the only "company" succeeding in China.
957.
by hndamien 9y ago
Think of it as building an empire as well as building a product. The empire should seek to be beneficial for the peons as they build the empire too. Paying in equity (as well as cash) is a great way to align incentives in this respect.
958.
by hndamien 9y ago
In the case of Tesla it is the customers that pay for the cars.
959.
by hndamien 9y ago
There is also the contention that increasing blocksize would make running full nodes harder (at least by some margin) which therefore means an increase in centralisation (by a proportional margin). It would also set a precedent that miners
960.
by hndamien 9y ago
If there is a fool born every minute, and we have 10 minute blocks, then this can continue ad infinitum and therefore produce a great medium of exchange and store of value. It is like a better version of Hawala. If this is the case, then it

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