npoc

32 ms·

451.
by npoc 3y ago
Because you say so?
452.
by npoc 3y ago
You can always convert bitcoin to fiat and vice versa. Other countries/currencies exist and regardless, we have decentralised exchanges like Bisq. > Look at what happened with Britain after 1918 when tried doing everything they coul
453.
by npoc 3y ago
> What does it means that a society "wins"? It grows stronger/more efficient compared to others. > Gold isn't money - it's a commodity. It isn't even a great store of value over that last thousand years o
454.
by npoc 3y ago
The lower it goes, the more of the hardest money mankind had ever seen I can buy.
455.
by npoc 3y ago
The IRL usage is as a savings account. As more people understand its fundamental qualities (or even just see number go up) and save their wealth in it, it's value will become less volatile and it will become more useful as a unit of ac
456.
by npoc 3y ago
The simple fact that there's no societies left using shells, beads, Rai stones, etc. Only the hardest money survived - gold. However although gold is hard, it fair to say that it was beaten somewhat by soft fiat money, simply due to th
457.
by npoc 3y ago
It's an abstraction of work. All sound money requires equivalent value work to produce. And the work done is stored as protective "walls" in the blockchain, one on top of each block, piled higher and higher as time goes on, t
458.
by npoc 3y ago
The people born in 10 years will have access to a hard money that is time proven, more stable and less risky than it was 10 years ago. They will also see the price of their bitcoin go up relative to fiat. The same goes for people born in 30
459.
by npoc 3y ago
If they fractional reserve too much then they risk going bust as they can't just print more bitcoin in the event of a bank run. Just like the good old days before central banking.
460.
by npoc 3y ago
Nope. Bitcoin is the thing that does the backing. Stocks are just a weak entitlement (not ownership) to some property that will ultimately be significantly "backed" by the bitcoin on its balance sheet
461.
by npoc 3y ago
Decentralised exchanges provide a solution, but if a country tries to stifle bitcoin like this, then the bitcoiners can just leave and live somewhere else, taking their wealth with them as 12 words in their head. History shows that societie
462.
by npoc 3y ago
Bitcoin equalises this. USD is going to hyper-inflate to 0 relative to bitcoin, and bitcoin will ultimately be the world reserve asset.
463.
by npoc 3y ago
The difference is that they can never stop you custodying the bitcoin yourself. Bitcoin won't become "quaint" - it will always sit there as the hardest money mankind has ever seen (and likely ever will). If they try and creat
464.
by npoc 3y ago
All sound money has been proof of work since the start of time. It is fundamental to a lasting and fair monetary system. We currently have a fiat system where the population have to work for it, while the elite can effortlessly print it, be
465.
by npoc 3y ago
Harnessing energy is the basis for civilization. The amount of energy used is highly correlated to the level of civilization. Using energy is not an issue, it's how we produce it that matters. This applies to all forms of energy use of
466.
by npoc 3y ago
Same applies to bitcoin - no more net value needs to be invested into bitcoin and the USD price will continue to increase at ~7%, which is the rate at which the USD is being devalued through supply inflation over the last 100 years. If I le
467.
by npoc 3y ago
> Your prediction for the future that a ledger with the throughput of a 28.8 modem will absorb the world's value is "fact"? Yes, the base layer network is ideally suited for storing extremely large amounts of wealth, for l
468.
by npoc 3y ago
Its purpose is to provide an escape hatch from fiat currency that steals people's wealth, available to everyone in the world, ultimately shutting down the global scam that is central banking. It is the hardest money that mankind has ev
469.
by npoc 3y ago
The main problem here is that you're looking at the energy use as a waste. It's absolutely not, but in order to understand why, you need to understand what's wrong with the current monetary system and the terrible effects it
470.
by npoc 3y ago
Ironically this is exactly what bitcoin fixes. Fiat currency is the main cause of these issues (look up the Cantillon effect as an example). It's a cancer on the world, slowly destroying it. I highly recommend reading "The Creatur
471.
by npoc 3y ago
I offered the Lightning Network as a single example. I don't agree with you, but it's largely irrelevant at this stage. The fact is that Bitcoin is very likely to absorb a vast percentage of the worlds value simply as it is. Once
472.
by npoc 3y ago
There's a fair amount of ill-placed arrogance. It seems that the majority on this board confidently and incorrectly believe that they know all there really is to know about bitcoin. Essentially that it's a scam that wastes energy.
473.
by npoc 3y ago
The bitcoin network is best suited for storing and moving large amounts of monetary energy. Compared to any other monetary system, it does this the most efficiently (i.e. with the least amount of energy loss), both during storage and during
474.
by npoc 3y ago
That's not bitcoin 101. That's nonsense. Have a good day.
475.
by npoc 3y ago
Until you learn what money really is, you'll have no hope of understanding bitcoin. Bitcoin doesn't need you, you need bitcoin, but your attitude gives me zero motivation to help you understand further - I've got way better t
476.
by npoc 3y ago
If you believe I'm shilling rather than helping you, then I'll stop right here. Have a good day.
477.
by npoc 3y ago
If you see the bible and other religious texts as comparable theory to science, then I'll have to increase my estimate to 4 halving epochs
478.
by npoc 3y ago
Proof of work - yes - this is fundamental to any fair money, including gold, Rai stones, even beads and shells etc. Would you consider gold mining a waste of energy? If you don't need to perform work of equivalent value to the money yo
479.
by npoc 3y ago
Where's the need to store the energy if mining bitcoin is at least as cost effective? It's almost as if you see bitcoin mining as a waste of energy
480.
by npoc 3y ago
Yes it is a bit like that except that bitcoin's importance is based on time-proven monetary theory and game theory, rather than make believe. It certainly is self-organising, but it's not a scam. Unfortunately you likely won'

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