npoc

35 ms·

511.
by npoc 3y ago
I think this is a far better analysis: https://www.onceinaspecies.com/p/bitcoins-full-potential-val...
512.
by npoc 3y ago
All stored value is looking for the best store of value. Until bitcoin there was no clear winner - gold, real estate, stocks, bonds, savings accounts, pensions etc. have all got their own significant drawbacks. People don't need to thi
513.
by npoc 3y ago
It's something mankind has never seen before - a liquid asset with perfect scarcity - which makes it the ideal store of value. There's approximately $1000T of stored value in the world looking for a better home. You do the math.
514.
by npoc 3y ago
Even the genesis block contained an inscription. Provided that bitcoin transactions make better use of the block space than ordinals then they will ultimately continue to attract higher fees and price the ordinals (which are surely just a f
515.
by npoc 3y ago
I was countering the idea that just because it's value fluctuates in the short/medium-term (natural for anything growing in value) doesn't prevent it from being an escape hatch from the continuous devaluation of fiat across t
516.
by npoc 3y ago
If you've managed to create a perfect hundred dollar bill then you've done nothing different to what the bank did. Are both of you stealing? One way of looking at it is that the banks didn't have to expend a tiny fraction of
517.
by npoc 3y ago
No self importance. You called it a bubble, but the subject is simply so broad and deep that I won't be able to convince you otherwise in the comments section of a forum. For most people it involves turning their world view on its head
518.
by npoc 3y ago
Money printing is one of the main causes of the increasing disparity. Look up the Cantillon effect.
519.
by npoc 3y ago
Well it's often measured at two given points in history and compared without taking into account the devaluation of the thing used to measure value (supply inflation is approx 100% per decade)
520.
by npoc 3y ago
> increase in money supply helps people who are using debt to leverage into assets Not to mention the banksters who are charging interest on every dollar in existence
521.
by npoc 3y ago
It mentions a 7 year period. The company is essentially going all in on bitcoin and the period will allow them to ride the short term volatility and the 20% _BTC_ denominated interest is an enormous incentive to them. I assume they see bitc
522.
by npoc 3y ago
Yes, you nailed it. They lack expertise in the fundamentals of economics. How can someone understand the true importance of the solution if they can't see the problem?
523.
by npoc 3y ago
It's amazing how a board full of computer science nerds can't appreciate the accomplishment of perfectly solving the double-spend problem in an open-source distributed digital ownership network.
524.
by npoc 3y ago
It would be an over the counter sale. Even using an exchange directly, together Coinbase and Bybit are trading $1B/day BTCUSD - there's no shortage of buyers.
525.
by npoc 3y ago
El Salvador won't ever "sell" their bitcoin. Your grandkids will be working for it.
526.
by npoc 3y ago
“If you don't believe me or don't get it, I don't have time to try to convince you, sorry.” ― Satoshi Nakamoto
527.
by npoc 3y ago
The base layer will settle large sums that people are willing to pay $50+ for. $50 is not much to pay for transfer and final settlement of $1M - it's a 0.0005% fee.
528.
by npoc 3y ago
Only in the short term. Holding for at least 4 years sees you through the "price discovery" noise while it's growing
529.
by npoc 3y ago
Now I understand your perspective better, I think I can clarify one of your earlier comments: -------- > "You're right, it's ALL fiat money. All money that has ever existed was fiat money, from shells and dollars to bitcoi
530.
by npoc 3y ago
Okay, I think we're getting somewhere. I agree that we the people decide the value of money. The people collectively choose what they want to use as money and they will naturally choose the best money for the job. I also can agree that
531.
by npoc 3y ago
If someone some how manages to encircle your node with a million of their own (i.e. your node is only connected to theirs) then what are they going to do? If they try to filter blocks or tamper with blocks then your node will detect that an
532.
by npoc 3y ago
Everyone can run whatever version of bitcoin they like. You don't need to upgrade if you don't agree with the changes.
533.
by npoc 3y ago
The main bitcoin network at least. Bitcoin can still be used as digital cash (and one that holds it's value better than any other), but transferred on a different network e.g. lightning
534.
by npoc 3y ago
If the block size was made substantially bigger, you'd begin to need very expensive equipment to be able to verify transactions yourself. Grandma is probably able to trust her grandchildren's nodes, but with bigger blocks her gran
535.
by npoc 3y ago
Your node (or the node you choose to connect to) defines what is bitcoin, according to you. Everyone gets a vote on what bitcoin is, but the definition of bitcoin that you vote for is that defined by the code running on the node you choose
536.
by npoc 3y ago
Great. So the question is: what is the intrinsic value of intrinsic value? I'm thinking either 0.6 or false.
537.
by npoc 3y ago
Thanks for the explanation. So what I'm understanding so far is that its either a measure or indication (not clear which) of personal usefulness, independent of society. Is that a good summary?
538.
by npoc 3y ago
Okay. The other main point I was trying to make is that both the banana and the money have utility (one for eating and the other for saving/purchasing) but for some reason only the banana has intrinsic value? It makes no sense to me. I
539.
by npoc 3y ago
> "what I'm saying, which is that bitcoin is made of bits, and bits aren't scarce, so scarcity isn't what creates bitcoin's value" I've chatted about bitcoin to a lot of people and this time I've c
540.
by npoc 3y ago
Okay, a great setup for an example of what I mean. Before the civil war ended, I could use the banana as food (which means it has intrinsic value), and I could use the paper money to represent work I'd done which is extremely useful, s

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