scottiebarnes

25 ms·

241.
by scottiebarnes 5y ago
Oh, so only the government definition of money is whats relevant here, and only of the last ~100 years. Historical and physical contexts of money are irrelevant. Its interesting because you were even brave enough to includ "coin"
242.
by scottiebarnes 5y ago
You're right, they wouldn't refer to it as money because that would undermine the power of their own printed fiat currency. So its just some sort of very expensive commodity asset, which is used to store value, which we can expect
243.
by scottiebarnes 5y ago
Ah, so what were we using before Bretton Woods? I didn't know that the silver and gold minted coins traded by Roman merchants were in fact not money, but commodities. There's just so much utility in carrying around sacks of metal
244.
by scottiebarnes 5y ago
> It's not money if all you do is hold it lol. Hmm, we need to tell every Central Bank in the world that the gold bars they're holding aren't money. Fort Knox must be a cover for government experimentation on aliens.
245.
by scottiebarnes 5y ago
If you need short term value stability, don't use Bitcoin, because anything rapidly scaling is inherently volatile and unpredictable. This can partially be attributed to Bitcoin's protocol (block halving), but mostly due to human
246.
by scottiebarnes 5y ago
I think a lot of haters do, they align the behavioural qualities of a ponzi scheme with Bitcoin by pointing out how the only way a unit of BTC can have value is by selling it forward to another person. Which is indeed a property of any mone
247.
by scottiebarnes 5y ago
Any kind of money only has value if there is willing social acceptance for that money, aka, people who want it. That's the point of money. Its value comes from being in a secure, immutable database, accessible from any point on the pla
248.
by scottiebarnes 5y ago
It does mean exponential/rapid growth spikes are less likely, which means hospital resources are less likely to be strained, which is generally better for health workers, covid patients, and general society.
249.
by scottiebarnes 5y ago
No, you seem particularly focused on a technical detail concerning the flow of money rather than the larger theme at play; that is, the value of money is at the whims of the central bank. I'm imagining those who lived to see the Zimbab
250.
by scottiebarnes 5y ago
Maybe Chairman Powell explains it better? https://www.youtube.com/watch?v=mrjoElG8KGI PELLEY: Fair to say you simply flooded the system with money? POWELL: Yes. We did. That's another way to think about it. We did. PEL
251.
by scottiebarnes 5y ago
https://www.investopedia.com/terms/q/quantitative-easing.asp Quantitative easing (QE) is a form of unconventional monetary policy in which a central bank purchases longer-term securities from the open market in or
252.
by scottiebarnes 5y ago
That was my rebuttal to the response that central banks can't create infinite money. You agree they can service an unlimited amount of debt (with consequences), but you refuted that they can create unlimited money. But they're the
253.
by scottiebarnes 5y ago
Are we hiding behind linguistic semantics? If the fed wants to buy $100b of assets tomorrow, it can do so, despite not having that money. The interbank mechanics are unimportant, the point is the value is created at will, creating inflation
254.
by scottiebarnes 5y ago
https://www.investopedia.com/terms/q/quantitative-easing.asp
255.
by scottiebarnes 5y ago
The US can literally choose to never default on its debt, regardless of how much money it actually has.
256.
by scottiebarnes 5y ago
You might need to review your monetary history. Fiat required trade to be based on gold first, a peg which was then broken. Central banks can create infinite units arbitrarily. "Enforced by the legal system" perhaps means controll
257.
by scottiebarnes 5y ago
What does that make central banking and fiat?
258.
by scottiebarnes 5y ago
It's a waste to you, but not to the people who use and value it.
259.
by scottiebarnes 5y ago
> At some point growth stocks have to stop being growth stocks. Debatable. AMZN would like to have a word
260.
by scottiebarnes 5y ago
Energy isn't scarce, its actually abundant. At this particular moment, clean renewable energy capacity is more scarce than fossil fuel, but there is simply far more potential energy in solar, wind, nuclear, etc. Remember, our planet is
261.
by scottiebarnes 5y ago
Cloud / data center GPU consumption has also gone up in the past couple years.
262.
by scottiebarnes 5y ago
If the companies that hired him are satisfied with his work (quality, time delivery) and can't even tell the difference on their own, is he really doing them wrong?
263.
by scottiebarnes 5y ago
Depends what you're optimizing for. Most people would probably say getting a good start to their career. That means making things, being able to code, pass interviews. Most beginners would probably quit out of frustration/disinter
264.
by scottiebarnes 5y ago
They work if your jurisdiction allows you to participate in them. If you live outside of the elite banking countries, you probably don't have access to these secure, liquid markets.
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by scottiebarnes 5y ago
Prediction markets, although this is becoming less necessary as governments come around to allow sports betting. Still, there are probably many markets that will never allow legal betting.
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by scottiebarnes 5y ago
That's not practical, but decentralized sources like IPFS, BitTorrent, etc will be useful sources of hosting for videos/creators who don't want to face censorship from Youtube etc.
267.
by scottiebarnes 5y ago
To me this is rhetoric that conveniently ignores the sole advantages of blockchain and distributed computing. Blockchains don't exist to be fast, efficient, or scalable. They exist to be decentralized, permissionless, and censorship re
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by scottiebarnes 5y ago
Look around, everything is a vehicle for speculation, from houses to baseball cards to oil. Of any network that exists over the internet, Bitcoin is the least elitist. Participation is permissionless; anyone can spin up a wallet, and it req
269.
by scottiebarnes 5y ago
Bitcoin has no formal governance system, on chain or off chain. Could you be more specific? Unless you're talking about blocks/hashing power. But that's consensus, not governance of protocol.