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FluidFluxation's profile
Will 🗣️ 🌐
Will 🗣️ 🌐
Will  🗣️  🌐
@FluidFluxation

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Will  🗣️  🌐

@FluidFluxation

$I am‽ Generalist. Theorycraft.

Here, Now, Probably
Joined April 2011

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    1. (((Frances Coppola)))‏Verified account @Frances_Coppola May 15
      Replying to @FluidFluxation @Excellion

      It's not a counter thought. It's a statement of the bleedin' obvious. However, the difficulty adjustment keeps prices and costs in line with each other to discourage miners from dropping out. Assuming this holds, breakeven cost can be used to predict price.

      2 replies 0 retweets 1 like
    2. (((Frances Coppola)))‏Verified account @Frances_Coppola May 15
      Replying to @Frances_Coppola @FluidFluxation @Excellion

      My issue was with Mow (and others) saying it was the labour theory of value while completely ignoring the fact that the difficulty adjustment influences the price by adjusting the mining cost - which is what Satoshi says in that quote.

      1 reply 0 retweets 1 like
    3. (((Frances Coppola)))‏Verified account @Frances_Coppola May 15
      Replying to @Frances_Coppola @FluidFluxation @Excellion

      It's a bit rich to claim that the price is determined entirely by subjective valuation when there is a built-in price control mechanism that works by adjusting production cost.

      1 reply 0 retweets 0 likes
    4. Will  🗣️  🌐‏ @FluidFluxation May 15
      Replying to @Frances_Coppola @Excellion

      Will  🗣️  🌐 Retweeted Will  🗣️  🌐

      Agree. That built in mechanism you reference is father to the strange loops pervasive in this model.https://twitter.com/FluidFluxation/status/996310464945672192?s=19 …

      Will  🗣️  🌐 added,

      Will  🗣️  🌐 @FluidFluxation
      More economists should study quantum physics, cryptography, and network topology. Vice versa, more physicists should study Shannon/Nash game theory and read more Hayek.
      1 reply 0 retweets 0 likes
    5. (((Frances Coppola)))‏Verified account @Frances_Coppola May 15
      Replying to @FluidFluxation @Excellion

      If Bitcoin really does trade like a commodity as Satoshi said, the price adjustment mechanism can't be sustainable long-term unless users are prepared to pay miners what amounts to a subsidy to keep them producing. Farm-gate price support in the crypto world. Who'd have thought.

      1 reply 0 retweets 0 likes
      Will  🗣️  🌐‏ @FluidFluxation May 15
      Replying to @Frances_Coppola @Excellion

      Token emission is a protocol to facilitate more ideal bootstrapping incentives to be organically hyper-competitive game/information theoretically. Since day 0 the network has been built to incentivize fee markets. See image 2. Source: Original Whitepaper.pic.twitter.com/BNpRuVGSqM

      2:34 AM - 15 May 2018
      2 replies 0 retweets 0 likes
        1. New conversation
        2. Will  🗣️  🌐‏ @FluidFluxation May 15
          Replying to @FluidFluxation @Frances_Coppola @Excellion

          The idea that bitcoin users rent hashpower from miners is a collective delusion. Miners are the PoW Miners are the backbone of bitcoin, and the battery powering the metronome(protocols) the user symphony syncs upon.

          1 reply 0 retweets 0 likes
        3. (((Frances Coppola)))‏Verified account @Frances_Coppola May 15
          Replying to @FluidFluxation @Excellion

          I know that. Pointed it out yesterday. Without miners, Bitcoin is dead. That's why the difficulty adjustment is essential - it's effectively a subsidy to miners to keep them mining. But it's not sustainable imho.

          1 reply 0 retweets 0 likes
        4. Will  🗣️  🌐‏ @FluidFluxation May 15
          Replying to @Frances_Coppola @Excellion

          I can see that frame of reference re: DA a subsidy. Again reference the importance of bootstrapping in an immaculate conception paradigm. Regardless, if we agree on fee markets, how is this DA unsustainable, if its effect effectively neglifies over time?

          1 reply 0 retweets 0 likes
        5. (((Frances Coppola)))‏Verified account @Frances_Coppola May 15
          Replying to @FluidFluxation @Excellion

          Bootstrapping is a one-off event. It is not required for all time. Indeed the 21m limit means it cannot continue for all time. Eventually, all that remains is a fee market, and at that point transaction costs must rise enough to keep miners honest.

          2 replies 0 retweets 1 like
        6. Will  🗣️  🌐‏ @FluidFluxation May 15
          Replying to @Frances_Coppola @Excellion

          Agree. Tho, fee market economics are in play before 21m emission. New trends/loops forming now. See mempool and fee market & volatility last 10 months. The bootstrapping will continue but fade, & organic market forces will continue to build atop the entropically favorable path

          2 replies 0 retweets 0 likes
        7. Will  🗣️  🌐‏ @FluidFluxation May 15
          Replying to @FluidFluxation @Frances_Coppola @Excellion

          Will  🗣️  🌐 Retweeted Will  🗣️  🌐

          I don't think that path will be on another blockchain. No other PoW is near competitive, and PoS is a genius scam I wont engage here. No bets on core or what we currently call $btc, but some branch of bitcoin will prevail.https://twitter.com/FluidFluxation/status/991126891389169664?s=20 …

          Will  🗣️  🌐 added,

          Will  🗣️  🌐 @FluidFluxation
          #Bitcoin pic.twitter.com/JcxyGpk9g4
          Show this thread
          1 reply 0 retweets 0 likes
        8. (((Frances Coppola)))‏Verified account @Frances_Coppola May 15
          Replying to @FluidFluxation @Excellion

          the real competition to Bitcoin is not in the cryptocurrency world.

          1 reply 0 retweets 2 likes
        9. Will  🗣️  🌐‏ @FluidFluxation May 15
          Replying to @Frances_Coppola @Excellion

          Agree entirely

          0 replies 0 retweets 2 likes
        10. End of conversation
        1. New conversation
        2. (((Frances Coppola)))‏Verified account @Frances_Coppola May 15
          Replying to @FluidFluxation @Excellion

          the real problems start when the 21m limit is reached. After that, transaction fees will have to rise ever higher to keep miners honest.

          1 reply 0 retweets 0 likes
        3. Will  🗣️  🌐‏ @FluidFluxation May 15
          Replying to @Frances_Coppola @Excellion

          Those problems are already being addressed, and have been of focus since early days. Spam prevention metrics were rooted in the same concern, protecting value/scarcity/surprise of contents tx info of blocks. Token emission expires mid 2100's. We will have consensus by 2030.

          2 replies 0 retweets 0 likes
        4. Will  🗣️  🌐‏ @FluidFluxation May 15
          Replying to @FluidFluxation @Frances_Coppola @Excellion

          Fee markets are an intentional aspect of system. Feature not bug.

          1 reply 0 retweets 0 likes
        5. (((Frances Coppola)))‏Verified account @Frances_Coppola May 15
          Replying to @FluidFluxation @Excellion

          Indeed. So if transaction fees rise higher and higher, what do you think users will do? Miners are as dependent on users as users are on miners, remember. And HODLers are dependent on both. Without miners, Bitcoin is dead. Equally, without transactions, Bitcoin is dead.

          1 reply 0 retweets 0 likes
        6. Will  🗣️  🌐‏ @FluidFluxation May 15
          Replying to @Frances_Coppola @Excellion

          Idk, specific context dependent obviously. Miners will probably increase the blocksize or innovate alternatively to sustain their model. Majority of Altcoin economics are results of side projects by btc whales who are bored/hungry. 2x/SW/BCH/Lightning is not the end of scaling

          0 replies 0 retweets 0 likes
        7. End of conversation

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