Really dramatic steps like this could be disastrous, but in general I'm concerned about how the banking system creates money. https://twitter.com/MrsEmpressWife/status/1037742447466565633 …
-
-
That isn't quite true. The value is intangible, but not zero. What value does a stable currency unable to be monkeyed with by a banking cartel or state-cum-Mafia have to you? I think the answer is inherent in your first tweet in this thread.
-
Of course people can give anything value if they believe it has value, but why do people believe crypto has nonzero value? All answers to that question are circular.
-
Not to get too Socratic, but tons of things have value upon which no monetary proxy seems to suffice. Beauty? Justice? One absolutely pays for these things in one way or another, but the far-reaching dividends of a functioning justice system are inscrutable and incalculable.
-
Good art is beautiful and I can buy it to put in my house. Is a bitcoin beautiful? Justice? Well, contracts and rights can be bought and sold. Is bitcoin a right to anything?
-
A right to be free of hyperinflation and debasement. To be free of central banking. To be free of the back-door taxation that the mint *actually* represents to people. That is a thing of beauty, my friend. Beauty pure and mathematical.

-
I'm not saying bitcoin itself is the stone to slay Goliath. But it might be. Whether it wins or something like it remains to be seen. But I am quite certain some form of crypto will, eventually.
-
I'm not sure what other forms crypto might take, which is why I said unbacked crypto. If the US government started taking taxes in crypto I'd call that a kind of backing, but why would they allow everyone to print more money by just running their computer?
-
Maybe if the computations themselves were useful to the government?
End of conversation
New conversation -
-
-
If a currency can be "backed" by government force it can be "backed" by censorship resistance.
-
That doesn't really define a value in the same way taxes do
-
Crypto has been on that problem for a while. Good summary here: https://queue.acm.org/detail.cfm?id=3136559 … ...
-
... See especially the evolution from Hashcash to Bitcoin.
-
I'm not seeing how proof of work (or any of the rest) creates an asset of value
-
You're seeing it in the world. How many years of non-zero value before you accept there's something there?
-
15 more years
-
is that a bet?
- 3 more replies
New conversation -
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.