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.
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Replying to @The_Petrichory
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?
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Replying to @HbdNrx @The_Petrichory
You're fundamentally not seeing what backs bitcoin - it's the network and the millions of MW/h it consumes that back up the scheme. All money is more or less a proxy for energy (food, fuel, heat, etc), and bitcoin is the least abstracted.
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Replying to @archaeofuturist @HbdNrx
And in that "network" is a really weird promise. It's a democratized currency where the only way to cheat is to muster >50% of computing power in order to become the arbiter of the truth. And succeeding at that only to turn around and cheat people destroys its value instantly.
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Replying to @The_Petrichory @HbdNrx
This is why the "millions of megawatts" is a feature not a bug, you need to control 51% of those millions of megawatts to attack the network successfully, and that's a tall order even for a nation state.
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Replying to @archaeofuturist @HbdNrx
Once one fully grasps what it was that "Satoshi" did, one can only stand back in awe of it. Quite possibly the most important human in history, and nobody knows who he is but himself.
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Replying to @The_Petrichory @archaeofuturist
This is all just mass misunderstanding of monetary theory
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Replying to @HbdNrx @The_Petrichory
Much current monetary theory is just made the fuck up, so I don't see how this is even remotely relevant.
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Replying to @archaeofuturist @The_Petrichory
All cryptocurrencies are inherently worthless and will rather soon go to their true value of zero
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“Inherent value” is irrelevant. You’ve forgotten your Menger and your Moldbug. https://www.unqualified-reservations.org/2013/04/bitcoin-is-money-bitcoin-is-bubble/ …
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He's wrong, sorry.
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Moldbug was wrong (so far) about his prediction that USG would kill Bitcoin, but his (and Menger’s) monetary theory is sound. The subject is a keen interest of mine, so I would be happy to answer any questions you might have about it.
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Replying to @LexCorvus @HbdNrx and
BTW, I talked with MM last year about his failed prediction. He said he’d underestimated the extent to which USG bureaucrats would leave Bitcoin alone out of fear that they’d be blamed for killing the Next Big Thing. In other words: CYA saved BTC from USG.
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