I'll bet I'm the first "supporter" to admit bitcoin IS fiat and that bitcoin can't be ideal money because its supply is inelastic. There is one special comparable quality that bitcoin distinguishes bitcoin and this quality is what frustrates everyone that is trying to change it
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Replying to @SoakerPatoshi @Frances_Coppola and
its community is utterly dysfunctional in the face of bitcoin's complete technical failure and has descended into cultist infighting? interesting basis for a monetary system, I'll admit
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Replying to @davidgerard @SoakerPatoshi and
If money at the highest level is international settlement (between nations), and
#bitcoin was designed for this ; perhaps it is misunderstood. As a stand alone retail system , it is unsuited. In this [retail] aspect, Bitcoin CANNOT scale As a#bancour type unit, hell yeah
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Replying to @jongulson @SoakerPatoshi and
bitcoin was intended as electronic cash. it's a miserable failure at this. all other claimed purposes were bolted on after its miserable failure to be electronic cash.
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Replying to @davidgerard @jongulson and
I think if you look at the design of the system, one can argue it was not designed to be digital cash in that sense
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Replying to @duringo_ @jongulson and
I think if you look at the design of the system, you would conclude Satoshi's ideas on economics were inchoate, immature and ill-considered, which they were. Nothing about this makes sense. The community started delusional, and has continued.https://davidgerard.co.uk/blockchain/the-conspiracist-gold-bug-economics-of-bitcoin/ …
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Replying to @davidgerard @duringo_ and
I'd agree that the communities justfiction of satoshi's apparent bluder is non seq. But I put forth a different argument that explains why Satoshi might have created a less than ideal money which will ultimately force hands of central banks to stabilize their currencies to it.
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Replying to @SoakerPatoshi @duringo_ and
> which will ultimately force hands of central banks to stabilize their currencies to it If you seriously think that will ever, ever happen, then you are delusional.
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Replying to @davidgerard @duringo_ and
How about GIVEN a PREMISE, that bitcoin's value and price starts to accelerate "to the moon' and given that scenario increases the velocity of state money endangerment state money relevance, you see that a central bank COULD value target bitcoin instead of a local cpi etc.?
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Replying to @SoakerPatoshi @davidgerard and
Bitcoin's price accelerating "to the moon" would be the last thing on earth that would make a central bank peg to it.
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That would mean trillions left fiat for Bitcoin...
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