This doesn't explain why so many cryptographers HODLed Bitcoin and so few Austrians did
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Nick how would you apportion value in
#bitcoin between (security/not confiscateable) vs fixed supply?
I think a wide variety of supply algos would have worked, as long as they are predictable. Bitcoin's works well because it is simple enough for a large number of users to understand. Security/trust min is responsible for more of the value, as I assess it.
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Indeed, Bitcoin at the core relies on people's 'bounded rationality' to sustain itself. So the simpler the incentive scheme, the more people will buy into it and contribute to its continued security. I wrote about this recentlyhttps://medium.com/@hugonguyen/bitcoins-incentive-scheme-and-the-rational-individual-dc20effa4715 …
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@NickSzabo4 how do you think Bitcoin's transition to a fee-driven model will impact security? given that fees are a lot less predictable than a fixed supply/fixed inflation schedule? -
And how you think that transition will impact the set of unusable UTXOs or 'dust' created by rising tx fees?
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After schnorr signatures the dust can be spent with larger UTXOs in the wallet without spending more fee than the dust is worth. But unspendable outputs are great for raising the value of everyone else’s coins a little.
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Speaking of money supply, what reason do you guys think could push Nakamoto to choose the "discrete" halving every 4 years instead of a "continuous" slowdown in the money supply (which would have helped to reduce price volatility faster)?
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Money is a tool to remove the uneasiness of an uncertain future. If one thing is certain, it's that my node will never allow more than 21 million
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Much less than that actually. We’ll be dead long before 21 million.
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Don't underestimate the ingenuity and creativity of entrepreneurs hodling sound money.
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@JWWeatherman_ describes it as changing the human power dynamic. I agree. Yet few understand it. One example I use is from 80's. BMW's suffered frequent break-ins to steal Blaupunkt radios. When 1 to 1 correspondence was adopted the break-ins stopped almost immediately.Thanks. Twitter will use this to make your timeline better. UndoUndo
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The most significant qualifier in this statement is "min". BTC most often described as "trustless", but Szabo correctly characterizes the feature as "trust minimization". Full nodes ultimately form a trust pool based on agreement. No one stands alone.
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The most fundamental part of itcoin value. The important metrics are universal super simple. There is nothing special about anything. Easy is safe. Safe is gold. Gold is
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Security and trust is the answer.
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