Fiat involves far more trust.
Successful money is far from arbitrary. The most common collectibles were the two most durable and suitably scarce kinds of objects available: biologically crystallized calcium carbonate and later the monetary metals (copper, gold, and silver).pic.twitter.com/MA4CSY86OO
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This point can be generalized to devastate the groundless dogma of the "arbitrary nature of the sign" in all real domains.
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The mystical state-worshiping German tradition.
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vs the "omg guys, the latest technological fad finally proves marx was right" tradition?
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That's the Schumpeterian long-wave, compressed. It's how techonomic advance happens. (The only way it happens.) ...
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... If you can't asset-strip the old economy, where is the new economy going to come from?
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Boom-bust cycles are advance. The alternative is populist stagnation.
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The edge of the process is on the other side of the Pacific now, so your tired antisemitic tropes are losing their pertinence. ...
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... Sinophobia is the new fascist wokeness.
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Although to be a medium of exchange, it had to be easily portable. Otherwise it turned into assets, which is what happened to gold. And assets need to be protected, requiring enforced security, property laws.
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It's only really a "paradox" for those who've yet begun to treat "capitalist democracy" as an oxymoron.
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It's inevitable, though. Chua understands it. http://www.tjsl.edu/slomansonb/1.1_WorldFire.pdf …
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Money-making-money tends to reliably beat money-politely-doing-what-it's-told. If it didn't, the fascist 'remedies' wouldn't be needed.
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nothing like a cunning feminine mystique
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I think you're one of the most knowledgable in the blockchain scene. However I don't understand why you support lightning when it's still a work-in-progress which we don't even know the topology of.. layer 2 and layer 3 will eventually make layer 1 obsolete :/
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Because bitcoin itself is still a work-in-progress.
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Bitcoin already works...
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And lightning networks will extend this usability... not hinder it in anyway, no?
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I hope so...what if it doesn't turn out to be good?
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In what way? If it hurts bitcoin in anyway then I would assume bitcoin was naturally flawed to begin with. Anything extending the network that can offload transactions in a programmable trustworthy fashion sounds worth it to me.
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