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Plinz's profile
Joscha Bach
Joscha Bach
Joscha Bach
@Plinz

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Joscha Bach

@Plinz

FOLLOWS YOU. Artificial Intelligence, Cognitive Architectures, Computation. The goal is integrity, not conformity.

San Francisco, CA
bach.ai
Joined April 2009

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    1. Joscha Bach‏ @Plinz 31 May 2018
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      The main story of crypto currency is: "We have found a new way to print money and keep some of it". I wonder how much of the economy is like this.

      4 replies 0 retweets 14 likes
    2. DROP TABLE debts_global‏ @Polycephaland 31 May 2018
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      Replying to @Plinz

      It's more like "we have found a way to disallow others from unilaterally printing money for themselves."

      1 reply 0 retweets 3 likes
    3. Joscha Bach‏ @Plinz 31 May 2018
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      Replying to @Polycephaland

      The basic principle of money is that people are not able to simply make more. Crypto currencies circumvent that by obfuscating counterfeiting with computationally expensive mathematics.

      2 replies 0 retweets 0 likes
    4. DROP TABLE debts_global‏ @Polycephaland 31 May 2018
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      Replying to @Plinz

      No one can counterfeit more bitcoin into existence. The supply is capped at 21 million.

      1 reply 0 retweets 0 likes
    5. Joscha Bach‏ @Plinz 31 May 2018
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      Replying to @Polycephaland

      But there is no upper limit to the value of bitcoin, only a guarantee that the number of new coins does not outrun demand.

      1 reply 0 retweets 0 likes
    6. DROP TABLE debts_global‏ @Polycephaland 31 May 2018
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      Replying to @Plinz

      Why should there be an upper limit on the value of bitcoin? The important guarantee is that there will be a fixed number of coins, irrespective of demand. Bitcoin is the first money to have this property, to have absolutely no supply response to demand changes.

      1 reply 0 retweets 1 like
      Joscha Bach‏ @Plinz 31 May 2018
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      Replying to @Polycephaland

      I was not criticizing bitcoin or questioning its mechanism. I was just pointing at a thing.

      10:35 PM - 31 May 2018
      1 reply 0 retweets 0 likes
        1. New conversation
        2. herzmeister‏ @herzmeisterderw 1 Jun 2018
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          Replying to @Plinz @Polycephaland

          Mining bitcoins isn't really "printing", it's highly competitive. In theory at least, in practice, there's an advantage for certain Chinese outfits. But this should mitigate over time, so it should become harder and harder to "keep it". Not much different to any other industry.

          1 reply 0 retweets 0 likes
        3. Joscha Bach‏ @Plinz 1 Jun 2018
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          Replying to @herzmeisterderw @Polycephaland

          The issue I wanted to point at is that while you are allowed to mine gold, you are generally not allowed to mint a currency from it. That’s the right of the kings. Bitcoin manages to subvert this somewhat, which is its main innovation

          2 replies 0 retweets 0 likes
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