Money is debt owed by society to individuals for the value their labour or goods create. Bitcoin is bad money because its value fluctuates too wildly. It is bad if yesterday my labour earned enough to pay a day’s bills, but today it earned enough to pay a week’s.
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Replying to @FrankBigTime @Tom_Scribbler and
"its value fluctuates too wildly" The Internet was volatile in its early years. A growing tree fluctuates. If you want stability, stick with dead trees and Encyclopedia Britannica.
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Replying to @BitcoinBiology @FrankBigTime and
Okay now address the other half.
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Replying to @Tom_Scribbler @FrankBigTime and
Look at all that productivity in Venezuelapic.twitter.com/xipCpO1BUu
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Replying to @BitcoinBiology @FrankBigTime and
That does not address the point. The purpose of money is to represent the productive force in society. What do you think happens when you link that to 'true scarcity'?
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Replying to @Tom_Scribbler @FrankBigTime and
Austrian vs Keynesian debates are not my thing. Good question to ask
@saifedean or@stephanliverahttps://mises.org/library/deflation-and-liberty-1 …2 replies 0 retweets 0 likes -
Replying to @BitcoinBiology @Tom_Scribbler and
To be honest I don't care about either definition of money based on norms and definitions of society. I'm a scientist, and the universal currency of this universe is energy. Bitcoin is backed by pure energy stored in unbreakable asymmetric encryption. laws of nature
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Replying to @BitcoinBiology @Tom_Scribbler and
"i'm a scientist, so i like to waste lots of energy"
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Replying to @BitcoinBiology @Tom_Scribbler and
the article cited in this graph claims "With Bitcoin mining as an incentive, it may shrink the time we get to [Kardeshev Type 1] from 200 years to less than a few decades." this is absolute crank shit, my dude
1 reply 0 retweets 10 likes
I don't even wanna say this is violating thermodynamics, this is violating *arithmetic* You cannot *get more energy* by *using more energy*
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Replying to @arthur_affect @SaddestRobots and
The idea that if you simply consume lots and lots of energy it will "incentivize" the generation of more energy, faster than you use it, is cult shit It's the kind of thing a fucking crack addict says in movies
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Replying to @arthur_affect @SaddestRobots and
"I may have spent my whole paycheck on crack, but I need to be on crack to work to earn that paycheck -- if I didn't smoke crack I'd have nothing to get out of bed for" At some point someone's gotta intervene
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End of conversation
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