This is why Bitcoin is pernicious, it's a meaningless token with *no underlying value* and *no legal rights or guarantees bestowed on the holder* And it does not *store* energy or *contain* energy the way ridiculous statements like this imply it does It simply *uses* energy
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Replying to @arthur_affect @Tom_Scribbler and
"legal rights" - which legislation? Why would I need legal rights bestowed on me? This universe gave us unbreakable uncensorable asymmetric encryption. Across time and space, and fluctuating legislations. What is the underlying value of USD?
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Replying to @BitcoinBiology @Tom_Scribbler and
https://www.law.cornell.edu/uscode/text/31/5103 … Come on Mr. Economist, this is basic shit
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Replying to @arthur_affect @Tom_Scribbler and
what happened to the gold standard then ? what good is this promise outside of the USA?
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Replying to @BitcoinBiology @Tom_Scribbler and
We stopped using the gold standard because fiat currency is better Being backed by the laws of the government of the country you live in is, in fact, the strongest thing any currency can be "backed by"
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Replying to @arthur_affect @Tom_Scribbler and
*that is if you think the laws of the government are greater than the laws of nature
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Replying to @BitcoinBiology @Tom_Scribbler and
"Value" does not exist as a concept in nature, it is a concept that can only be defined and created by human beings
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Replying to @arthur_affect @BitcoinBiology and
I had just found the the definitions of the Reification Fallacy and the Mind Projection Fallacy while studying the philosophy of science regarding Quantum Physics and it would seem to apply well to money, especially Bitcoin.
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Replying to @Tuplet @arthur_affect and
At a high level, I think the world will be better once we stop trying to use money at all. But Bitcoin is not a step in that direction; it's a way to make money EVEN MORE damaging than it already is, which is impressive in a way.
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Replying to @Tom_Scribbler @Tuplet and
Just like all the people pointing out the digital artists who once positioned themselves as radical anti-IP leftists and are now into blockchain are the worst kind of hypocrites Recreating IP in its worst, most destructive possible form
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I'm a big squishy sellout liberal when it comes to the concept of IP -- I think that, for all its flaws, unilaterally abolishing it under the current system will only hurt creative workers and artists But "fiat" IP is *limited*, it has *exemptions*, and it *expires over time*
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Replying to @arthur_affect @Tom_Scribbler and
Copyright terms being limited is basically "inflation" -- you will lose your IP over time so as long as you have it you gotta use it or lose it The longer copyright lasts and the more expectation IP holders have of extension, the slower the "inflation" is
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Replying to @arthur_affect @Tom_Scribbler and
And "low inflation" leads to the same dysfunction with IP that it does with money -- incentivized hoarding, soaring wealth inequality, a "recession" in new ideas
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