This indicates to me that the fiat structure will capsize. The Internet of Agreements is our last, best hope.
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The current ratchet is altcoin: fiat flows in, value pumps, and flees to the main chains during the dumps.
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The next ratchet is collateralizing fiat loans with crypto. Borrow x against 0.y Bitcoin, pay it back to retrieve 0.y appreciated to x+z
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The swamp practically drains itself!
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A 2008 event in future would require the Fed to hard fork. The value of each branch is determined by investor/user confidence.
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Would you buy into this timeline if you had an alternative? I wouldn't.
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I ... need to think about it
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Okay now for the dark part: Bitcoin is a paperclip maximizer
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Securing the mainchain via proof-of-work will require 51% of all electricity + comparable industrial output, forever
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This is a Nash equilibrium. Defeating this particularly stupid form of heat-death is a coordination problem.
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My guess is, first it has to win. But never be deceived: Bitcoin wants to eat your children. Moloch incarnate.
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@leashless will enjoy this horror framing0 replies 0 retweets 0 likesThanks. Twitter will use this to make your timeline better. UndoUndo
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