I explained the cypherpunks to her and she started sputtering
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Liz: Okay, I think I understand the tech you're describing but... doesn't this just seem like a solution in search of a problem? Why would anyone choose this over regular centralized currency? Me: ... let me show you something [a minute later] Liz: *incoherent laughter*
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En réponse à @sarahjeong
Did you show her the manipulated devaluation of sovereign currencies and how it all but guarantees the compounding of the wealth gap? Yeah, that's funny stuff! Hahahaha!
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En réponse à @Barry_Brewer @sarahjeong
I’m assuming you mean inflation by “devaluation”? Inflation is a tax on cash & wealth. It narrows the wealth gap.
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It’s pretty funny how bitcoiners think moderate inflation is some kind of theft from the common man when higher inflation would benefit everyone who holds debt while hurting creditors. Many are people are both, but most people are more debtor than creditor.
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Ding ding ding!
2% inflation is a good thing if you have a house with a mortgage, or a farm with a mortgage, Or a student loan with a fixed rate interest rate.1 réponse 1 Retweet 12 j'aime -
Or credit card debt or a car loan. Of course you don't want to destroy incentives to save or offer credit, but it's amazing how bitcoiners don't understand how inflation--their motivating fear--operates.
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It's super basic stuff, it always makes me laugh when stuff like the original reply shows up in my mentions
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On that note - please write more about your simple bitcoin explanation! “Math Beanie Babies”
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oh that was Liz's phrasing, I just do the step by step about the decentralized ledger of blocks that pay out increasingly small rewards for propagating the network through repeatedly hashing the current block with nonces to arrive at the "correct" solution
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it's just that when you get to the part where bitcoin are speculative vehicles pegged to market supply/demand as administered by internet exchanges, you can jump to "oh, beanie babies but you don't even get the beanie baby in the end"
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En réponse à @sarahjeong @dallenallred et
the part that made her dissolve into uncontrollable laughter was when she realized that it was a really clever solution to a non-problem
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En réponse à @sarahjeong @dallenallred et
anyways that's the three tweet version of that phone call
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