It's near-impossible to prove or disprove this theory, even promising cryptocurrencies like dogecoin which had robust communities using it as currency qua currency have since fallen prey to the speculative effect
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It's possible that the very human phenomenon of digital metallism (the "math" version of the fetishistic and simplistic belief in the "soundness" of gold) hamstrings currencies and that digital metallism is baked into assumptions made by the code
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all of this makes for an interesting debate. you know what doesn't make for an interesting debate? whether bitcoin sucks (it sucks)
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*pushes glasses up nose* also I don't take you seriously if you call it "crypto"
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imo the big irony here is the original design strongly incentivized adoption by abusing human greed, on practically every level. it's beautifully clever but it was precisely those design choices that also doomed it as a usable currency
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agree
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It's not even a coin
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That's a terrible thread though; it conflates a non-issue that's only being made one for her own ideological reasons (deflation) with a real problem that has no relation to monetary policy (high transaction fees) without grokking the real cause of high txn fees: quadratic scaling
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Deflation is why it's a speculative investment not a currency. Nick Szabo, as brilliant as he is, is a Goldbug and his economic theory doesn't really track modern understanding of currency and velocity of money.
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"everything interesting is immediately swarmed, often ruining it" is a recurrent theme of our current condition.
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Just curious - have you transacted in crypto - ie, specifically, have you been paid for services with crypto? Also, have you run a law practice or a business and dealt with payments? I am asking seriously and am trying to understand your frame of reference and criticisms better.
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And re the language policing and dismissal of entire human beings for using a different word to refer to something, as Wittgenstein observed, "The limits of my language mean the limits of my world."
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To believe in MMT and hold bitcoin is sublime if not somewhat contradictory to the concepts half-baked into btc.
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Yep outside of the dark web few people actually use bitcoin, they just buy and sell it for speculation. Also isn’t bitcoin to some extent a brand name? Is that why more people buy it than the other currencies? And couldn’t creating new currencies undermine its sacred scarcity?
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Le chargement semble prendre du temps.
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