Topic: The economic model behind Bitcoin is flawed (Read 14056 times)
Most models behind most projects in its prime are usually flawed. Bitcoin is only 6-7 years old.
How do you know that Bitcoin (since you obviously refer to it in your appeal) is actually such a tool? We don't even know who is behind creating it in the first place, lol...
We can only guess what real ends its maker(s) can be pursuing
Well here's one I can answer
We know that Bitcoin is such a tool because we can look at it and see everything about it. It is public. All transactions - all blocks and network communications - are public and plain text. Just take a look and see![bs snipped]
All blocks are public, i.e. for everyone to see, right?
Yes all blocks are public. Bitcoin is a public coin. The money supply, all (on-chain) transactions, all coinbase transactions - detalis of all relevant algorithms - current address of every existing satoshi - are publicly available. This is not "an economic model" nor something to be debated: it's just how the thing works.
Merry Christmas to you!
Bitcoin is the future of money. Bitcoin will replace fiat.
Hmm. I'm not sure we're anywhere near finding what Bitcoin's actual economic model is. It could take the form of several things or be something totally unexpected.
The hard limit is quite extreme and may eventually lord over all other virtues. Time will tell.
The hard limit is quite extreme and may eventually lord over all other virtues. Time will tell.
Yeah. Where did you find Bitcoin's economic model? Don't just go around saying this kind of shit, if you have no proof to back it up. Also, what did they leave out of the economic model?
You may want to read the thread before asking
First, who's apologizing for Bitcoin? You reference "bitcoin apologists"...
Second, you don't offer any details on what these people are forgetting, care to elaborate a lot on your point?
I think you created this thread to boost your post count with the Bit-x campaign.
Second, you don't offer any details on what these people are forgetting, care to elaborate a lot on your point?
Bitcoin apologists and supporters often recklessly claim that a controlled supply with the 21 million coins cap is good and beats the shit out of fiat monies as well as cryptocurrencies that don't have a limit on the number of coins mined...
They forget a few things, though
Why is there any question at all? It's in the code. You can't change that; it's a systematic part of the entirety of Bitcoin. Otherwise, inflation occurs and everything goes to crap, just like FIAT currencies. Well... it's just that people haven't noticed that things will get out of control with FIAT yet. That, or they're reliant on them.
They forget a few things, though
I think you created this thread to boost your post count with the Bit-x campaign.
Here is a history lesson for you; the cover story is an excellent essay and if you are such an expert then you will surely not hesitate to read it.
http://www.phoenixsourcedistributors.com/950307.pdf
With knowledge comes intelligent action, so the first step is to realize one's own situation by remembering history.
http://www.phoenixsourcedistributors.com/950307.pdf
With knowledge comes intelligent action, so the first step is to realize one's own situation by remembering history.
I am posting here to ask the OP if he has read this essay that I recommended and if not then why not?
Obviously, I didn't. But since you posted the link again... well, it piqued my curiosity and I looked through it (here's a more readable version, by the way)
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My name is Marquart (Mark) Ewing Phillips, born May 17, 1943 in Nashville, Tennessee, I have no criminal record and I have never been adjudged insane, I am not a scholar, professional writer, or mental health physician. While I lack the official published academic credentials, I am recognized internationally by mental health and law enforcement professionals as an authority on the secret science concerning external control of the mind
No, I don't read belles-lettres and fiction these days (short version: waste of time)
Hmm. I'm not sure we're anywhere near finding what Bitcoin's actual economic model is. It could take the form of several things or be something totally unexpected.
The hard limit is quite extreme and may eventually lord over all other virtues. Time will tell.
The hard limit is quite extreme and may eventually lord over all other virtues. Time will tell.
Yeah. Where did you find Bitcoin's economic model? Don't just go around saying this kind of shit, if you have no proof to back it up. Also, what did they leave out of the economic model?
Here is a history lesson for you; the cover story is an excellent essay and if you are such an expert then you will surely not hesitate to read it.
http://www.phoenixsourcedistributors.com/950307.pdf
With knowledge comes intelligent action, so the first step is to realize one's own situation by remembering history.
http://www.phoenixsourcedistributors.com/950307.pdf
With knowledge comes intelligent action, so the first step is to realize one's own situation by remembering history.
I am posting here to ask the OP if he has read this essay that I recommended and if not then why not?
How do you know that Bitcoin (since you obviously refer to it in your appeal) is actually such a tool? We don't even know who is behind creating it in the first place, lol...
We can only guess what real ends its maker(s) can be pursuing
Well here's one I can answer
We know that Bitcoin is such a tool because we can look at it and see everything about it. It is public. All transactions - all blocks and network communications - are public and plain text. Just take a look and see!Just a few days ago you were talking bullshit. Later you seem to have accepted that you had been talking bullshit. What makes you think that now you started talking sense?
All blocks are public, i.e. for everyone to see, right?
How do you know that Bitcoin (since you obviously refer to it in your appeal) is actually such a tool? We don't even know who is behind creating it in the first place, lol...
We can only guess what real ends its maker(s) can be pursuing
Well here's one I can answer
We know that Bitcoin is such a tool because we can look at it and see everything about it. It is public. All transactions - all blocks and network communications - are public and plain text. Just take a look and see! As to who is behind it, that's only important historically and in terms of whatever stash they might have, which could be as much as 8% of all [current] coins it is said. Who is behind arabic numerals, and what was their motivation? Who was the first to refine gold? Anyway, in this case you can go read Satoshi and draw your own conclusion.
If you rob me of my CC, you may get some goodies (buy some gift cards & sell them in the 'digital goods' section of this forum, for instance), but I can simply report this to the CC company and be out 0 BTC.
If I rob you of your "USD" notes, no such luck.
ftfy
I had my wallet stolen the other day, but my keys were backed up and encrypted so.. hey lost nothing except the wallet.
After moving the funds to a new wallet I also knew with 100% certainty that nobody had secretly diluted the supply leaving me with less value.
I'd like to hear more about this. In general the false dichotomy of "bad guys" and "good guys" is not always so useful, but if your goal is not being robbed - then using a tool which makes it harder for bad guys to rob you seems like a good idea. Wouldn't you say?
How do you know that Bitcoin (since you obviously refer to it in your appeal) is actually such a tool? We don't even know who is behind creating it in the first place, lol...
We can only guess what real ends its maker(s) can be pursuing
your "noncounterfeitable tokens" can become as useless and as easily as the counterfeitable ones (to you personally). In fact, even more easily, for your own insignificance and the insignificance of those "noncounterfeitable tokens"...
Well this is a very important point thanks. When we are staring the Eagle in the face, the unknown, the hostile universe, our exchange commodities aren't gonna help us. We can't eat public coin just like we can't eat fiat. Nor will it necessarily appease any man or other beast.
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And if you think that the "genuine" tokens somehow make you smarter (than the "bad guys" with a big gun out there), while the fake ones... well, less so, then you are in for a rude awakening
I'd like to hear more about this. In general the false dichotomy of "bad guys" and "good guys" is not always so useful, but if your goal is not being robbed - then using a tool which makes it harder for bad guys to rob you seems like a good idea. Wouldn't you say?
And if you think that the "genuine" tokens somehow make you smarter (than the "bad guys" with a big gun out there), while the fake ones... well, less so, then you are in for a rude awakening
OK, have fun on your new inflatochain. I'll be sticking the the one with the hard cap. But think of it this way - even if you are on an inflating chain.. like doge or something, fedcoin, whatever, you are still using a public coin. The money supply is public. Compare that to the counterfeitables: infinitely counterfeitable at any moment, representative of nothing. Money supply always invisible. IKR? Srsly, there are still people out there who will trade goods and services for the stuff!! lol right?
Are you really that dumb (nonsequitur or no nonsequitur, lol)? After all, the state can just come after you, take all your wealth and even your life (you were financing terrorism, put up armed resistance and police returned fire). Why this is not likely to happen (unless you are really financing terrorism or do some other nasty things)? Since no one is going to come after you just because they can...
Ultimately, it all boils down to the same thing, i.e. mutual dependence between individuals in a society
Hmm, well uh, we don't need to wear "I'm the state" hats to rob folks, but yeah sometimes it helps, If some individuals have chosen to use noncounterfeitable tokens for mutually dependent organization in their society, and we want to rob them, we will have to do just that - go door to door. No more creating billion dollar bank accounts by flipping single bits.
Unless you somehow manage to get out of the reach of those "We the People" types (who are essentially the same types who print money), your "noncounterfeitable tokens" can become as useless and as easily as the counterfeitable ones (to you personally). In fact, even more easily, for your own insignificance and the insignificance of those "noncounterfeitable tokens"...
So, eventually, this all amounts to how smart you are in general and how well you can outsmart the "bad guys" in particular
OK, have fun on your new inflatochain. I'll be sticking the the one with the hard cap. But think of it this way - even if you are on an inflating chain.. like doge or something, fedcoin, whatever, you are still using a public coin. The money supply is public. Compare that to the counterfeitables: infinitely counterfeitable at any moment, representative of nothing. Money supply always invisible. IKR? Srsly, there are still people out there who will trade goods and services for the stuff!! lol right?
Are you really that dumb (nonsequitur or no nonsequitur, lol)? After all, the state can just come after you, take all your wealth and even your life (you were financing terrorism, put up armed resistance and police returned fire). Why this is not likely to happen (unless you are really financing terrorism or do some other nasty things)? Since no one is going to come after you just because they can...
Ultimately, it all boils down to the same thing, i.e. mutual dependence between individuals in a society
Hmm, well uh, we don't need to wear "I'm the state" hats to rob folks, but yeah sometimes it helps, If some individuals have chosen to use noncounterfeitable tokens for mutually dependent organization in their society, and we want to rob them, we will have to do just that - go door to door. No more creating billion dollar bank accounts by flipping single bits.
OK, have fun on your new inflatochain. I'll be sticking the the one with the hard cap. But think of it this way - even if you are on an inflating chain.. like doge or something, fedcoin, whatever, you are still using a public coin. The money supply is public. Compare that to the counterfeitables: infinitely counterfeitable at any moment, representative of nothing. Money supply always invisible. IKR? Srsly, there are still people out there who will trade goods and services for the stuff!! lol right?
Are you really that dumb (nonsequitur or no nonsequitur, lol)? After all, the state can just come after you, take all your wealth and even your life (you were financing terrorism, put up armed resistance and police returned fire). Why this is not likely to happen (unless you are really financing terrorism or do some other nasty things)? Since no one is going to come after you just because they can...
Ultimately, it all boils down to the same thing, i.e. mutual dependence between individuals in a society
You also don't understand how bitcoin works. Max # of coins, and block reward schedule, could be changed with a few lines of code. It's called a hardfork, what's being considered now to lift the blocksize limit.
What's good for the goose is not always what's good for the gander. What's good for the holder of BTC is not what's good for the miner of BTC.
If the miners agree on changing the blocksize reward, on delaying the halvening, on anything at all -- easily done.
OK, have fun on your new inflatochain. I'll be sticking the the one with the hard cap. But think of it this way - even if you are on an inflating chain.. like doge or something, fedcoin, whatever, you are still using a public coin. The money supply is public. Compare that to the counterfeitables: infinitely counterfeitable at any moment, representative of nothing. Money supply always invisible. IKR? Srsly, there are still people out there who will trade goods and services for the stuff!! lol right?
Not following what you're trying to say. Do you feel less trees would get cut if BTC was money? How so?
Well not "if BTC was money".. it is already, but if the people cutting them used hard currency instead of counterfeitable, so they could save up and not have to keep cutting.
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And what makes you think that the 9 people who control 90% of Bitcoin hashpower are any less crooked than all the people controlling central banks around the world?
Nothing at all makes them less crooked. But they are limited. Only 21million. If you hold 1 BTC you have a fixed percentage. Fiat crooks control infinity percent of fiat. It's a big difference. Holding one funbuck means.. nothing at all.
I meant that the trees in the Amazon are being chopped and traded for fiat.
Indeed, right you are. Wait a minute, weren't you going to argue that perhaps some people should be trusted with the power to create infinite fiat tokens at the expense of all other participants? I guess not. Selfish, greedy and shortsighted: not equipped to deal with counterfeitables. Too easy to cheat.
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