Replying to Avatar Kevin's Bacon

You don't start to magically understand everything you need to know about how to dictate actions just by being a physicist.
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Jack K 4mo ago

Agreed, however the definition of Bitcoin remains undefined, it’s broadly “agreed” that every the user defines it. Every single actor has their own definition of Bitcoin, yet the physical transformation constructing every block, utxo and transaction is not subjective, it’s objective.

We don’t actually understand the objective physical transformation of Bitcoin. Every protocol change remains subjective because of this. You don’t engineer systems based on subjectivity, and we risk destroying the thing we seek to preserve forever due to folly over jpegs.

If Bitcoin is something bigger than “money”, the devs ought to know. Such a definition just might humble all of us again.

🤷‍♂️ just my opinion.

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Kevin's Bacon 4mo ago

What is this, primacy of the lead developer's consciousness? Answer this one question: is the exchange rate of a loaf of bread to dollars at Store A objective?

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Jack K 4mo ago

No, but the measured “price” of a satoshi in joules is not subjective based on physics; it’s objectively defined each block via the entropy of the search space, current supply and the entropy of the utxo set for each block height.

So what you are getting at is the subjective worth of joules at any instance of time sats are spent.

Thinking in dollars doesn’t help, as it is an unanchored and changing measurement device. Scarcity matters in regard to what Bitcoin measures each block.