Just like in real life, monsanto can bulldoze your grandma’s farm house 😍
I didn't finish the construct miner this weekend but got very close. Hope to have it done ASAP. Then we will have a NIP-07 webpage where you can claim real-estate in #cyberspace via proof-of-work, and the first implementation of a portion of the cyberspace meta-protocol!
More info here: https://github.com/arkin0x/cyberspace
#ONOSENDAI
Discussion
Hello there. I understand what you are saying and I sympathize.
In our world, people with more power are able to steamroll people with less power. However, this is not because reality is unfair. It is because our money is unfair.
Large, powerful nations and corporations have benefitted from an unfair money system for over 100 years and it has given them a hugely asymmetric amount of power over regular people.
Reality itself requires proof of work, and it is the most fair system that exists. No artifical system of code, logic, rules, or laws is immune to abuse, but proof of work IS immune to abuse. Nobody wins without putting in the work.
Now, today's megapowers may be able to effect more work than your poor little grandma, but this is because they have benefitted from a BROKEN and easily abused protocol: fiat money.
When fiat dies and bitcoin becomes the world reserve currency, a major rebalancing of power will take effect. The individual will be more powerful, more autonomous, and more free than ever before to affect reality, and likewise governments will be smaller, less powerful, and more dependent on serving their constituents (rather than money printing to fund whatever they want) to continue to exist.
Under this new standard, proof-of-work will be the best system to settle disputes, and I think that even today proof-of-work is the best system because it can not be cheated or abused.
You may think of a billionaire buying ASICs to do proof of work as abuse, but it is not; it is simply following the protocol, and to think that a billionaire would submit to this kind of protocol would be shocking. Billionaires don't submit to any rules. They have blood-soaked fiat money to do whatever they want, rape whoever they want, kill whoever they want, and buy whatever they want. But when that power runs out, they will have no option. They will have to do proof-of-work just like everyone else. This is why proof-of-work is fair, and why reality is ultimately fair, even though our money is broken and allows for much injustice.
Early adopters of bitcoin and proof-of-work will benefit disproportionately in the new age because they will have established themselves and mastered the new way of securing value. If a billionaire's money is worthless, they can't buy any ASICs at all.
Likewise, proof-of-work allows people from anywhere to ban together for a common cause. People can fight back permissionlessly and rehash your grandma's farm back into its' rightful plot in cyberspace. Or, your grandma can pick a new plot somewhere nice. It's easier to move in cyberspace than on Earth 😀 But personally, I'd rather hash it out. Let me know if anyone ever messed with your grandma and I'll hash on her behalf.
> a major rebalancing of power will take effect
How do you figure that? The existing superpowers of the world already own the majority of bitcoin right? The whales, they call them.
The only “rebalancing” is early adopters buying in earlier. And my grandma isn’t going to buy in until Bitcoin can be used at her grocery store. By then, the whales will own most of it.
And Bitcoin rewards hoarding and punishes spending. So the whales hoard while the rest fight over fractions of a sat.
As you wish. I'm not interested in convincing you about bitcoin. But if I am correct about it, then pursuit of proof-of-work based systems is me working in your best interest (and mine too), and therefore I am doing so in good faith, whether you think I am correct or not.
I asked how you figure Bitcoin rebalances power when it specifically encourages whales to hoard.
That was a genuine question, it wasn’t me closing down and being stubborn.
OK. I disagree with several of your assertions, and I think those need to be addressed if we are to continue discussing this. You say:
1. Superpowers already own most of the bitcoin.
Unless you have access to some highly sought information, this is only speculation.
2. Bitcoin discourages spending
This is a misleading characterization of the economic incentives of bitcoin.
Bitcoin provides an accurate financial tool to measure the productive output of humanity on a global scale. This same kind of measurement is not possible with any other financial tool due to interest rate manipulation, currency exchange rates, and inflation.
With its fixed supply, the cost of all other goods and services will fall against bitcoin as humanity continually becomes more efficient and productive. And the accurate measurement of productivity will provide accurate signals to guide sound investment and discourage unsound investment.
You conflate hoarding with sound investing. People will spend bitcoin as soon as the perceived value of goods or services matches the price for goods and services. This means that goods and services must become much better and much cheaper before they will be worth spending bitcoin on. As soon as the market demand matches market price, "hoarding" will suddenly change to spending and sound investment based on accurate and trustworthy financial signals.