I figured most of Nostr would appreciate the discussion:
https://reason.com/2023/04/06/proposition-bitcoin-is-the-future-of-free-exchange/
THIS IS A DISTRESS CALL. ALANA SHOWED US YOUR ABS.
Not my own:
“When our genes could not store all the information necessary for survival, we slowly invented them. But then the time came, perhaps ten thousand years ago, when we needed to know more than could conveniently be contained in brains. So we learned to stockpile enormous quantities of information outside our bodies. We are the only species on the planet, so far as we know, to have invented a communal memory stored neither in our genes nor in our brains. The warehouse of that memory is called the library. A book is made from a tree. One glance at it and you hear the voice of another person perhaps someone dead for thousands of years. Across the millennia, the author is speaking, clearly and silently, inside your head, directly to you. Writing is perhaps the greatest of human inventions, binding together people, citizens of distant epochs who never knew one another. Books break the shackles of time, proof that humans can work magic.” -Carl Sagan, Cosmos
The unfollow button is hidden?
Interesting thoughts, I think halving the supply rate simulates the finding of a physical scarce non-renewable resource and it’s mining. At first when the resource is widely available the money supply based on it, increases relatively quickly. Then the resource becomes harder to find or more expensive to extract. Until all the known resources have been extracted and you have a constant supply. It looks no different than other non-renewable metals as a currency. The long term expectation would be deflation and the mentality of “not spending a coin today that could otherwise be saved and worth more tomorrow”. I think that may be countered somewhat by the effect of fractional reserve banking adopting Bitcoin as their reserves. Then issuing a “paper” IOU redeemable, for Bitcoin. Then the lending practices of fractional reserve banking could increase the money supply of the IOUs by multiples based on Bitcoin without increasing the Bitcoin supply itself. But with a constant reserve requirement that too would eventually reach its maximum supply increase I think. And then we would just use the “paper” IOUs as currency. If that sounds like gold that was the point. Some of the problems with gold as a currency are recurrent in BTC. It might be useful for a time, or forever better than some other alternatives out in the world like those that have a country with a wildly unstable monetary policy / credibility. And a tool for anti censorship. But is BTC ideal perfection? Perhaps not. And that fact may prevent it from becoming THE only money. Milton Friedman thought the FED should just have a constant supply rule of growing 3% every year. No matter what. He recommended that as an alternative to the FED making policy up based on current events with a fiat currency. That could be a future fork.
Interesting thoughts, I think halving the supply rate simulates the finding of a physical scarce non-renewable resource and it’s mining. At first when the resource is widely available the money supply based on it, increases relatively quickly. Then the resource becomes harder to find or more expensive to extract. Until all the known resources have been extracted and you have a constant supply. It looks no different than other non-renewable metals as a currency. The long term expectation would be deflation and the mentality of “not spending a coin today that could otherwise be saved and worth more tomorrow”. I think that may be countered somewhat by the effect of fractional reserve banking adopting Bitcoin as their reserves. Then issuing a “paper” IOU redeemable, for Bitcoin. Then the lending practices of fractional reserve banking could increase the money supply of the IOUs by multiples based on Bitcoin without increasing the Bitcoin supply itself. But with a constant reserve requirement that too would eventually reach its maximum supply increase I think. And then we would just use the “paper” IOUs as currency. If that sounds like gold that was the point. Some of the problems with gold as a currency are recurrent in BTC. It might be useful for a time, or forever better than some other alternatives out in the world like those that have a country with a wildly unstable monetary policy / credibility. And a tool for anti censorship. But is BTC ideal perfection? Perhaps not. And that fact may prevent it from becoming THE only money. Milton Friedman thought the FED should just have a constant supply rule of growing 3% every year. No matter what. He recommended that as an alternative to the FED making policy up based on current events with a fiat currency. That could be a future fork.
Interesting thoughts, I think halving the supply rate simulates the finding of a physical scarce non-renewable resource and it’s mining. At first when the resource is widely available the money supply based on it, increases relatively quickly. Then the resource becomes harder to find or more expensive to extract. Until all the known resources have been extracted and you have a constant supply. It looks no different than other non-renewable metals as a currency. The long term expectation would be deflation and the mentality of “not spending a coin today that could otherwise be saved and worth more tomorrow”. I think that may be countered somewhat by the effect of fractional reserve banking adopting Bitcoin as their reserves. Then issuing a “paper” IOU redeemable, for Bitcoin. Then the lending practices of fractional reserve banking could increase the money supply of the IOUs by multiples based on Bitcoin without increasing the Bitcoin supply itself. But with a constant reserve requirement that too would eventually reach its maximum supply increase I think. And then we would just use the “paper” IOUs as currency. If that sounds like gold that was the point. Some of the problems with gold as a currency are recurrent in BTC. It might be useful for a time, or forever better than some other alternatives out in the world like those that have a country with a wildly unstable monetary policy / credibility. And a tool for anti censorship. But is BTC ideal perfection? Perhaps not. And that fact may prevent it from becoming THE only money. Milton Friedman thought the FED should just have a constant supply rule of growing 3% every year. No matter what. He recommended that as an alternative to the FED making policy up based on current events with a fiat currency. That could be a future fork.
Interesting thoughts, I think halving the supply rate simulates the finding of a physical scarce non-renewable resource and it’s mining. At first when the resource is widely available the money supply based on it, increases relatively quickly. Then the resource becomes harder to find or more expensive to extract. Until all the known resources have been extracted and you have a constant supply. It looks no different than other non-renewable metals as a currency. The long term expectation would be deflation and the mentality of “not spending a coin today that could otherwise be saved and worth more tomorrow”. I think that may be countered somewhat by the effect of fractional reserve banking adopting Bitcoin as their reserves. Then issuing a “paper” IOU redeemable, for Bitcoin. Then the lending practices of fractional reserve banking could increase the money supply of the IOUs by multiples based on Bitcoin without increasing the Bitcoin supply itself. But with a constant reserve requirement that too would eventually reach its maximum supply increase I think. And then we would just use the “paper” IOUs as currency. If that sounds like gold that was the point. Some of the problems with gold as a currency are recurrent in BTC. It might be useful for a time, or forever better than some other alternatives out in the world like those that have a country with a wildly unstable monetary policy / credibility. And a tool for anti censorship. But is BTC ideal perfection? Perhaps not. And that fact may prevent it from becoming THE only money. Milton Friedman thought the FED should just have a constant supply rule of growing 3% every year. No matter what. He recommended that as an alternative to the FED making policy up based on current events with a fiat currency. That could be a future fork.
Interesting thoughts, I think halving the supply rate simulates the finding of a physical scarce non-renewable resource and it’s mining. At first when the resource is widely available the money supply based on it, increases relatively quickly. Then the resource becomes harder to find or more expensive to extract. Until all the known resources have been extracted and you have a constant supply. It looks no different than other non-renewable metals as a currency. The long term expectation would be deflation and the mentality of “not spending a coin today that could otherwise be saved and worth more tomorrow”. I think that may be countered somewhat by the effect of fractional reserve banking adopting Bitcoin as their reserves. Then issuing a “paper” IOU redeemable, for Bitcoin. Then the lending practices of fractional reserve banking could increase the money supply of the IOUs by multiples based on Bitcoin without increasing the Bitcoin supply itself. But with a constant reserve requirement that too would eventually reach its maximum supply increase I think. And then we would just use the “paper” IOUs as currency. If that sounds like gold that was the point. Some of the problems with gold as a currency are recurrent in BTC. It might be useful for a time, or forever better than some other alternatives out in the world like those that have a country with a wildly unstable monetary policy / credibility. And a tool for anti censorship. But is BTC ideal perfection? Perhaps not. And that fact may prevent it from becoming THE only money. Milton Friedman thought the FED should just have a constant supply rule of growing 3% every year. No matter what. He recommended that as an alternative to the FED making policy up based on current events with a fiat currency. That could be a future fork.
It’s just more badass when you call it Lion’s Tooth.
Dandelion. Dent de lion. Tooth from lion. Lion’s Tooth.
Weeds: If you can’t beat’em, eat’em.
I definitely wouldn’t put a lot of money into anything you don’t understand but there is few better ways to get an understanding of something than just jumping in. That’s kinda what I’m doing now so not an expert and not an evangelist.
Thanks have you tried any of the iOS ones? Any feedback on what’s best?
Do you employ a trap cage or just net them out?
Agreed on all your points. Most people I have interacted with fear CBDCs not actually for any inherent reason related to the CBDC. Their fear is tied to what they think is implied to happen next, the loss of paper currency. But 99% of their transactions are already digital via credit/debit so…?