To finish the thought... The fact that it takes so much energy is not because Bitcoin is inefficient - because it is far from that - it's because there is that much competition.

This is how I feel about BitVM on Bitcoin too. Also DLCs and Ark and all the covenants proposals.

💅

https://image.nostr.build/22850b74e4aa57a3e6bb7e8694fedc8103b657c31142aa763f307b3f59560644.webp

Shower thought: Bitcoin Mining is effectively the most optimised, smallest unit of work that could be used securely to create a fair and decentralised competition. A competition where there is no need for an arbiter to pick a winner, where there is no room for dispute or cheating, and where there are no barriers that might limit who is allowed to join.

I hope your next recap is called THE MEMPOOLS ARE CLEARING

Its certainly not not resistant, if anything it encourages bots.

1. A mint cannot selectively rug you, they must rug everyone.

2. Check out fedimint, it is a different ecash system that is designed to be federated as you described.

3. Check out proof of liabilities for another approach to minimise risk in this domain. https://gist.github.com/callebtc/ed5228d1d8cbaade0104db5d1cf63939

Yeah, some people don't understand the difference between an idea and an individual.

It's a shame because bitcoiners should know better. It doesn't matter who Satoshi was, or of he worked for the CIA (an unproven theory), Bitcoin is a protocol that has been scrutinised by many people and is open to be scrutinised on it's own merit.

Nostr is the same.

They gotta prove something potentially by exposing private information?

Welcome, first time? 😎

Psst. (The mempools are clearing)

Lol, what a terrible source.

#freespeech 🤣

nostr:nevent1qqs8mv2f8v73gvjc5lgw6dkdmf0930q4hky6lp30x3ljgh30e8run4gppemhxue69uhkummn9ekx7mp0qgs9336p4f3sctdrtft2wlqaq5upjz9azpgylhfd3dplwf005mfrr9srqsqqqqqpctnkta

I'm still waiting to learn that the technology is fake, that it is using something that LOOKS like machine learning and AI, but is something simpler that has inherent limitations and therefore not actually interesting. That this was all one big grift.

nostr:nprofile1qqsg86qcm7lve6jkkr64z4mt8lfe57jsu8vpty6r2qpk37sgtnxevjcpz4mhxue69uhkummnw3ex2mrfw3jhxtn0wfnsz9rhwden5te0wfjkccte9ehx7um5wghxyecpr3mhxue69uhkummnw3ezucnfw33k76twv4ezuum0vd5kzmqug4hxr I am listening to your pod with nostr:nprofile1qqswmnfq2k830kvnylvyrezc97dsqce343qppqrwlgpqaux5qpuwdkspzdmhxue69uhhqatjwpkx2urpvuhx2ue097fk5y and you asked for someone to poke a hole in your theory that everything is deflationary.

I have the following thoughts. Happy to brainstorm this if you are.

1. You say Bitcoin is a measure of how deflationary everything is, however do you then reject the idea that "bitcoin is underpriced", and that bitcoin is still being adopted?

If either if those are true, then how do you identify how much of the growth is adoption and price discovery vs deflation?

(I am 9 mins in, so I suspect there might be further clarification in the video but this is my thought so far)

2. The MAIN thing that I am struggling with is the idea that anything can be infinitely deflationary. What is the chance that really what we are seeing is efficiencies in one area causing knock on effects to lead to deficiencies in another area?

To expand that thought and give a concrete example, let's say a new product comes to market. It is a new fruit that has such great properties, everyone is starting to want it in their diets.

Increase in demand makes more resources for that business and more resources mean that the company can invest in efficiencies.

Meanwhile, all other products like potatoes for example were cheap, but people cannot afford both potatoes and this new fruit. This will drive demand down, reduce resources, now the potato farmer must find ways to reduce the cost. People still need potatoes, they just can't afford both things that they need.

Potato farmers or their competitors produce cheaper potatoes using pesticides and other chemicals. This is a form of inflation, quality is getting worse.

Now the fruit industry is getting cheaper and people can afford both potatoes and fruit, but by now, the quality of potatoes is lower and it is uneconomical to grow quality potatoes because the existence of poor potatoes that seem to be "cheaper potatoes" only in people's eyes is always going to drive demand away and stifle such a business of quality potatoes.

Most things in reality is bounded by the laws of thermodynamics.

Doesn't it make more sense that efficiencies in one place come at the cost of another in a world where the money supply is fixed? Maybe not absolutely directly, as we can create processes and ideas that can have lasting effects.

What would happen if we ask whether things were naturally inflationary? Would we find examples of how things become harder to produce?

I consider a drop in quality to be inflationary. Where do you stand on that? Not every "change" is a drop in quality either, just to be clear.

But I wonder if things like producing quality olive oil cannot be improved further and scaled massively. Does this apply as an inflationary product, especially as demand would naturally grow with an ever expanding population.

I'll leave it there, let me know your thoughts and rebuttals. ❤️

Restarted the phone, fixed it.

I think that's the point, the goal, the only goal.

Testing... Something is weird... Why don't I see anything since like 5h ago?

I will say, you and others on here are using this platform well. We don't need to form a coupe to make good use of it. In fact this wouldn't really be the place for it since everything is public.

But people are sharing stories and giving us perspectives that no one else is hearing right here on this network.

We have unfiltered nostr:nprofile1qqsw4v882mfjhq9u63j08kzyhqzqxqc8tgf740p4nxnk9jdv02u37ncpz4mhxue69uhhyetvv9uju6mpd4czuumfw3jsz9nhwden5te0wfjkccte9ec8y6tdv9kzumn9wsq3yamnwvaz7tmsw4e8qmr9wpskwtn9wvql3tqm for darn sake! 😅

We have nostr:nprofile1qqsg7etgmmkqzg9vk2jdre8rz8ygr5cxcwt2j2ytpgrl2exjpuvxy6qpp4mhxue69uhkummn9ekx7mqprpmhxue69uhhyetvv9ujuumwdae8gtnnda3kjctvqy28wumn8ghj7un9d3shjtnyv9kh2uewd9hsmrcrsz and nostr:nprofile1qqs0rxy6jmt44guxkny8z4pkym9mxckqxfytygxuntjn6l80hj409sgpzfmhxue69uhky6t5wd6xzcmt9eshquqpzfmhxue69uhhqatjwpkx2urpvuhx2ucpzamhxue69uhkxcfwdaexzmn8v4cxjmrv9ejx2asult5ph and we have all the people listening and joining the conversation.

Small feats, but not uneventful at all.

Yeah, but people don't know that... Also lightning and other L2s.

It feels like someone somewhere started a rumor that money laundering causes mass inflation or something.

Or maybe it's the whole "they didn't pay their taxes so you gotta pay it".

Because I don't get it otherwise.