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What is the most accurate definition of "fiat"?

I'll start with: fiat is a detachment from naturally occurring equilibrium conditions, usually sustained by more or less temporary imbalances of power. By definition, it creates an environment that cannot last and under which more damage and suffering than necessary are experienced as events unfold that cause everything to revert to its original and self-sustaining state.

#asknostr

I'm not sure I fully understand your argument to be honest, especially as it translates to the current conditions.

Are you saying that individuals should hold a variety of currencies, both traditional hard monies and cryptos other than Bitcoin, because if everyone converged to holding Bitcoin only then it would be easier for authorities to fight it?

I can see how it could be more desirable for authorities to target Bitcoin if no alternatives existed, but I don't see how it could be easier. How would they go about removing the 21M cap for example?

Programmers are creators of universes for which they alone are responsible. Universes of virtually unlimited complexity can be created in the form of computer programs.

- Joseph Weizenbaum, Computer Power and Human Reason (1974)

Replying to Avatar Logen

Halvings occur every 210K blocks, so 140K blocks to go means we're 2/3 of the way there

The answer for this specific case is necessarily a "maybe" since it would have already been done had it been much easier to achieve.

I'm not sure what other kinds of answers you can get on the topic other than promising tech currently in development

As long as fungibility is preserved, why would this be a net negative? I'm talking generally

There is a weird unexamined idea held by most people that Hitler was, for whatever reason, much more evil than Stalin or Mao.

I've always judged music regardless of genre: each track/song can be unique, but it has to feel that the artist made it because of great inspiration for me to think it worth it my time.

And it has to be surprising. What comes next?

GM! When are we hitting the block? 😄

I'm starting to like Bessent, talking about the Fed:

"All these PHDs over there, I don’t know what they do. This is like universal basic income for academic economists"

https://www.zerohedge.com/political/bessent-calls-fundamental-reset-financial-regulations

#endthefed

"The truth can take care of itself, it does not require your belief. You can beat on the truth with ball-peen hammers and it will do just fine, thank you"

- Terence McKenna

Weird nostr synchronicity going on here as I was just listening to https://youtu.be/h8pwa68KWmo

I think the difference between the current USD and the future CBDC is that today you can still use cash for all sorts of transactions without touching the banking infrastructure.

Not sure what's gonna happen with cash once CBDCs are the standard, what I know though is that sats are going to be the standard for people who understand what's going on.

I'm sympathetic to this view, it's not however clear to me whether free banking on top of gold was a solution to the technical limitations of the time and if it would make sense on top of Bitcoin (yes it's slow, but still much much faster and cheaper than transferring gold was)

Are there any more structured opinions on this that anyone knows?