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Kevin's Bacon
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Natural Law Anarchist 🏴 | Bitcoin Noderunner and Miner 🧡 | Aristotelian | Student of Nature | Highly Sensitive Person | High IQ Retard | Austrian Economist | Autodidact | Polymath | Selfish Prick | Excellent Source of Protein and Triglycerides Intellectual honesty is key. Consent is king. Chaos is self-regulating. Authority of any man over another is necessarily a fiction.

"The only value of Bitcoin is what the other guy will pay for it."

Yeah, that's how money works, dipshit. Medium of exchange and store of consensus subjective value.

Lol this guy contradicts himself a lot. "It works to subvert government controls in places like Venezuela, North Korea, but there will be no currency that gets around government controls."

They'll get to you. Don't expect it to be super fast. Gotta provide something interesting to someone who happens to be seeing it.

The use of such an algorithm would amplify the expected price action based on the preceding price signals. Would merely cause additional volatility and would miss out on long term trends that it was not foreseeing, like, hello, the 4 year price cycle!

Gotta be one of those new Block wallets, what's it called, Bitkey?

I'm a physics nerd but quantum physics is not my bag, man. I only get into it far enough to be able to say "yeah nah it's all bs and there are clearly chaptic deterministic mechanisms going on at the heart of it."

lol! I love freeloaders. All the good things in society were built by them.

I'm counting on open source and modular laptops to change that!

Yeah, that's diminishing marginal utility. It has some cool implications about what people value as evidenced by their actions. Yet this rigid attitude about value for value tipping (pretending a positive amount of it is a given in all cases) implies that you presume to know what people should do with their money, so your point is mute and only detracts from a rather problematic assumption.

I frankly think this reasoning is faulty and leads to some really messed-up thinking. For one, value given does not have to equal value received. We are all always trying to increase our circumstances, and every choice made voluntarily is done so in anticipation of increased net utility to us. You should not therefore expect tips to be an exact representation of the value they perceive in units of money.

Another issue is that value is subjective, and not everyone even has, needs, wants, can afford to spend, etc., bitcoin.

Still another issue is that a positive-value tip is not some thing to be expected every single time someone appreciates a service they receive. What the heck guarantees a person to receive voluntary tips? Even if the prospective tipper has received something they value, what reason do we have to expect that they will always pay an amount of money at all? Further, what would be the utility of such a norm should it become enforced by the notion that one's lack of tipping constitutes a lack of enjoyment? Would not people limit their exposure to things for fear of needing to tip everything they found useful, and the sheer mental tax of figuring out how much?

I'm sorry, but this statement is dogmatic and asinine in the face of praxeology, practicality, and its restrictive implications on a person sensitive to the feelings of others.