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Christian. Bitcoiner 🇦🇺 #AUSTrich Silent payments sp1qq05897wj9atx9l0d0k3u8zdygljwqw0z66hxcwwszegfc5z647z6squn3azn0ul0xcdrc02pvn0wz3wnytq2v8h8y9k4ykx9tvydy85lmchfnha2 Monero 47tSH5HGARmYk5mTdZAfwyZH3zeGbGL841SgtQiQ2xArLjVXre8uLrhbUqMLUvmhiN3pbWFnGfpm392fdNYe5Dr29aQKZjJ

Alvin Plantinga is great on the Evolutionary Argument Against Naturalism in 'Where the conflict really lies'.

He presents a defeater for belief in Naturalism and evolution if Naturalism and evolution are true.

If our minds have come from a process aimed at survival, the probability that they produce true belief, is low. If the probability that out minds produce true belief is low, it is not rational to believe the beliefs that our minds produce, including belief in Naturalism and evolution.

This argument might seem trivial at first, because we naturally believe the deliverances of our minds to be true, but it is a solid philosophical defeater that has no defeater.

Necessary being. See the Kalam cosmological argument by William Lane Craig.

Explaining why you zapped all your sats away

#zapathon #plebchain #zaps

"I was having too much fun"

I saw the same trend a few weeks ago, but that week is now on trend.

Capital is the product (and means of production, which is a function of product) of the economy, not the thing that measures it.

On money, liquidity and eurodollar - or why stablecoins more often used as money comparing to bitcoin - against Austrian economics expectations - and in the future this doesn’t seem to change.

Imaging you run a factory producing metal chunks. Your supplier is an iron mine. A client who bought last consignment from you is late with the payment - but you still need to buy from the supplier to produce the next consignment.

Normally what you do is you go to the bank and take a loan - a credit against collateral of your factory assets (equity shares, goods and other forms of capital). However, during crisis fiat banks avoid high risk and do not provide credit - or ask interest rate which destroys your business model. That is why central bank system has emerged as a credit of last resort - but as we know it doesn’t work as expected.

In hyperbitcoinized world if you go to bitcoin hodlers (new form of bankers) - they would put even higher interest rate to match the bitcoin volatility risks. Thus, you can’t operate under such conditions.

Where are we left? A good factory with no real problems has cease to operate/stop ovens (which kills them) - why? Because there is no liquid money in form of credit available - and #Bitcoin doesn’t seem to be fixing that in any way (instead it will make the problem to be worse than in the gold standard age, since the gold can be mined - while bitcoin, after some period, is not).

So what market participants will do? First they will switch to barter (like in post-USSR in early 90-th), but because of its inefficiency soon they will invent their own credit liquid money - and, if it would happen today, it will be probably on form of crypto. This will be an IOU money. Eventually a new private banks will emerge which will be producing those money in return for collateral, doing risk scoring.

This is why I am after private banking school of economics - and not Austrian nonsense about economics being able to run with hard money made of scarcity. Money must be liquid.

This is the use case for crypto or digital finance - and the reason why stable coins gain such tracktion (before them it was eurodollar, which is in fact a private banking money not managed by central banks - a dominant form of money in the world as of today).

In a hyperbitcoinised would, every sensible business will have cash reserves, which they will draw on in times of crisis. This is possible because the savings do not lose purchasing power with time and will appreciate at the average rate of econic growth.

Further, around half of all Bitcoins will be held, and the other half will be in circulation. The total amount of monetised goods will be backed by half of the total amount of Bitcoin. If more Bitcoin is held, the purchasing power will increase and the probability of buying at a discount will be greater than 50%. This will cause holders to sell Bitcoin for goods, increasing the amount of Bitcoin in circulation until it balances again. Speculation on the total economic output will inform price and provide a reliable signal for investment planning making investment more efficient.

Ledgers offer to store seed phrases is a big step forward in terms of convenience. It will allow many people to hold crypto without the risk of loss or theft of their recovery phrase.

To cover the unlikely event that Ledger loses the seed, there is insurance money available to cover losses up to a limit.

With crypto securely locked away, Ledger could allow users to access their funds to the equivalent amount in money. This will also increase convienience for day to day transactions and avoid triggering any complicated crypto regulation that may be introduced.

Access to money backed by crypto will also have the benefit of increasng liquidity in times when money demand is high. Not all crypto will be required to be withdrawn at any given time, therefore the amount of money issued could fluctuate to help keep prices stable.

Eventually when the ecosystem has matured the peg to crypto could be removed. This will allow money to more easily responds to the needs of the economy. If there were ever a pandemic or war, money would be readily available to fund the necessary expenses and stimulate the economy.

My brother printed a hose attachment that was a large cock and balls, and hid it in his mates car. Months later his girlfriend finds it and starts questioning him intensely about why he has it 🤣

The question is, how do they get your passphrase?