That's because people like Jeff Booth are retarded, but I'm not. I'm an engineer. Zero interest in bullshit faux-futurism, Lowery style total failure to understand Bitcoin & mining, or philosophical mumbo jumbo -- only rigorous praxeology. Maybe I just need to put a poll to my newsletter. https://heaviside.substack.com
Do you want to read the book I'm thinking about possibly writing on Bitcoin, technology, and civilization? If so, why?
You can 3D print a functionally graded (varied composition) titanium alloy pin and have it surgically inserted in your foot. To decode, cut pin into thin slices and read with an XRF gun, and apply your decoding scheme. No one will expect it!
Now THAT'S
Running
The
Numbers
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Mirror polish, and you won't be able to scratch it with just about anything much short of a diamond ring. Production is progressing nicely. Just imagine frying an egg on this thing, or searing thin slices of wagyu beef.
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Good article and in principle correct, but I disagree with both the "rule of thumb" and general conclusions around risk.
At a first glance, it appears sound, but the flaw is that bitcoin is actually the *only* thing in the universe that is perfectly ELASTIC, whereas "fiat liabilities" always have optionality and inelasticity. In practice, you always have the choice to not spend bitcoin... how painful that is depends on circumstance, but to suggest fiat liabilities simply "liquidate" bitcoin as if it were automatic is disingenuous.
The variance across circumstance is rather large. Moreover, I would say the biggest mismatch is in the opposite direction most of the time. The real mismatch is the perceived circumstance one thinks one is in and how they imagine it might play out. People are overl fearful, yet will put zero weighting on the possibility of their fiat going poof overnight, say, due to being personally targeted. Low, but not zero risk.
The more compelling and robust version of this article focuses on the corporate balance sheet where the liabilities are more pressing and much shorter duration. Similarly, the elderly retiree. From the mismatch problem it can be pointed out that an index that actually tracks the liabilities directly would be superior to fiat. You want food? Ok, you are a fool to only hold dollars and zero CALM shares for food you want in 3 months for fear of volatility, especially if you want to eat eggs.
Correct. I think many bitcoiners don't really appreciate that we are still living in a fiat world today and bitcoin has practically zero bearing on the economic calculus driving decisions in the real world.
The sovereignty for the the individual is of course important as well, but the greatest achievements in civilization emerge from voluntary cooperation, and fiat still dictates how people organize their time and attention.
As a store of value adoption may be around a tenth of a percent, but as a standard of *value/contract* it is likely an additional 3 orders of magnitude smaller since virtually everything is specified in fiat, (sometimes partially in effect with commodities via futures hedging.)
People ask "why hasn't bitcoin fixed X?", but the reality is we have not really reached day zero yet of a Bitcoin world.
THE FIAT STANDARD is never sustainable
https://blog.lopp.net/history-of-bitcoin-maximalism/
One thing toxic maxis and shitcoiners have in common is that they don't know how to read longform content and digest nuanced ideas or opposing viewpoints
Fuck off, intellectuoool
No, lol, Jason doesn't understand Bitcoin at all
H/t darth powell
Here is my talk proposal for TabConf. Most conferences are more focused on cheerleading so perhaps here people will be interested in technical economics.
When there's no command line interface to verify what you actually have
Full of seed oils, industrially processed, and shaped by machine for someone else to consume. Don't get eaten!
"To be preoccupied with avoiding pain suggests an inferior nature"
I am sure you do not have to think long to contemplate the many bitcoiners living charmed lives. Most bitcoiners are not really striving for anything and it shows.
Low on meat rn so thawing out a liver to eat raw (in sealed package) with my balls to get some targeted cold exposure at the same time -- two birds: meet stone. What you up to? (Yes, I know notes are forever, people will know I was based.)
I'll send sats monthly for rule-of-law as a service relays that I like once they're available. 👀