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lmao, the bankless scam is the worst because they're trying to sell you "you won't need a bank anymore!"... while in reality they're just recreating fiat on top of "crypto" and are doing everything to become your bank in shitcoinland, through centralized entities like metamask, eth etc. 🤡

Really nothing to ask, you said it all.

They’re just recreating the shitcoin casino through Bitcoin affinity scams.

Whatever they do on BTC can be done anywhere, not interesting.

This is a test (Iris).

That's the spirit.

Damus, iris, snort (sometimes), and couldn't get coracle to work yet.

1) What

Stocks: To get on any exchange, companies have to pass several rounds of due diligence from early investors, they usually have 5-10+ years of history running their business, and companies don't go public unless they have found a product market fit and a business model that generates enough cash flow or growth to be profitable over a set time horizon.

They also have forced disclosure and a lot of information are available to the public (if you look for it.)

It doesn't prevent scams and frauds but it's a minority of the total stocks offering.

Even if your chance of making outsized returns is low, at least you can diversify and roughly limit the damage from monetary debasement.

Meanwhile "Crypto": Anyone can literally copy/fork any existing blockchain, invent a new name and create a $5 logo, and this "crypto" can then be shilled to any telegram/discord groups as "early access deal of the century".

If they get enough traction/VC backinga and they get on an exchange like Binance (or Coinbase), it's usually through some non-public deals where the exchange get tokens, or the "crypto" has to buy tokens from the exchange (like BNB) to get listed.

It's overall very opaque, the "crypto" board is usually located in some islands or fiscal paradises where no one will reach them (how many scammers like do know, su zsu etc are still not behind bars... ?) with 0 recourse for the public.

And if you check the history of "crypto", there's really 0.01% of the coins that were created that didn't go to zero yet.

People usually favor crypto for the lure of outsized returns and lambos, but run the numbers and see for yourself: usually everyone loose except the early investors who decide when to pull the rug.

Summary:

Stocks : Regulated speculation.

"Crypto" : Unregulated speculation ending in ruin 99.99% of the time.

Bitcoin : The only known element in this solar system with a finite quantity that might replace FIAT as money.

You should try to remove the followers count and see how it goes for a few weeks.

I run a dozen of relays and it seems fine to me.

+1 for iris.to

Indeed, but the value of any good will always trend toward the smallest unit of Bitcoin since everything but Bitcoin is infinite.

I'm not arbitrarily selecting anything, I'm just taking an example that can be simply understood as a thought experiment.

- "Couldn't there be too many goods to ever be bought with all the money in one go? Yes. Money circulates, the same $1 bill has bought maybe $600 worth of goods."

I disagree. Because, transactions have to be settled.

Bitcoin on base layer guarantee finite settlement after 3 to 6 confirmations.

Assuming your $1 bill bought $600 worth of goods at $1 each, it didn't do it in one go, but it took 600 different transaction over several months or years.

But through fiat, your $1 bill could be rehypothecated 600 times and produce $600 of buying power at once. That's one of the things Bitcoin is trying to fix.

- "There is no invisible hand pushing 'the value' of a money to match the price of buying precisely all of the goods in an economy precisely once."

Indeed, but if you can divide your money infinitely (using multiple layers of bitcoin), then you have a money that can actually match precisely what you want to buy (or sell), however small or huge your transaction has to be.

It's also true that nothing prevents someone to ask, say for a marvelous piece of art: "21 millions Bitcoin + The sole ownership of the state of Texas"... however that's not a money problem but rather a tell sign about the actual willingness (or craziness) of the seller.

- "You and I value everything very differently."

We all do, and we're all speculators here, as are all human beings.

That's why I'm not trying to convince you to give up your salad, nor anything else for one BTC.

I'll argue that you'll find no one on earth who sell you his BTC for your salad, or even for less than roughly it's market price (maybe 20/40% less at worst, if coins are coming from "criminal UTXOs", but still very far from a salad.)

You couldn't buy a BTC from me at current market price, and I couldn't sell you a BTC at current market price:

That's what make a market, and in the end, Bitcoin will either be worth infinitely more than today, or zero.

a) No force of nature ensures there be enough of one good to buy everything.

However, if "everyone" would sell "everything" at once, then the double coincidence of wants ensure that "everything" would be priced in money, and Bitcoin is arguably the best money.

b) Goods aren't fiat per se, even though some use "fiat goods" as a term to classify "bad goods" as a joke.

I don't expect any limit on regular goods, except imposed by their producer or by physical constraints.

Any good that requires work isn't fiat, only money is fiat in my eyes.

And that's why Bitcoin is not fiat: It is anchored in the real word by Proof-of-Work, which renders impossible to create Bitcoin out of nothing, unlike fiat.

You have to spend actual energy to create Bitcoin, and no amount of decrees could create more bitcoin.

The arbitrary amount that fixed the final supply of Bitcoin could have been any number known to man.

You'll find different explanations, both technical or philosophical, for why it's 21M and not another number, but what matters isn't the finite supply, but rather the infinite divisibility of the supply.

I see that you pretend that one code commit or one dev could change bitcoin in a few keystrokes, and that's entirely true. You could even do it yourself, and it has been done several times in the past already.

But this just create something else, which is not Bitcoin... and today market forces have priced these "something else" at a fraction of the price of Bitcoin.

If Bitcoin replaces fiat, then everything will have eventually be priced in bitcoin, which is "currently" capped at 21M.

It doesn't mean nothing else than Bitcoin will have value, but the double coincidence of wants insure that Bitcoin will be the widely preferred unit of value. It is then just natural that the value of all goods will trend toward 0.00000001 BTC, both because Bitcoin is the best money AND because of its supply cap.

I don't get your point about "Have you even noticed guaranteed deflation through a centrally planned rate of supply didn't work, at all?".

Are you saying that it never worked, or that it won't ever work?

I also fail to see a relevant point in your remarks re the centralization of Bitcoin Core or WordPress Core.

The 21M number is symbolic. As mentioned above, it's just a simple way to get the trend of goods priced in Bitcoin in a hyperbitcoinized world.

Lastly, even though the 21M supply cap isn't mentioned in the whitepaper, Satoshi mentioned it several times over the years... and what he inscribed in the genesis block speaks for itself.

Twitter's future is as a nostr client.

Damus on iOS, iris.to on desktop.

PSA : _Nostr private messages are encrypted, but everyone can see who you're chatting with_

Please use Signal or Sessions for your ultraconfidentialprivatestuff. :)

Talk to me about price when I plan to sell.

Which is never.

Have a nice day. 🧡

You could send monke noises though.

Let's create Non-Fungible-Sounds and inscribe that on the blockchain forever!