dikaios1517 on Nostr: My own admission? I am the one vehemently arguing that Bitcoin and gold cannot be ...
My own admission? I am the one vehemently arguing that Bitcoin and gold cannot be pegged to one another. Not reluctantly admitting it. YOU are the one who said, "eventually there will be a peg between Gold and Bitcoin .. which is most important thing for #bitcoin to flourish."
I am so far from "admitting" that they can't be pegged to one another. I am rather wholeheartedly denouncing your assertion that they ought to be.
Of course Bitcoin will eventually reach its 21 million supply cap. It's not a matter of "never" at all. We know that so long as Bitcoin maintains an average block-time of 1 every 10 minutes, the last new satoshi will be awarded on January 31, 2140. Do you know when we will finally run out of gold we can mine? Do you know for certain our technology won't progress to the point that mining it from asteroids won't become feasible by then, or that we won't find more efficient means of converting other materials into gold? No. For all intents and purposes, gold has no terminal supply cap, and certainly not one we can determine with any accuracy whatsoever when it might be reached.
I am so far from "admitting" that they can't be pegged to one another. I am rather wholeheartedly denouncing your assertion that they ought to be.
Of course Bitcoin will eventually reach its 21 million supply cap. It's not a matter of "never" at all. We know that so long as Bitcoin maintains an average block-time of 1 every 10 minutes, the last new satoshi will be awarded on January 31, 2140. Do you know when we will finally run out of gold we can mine? Do you know for certain our technology won't progress to the point that mining it from asteroids won't become feasible by then, or that we won't find more efficient means of converting other materials into gold? No. For all intents and purposes, gold has no terminal supply cap, and certainly not one we can determine with any accuracy whatsoever when it might be reached.