Lysander Spooner on Nostr: Hey, thanks for replying, I never saw before now. Thanks for the civil exchange! =) ...
Hey, thanks for replying, I never saw before now. Thanks for the civil exchange! =)
Yes, Bitcoin will ape the current banking system by having a base layer of settlement with other layers on top. As a centrally issued currency, it must. Solutions like Pear Credit utilize the p2p concept of Lightning channels - without a blockchain. That's also free (zero transaction fees) because there's no routing and no cost of trying to secure and maintain a global state.
The rate of supply of precious metals is usually market-determined and flexible, because it's not all just as cheaply accessible. If demand for silver goes up, people start pulling it out of harder to reach places faster, increasing the supply and bringing the price back down. If demand goes down, the rate of supply.
Bitcoin solves problems nobody had, like tracing the complete history of every unit of currency. After a few months circulating, every 100 USD bill we inspect has coke on it. You understand what that means for BTC as more coins become 'tainted', but this will be painted as a 'good thing' because it makes Bitcoin even scarcer and harder to come by.
I don't understand why you want money to constantly get more expensive and less affordable for people. I don't see the benefit. Prosperity comes from volume of voluntary exchanges, not from a printing press, and not from ASIC miners solving cryptographic problems .
You're less likely to hire Johnny to mow the lawn if you think your money will be worth more next month! That makes all of society poorer and not on paper, as there's that much less mutual benefit - much less of what excretes prosperity, to Austrians.
It retards the function of an exchange currency to inflate *or* deflate according to anything but free market activity. To the point it does either, it less of a facilitator of exchange, and it's expected volatility becomes a (if not the primary) deciding factor on whether an exchange even takes place. Bitcoin's central planners wanted to ape market driven deflation with centrally planned and artificially fixed halvings. This confuses the cart for the horse.
Yes, Bitcoin will ape the current banking system by having a base layer of settlement with other layers on top. As a centrally issued currency, it must. Solutions like Pear Credit utilize the p2p concept of Lightning channels - without a blockchain. That's also free (zero transaction fees) because there's no routing and no cost of trying to secure and maintain a global state.
The rate of supply of precious metals is usually market-determined and flexible, because it's not all just as cheaply accessible. If demand for silver goes up, people start pulling it out of harder to reach places faster, increasing the supply and bringing the price back down. If demand goes down, the rate of supply.
Bitcoin solves problems nobody had, like tracing the complete history of every unit of currency. After a few months circulating, every 100 USD bill we inspect has coke on it. You understand what that means for BTC as more coins become 'tainted', but this will be painted as a 'good thing' because it makes Bitcoin even scarcer and harder to come by.
I don't understand why you want money to constantly get more expensive and less affordable for people. I don't see the benefit. Prosperity comes from volume of voluntary exchanges, not from a printing press, and not from ASIC miners solving cryptographic problems .
You're less likely to hire Johnny to mow the lawn if you think your money will be worth more next month! That makes all of society poorer and not on paper, as there's that much less mutual benefit - much less of what excretes prosperity, to Austrians.
It retards the function of an exchange currency to inflate *or* deflate according to anything but free market activity. To the point it does either, it less of a facilitator of exchange, and it's expected volatility becomes a (if not the primary) deciding factor on whether an exchange even takes place. Bitcoin's central planners wanted to ape market driven deflation with centrally planned and artificially fixed halvings. This confuses the cart for the horse.