As Keynesian fanatics always forget; Inflating the money supply is an easy way to transfer wealth from those who can't inflate the money supply, to those who can.
The money by itself doesn't drive the real economy on the long run; What it does is just a change in the time preference. And now we have just economic incentives to prefer a high time preference.
You can't secure Proof-of-stake on an adversarial environment: Network shutdown, premine... Indeed it costs nothing to do POS, so you have no way be sure you are on the right chain.
You are right after a decade, we know for certain that the only real proportion of the buzzword 'blockchain' is hard money anti-censorship value transfer with trustless features. Only Bitcoin has all these proprieties.
Bitcoin has just to survive; The Bitcoin's hard money features will keep it scarce; You don't have to like it; It will just impose itself.
The only innovation is the new form of hard money: Bitcoin.
Others are mostly just scams; And a few are not scams, but useless anyway. Money generates a network effect, and we need only one.
Projects before Bitcoin were shut down; The 'Trustless' feature of Bitcoin is mandatory; A central server is only a 'single point of failure' and must be avoided at all price.
Bitcoin will grow using layers. We must work on the 'Bitcoin Standard' now; Inventing the well again is only a waster of time.
Nobody is forced to own Bitcoin.
But you may have heard of the 2013 Cyprus crisis. Bank deposit over 100 000EUR were simply confiscated. Cyprus is not a third world country; Cyprus is part of the Eurozone.
You may hate Bitcoin; But Bitcoin is trustless, and enforce you private property rights...
I'm not young at all. I think, having trustless scarcity in a computing environment is fascinating.
Bitcoin has 'hard money' properties too, with a lot of advantages over gold: Crossborder transfer value, non confiscatable, harder than gold, the total number is strictly limited, the authentication is easy, you don't have to trust any third party...
And an answer to the book: 'The Denationalization of Money' by Friedrich Hayek.
Indeed the cost of mining Bitcoin is a feature not an issue; Anything truly scarce is one way or another costly.
Cost induced by inflation of money are real. Bitcoin solves this problem; The money we will get back on the long run is the more important.
1. The gold standard was removed in the 20th century. Sovereign currencies can't be trusted on the long run; And are inflated at will. You can't have long term saving; Your wealth is just transferred. Now you have a choice. Bitcoin is a 'hard money'. Fiat currencies are easy money.
2. The 19th century was on the Gold Standard. To use the Gold as money you must trust a third party: Banks. Most Gold was located in Bank's safe. This was a 'single point of failure'. We know what happened: Executive Order 6102...
3. Gold was used as money only because one year of mining is negligible compare to the total stock. Gold is scarce. The other uses are irrelevant.
4. In the cryptocurrencies world only Bitcoin matter. Other cryptos are just replicating fiat currencies with misleading marketing. After years of marketing they have added no value to the space; They are mainly just scammers.
Bitcoin is the 21st hard money; Now we must think on the 'Bitcoin Standard' and build upon it.
These money easy to produce; and that cost nothing to print. Are inflated indefinitely; This will cost your saving value over time. The Venezuela is the perfect example of what happen when you trust the state...
If an energy cost is required to kill these 'easy money'; I'm OK with this...
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As Keynesian fanatics always forget; Inflating the money supply is an easy way to transfer wealth from those who can't inflate the money supply, to those who can. The money by itself doesn't drive the real economy on the long run; What it does is just a change in the time preference. And now we have just economic incentives to prefer a high time preference.
When you have something, like Monero, that nobody uses; You can do some tracking.
You can't secure Proof-of-stake on an adversarial environment: Network shutdown, premine... Indeed it costs nothing to do POS, so you have no way be sure you are on the right chain.
You are right after a decade, we know for certain that the only real proportion of the buzzword 'blockchain' is hard money anti-censorship value transfer with trustless features. Only Bitcoin has all these proprieties. Bitcoin has just to survive; The Bitcoin's hard money features will keep it scarce; You don't have to like it; It will just impose itself.
The only innovation is the new form of hard money: Bitcoin. Others are mostly just scams; And a few are not scams, but useless anyway. Money generates a network effect, and we need only one.
Indeed, the average life expectancy for a fiat currency is 27 years: A lottery ticket for 'loosers'.
Projects before Bitcoin were shut down; The 'Trustless' feature of Bitcoin is mandatory; A central server is only a 'single point of failure' and must be avoided at all price. Bitcoin will grow using layers. We must work on the 'Bitcoin Standard' now; Inventing the well again is only a waster of time.
Nobody is forced to own Bitcoin. But you may have heard of the 2013 Cyprus crisis. Bank deposit over 100 000EUR were simply confiscated. Cyprus is not a third world country; Cyprus is part of the Eurozone. You may hate Bitcoin; But Bitcoin is trustless, and enforce you private property rights...
I'm not young at all. I think, having trustless scarcity in a computing environment is fascinating. Bitcoin has 'hard money' properties too, with a lot of advantages over gold: Crossborder transfer value, non confiscatable, harder than gold, the total number is strictly limited, the authentication is easy, you don't have to trust any third party... And an answer to the book: 'The Denationalization of Money' by Friedrich Hayek.
Indeed the cost of mining Bitcoin is a feature not an issue; Anything truly scarce is one way or another costly. Cost induced by inflation of money are real. Bitcoin solves this problem; The money we will get back on the long run is the more important.
Bitcoin had always huge move up and down. But -95% from the top was close to the maximum. If this happens I will buy more.
1. The gold standard was removed in the 20th century. Sovereign currencies can't be trusted on the long run; And are inflated at will. You can't have long term saving; Your wealth is just transferred. Now you have a choice. Bitcoin is a 'hard money'. Fiat currencies are easy money. 2. The 19th century was on the Gold Standard. To use the Gold as money you must trust a third party: Banks. Most Gold was located in Bank's safe. This was a 'single point of failure'. We know what happened: Executive Order 6102... 3. Gold was used as money only because one year of mining is negligible compare to the total stock. Gold is scarce. The other uses are irrelevant. 4. In the cryptocurrencies world only Bitcoin matter. Other cryptos are just replicating fiat currencies with misleading marketing. After years of marketing they have added no value to the space; They are mainly just scammers. Bitcoin is the 21st hard money; Now we must think on the 'Bitcoin Standard' and build upon it.
Bitcoin remove any trust party; And is scarce; Fiat currencies are not scarce. Now you have a choice.
These money easy to produce; and that cost nothing to print. Are inflated indefinitely; This will cost your saving value over time. The Venezuela is the perfect example of what happen when you trust the state... If an energy cost is required to kill these 'easy money'; I'm OK with this...
Indeed Bitcoin will recover in a few years.
Indeed BCASH is just worthless; Bad development choices e.g. non secure 0-confirmation and so on... Empty big blocks...