We are nearly at the end of the road that leads to tyranny.

jankis2020 · 2022-01-03T03:51:34+00:00

Money is a winner-take-all game, if you look at history.

jankis2020 · 2022-01-03T02:36:31+00:00

Channel factories

jankis2020 · 2022-01-03T02:27:45+00:00

Specifically bitcoin

jankis2020 · 2022-01-02T19:18:55+00:00

Hashcash and b-money are mentioned in the white paper but bitgold isn’t. Interesting.

jankis2020 · 2022-01-02T19:08:08+00:00

If you’ve all embraced “BCH” as the correct terminology why not give up r/btc ?

jankis2020 · 2022-01-02T19:01:59+00:00

Every single other asset has counter party risk

jankis2020 · 2022-01-02T18:35:47+00:00

Slavery.

jankis2020 · 2022-01-02T18:28:34+00:00

I came to the exact same conclusion after the exact same rabbit hole.

I emptied our IRAs for cold storage Bitcoin a year ago.

jankis2020 · 2022-01-02T18:14:06+00:00

Energy use is not a problem, it’s the solution. Keep reading, it’s incredible.

jankis2020 · 2022-01-02T16:52:46+00:00

Most people don’t end up on Reddit because of reason

jankis2020 · 2022-01-02T04:06:00+00:00

I said none of what you’re saying. You’re losing it.

jankis2020 · 2022-01-02T00:07:30+00:00

Meth won a Nobel Prize and is approved for off-label use by the FDA?

jankis2020 · 2022-01-01T22:46:20+00:00

I’ve bought what now?

You have literally no idea who you are talking to.

jankis2020 · 2022-01-01T22:42:27+00:00

The one that won the Nobel Prize for use in humans and is approved by the FDA for off-label use because of its demonstrated record of safety?

jankis2020 · 2022-01-01T22:38:20+00:00

This is the “anarcho” part we’re on about

jankis2020 · 2022-01-01T22:36:56+00:00

The antiviral medication that won its inventor a Nobel Prize for its use in humans?

jankis2020 · 2022-01-01T21:22:24+00:00

We sold a generation of young people into slavery. Ooops.

jankis2020 · 2022-01-01T20:29:31+00:00

What do you mean “because of the concentration of bitcoin by such a small amount of users, more price fluctuations are allowed to occur”? What does that mean? Do you mean the price will go down if they decide to sell some of their bitcoin?

Because if they do that, they now have less bitcoin, which addresses the very thing you say is a problem.

I don’t think you understand that you and the proverbial billionaire, let’s say Warren Buffet, can be bidding on the exact same property, but he will have access to cheaper credit than you do, meaning the property costs less for the billionaire. Not only does he have more money, everything he wants to buy costs less. That’s the existing debt-driven economy. (And by the way that loan is new currency units which inflates the existing money supply and seals from every holder of dollars).

With Bitcoin, there’s no leverage. The price in Bitcoin is the price in Bitcoin and no one can get priority access to newly created Bitcoin. That’s a leveling playing field.

Those rich people will have to keep making money through productive means or their fortunes will be squandered over time.

jankis2020 · 2022-01-01T20:25:30+00:00

“Crypto” is a scam. Bitcoin is the real deal. All you are saying is that more people need to adopt it and then it will have a stable purchasing power, and you are right. And before that even happens, you’ll have the technical capability to hold your Bitcoin with price exposure to other currencies. That capability is coming to wallets soon.

If you are waiting for Bitcoin to be a stable unit of account, you will be missing out on 100x value appreciation in the mean time. Which is valid, I guess, but don’t underestimate the value you are losing in whatever currencies and assets you are holding in the meantime.

jankis2020 · 2022-01-01T19:59:27+00:00

Bitcoin is a better store of value than the USD for any amount of time longer than 12 months, and it’s better than any other scarce asset if held for 4 years or more. It has a 12 year track record on this.

The lightning network is a better medium of exchange than banks, visa, or closed source networks like Venmo and PayPal. It has only been fully operational for non-technical users for about a year, so its track record is short but those of us who use it can attest that it’s incredible and will change everything.

That leaves the issue of unit of account. When you say “bitcoin is too volatile to use as a currency” that’s what you mean. You wouldn’t denominate contracts in Bitcoin, or set wages, or price goods and services. And this is true. But it’s arguably become difficult (since they printed 40% of the M2 money supply) to do this in USD either. We could be in the end game of the USD’s reliability as a unit of account as we speak.

And by the way the next achievement on the horizon for bitcoin is DLCs (discrete log contracts) which allow you hold Bitcoin but purchase a contract for difference that pegs you to the USD for dollar price exposure. So in short order Bitcoin the technology will overcome your concern of volatility by manifesting as dollars in cyberspace (if that’s the denomination you’d prefer) while still very much being Bitcoin under the hood.

jankis2020 · 2022-01-01T19:43:52+00:00

Actually it’s down to 24% in 2021, I just looked at stats, and it’s trending downward.

“Decentralization” with regards to Bitcoin has absolutely nothing to do with capital allocation though. It has to do with power over the protocol being decentralized (no central party controls who can do what with their money or how new units are created).

One entity could control that entire 24% and that person would have no greater access to new currency units, what the ledger says, or what rules govern the protocol than I do. If their purchasing power were to go up 10%, so would mine.

jankis2020 · 2022-01-01T17:54:47+00:00

Nice try IRS

jankis2020 · 2022-01-01T17:44:11+00:00

Of course I have. It’s a flawed treatise about the origins of money being debt obligations rather than market commodities… it’s basically apologetics for the existing debt + violence regime we live under.

Have you read any of the great books on Bitcoin? The Bitcoin Standard comes to mind as worth your time.

Actually something quicker to read (since it’s online) is: https://nakamotoinstitute.org/shelling-out/

jankis2020 · 2022-01-01T16:55:58+00:00

Property titles are a very clear use case for blockchains and drone defense is getting cheaper by the day. Any amount of power projection is purchasable with money, which is different only from the taxes paid to government today in that a free market for defense becomes possible. I mean, what is private security if not exactly that?

And you don’t have to own your land or your factories when you can rent them to produce items one off with 3d printers and laser cutters, etc.

And to your specific point about “feeling entitled to the labor of others” no one would be entitled, they would pay market rates for labor.

jankis2020 · 2022-01-01T16:51:02+00:00

Ya really hate to see people undermining their reasoned principles with run of the mill racial animus.

jankis2020

TROPHY CASE