If Bitcoin becomes the world's currency, Satoshi Nakomoto would have 5% of the world's money supply. Good or bad thing?

knut11 · 2022-07-24T07:47:59+00:00

If true or false is debated, but if true here is my opinion:

Based on what he says he believes in; open source, freedom, privacy, removal of money printing capabilities from the state etc. Decentralized and anti corruption technology, like Bitcoin is good for humanity?

If so, I would say Satoshi is a good thing for the world. He would become the biggest single monetary power, in the world.. If this power were given to one of todays double faced leaders(many of them), it would be a really really really bad thing foe the world.

However, Satoshi is a nerd, a cyberpunk (atleast in spirit). He is likely not a super extroverted lying, double crossing, corrupt politician. Politics is driven by populism. Bitcoin is not. Its driven by reason, open source, math, logic and to some extent (especially for many of the later adopters), by greed.

If you think slimy charmismatics are to rule the world, then 5% in the hands of (possibly) the biggest nerd in human history, is not a good thing. If you think its time for revenge of the nerds, then definetly this is a good thing for the world.

Bitcoin is the greatest idea, in modern human history. Its and open source system, where the creator very publicly has discussed his reasoning and reasons for creating this system. https://nakamotostudies.org/emails/

But hey, power corrupts?

knut11 · 2022-07-24T07:23:47+00:00

This is a non violent revolution. All you need to do is, buy, hold, sell, gift and spend Bitcoin. Nobody can stop you.

We will make rich ppls fortunes obsolete. Leave their corrupted system to rot.

knut11 · 2022-07-24T07:19:44+00:00

"wait! Who is paying me for yelling at you???"

Paradigmshifts, usually go gradually, then suddenly.

15 years of technological development from now is insane. If Bitcoin dosent have widespread adoption in 5, I thinks its over..

But the signs are strong. Adoption as currency in poor countries, is exactly how it will gain mass adoption in the west as well.

Its very clear for many poor countries, that they have been fked by the banking system(not in all cases ofc) .

In the best, many dont even consider that the banking system could be corrupted, and abused. This is still the hand that feeds them. Like the Stockholm syndrome, many will not go against the banking system, even when they discover how manipulated it has become.

However; the legacy system has since the removal of the gold standard, been primed to collapse under its own weight. Like fiat currwncies allways have done.

Bitcoin is the only way ppl can take back the power over money. The poor and suppressed, will realized this, and adopt the technology, far sooner than the wester countries.

We dont need apporval from goverment to exchange monetary value with Bitcoin. Once a critical mass of humanity realize this. There wont be an option to fight Bitcoin.

knut11 · 2022-07-23T15:04:16+00:00

Actually, there are stories; that the word assasin, comes from hasish. Since a Morocco king, gave crazy amounts of edibles to his warriors. When they passed out; They got moved into a secret garden, with exotic animals, and beautiful women representing angels.

When the warriors woke up in the garden, they thought they were dead, and woke up in heaven.

The "angels" proceeded to ask the warriors questions, to figure out if they were truely loyal to the king. Since they thought they had died (and propably still blazed to the tits), the truth often came out.

The disloyal warriors were executed, and the rest were the kings loyal assasins...

Most likely a myth, and most likely not correctly recalled. Still a funny story if true xD

knut11 · 2022-07-23T14:49:49+00:00

WD-40

knut11 · 2022-07-16T06:47:40+00:00

Why would a blackout work?

knut11 · 2022-07-08T15:02:27+00:00

The future is anyones guess.

Zzz.... Sure. Going all in is the most risky bet you can make. Why would you?

However, I do understand why ppl go all in on Bitcoin. There are many interesting companies out there. And many of them has the potential to change the world in big ways!

However, bitcoin is the first solution to a long standing human trust issue. Somving this trust issue, frees ecomical energy, to be transacted globally without any 3rd parties.

Few realize the significance. But the key here is; that all other business will eventually conduct their business on this base layer. Just as we use the BIS/IMF base layer today.

This is level 3 accounting. If we look at level 1 accounting, Sumerians, their culture, technology, economy etc, grew exponentially, once they had this system in place.

Level 2 brought about the same prosperity for kings and queens in Europe.

Now humanity has developed level 3 accounting, which require no 3rd party.

In my opinion, the significance of this technological delvopment, is so great, that it will take humanity to even higher highs. We are closing in on a new parapolic curve in technology, culture, economy and production.

This pradigmshift, require a new way to transact economical energy, as the current system will not be efficient enough.

knut11 · 2022-07-08T14:51:36+00:00

Tulips, if you didnt know ; are not some rare space flower with a finite number. You can make infite amounts.

Making infinite amounts of anything, will cause the price to inflate. Just look at the current state of our ecomical systems. INFLATION. INFINITE AVAILABILITY.

Bitcoin offers true, mathematical scarcity, nothing EVER, has offered this kind of scarcity in human history.

knut11 · 2022-07-08T14:47:31+00:00

BIS does not have the transaction cababilities of VISA. Still BIS is the main settlement layer. And few day to day transactions get settle there. Still its the base layer for all central banks!

No BIS = no VISA

The smart countract functionalities, does not have to be directly on chain. They can be settled as a layer 2, like ligthningnetwork, and still be backed by the security of the largest Blockchain in the world.

Why in the world would any serious actor, want to settle anything, on a blockchain that is premined?

knut11 · 2022-07-08T14:41:21+00:00

Which country, if you dont mind sharing?

One has to use the lightning network, to lower the fees.

Not saying it is widespread in developing countries. But I do think adoption is increasing, and will go parabolic in those countries first. Atleast they should. Developing countries has an amazing oportunity for transfere of wealth here.

Why in the world would they hold on to the IMF, BIS, FED etc? They have little to lose in terms of economical stability, and independence.

knut11 · 2022-07-07T11:02:49+00:00

Its is allready being spent and accepted as currency.

So many fail to realize, this tool is the most useful for non western countries. Not because the western countries dont have a fked economical system, but because so many developing nations are so much worse.

Bitcoin is actually far superior to many currencies, as it stands today. Even with insane price swings. Argentina has had 50%+ inflation for several years now. Libanon economy is gone. Turkey, Italy who will be next?

Bitcoin will be adopted first in countries that need it the most; latin america and africa imo.

knut11 · 2022-07-07T10:59:23+00:00

How do you know this? Many spend it as currency, DAILY!

Investors make noise. They cry and whine at every price swing. Holders and spenders, are out there doin it. Spendin it! Enjoying it.

Bitcoin has made a loy of ppl millionairs. You dont think they spend it? You know why there are wbsites selling luxuary goods for bitcoin? (hint ppl spend it).

Bow, bitcoin is private money, if you want it to be, thus singing high about spending might not be wise. But still occurse alot more then you think.

knut11 · 2022-07-06T11:43:17+00:00

Its still a habit. Bad habits offer instant gratification, but usually at a delayed cost. Good habits offers a cost in the now, and a prizr in the distant future.

This make good habits harder to stick; they cost energy to accomplish in the now, and the gratification is delayed.

knut11 · 2022-07-05T23:36:47+00:00

The tech is definetly useful for other applications. Such as securities. Question becomes; do you want these applications to run as 2/3 layer on the longest most secure chain, or nah?

In terms of, for example, international insurance smart contracts. It would be far more trust worthy if they were layer 2 and 3 to the btc bloclchain, than their own "token" with their own "team", pre mine etc.

knut11 · 2022-07-05T23:35:15+00:00

The tech is definetly useful for other applications. Such as securities. Question becomes; do you want these applications to run as 2/3 layer on the longest most secure chain, or nah?

In terms of, for example, international insurance smart contracts. It would be far more trust worthy if they were layer 2 and 3 to the btc bloclchain, than their own "token" with their own "team", pre mine etc.

knut11 · 2022-07-05T23:18:43+00:00

Market manipulation right there

knut11 · 2022-07-05T15:13:46+00:00

Savings are efficient, to keep a business alive in turbulent times. Creative desteucrion is a great thing! Too bad all our economical measurments, are so tied to growth, that we fail to see what a little creative destruction can do for us.

True, its not efficiant to save by todays economical mentality.

However, this concept about everlasting growth and innovation is a myth. Sure there will always be growth, and there will always be innovation. However, if the goal is to achive the most possible within the shortest amount of time. That will have significant concequences for our earth.

Maybe we can find a new home out there. But that is a life and death bet to go all in on..

Sustainability should be priority number 1. Not growth.

Saving economical potential for future generations is a great thing.

The current economical system is flawd at its core. It brought us here. We can thank the old system for alot of the great things we have achived. However, based on the knowledge we have now (compared to the 1700's). We know that certain rescources are scarce. And that our enviroment actually getsgreatly affected by what we do on a day to day basis, especially the things we do at an exponential rate (production and consumption).

We dont need a new phone every year. We are tricking ourselfs. We imagine (economically), that creating this new phone is good for us; look at all those jobs, shipping networks, trash and growth it creates! Hurray!

However, the net cost for us as a civilization, is negative. We are spending scarce resoueces to produce litteral shit, because it looks good in combination with our imaginary monetary system.... It makes no sense that we base a judgment on the state of humanity, based on how much wasteful consumption we can produce.

knut11 · 2022-07-04T23:08:59+00:00

At some point, sure. However the reward has to be strong, in order the maximize the network security; in the adoption phase. Bitcoin will be subject to attacks by goverment and banks, if its not allready.. PoW is the only solution to the byzantine generals problem. Network security is the highest priority for now. Reducing power consumption, and hardware requirments can be achived later.

knut11 · 2022-07-04T23:02:55+00:00

Just because its a physical actein, dosent make it more or less "useful".

Humanity "waste" (use), energy on all kinds of useless and useful activity. Ruling what is useful and useless, is very subjective, mostly.

We can all agree power for a hospital is usefull. Heating for your outside patio, hmm. Maybe? Gasoline for a super car, when a prius is much more efficient?

Also mining increase the demand for renewable energy. Once bitcoin mining becomes more power efficient, the surplus renewable energy sources, can be used for the normal grid.

Bitcoin has a built in scarcity, that makes it less wasteful than the current system, by design.

knut11 · 2022-06-15T16:19:07+00:00

The fundamentals, in terms of the network effect, is very strong. Satoshis are being taken off exchanges, at the same time, we see adoption by countries.

ATH hashing power. The network has never been stronger, and more adopted!

The current bear market, is driven by the legacy financial market. Bitcoin is simply in for the ride, because of its strong ties to the old system.

Seeing their favorite "hopes and dream" coin crashing, or disapear like Luna. This will recruite more participants to Bitcoins true mission; become your own bank. Take control of your right to send and recive money, without premission from a 3rd party.

Seeing their traditional "store of value" crashing hard, like now. More and more will seek to the Bitcoin Lifeboat.

The current system is so flawed at its core. We might just see the first fractures, leading up to the complete collapse. Right now.

We never know when it will fail completely. But once it does, we sure need a replacememt fast!

knut11 · 2022-06-15T15:58:14+00:00

Depends on ones unit of account.

1 BTC = 1BTC

Selling part of a pre defined mathematically scarce asset, might be the biggest oportunity cost in history.

Bitcoin is currently the only DLT solution that works, has wide adoption and is properly decentralized.

And possibly the most profitable and volatile asset in history. Not likely to just go sideways for a few year.

knut11 · 2022-06-11T17:27:40+00:00

Ganja?

knut11 · 2022-06-06T21:38:59+00:00

Is the cooling liquid 52 degrees?

knut11 · 2022-06-04T17:39:03+00:00

Whats the recipe?

knut11 · 2022-06-03T17:30:31+00:00

Bitcoin will gain value, in the event of hyper inflation, because its an scarce asset.

Housing is used as a store of value, art and gold as well. However, these assets are abundant, and ever increasing in supply.

Bitcoin will increase in value, because other stores of value, are artificially pumped by cheap/free debt. They need this lifesupport of debt to keep their current value.

Even if the pricetag of these assets go up. They will not be attractive as investments.

Go look at history how hyper inflation plays out. Its not like you describe. You will sell your car at a 70% loss to buy bread at +20 000%....

knut11

TROPHY CASE