←back to thread

The Rise of Whatever

(eev.ee)
631 points cratermoon | 1 comments | 04 Jul 25 04:48 UTC | HN request time: 0.211s | source
Show context
moritzwarhier ◴[04 Jul 25 07:31 UTC] No.44462055[source]▶
Cool post, but:

> And the only real hope I have here is that someday, maybe, Bitcoin will be a currency, and circulating money around won’t be the exclusive purview of Froot Loops. Christ

PLEASE NO. The only thing this will lead to is people who didn't get rich with this scheme funding the returns of people who bought in early.

Whatever BTC becomes, everyone who advocates for funneling public money of people who actually work for their salary into Bitcoin is a fraud.

I don't think the blog author actually wants this, but vaguely calling for Bitcoin to become "real money" indirectly will contribute to this bailout.

And yes, I'm well aware that funneling pension funds money etc into this pyramid scheme is already underway. Any politician or bank who supports this should be sued if you ask me.

replies(3): >>44463051 #>>44463532 #>>44463948 #
m0wer ◴[04 Jul 25 11:24 UTC] No.44463532[source]▶
Would it change your view if they mined instead of buying?

If you were to create a decentralized and limited supply currency, how would you distribute it so that it's “fair”?

Sounds a bit like if the world was running only on proprietary software created by Microsoft and you criticized the move to open source because that would enrich Linus Torvalds and other code creators/early adopters.

Are people better off by continuing to use centralized broken software that they have to pay a subscription for (inflation) than if they did a lump sum buy of a GNU/Linux distro copy from a random guy and become liberated for the rest of their life?

replies(1): >>44466707 #
tromp ◴[04 Jul 25 18:13 UTC] No.44466707[source]▶
It's more fair if every generation gets to mine the same amount. You want supply to be predictable and for the inflation rate to go steadily down, but there's not much point in limiting the supply [1].

[1] https://tromp.github.io/blog/2020/12/20/soft-supply

replies(1): >>44470232 #
1. m0wer ◴[05 Jul 25 05:13 UTC] No.44470232[source]▶
Not sure. IMO the best thing that could happen for the next generation is to be born in a Bitcoin standard were politicians don't control money, people are incentivized to save, and the world does not need to use housing and stocks as a way of saving and protecting against inflation.

Technological progress makes the world deflationary. Your money should be able to buy more every time as we improve the productive efficiency of everything. And for poor countries, the best thing they could get is a censor resistant and value preserving tool.

Even if there was a tail emission, newer generations wouldn't have the capital needed for mining rigs. That's not just something unique to this case, same happens with stocks, real state or any other investment asset.