♲ @ScottSeiss@twitter.com: Part 2 of all of them
https://video.twimg.com/ext_tw_video/1384531633341075456/pu/vid/720x1280/oZEGoW29v0Slw-GT.mp4?tag=12
Notices by Hypolite Petovan (hypolite@friendica.mrpetovan.com), page 108
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Hypolite Petovan (hypolite@friendica.mrpetovan.com)'s status on Saturday, 24-Apr-2021 11:40:07 EDT 
Hypolite Petovan
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Hypolite Petovan (hypolite@friendica.mrpetovan.com)'s status on Saturday, 24-Apr-2021 08:57:57 EDT
Hypolite Petovan
Extremely niche subpost: It may have seemed great to nominate a stickler for rules as a community-contributed catalog administrator, until you realize they mostly have to interact with people who provide volunteer work to maintain the catalog. -
Hypolite Petovan (hypolite@friendica.mrpetovan.com)'s status on Friday, 23-Apr-2021 11:23:19 EDT
Hypolite Petovan
The current problem of Bitcoin for me is that its value is still depending on dollars. If my wages were paid in Bitcoin or my landlord demanded I paid rent in Bitcoin, I would use it, but otherwise it is useless, risky and an environmental disaster to me.
I don't even understand the problem it's trying to solve. Having governments and banks on control of currency isn't a problem for 99.99% of the people, including myself. And what is this "social contract" that has nothing social about it?
And I disagree with you, Bitcoin currently can be manipulated because of its necessary relationship with the US dollar and the reliance on centralized exchanges. -
Hypolite Petovan (hypolite@friendica.mrpetovan.com)'s status on Friday, 23-Apr-2021 09:46:04 EDT
Hypolite Petovan
Thank you for the explanation, I hadn't factored in the transfer fees I didn't know much about. -
Hypolite Petovan (hypolite@friendica.mrpetovan.com)'s status on Friday, 23-Apr-2021 09:14:06 EDT
Hypolite Petovan
What about the license part? -
Hypolite Petovan (hypolite@friendica.mrpetovan.com)'s status on Thursday, 22-Apr-2021 21:22:47 EDT
Hypolite Petovan
That's exactly what it is. -
Hypolite Petovan (hypolite@friendica.mrpetovan.com)'s status on Thursday, 22-Apr-2021 17:18:37 EDT
Hypolite Petovan
This is true, but like I articulated for @**joe , I believe these sunk costs also make it desirable for miners to trade their Bitcoin for something they will value, which retroactively gives value to Bitcoins. This particular incentive will stop once the mining cap is reached, which will make Bitcoins less desirable to mine and consequently to trade and its value will fall. -
Hypolite Petovan (hypolite@friendica.mrpetovan.com)'s status on Thursday, 22-Apr-2021 16:42:54 EDT
Hypolite Petovan
Anyone can issue IOUs (fiat money), and their value is directly tied with people's confidence that they can redeem the favor later. This is the US dollar right now. Before 1970, this trust was backed up by the promise that you could redeem any amount of US dollars for an equivalent amount of gold held by the US government, but this promise has been lifted when the Gold Standard was dropped.
On the contrary, not everyone can issue Bitcoin, you need to solve hard mathematical problems, which boils down to try as many potential solutions as possible with fast computers. These computers are a tangible asset that anyone who wants to mine Bitcoin needs to rent or purchase, house, maintain and feed power. So anyone who has successfully been mining Bitcoin has had expenses and as such has had an incentive to use these Bitcoins to cover their investment and then some, spurring Bitcoin trade which is what you want for any currency to thrive.
So far, I've not been aware about Bitcoin loans, but this is a bank's privilege, and they started dabbling with cryptocurrencies, so it isn't entirely out of the question. -
Hypolite Petovan (hypolite@friendica.mrpetovan.com)'s status on Thursday, 22-Apr-2021 15:14:39 EDT
Hypolite Petovan
The value of a commodity mostly depends on its scarcity, gold and diamonds are intrinsically valuable because they are rather rare, it isn't just a belief like for fiat money. You can't make gold as easily as you can write IOUs.
In this context, I believe Bitcoin is commodity money. It requires work to be created, which enforces a relative scarcity. This doesn't mean its dollar value cannot fluctuate, but I believe it means it can fluctuate less than non-Proof-of-Work cryptocurrencies. -
Hypolite Petovan (hypolite@friendica.mrpetovan.com)'s status on Thursday, 22-Apr-2021 14:12:15 EDT
Hypolite Petovan
I believe you are talking specifically about fiat money but this isn't the case for all money. Commodity money has a real value of its own. -
Hypolite Petovan (hypolite@friendica.mrpetovan.com)'s status on Thursday, 22-Apr-2021 12:28:02 EDT
Hypolite Petovan
But saying religion is imaginary and adding four quarters only give you a full dollar as well, what's the point? -
Hypolite Petovan (hypolite@friendica.mrpetovan.com)'s status on Thursday, 22-Apr-2021 12:21:40 EDT
Hypolite Petovan
Everything you said is reasonable, but has nothing to do with my argument that Bitcoin's value isn't entirely made up since it uses the Proof-of-Work philosophy. Which means that its value will be more stable than cryptocurrencies that aren't based on this philosophy. I have no way of knowing how much more stable Bitcoin is, it really is a higher-level thought since I won't foray into cryptocurrency anyway. -
Hypolite Petovan (hypolite@friendica.mrpetovan.com)'s status on Thursday, 22-Apr-2021 08:52:31 EDT
Hypolite Petovan
I don't disagree with you, but there are many ways to skin a cat or in this case to make money. Ponzi schemes are one, but it isn't the only one. Greed or speculation in themselves don't automatically make Bitcoin a Ponzi scheme. Tether, on the other hand, definitely is a con and you can read about it over there: crypto-anonymous-2021.medium.c…
I still wouldn't touch Bitcoin with a ten-foot pole, but Proof-of-Work can explain part of the unrelenting growth the dollar value of Bitcoin has seen since its inception. -
Hypolite Petovan (hypolite@friendica.mrpetovan.com)'s status on Thursday, 22-Apr-2021 08:38:22 EDT
Hypolite Petovan
Thank you for the references although it's unlikely that I will watch 90 minutes worth of video, no matter how interesting they might be. Again, there is more to Bitcoin than a simple Ponzi scheme. The original Bitcoin whitepaper is public, the Bitcoin software is open, thousands of eyeballs have looked at the algorithmic core of Bitcoin and deemed it technically sounds, so part of its current dollar value is based on that transparency. The hard part is figuring out how much of that value will it retain once mining is capped, but in essence it's more than a Ponzi scheme. Proof-of-Work is proving environmentally disastrous, but it anchors the Bitcoin value in more than quick gain hopes which is Ponzi schemes sole and only value. -
Hypolite Petovan (hypolite@friendica.mrpetovan.com)'s status on Thursday, 22-Apr-2021 07:58:08 EDT
Hypolite Petovan
There definitely are Ponzi schemes going on with cryptocurrecies, Tethers are a great example of this, but Bitcoin is different, like I said, part of its value is staked on very real resources being used to mine them. -
Hypolite Petovan (hypolite@friendica.mrpetovan.com)'s status on Thursday, 22-Apr-2021 01:12:23 EDT
Hypolite Petovan
It's a cute aphorism, but there's neither truth nor wisdom to it. Money represents a specific value for specific people at a specific time. All of these parameters can change, but money still has real effects on real people. -
Hypolite Petovan (hypolite@friendica.mrpetovan.com)'s status on Wednesday, 21-Apr-2021 22:16:14 EDT
Hypolite Petovan
Today I realized that Proof-of-Work #cryptocurrency is yet another way to pin a currency's value on a corresponding physical resource, just like the Gold Standard was. As a result the sky-rocketing dollar price of Bitcoins isn't entirely speculative, the Bitcoin algorithm demands more work to mine any subsequent unit of currency, making it more valuable in dollars because of the invested resources. To me it seems like the limit to this system is when the resource supply won't be able to meet the algorithmically ever-increasing demand, just like why the Gold Standard was eventually dropped. I expect the Bitcoin value to plummet in such an event.
I'm no expert, though, feel free to prove me wrong! -
Hypolite Petovan (hypolite@friendica.mrpetovan.com)'s status on Wednesday, 21-Apr-2021 13:58:49 EDT
Hypolite Petovan
You know the American food culture is healthy the way packaging insists it’s made with “real fruit”, “real cheese” or that it is “real mayonnaise”. -
Hypolite Petovan (hypolite@friendica.mrpetovan.com)'s status on Wednesday, 21-Apr-2021 11:14:04 EDT
Hypolite Petovan
Why would you be worried about people who know worse if you already aren't worried about people who know better? -
Hypolite Petovan (hypolite@friendica.mrpetovan.com)'s status on Wednesday, 21-Apr-2021 11:08:04 EDT
Hypolite Petovan
I resent the pressure to lock down sites I operate against web tech that ought to require informed consent through browser preferences.
Exactly, the opt-out has no place on websites, it should be at the browser level. Until then, this header value is useless to protect anyone from tracking.
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