Most correctly it is CONVERSION from energy to a infinitely divisible, but finite quantity software (digital) asset that can be moved to any cyber or physical location with nearly zero cost. This may be as close as we ever get to actually carrying around a packet of actual energy (or energy equivalent) in our pockets for anything other than gold/silver coins (which I also advocate for). Direct conversion back to energy is possible if one uses Bitcoin to buy physical assets that have energy resources without intermediate conversion to $. BRICs is working on one of these mechanisms now.
Gabriel's horn paradox discussion and the details of how it works in sections 5.11.2 through 5.11.3 in Softwar are quite mindblowing. I am still processing and re-reading to understand the actual functional mechanisms.
I use the multiple bucket strategy of cash, land, silver, Bitcoin, and silver/bitcoin/shorted stocks. Note that you can hold MSTR, MARA, and TSLA stocks self-custody at transfer agent. These three are 1,2,4 in terms of Bitcoin held on the balance sheet. This is the current best workaround of Bitcoin exchange transfer to private wallet restrictions (KYC bullshit), IMO.
Most correctly it is CONVERSION from energy to a infinitely divisible, but finite quantity software (digital) asset that can be moved to any cyber or physical location with nearly zero cost.
This is the description of a technology, not a currency. I agree that the technology can be used as an aid to create a currency. It can be used to create all sorts of currencies. It can even be used as an accounting device (currency) to back actual assets. The confusion comes from conflating a technology with a currency. Btc is not a currency except through the beliefs created by a literal ponzi scam that convinces people that it is.
This may be as close as we ever get to actually carrying around a packet of actual energy
Completely false statement. Btc is not a storage of energy. No matter how you are carrying your crypto, you are NOT carrying energy. This statement is utter nonsense and has not one iota to do with reality.
Direct conversion back to energy is possible if one uses Bitcoin to buy physical assets that have energy resources
That is NOT "conversion back to energy," that is convincing someone who has batteries for sale to take part in your scam.
If I hold silver and I find someone who wants the physical properties that silver has (for electronics, or making jewelry, or heat conduction engineering, or they just find it pretty, etc.) I don't have to convince anyone of anything, they will just trade me for it. The value is already there.
Btc doesn't have a single drop of that type of value; it is utterly worthless. Just because you have True Believers drinking the Kool-Aid doesn't mean the Kool-Aid isn't poison. The MOMENT there exists a crypto that is backed by a real asset and it really works as a real asset exchange, with all the necessary conveniences for a currency, Btc and all of their ilk will crash as fast and hard as a 3 year old trying to drive a semi.
Btc and their ilk fulfill a need and they use a technology to do it. That tech is cool stuff. I am a proponent. But the tech can be tied to real assets. Once that happens, people won't have to lie to themselves (and everyone else) about it's value.
I feel like DC is created out of think air. Let a computer run to “mine” a currency. The people that set this currency up what are they getting out of it all? You don’t set up something complicated that a computer has to solve without pocketing part of the coins yourself to get people to buy or trade you for a product and it has no real value except what you convince someone it has. Maybe we all need to make our own currency and mine it ourselves it will just cost us some $ on our power bill
All reasonable arguements. As you are implying here: Not all of the pieces are yet in place to allow Bitcoin to fully function as a currency as easily and fluidly as standard currency like a silver coin. The key questions to consider are: Does Bitcoin represent a store of value (dollar terms), and will it continue to increase in value (dollar terms) for logical, non-speculative reasons related to how it actually functions relative to the Bitcoin network (and hashrate)?
It does have value. The value is all of the energy consumed to create the Bitcoin, but also all the energy required to try and attack or hack the nodes and algorithm. This is represented by the hashrate. Hashrate keeps growing until it cannot be reasonably attacked by a single bad actor. We are already at the point where all Bitcoin miners and users worldwide would have to work together to pooling ALL of their energy to even try to attack the Bitcoin network. It appears to have reached a critical thresh-hold now, which allows for development of the rest of the mechanisms needed to turn it into a typical currency.
Bitcoin becomes worthless (temporarily?) if all of the world's energy grids AND every node of the internet gets destroyed at the same time (this is mathematically represented by the current hashrate). Given the power of nuclear weapons, this is not impossible now, but it will be very soon. Think about that. Even deployment of all the world's nuclear weapons simultaneously to destroy the Bitcoin network and world's energy grids will soon not be enough energy to fully stop it. It is a virtual SkyNET energy weapon system when fully deployed, but being deployed to save humanity rather than to destroy us. You may not fully understand this until you read section 5.10 of Softwar.
The value is all of the energy consumed to create the Bitcoin, but also all the energy required to try and attack or hack the nodes and algorithm.
This is a lie. This energy has no value. A thing has value if it is usable. In this case, all of that energy has already been lost to heat. It's all gone. It is non-usable energy. These arguments for Btc being "energy based" take a shit all over basic physics (specifically our ideas of entropy). ALL OF THE ENERGY REQUIRED FOR BTC IS USED UP!!!
It stores no energy. It stores no value. It is WORTHLESS except as a technology. But it is infinitely divisible (effectively). As a technology 0.0000001 Btc is just as valuable as 1,000,000 Btc. So as a technology, it has value. It can be used to create things, like say, a real asset backed currency (though there are better block chain techs than Btc, so it's really not a very good one in that regard). But it's value is not tied to the number that you have, thus it has no measure based intrinsic value.
We are already at the point where all Bitcoin miners and users worldwide would have to work together to pooling ALL of their energy to even try to attack the Bitcoin network.
This is an argument for it as a technology, not as a valueless currency.
Like everyone else, all of your arguments for Btc are either completely false, or are arguments for it as a technology. These arguments completely ignore the fact that it's usability as a tech is just as valuable no matter how much you have.
All non-asset backed currencies are worthless. We have been trained to believe in them. Once the scam is fully revealed, and we allow ourselves to have access to other means of economic exchange, not a single person will hold on to Btc et al. Not one. Why? Because it is a scam, pure and simple. Eventually that will be obvious to everyone.
It is not a currency yet. It is still tied only to energy because it must hit certain hashrate milestones as mining network and worldwide energy grid is built out, so it can’t be stopped.
It is a store of value priced in $ as hyperinflation destroys the $, but soon it will be obvious it is also a store of value when priced in gold. Silver will likely come later. This is what it is intended for right now. One alternative store of value, that’s it. (a life raft like gold, if you will). You are arguing about something that hasn’t happened yet.
You need to read Softwar. Bitcoin is not a scam, but all other cryptos may be depending on who controls them (there is only 1 proof-of-work crypto). Bitcoin is limited amount, but infinitely divisible. Its value grows over time as more energy is put into mining it and protecting the nodes. Most of the other cryptos were specifically created to program the public that “cryptos are a scam” while the Deep State hands out Bitcoin for bribes and uses it quite extensively now.
You can buy satoshis (100M satoshi per Bitcoin), but early adopters owning 1 Bitcoin now will very likely be new wealthiest 1% worldwide (for investing in humanity). You can also buy 1 share of MSTR stock and move to transfer agent to self-custody if you are not convinced it has any value. As a shareholder you might be convinced otherwise. MSTR is largest publicly traded holder of Bitcoin on balance sheet.
Space Force appears to be protecting the Bitcoin network “cyberspace” mining nodes as well as the StarLink parallel internet nodes. I don’t thing they would be doing that if Bitcoin was a “scam”
If there is enough bitcoins able to be mined for each person in the world to have one coin what would that coin be worth? Would it buy a house or a loaf of bread. Like how is the value of it not able to be manipulated? If I have 10 and you have none then one would hold a lot of value to you if you need to buy something and you would trade something of greater value to get the coin if you needed it to pay a bill or get something
Total Bitcoins will be 21M in the year 2140. You can buy satoshis (100M satoshi per Bitcoin), but early adopters owning 1 Bitcoin now will very likely be new wealthiest 1% worldwide (for investing in humanity).
Yes, it must eventually be used for everyday exchange in order to increase liquidity enough for everyone. They are very near this point in El Salvador, but most Corporations and State Gov’t in US are not accepting it. Some smart small biz operators and municipalities accept it as payment alternative. Your bread will be priced in satoshi and $ and possibly silver simultaneously at some point.
I was buying silver with Bitcoin because I believe it is the only thing more underpriced right now. I stopped and decided to try to accumulate 1 Bitcoin worth, expecting to be able to borrow against Bitcoin collateral asset at some point in the future.
Trading Paradox is that something viewed as too valuable will not be given up in trade for anything else unless it is just a tiny portion of the total “wallet”. This is happening slowly as Bitcoin price in both $ and gold terms increases.
Bitcoin is much more than a currency based on my reading of "Softwar". Many are missing some of the other aspects of how it can be "weaponized" to make typical kinetic warfare obsolete. This is likely the longer term mission of why it was created.
It is much more reasonable to expect silver/gold coins and/or silver certificates to fullfill the "replacement currency" or "currency backing" in the short to medium term, but Bitcoin is likely the next iteration after that once fully developed. Many of the potentials related to currency have yet to happen, but they are clearly sitting there ready and waiting when humanity is ready for it. This appears to be the purpose of how it was created. Foundation first. The roof comes later.
Most correctly it is CONVERSION from energy to a infinitely divisible, but finite quantity software (digital) asset that can be moved to any cyber or physical location with nearly zero cost. This may be as close as we ever get to actually carrying around a packet of actual energy (or energy equivalent) in our pockets for anything other than gold/silver coins (which I also advocate for). Direct conversion back to energy is possible if one uses Bitcoin to buy physical assets that have energy resources without intermediate conversion to $. BRICs is working on one of these mechanisms now.
Gabriel's horn paradox discussion and the details of how it works in sections 5.11.2 through 5.11.3 in Softwar are quite mindblowing. I am still processing and re-reading to understand the actual functional mechanisms.
I use the multiple bucket strategy of cash, land, silver, Bitcoin, and silver/bitcoin/shorted stocks. Note that you can hold MSTR, MARA, and TSLA stocks self-custody at transfer agent. These three are 1,2,4 in terms of Bitcoin held on the balance sheet. This is the current best workaround of Bitcoin exchange transfer to private wallet restrictions (KYC bullshit), IMO.
This is the description of a technology, not a currency. I agree that the technology can be used as an aid to create a currency. It can be used to create all sorts of currencies. It can even be used as an accounting device (currency) to back actual assets. The confusion comes from conflating a technology with a currency. Btc is not a currency except through the beliefs created by a literal ponzi scam that convinces people that it is.
Completely false statement. Btc is not a storage of energy. No matter how you are carrying your crypto, you are NOT carrying energy. This statement is utter nonsense and has not one iota to do with reality.
That is NOT "conversion back to energy," that is convincing someone who has batteries for sale to take part in your scam.
If I hold silver and I find someone who wants the physical properties that silver has (for electronics, or making jewelry, or heat conduction engineering, or they just find it pretty, etc.) I don't have to convince anyone of anything, they will just trade me for it. The value is already there.
Btc doesn't have a single drop of that type of value; it is utterly worthless. Just because you have True Believers drinking the Kool-Aid doesn't mean the Kool-Aid isn't poison. The MOMENT there exists a crypto that is backed by a real asset and it really works as a real asset exchange, with all the necessary conveniences for a currency, Btc and all of their ilk will crash as fast and hard as a 3 year old trying to drive a semi.
Btc and their ilk fulfill a need and they use a technology to do it. That tech is cool stuff. I am a proponent. But the tech can be tied to real assets. Once that happens, people won't have to lie to themselves (and everyone else) about it's value.
I feel like DC is created out of think air. Let a computer run to “mine” a currency. The people that set this currency up what are they getting out of it all? You don’t set up something complicated that a computer has to solve without pocketing part of the coins yourself to get people to buy or trade you for a product and it has no real value except what you convince someone it has. Maybe we all need to make our own currency and mine it ourselves it will just cost us some $ on our power bill
All reasonable arguements. As you are implying here: Not all of the pieces are yet in place to allow Bitcoin to fully function as a currency as easily and fluidly as standard currency like a silver coin. The key questions to consider are: Does Bitcoin represent a store of value (dollar terms), and will it continue to increase in value (dollar terms) for logical, non-speculative reasons related to how it actually functions relative to the Bitcoin network (and hashrate)?
It does have value. The value is all of the energy consumed to create the Bitcoin, but also all the energy required to try and attack or hack the nodes and algorithm. This is represented by the hashrate. Hashrate keeps growing until it cannot be reasonably attacked by a single bad actor. We are already at the point where all Bitcoin miners and users worldwide would have to work together to pooling ALL of their energy to even try to attack the Bitcoin network. It appears to have reached a critical thresh-hold now, which allows for development of the rest of the mechanisms needed to turn it into a typical currency.
Bitcoin becomes worthless (temporarily?) if all of the world's energy grids AND every node of the internet gets destroyed at the same time (this is mathematically represented by the current hashrate). Given the power of nuclear weapons, this is not impossible now, but it will be very soon. Think about that. Even deployment of all the world's nuclear weapons simultaneously to destroy the Bitcoin network and world's energy grids will soon not be enough energy to fully stop it. It is a virtual SkyNET energy weapon system when fully deployed, but being deployed to save humanity rather than to destroy us. You may not fully understand this until you read section 5.10 of Softwar.
This is a lie. This energy has no value. A thing has value if it is usable. In this case, all of that energy has already been lost to heat. It's all gone. It is non-usable energy. These arguments for Btc being "energy based" take a shit all over basic physics (specifically our ideas of entropy). ALL OF THE ENERGY REQUIRED FOR BTC IS USED UP!!!
It stores no energy. It stores no value. It is WORTHLESS except as a technology. But it is infinitely divisible (effectively). As a technology 0.0000001 Btc is just as valuable as 1,000,000 Btc. So as a technology, it has value. It can be used to create things, like say, a real asset backed currency (though there are better block chain techs than Btc, so it's really not a very good one in that regard). But it's value is not tied to the number that you have, thus it has no measure based intrinsic value.
This is an argument for it as a technology, not as a valueless currency.
Like everyone else, all of your arguments for Btc are either completely false, or are arguments for it as a technology. These arguments completely ignore the fact that it's usability as a tech is just as valuable no matter how much you have.
All non-asset backed currencies are worthless. We have been trained to believe in them. Once the scam is fully revealed, and we allow ourselves to have access to other means of economic exchange, not a single person will hold on to Btc et al. Not one. Why? Because it is a scam, pure and simple. Eventually that will be obvious to everyone.
It is not a currency yet. It is still tied only to energy because it must hit certain hashrate milestones as mining network and worldwide energy grid is built out, so it can’t be stopped.
It is a store of value priced in $ as hyperinflation destroys the $, but soon it will be obvious it is also a store of value when priced in gold. Silver will likely come later. This is what it is intended for right now. One alternative store of value, that’s it. (a life raft like gold, if you will). You are arguing about something that hasn’t happened yet.
You need to read Softwar. Bitcoin is not a scam, but all other cryptos may be depending on who controls them (there is only 1 proof-of-work crypto). Bitcoin is limited amount, but infinitely divisible. Its value grows over time as more energy is put into mining it and protecting the nodes. Most of the other cryptos were specifically created to program the public that “cryptos are a scam” while the Deep State hands out Bitcoin for bribes and uses it quite extensively now.
You can buy satoshis (100M satoshi per Bitcoin), but early adopters owning 1 Bitcoin now will very likely be new wealthiest 1% worldwide (for investing in humanity). You can also buy 1 share of MSTR stock and move to transfer agent to self-custody if you are not convinced it has any value. As a shareholder you might be convinced otherwise. MSTR is largest publicly traded holder of Bitcoin on balance sheet.
Space Force appears to be protecting the Bitcoin network “cyberspace” mining nodes as well as the StarLink parallel internet nodes. I don’t thing they would be doing that if Bitcoin was a “scam”
If there is enough bitcoins able to be mined for each person in the world to have one coin what would that coin be worth? Would it buy a house or a loaf of bread. Like how is the value of it not able to be manipulated? If I have 10 and you have none then one would hold a lot of value to you if you need to buy something and you would trade something of greater value to get the coin if you needed it to pay a bill or get something
Total Bitcoins will be 21M in the year 2140. You can buy satoshis (100M satoshi per Bitcoin), but early adopters owning 1 Bitcoin now will very likely be new wealthiest 1% worldwide (for investing in humanity).
Yes, it must eventually be used for everyday exchange in order to increase liquidity enough for everyone. They are very near this point in El Salvador, but most Corporations and State Gov’t in US are not accepting it. Some smart small biz operators and municipalities accept it as payment alternative. Your bread will be priced in satoshi and $ and possibly silver simultaneously at some point.
I was buying silver with Bitcoin because I believe it is the only thing more underpriced right now. I stopped and decided to try to accumulate 1 Bitcoin worth, expecting to be able to borrow against Bitcoin collateral asset at some point in the future.
Trading Paradox is that something viewed as too valuable will not be given up in trade for anything else unless it is just a tiny portion of the total “wallet”. This is happening slowly as Bitcoin price in both $ and gold terms increases.
Thank you u/Slyver - Beautifully and intelligently articulated - with poise and tact.
I'd say something with similar points, but it would come out "real shitty".
Thanks for using your gifts as the voice of reason.
Bitcoin is much more than a currency based on my reading of "Softwar". Many are missing some of the other aspects of how it can be "weaponized" to make typical kinetic warfare obsolete. This is likely the longer term mission of why it was created.
It is much more reasonable to expect silver/gold coins and/or silver certificates to fullfill the "replacement currency" or "currency backing" in the short to medium term, but Bitcoin is likely the next iteration after that once fully developed. Many of the potentials related to currency have yet to happen, but they are clearly sitting there ready and waiting when humanity is ready for it. This appears to be the purpose of how it was created. Foundation first. The roof comes later.