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You have little faith in humanity. Bitcoin can only be a speculative asset as much as the dollar and other fiat currencies can keep inflating. Since the US dollar and other fiat will not inflate forever but will eventually suffer a call on the debt stacked, Bitcoin will spike at that moment away from the false stagnation it suffers.
The game is playing out as it should.
Bankers will exist as Bitcoin will exist.
Bitcoin is like the ability to talk to anyone via the internet, and Fiat is like propaganda to skew our speech. As long as we keep talking, everyone will realize their mucky thinking is because of fiat and we shall slowly evolve towards a near full hyperbitcoinization state. It'll take time though.
But here's the hope, the boomers who grew up in peak fiat and are now rich because of it have about 30 years then it will be millennials who were at most 20 when Bitcoin was invented.
They'll not hardcore fiat like their parents. They know the price of thinking one can have a free lunch, a slow decay to what we have now even as comforts have 10xd.
Insightful video. And one great way to invite the elite to our viewpoints and to our side is to bring forth ideas and ways of doing that make them admire us.
I just think let's not do it hastily otherwise we may port to a less secure system. These new algorithms are proven mathematically (possibly), but actually designing classical software to implement then perfectly may be so full of bugs and attack vectors. Let's be careful as this is all new and is all from a point of fear, not strength.
Now imo, if we ever have to do it, I'd say let us do it after quantum computers have proven their threat. Since you agree with the energy signature argument, then you see that if a QC that can actually break a Bitcoin wallet is designed it will both be major news to that computer company and a way to rally Bitcoiners to move coins. The initial loss will only galvanize Bitcoiners better, while it will rally a lot of people to sympathatize with us against the big bad monster.
Also, as I have posted on Scott Aaronson's AMA page, quantum computers will be useful to Bitcoin so I'd say we call their bluff. Motivate the QC scientists to actually build them.
Otherwise, nah. It's way out there. Just like nuclear fusion.
I think quantum computing simulating quantum mechanics will be way more useful to Bitcoin than as a danger because
- Bitcoin seeks for more energy effiicent ways to mine and relay transactions to anywhere in the world.
- Grover's algorithm will speedup Bitcoin node synchronizations, while
- Shor's algorithm will help crack old wallets for recovery purposes like what Joe Grand does.
Can't wait for Joe and his students to get his hands on a quantum computer!
So as you can see, quantum computing will infact help improve the world e.g via helping Bitcoin.
Cracking public-private key pairs using a quantum computer so one can steal bitcoins isn't a very useful strategy despite the fact that it sells news better in this doomish age.
In a better time, people will dream up quantum utopias where we crack encryption so as to know what was hidden yet will help someone in need. The way nuclear utopias were dreamed up and every home had electricity and high speed rail and clean environs were everywhere.
Alas, the reality for nuclear power was that the fear continued to have a grip on us, and is now a major tool of military posturing. Quantum might sadly be the same. But in some niche areas, quantum computing, more than nuclear power which requires too many starting conditions that only heighten fear, will thrive and people will use it to advance civilization.
If you've read this, I'm curious what you think of it.
Actually given what is going on with the layoffs so people can become data annotators, married women today are likely clocking north of 12 hours at work trying to earn money. Moreover, while the husband is also working.
This is the pressure cooker for divorce that I see.
I created a quiz on the bright future of chess in an AI world courtesy of Bitcoin, at my edutech site bitcoinhighschool.com
My thesis is that chess can be more beautiful if chess players have the option to not only push the limits from a position of scarcity ('I want to win prize money!') but also from a position of abundance ('I can explore great chess moves if I ride AI like a person riding a rocket ship').
Wonder what you think of this.
Do check out the quiz under Bitcoinized Games.
Name: Bite 26 -- Bitcoin beautifies Chess.
SpaceX should treasure gold ingots on the moon or Mars. Not bitcoins. Buying and holding onto bitcoins does not create scarcity pressure because human beings being human beings will eventually yield to a little market red and sell.
Now put 100 tons of gold ingots on Mars and next month, red everywhere. Oops, gotta wait out a year before you cash out.
Hence, any mispriced feelings causing market panic get put aside. Back to reality. Back to low time preference.