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stacking since: #74100longest cowboy streak: 233
200 sats \ 0 replies \ @Scoresby 21h \ on: Can Bitcoin succeed without widespread adoption? bitcoin
Problem is we don't know how good of a "hedge against state agression" it is. We kind of have to wait and see what happens when/if a state really attacks it.
This is the hope. Increased threats from state (financial controls, gov't money debasement) will hopefully lead to increased adoption. But we don't know at what level of state aggression a person's threshold for adopting bitcoin is.
You are spot on with this and I think it is true of bitcoin specifically, as well. So it makes sense for anyone interested in it to try to make bitcoin easier to use and understand so that the level of state aggression at which it becomes an attractive alternative is as low as possible.
Whether we think it has succeeded or not, it makes sense for anyone who wants censorship resistant money to continue to put effort into increasing bitcoin adoption. Because with more adoption, we get better censorship resistance.
Sounds like a scammer to me. Never used Peach, but I've used bisq a fair amount. In the years of trading there, only ended up with 2 disputes. Both caused by trading partner ghosting part of the way through the trade.
Monopoly (the game) suffers from monetary inflation, too.
2022 versions of the game come with 475% more monopoly dollars than the 2008 version (which had 35% more than the original).
And they added $1k and $2k bills in the 2022 version.
Isn't public just another way of saying anyone can read it?
If anyone can read it, anyone can do math to verify it.
If anyone can verify it, anyone can be sure about the true state of the ledger without needing to trust anyone else.
If anyone can be sure about the state of the ledger, they can accept the coins anyone else gives them.
If anyone can accept coins, anyone can spend coins.
If anyone can spend coins, anyone can write to the ledger.
If anyone can do these things, anyone can run a node.
Perhaps I have oversimplified his second point.
People probably don't just enjoy holding dollars. They like what dollars can get them. In that sense dollars are just a means.
However, there are also some things only dollars can get you (you can only pay US tax obligations in dollars).
So dollars have an end for Josh.
Lawyers may be a means to a lot of things, but there are some things you can only get if you hire them.
I have a feeling Josh does not count bitcoin's censorship resistance as an end.
Yes, and my sense is that Josh would agree with you. From his replies to folks, it looks like he finds the regression theorem a little silly.
The main points of his argument are:
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people only really want things that are an end in themselves.
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things that are a means to an end still need to have some aspect in which they are an end.
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what is bitcoin's end?
I don't think he is saying only (and I hope I didn't imply that).
My read of the argument is that money has to get "jump-started" with some kind of use-value. Once others want it for money purposes, it's just that: money. But people don't want money just to have money (so the argument goes), and some number of people do want money for the use-value of the money -- and that's what keeps the whole system going round.
I disagree with him that there is no end in bitcoin itself.
EDIT: "jump-started" may not be what he's getting at, either. It may be more like the little pushes that contribute to resonance in a swing.
I agree with you, but I'd go further and say bitcoin doesn't need to be valued as a collectible to have value.
No. Just that we don't how how much any one person values any particular thing. So there's no such thing as a value something has in and of itself.
People give value to things by wanting them and being willing to do something about it.
I agree 100% with his analogy not being particularly useful.
What I do like about Satoshi's reply is his last little bit where he says people just seem to like having something to use like this.
Also, my read of his tone is that he didnt really care all that much. (But this is a very subjective analysis on my part)
Josh tries to get at the "intrinsic value" concept by talking about ends and means.
There are some things people pretty much only want as a means of getting something else.
Usually, people say money fits in this category. Here's an article where Rothbard says it several different ways.
Then there are things that people actually want, like cigarettes. Cigarettes can be used as a means (prison currency), but they were created as an end in and of themselves. I think Josh's take is that money can't be used as an end, and so it needs to be tied to some "real" end.
That's where I think he's wrong. People can want anything as an end.
His explanation is that gov't money gets its value initially from being a claim on the "right not to be thrown in jail for not paying your taxes."
I like this: value through negativity (probably not the best way to phrase it). You are on point with your observation. As far as I can see the main value prop of bitcoin is censorship resistance.
Strangely, I think Josh would agree. His hangup seems to be on a theoretical level. He'd probably be happier if he just didn't worry about it.
Yeah, I'm still have trouble with drawing a line around Dartg's side of the trade and acting like we don't have to account for the change in demand that occurred when his counterparty created his ask.
Either we must account for all possible demand levels at all times or we only may account for them at the time they are realized in a trade. We can't choose to account for changes in demand at one time and not another because both levels of demand are expressed in the same trade.
the only thing changing is that Darth is more willing to part with the Forkcoin he has than their previous owner was.
I disagree here. My read is that Darth's trading partner also had to be more willing to part with something than he previously was.
This is more or less where we were about ten iterations above. I will spend more time thinking about your answer there (#876535) and see if I cannot better explain my disagreement.
No, they are taking bitcoin at whatever exchange rate they can get it, which will be higher prices.
Isn't this also what Darth is doing?
They either have to outbid the other market participants or pay enough to entice new sellers to make exchanges.
Did Darth outbid someone or pay enough to entice new sellers to make exchanges when he offered his fork coins for sale (tried to buy bitcoin with them)?
My understanding of the Darth analogy here is that yes, he did (he enticed new sellers of btc to enter the market). And our outcome, surprisingly, is that because of this the price of forkcoin went down.
You suggest that Darth's trade is an increase in supply of forkcoin even though we are explicitly saying he is enticing new sellers of bitcoin to enter the market.
If Darth's willingness to sell forkcoin is an increase in supply, so is his trading partner's willingness to sell bitcoin.
My contention is that this all ends up being contradicting itself because the reality of markets is that every trade is a balancing of the supply and demand of the things traded. And so a trade cannot change the price of either item in the trade.