You have a time machine you can use for one "Round Trip"... \ stacker news ~bitcoin

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You have a time machine you can use for one "Round Trip"...

318 sats \ 15 comments \ @028559d218 17 Aug bitcoin

One "round trip" to the future and back to the present day. You cannot 'stay' in the future, and you cannot bring anything 'with you' on your trip. Just yourself.

So you travel to the future and see to your astonishment that in 30 years Bitcoin is the global reserve currency. Sats are the global "medium of exchange" on our planet... and nearly all other financial assets are "priced in sats" the same way that they are "priced in dollars" or US Bonds today.

Bitcoin has become the "Global Reserve Currency of the Internet" that trades against ALL the fiat utilized in trade, savings, investment... basically all digital exchange. It's now the "English Language" of money most common to the internet.

Suddenly your time machine teleports you back to the present day, but with the knowledge that in 30 years Bitcoin will be the Global Reserve Currency.

You now have this knowledge with a very high degree of certainty... you have seen the future.

What do you do?

HODL BABY! I'm young enough after all43.8%

HOLD BABY! But... not 4 me 4 my children18.8%

30 years? Uh OK... guess I stick it out?0.0%

30 years? I'll sell some BTC + keep some18.8%

30 years? That's too long to HODL...6.3%

30 years? What? I need a lambo now!!!6.3%

I can't wait 30 years0.0%

Other/Not Sure6.3%

16 votes \ 5 days left

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21 sats \ 0 replies \ @nichro 17 Aug

Step 1: migrate UTXOs to newer and more secure (quantum resistant) wallet type

0 sats \ 6 replies \ @optimism 17 Aug

Other: do nothing! It doesn't matter what the entirety of the world does. Hyperbitcoinization is not going to be what you think it will be: it will be a paper standard.

Ask yourself this: if a hard asset standard were sustainable in the face of a self enriching ruling class for each little fiefdom, why are we off the gold standard?

100 sats \ 5 replies \ @028559d218 OP 17 Aug

I don't know

0 sats \ 4 replies \ @optimism 17 Aug

I'm in the process of studying this still, but the most compelling statement I've seen on it from one of the best informed central bankers of the 60s-80s (partial translation here)

The old [bretton woods gold standard] framework did not collapse because it had intrinsic deficiencies that prevented it from functioning like it did for twenty years after the war. It was thrown over board by the United States at the moment that the discipline it demanded to participating countries was knocking on America’s door.

Aka. Governments don't like rules. They often act as if they are the rules (this was once literally said to me by a Cali functionary, lol). So the only thing every government would do under a bitcoin standard is attempt to undermine it. I'd therefore expect a bitcoin standard to rapidly become a shitcoin standard.

100 sats \ 3 replies \ @028559d218 OP 17 Aug

I don't know how the government (the US) or even governments in general could operate under a Bitcoin standard. Government does not want fiscal responsibility... it does not want a 'hard money' standard or even 'hard money' setting interest rates across the real economy.

Just look at the US, running a 2 trillion $ deficit, borrowing more and more every year. It's crazy-talk, LaLa-Land borrowing that much paying 1 trillion $ in interest yearly...

I mean how is that sustainable?

I'm more concerned about the lack of on-chain activity... and the NGU bullshit that is penetrating Bitcoin culture.

Stacker News is the best Bitcoin community I've found... people actually use it and spend it and the signal-to-noise is the highest IMO.

0 sats \ 2 replies \ @optimism 17 Aug

it does not want a 'hard money' standard or even 'hard money' setting interest rates across the real economy.

Yeah that's the theory. Gold standard failed because politicians wanted it to fail. Bitcoin standard will fail the same. I'm also not worried, but I personally should spend more time laughing at the people that believe this than arguing, would be a better activity.

NGU bullshit that is penetrating Bitcoin culture.

NgU will dampen when the NdgU. And then when NgU again, it will come back. Like the tides. Has been like that every "cycle" and I say that as someone highly skeptical of cycle theory, or at least taking it as a persistent pattern rather than a historical one.

Stacker News is the best Bitcoin community I've found

Me too!

100 sats \ 1 reply \ @028559d218 OP 17 Aug

I love Stacker News. I wish the whole internet were more like it... and I think it will be eventually but take a really long time.

If I'm being honest the cycles scare me. YES, there will be more NgU and NgD 'cycles' that's not what concerns me.

It's the 'eternal September', the lack of education, the lack of a 'new-employee-onboarding' program...

When someone "joins" Bitcoin where do they get educated? What do they learn? Where do they learn what to do and not to do?

How do people learn to avoid scams? (like Proof of Stake) How to they know not to trade? Where do they know where to spend Bitcoin?

What are the standardization requirements? What is the "basic knowledge" one should have to be a 'beginner' Bitcoiner? None of this stuff is standardized and it shows.

I have talked to several friends about Bitcoin, sent them resources to learn, shown them some basic wallets, a good 'exchange'...

And they come back with like the most random Shitcoins they are interested in I have never even heard of. "Titcoin it's interesting" they write to me.

Where do people even find this stuff??? I show them Bitcoin. Recommend an exchange, and a wallet, and a strategy (think of Bitcoin like hard-money) and they come back...

"Yes Bitcoin is interesting but Titcoin it's interesting too"

I mean wtf

When will this Eternal-September end?

42 sats \ 0 replies \ @optimism 17 Aug

I have a maybe-not-so-crazy idea about this: Fuck The Bitcoin Standard; the @DarthCoin standard fixes this. It does because the guides are down to earth, stay away from any shitcoinery, and provide honest information.

So I think it's worth it to spend some time to work with Darth. If anything is missing from the guides maybe we can propose a draft to cover it. If something is outdated or can use clarification, we can submit a pull request and help out that way.

Honestly.. the solution could be right here, in your face, on SN.

0 sats \ 2 replies \ @SwapMarket 17 Aug

Future is not set in stone. All our actions shape it.

0 sats \ 1 reply \ @028559d218 OP 17 Aug

Presumably the time traveler will 'see' the future

0 sats \ 0 replies \ @SwapMarket 17 Aug

He will see "a" future, of which there are infinite. Your scenario only works for the block universe.

0 sats \ 1 reply \ @alashazam 17 Aug

I'd be more interested in observing the effects of over population in 30 years the assumption is that there will still be civilization, and humans also that I would still be alive, these alone are very good to know

I do not care about a fancy car

0 sats \ 0 replies \ @028559d218 OP 17 Aug

Birthrates are decreasing across the developed world, not increasing

0 sats \ 1 reply \ @DarthCoin 17 Aug

This is stupid. Whatever you will do you, it will create a butterfly effect with unimaginable consequences, for you and for the rest of the world. STOP trying to change the course of history. You will always end up in a bad situation. Instead accumulate knowledge and use your brain better.

0 sats \ 0 replies \ @028559d218 OP 17 Aug

Thanks Darth