Bitcoin And Trust Are Equally Unavoidable \ stacker news ~bitcoin

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Bitcoin And Trust Are Equally Unavoidable bitcoinmagazine.com/technical/bitcoin-and-trust-are-equally-unavoidable

35 sats \ 5 comments \ @k00b 8 Mar 2022 bitcoin

1000 sats \ 1 reply \ @Majjin 8 Mar 2022

Bitcoin helps us reallocate trust back to where it belongs.

Trust should be with our loved ones and members of our local community. Since Bitcoin is peer to peer, we can directly send money to local businesses and charities. Without inflation, we no longer have to concentrate so much on getting the bag. This relieves stress and reduces selfish, high time preference behavior. Hard money is conducive to a high trust society.

To a lesser degree, we can trust institutions and organizations if they have a proven track record AND skin in the game. Bitcoin decreases everyone's time preference so that they make better, future oriented decisions. Organizations and institutions running on a Bitcoin standard are incentivized to make decisions that the market desires. It also brings back the skin in the game. They can no longer push economic consequences into the future for their successors or our descendants to deal with. If they mess up, there's no bail out. They deal with the immediate blow back.

Governments must actually serve their customers to make revenue rather than simply pillaging their citizens through taxation and inflation. If they don't, citizens will simply leave with all their Bitcoin. They can't inflate the money supply. They can't tax through the threat of violence as effectively anymore. Government will change as we know it, becoming more akin to security providing businesses. A Security and rights enforcement agency that is subject to the market is more trustworthy than a government with the monopoly on taxation and the money supply.

0 sats \ 0 replies \ @247bf84fda 25 Aug freebie

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0 sats \ 1 reply \ @cryptocoin 8 Mar 2022

Bitcoin vastly reduces friction in monetizing content and supporting other people’s work online. We’ve seen how the relationship between users and social media platforms can get complicated, but social media is still an effective way for content creators to reach a large audience. Bitcoin can help streamline engagement within and across platforms, and the ability to stream sats to reward creators, journalists and gamers has been nothing short of a miracle. Examples include Twitter’s Strike integration, Podcasting 2.0 and stacker news.

Stacker news and Y’alls are pioneering a new model for social media powered by bitcoin. In this model, the platform imposes a cost to produce and engage with content. The cost is miniscule, but it’s enough to prevent spam, and as a result, the quality of the content is greatly improved. You might think users would never opt to pay for a service that they’re used to having for free. But in return for sharing valuable content, creators are rewarded with bitcoin directly by the community. Meanwhile, everyone benefits from an overall better experience and less spam which makes it a net win.

0 sats \ 0 replies \ @247bf84fda 25 Aug freebie

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0 sats \ 0 replies \ @247bf84fda 25 Aug freebie

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