336 sats \ 4 replies \ @nerd2ninja 13 Oct 2022
I think you shouldn't shit on someone who is a gold based saver. It works fine for saving money, and it works well for tracking prices as well. A lot of the core values of Bitcoin come from the core values of gold, but Bitcoin was created because of the failings of gold in terms of confiscatability, portability, divisibility. Failings which made necessary the use of gold certificates.
I do believe that we can have a more respectable union with gold holders than with crypto. I think patience in showing gold holders the economics that we know will go far in getting them to understand and understanding the minutia of the gold trade can go far for getting them to respect us.
I don't think gold and Bitcoin should be at war. I do think Bitcoin and crypto have many reasons to be at war.
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114 sats \ 0 replies \ @rolator 13 Oct 2022
well said. I agree
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15 sats \ 0 replies \ @guimozick 13 Oct 2022
Totally agree. They can contribute more than the shitcoin holders who are the ones that really undermine the space. It is the shitcoiners who end up damaging bitcoin by making those who are not yet inside believe that it is all the same garbage
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15 sats \ 1 reply \ @Wil OP 13 Oct 2022
Agree I see most gold bugs as like half way there. As long as they are under 55 all the gold bugs I've talked to have been pretty open to hear what I have to say about Bitcoin. They already have the right mindset. I'm curious on crypto what gives a coin a value of 50k btc ($1billion usd) and why in the world are their 50 of them? Is it the same reason the average home in Toronto is $1.2million? What justifies it?
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0 sats \ 0 replies \ @nerd2ninja 13 Oct 2022
There's this old man I like to listen to on YouTube who loves metals and Bitcoin. He does a market report on metal prices and Bitcoin prices everyday as well as relevant news.
https://www.youtube.com/c/Financialturmoilexplained/featured
His comment section on the other hand is mostly metals fans and I often feel like the only Bitcoin commentor lol.
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126 sats \ 3 replies \ @8 13 Oct 2022
I see it as Bitcoin insurance. If the world goes dark, it can serve as a temp bridge until btc back up. Otherwise, it lacks functionality in a digital world.
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20 sats \ 2 replies \ @Wil OP 13 Oct 2022
I heard yesterday someone at the Amsterdam conference said Bitcoin is like a layer 4 solution bc it relies on tcp/ip, stable energy grids. Made me think we still have a long ways to go to make Bitcoin unstoppable 🟧🟠🟧🟠🟧
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226 sats \ 1 reply \ @l0k1 13 Oct 2022
That's just silly.
Layer 0: point to point connection (can be radio, cable, optic)
Layer 1: IP routing (this is purely inside some kind of computer with many PTP connects attached)
Layer 2: TCP connection sessions (arguably Reliable UDP and the like can go in here)
Layer 3: Bitcoin (Bitcoin only needs TCP/IP)
Layer 4: Lightning/Liquid/RGB/Fedi/Cashu (needs Bitcoin)
DNS is found at L1, as a distributed DB of names to address.
Distributing addresses is a little bit of a funny thing. It was originally designed as 32 bits but it would be simple to extend this to 256 bits and never run out of 64 bit network segment values. There has to be some kind of notion of ownership of IP address ranges.
Given the protocol to make IP addresses unique per node and follow the convention of bigger fanning out to smaller. I haven't thought through that exactly but you can consider an internet without DNS very easily if you quadruple the bits.
Binding names to addresses could definitely be done on bitcoin chain.
I think within another 10 years Bitcoin can practically quadruple its block size and handle all the required data no problem at all without becoming too expensive to run for an average technical person.
No, the internet is just a protocol for routing paths between computers with multiple network connections. If you have computers with multiple connections, you have an internet. It is only a coordination problem how to allocate the addresses.
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10 sats \ 0 replies \ @Wil OP 13 Oct 2022
Love the breakdown :) what you described will take years of dedicated work and coordination. It's exciting that ppl are looking that far in the future. Viva la Bitcoin 🧡
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84 sats \ 1 reply \ @DarthCoin 13 Oct 2022
Remember the number 6102?
https://darthcoin.substack.com/p/interesting-numbers
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69 sats \ 0 replies \ @Wil OP 13 Oct 2022
The Aztec's forced tribute in gold, Spanish looted the Aztec's, Sir Francis Drake looted the Spanish galleons. Fdr confiscated from the people. Where have I heard this before? I love Satoshi!
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84 sats \ 3 replies \ @DarthCoin 13 Oct 2022
gold is a shitcoin
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0 sats \ 2 replies \ @Wil OP 13 Oct 2022
Big agree. Do you prefer real estate or maybe equity in your own company? Is there anything else worth owning in this world?
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84 sats \ 1 reply \ @DarthCoin 13 Oct 2022
Bitcoin. ONLY
If you have bitcoins, you have anything you want.
Also another aspect: did you know how gold is extracted? How much pollution is generated in order to mine 1 ounce of gold?
Gold is just a shiny rock and its only usefulness is for electronic circuits.
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0 sats \ 0 replies \ @Wil OP 13 Oct 2022
What do you mean, gold has tons of uses?!! How else would I get my pizza to be $70k usd?? I wonder how the profit margins of goldmines compare to Bitcoin miners.
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0 sats \ 0 replies \ @scampy 13 Oct 2022
I once dabbled a bit in gold with this idea that it could be a hedge against Bitcoin failing, but ultimately sold it for more sats shortly after.
I kind of view gold as an altcoin, where:
- The supply is uncapped and unauditable
- Transactions are slow, costly and require either trust (swapping derivatives, trade by mail) or exposing yourself (trade in-person)
- Expensive to verify
- Not open source, cannot improve or evolve
- Difficult to secure. Has no signature schemes (multisig, passphrases, etc.)
To be fair, gold has maybe one or two advantages. It doesn't have an ongoing cost to maintain security (once it's out of the ground, that's that). And it always has a bottom floor in price thanks to its non-monetary usage (jewelry, electronics, medicine).
I don't consider gold's track history an advantage, similar to how the horse and cart didn't have an edge over the automobile due to seniority.
We won't be going back to trading shiny yellow rocks. If gold couldn't keep up in the 70's, it has zero chance half a century later where the speed of commerce has exploded.
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0 sats \ 0 replies \ @bitcointerest 13 Oct 2022
I have nothing against gold. The only problem is the aftermath mining companies leave behind for communities to deal with. Bitcoin mining is better in this regard, especially now that miners are finding innovative solutions to mine Bitcoin cost effectively.
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0 sats \ 3 replies \ @rolator 13 Oct 2022
Gold is a shitcoin... in a digital world.
Bitcoin is a shitcoin in a material world
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10 sats \ 2 replies \ @Wil OP 13 Oct 2022
You hear that @DarthCoin Bitcoin was a shitcoin 45 years ago. No time traveling into the past for you.
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1 sat \ 0 replies \ @DarthCoin 13 Oct 2022
don't listen to communists.
I wish to all of them a nice HFSP.
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0 sats \ 0 replies \ @rolator 13 Oct 2022
i meant to say bitcoin requires infrastructure, while gold doesn't
but obviously gold can't compete with bitcoin on anything other than that
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