Wiggly-line arbitrage makes it completely fucking useless.
Proof of whatever won’t change how finance bros ruined this. They didn’t create it or make it real. They broke a cool new technology, for profit. You can’t buy things with it. It’s not really currency. It’s just you assholes juggling tulip-bulbs, and occasionally exchanging one for a nice car or an ugly house.
The straightforward fix is inflation. Make line go down, and you can hand out fake cash willy-nilly. The finance-bro crowd understands this (or think they do) but view it as a bug rather than a feature, because then how do I get rich sitting on my thumb? “You don’t” is the necessary answer, for currency. Currency is not an investment. The value of currency is exchange. If you’re measuring liquidity in terms of trading two things back and forth, that’s not economic activity, that’s masturbation.
But you can give people digital bottlecaps or whateverthefuck, and so long as they’re broadly well-distributed, people will throw them at podcasts and weird porn or whatever, and gradually accumulate value where people do things and make stuff. Even if it’s just weird porn. If the value per-widget is low and falling, that’s all the more reason to get it out of your pocket. It will find its way through interfaces into the real world. Not for houses and cars, but for things regular people buy regularly.
Which remains important, because PayPal is still the devil.
Back when the crypto craze was in full swing I asked “so are there any inflationary cryptocurrencies” and the answer I got was “something something deflation good, something something stable coins”.
Of course it would be completely technically feasible to do with blockchain technology but despite numerous claims to the contrary, {cryptocurrency enthusiasts} ∩ {people whodo not want an inherently deflationary and therefore speculative currency} = ∅
Which is strange, right? There must be more weirdos like me who remember Beenz, and got nerd-sniped by that Alan Watts “money isn’t real” bit. I only know about David Graeber thanks to general popularity before his untimely death.
You figure the fediverse would be sloshing around some anarcho-whateverist lira that dwindles to fuck-all if you sit on it for a year. I’m left wondering if I could jump-start it as part of a shitty mobile game. Log in for daily rewards! Invite your friends for more! Eugh.
Right, speculation is awful for currency and is the entire reason why real monetary policy seeks some small inflationary pressure. This was obvious from the beginning and I have eaten a lot of downvotes for pointing it out.
The intrinsic value of a crypto token is a function of the value of the underlying Blockchain application. The original thought was that a decentralized, anonymous payment processor would have a lot of intrinsic value, but unfortunately the Blockchain actually kind of sucks at doing that in real time, and it’s already a pretty crowded application space in the first place
Back in early days - since this is yet another Big Thing that whizzed right past me - the appeal of mining was to create necessary infrastructure. Participation trickled out rewards. Yeah, turns out an audience of engineers will instantly turn that into an optimization puzzle. In a heartbeat you have FPGAs, GPUs, and genuine ASICs shoving out the broad base of support in favor of a core with control over a majority of the network. “Satoshi” aimed for Tor and whiffed.
Anyway, the value of any currency is what it represents, and a currency that can’t buy anything represents diddly over squat. Genuinely the entire market right now might be detached from reality. It’s not just irrational - it’s fictional. You can’t even plant Bitcoin and get a pretty flower.
Agreed. The get rich quick and “passive income” ideas are honestly poisonous and crypto space really showed that. The real innovations get sidelined by it.
Cash you can e-mail was a great idea.
Wiggly-line arbitrage makes it completely fucking useless.
Proof of whatever won’t change how finance bros ruined this. They didn’t create it or make it real. They broke a cool new technology, for profit. You can’t buy things with it. It’s not really currency. It’s just you assholes juggling tulip-bulbs, and occasionally exchanging one for a nice car or an ugly house.
The straightforward fix is inflation. Make line go down, and you can hand out fake cash willy-nilly. The finance-bro crowd understands this (or think they do) but view it as a bug rather than a feature, because then how do I get rich sitting on my thumb? “You don’t” is the necessary answer, for currency. Currency is not an investment. The value of currency is exchange. If you’re measuring liquidity in terms of trading two things back and forth, that’s not economic activity, that’s masturbation.
But you can give people digital bottlecaps or whateverthefuck, and so long as they’re broadly well-distributed, people will throw them at podcasts and weird porn or whatever, and gradually accumulate value where people do things and make stuff. Even if it’s just weird porn. If the value per-widget is low and falling, that’s all the more reason to get it out of your pocket. It will find its way through interfaces into the real world. Not for houses and cars, but for things regular people buy regularly.
Which remains important, because PayPal is still the devil.
Back when the crypto craze was in full swing I asked “so are there any inflationary cryptocurrencies” and the answer I got was “something something deflation good, something something stable coins”.
Of course it would be completely technically feasible to do with blockchain technology but despite numerous claims to the contrary,
{cryptocurrency enthusiasts} ∩ {people who do not want an inherently deflationary and therefore speculative currency} = ∅Which is strange, right? There must be more weirdos like me who remember Beenz, and got nerd-sniped by that Alan Watts “money isn’t real” bit. I only know about David Graeber thanks to general popularity before his untimely death.
You figure the fediverse would be sloshing around some anarcho-whateverist lira that dwindles to fuck-all if you sit on it for a year. I’m left wondering if I could jump-start it as part of a shitty mobile game. Log in for daily rewards! Invite your friends for more! Eugh.
Right, speculation is awful for currency and is the entire reason why real monetary policy seeks some small inflationary pressure. This was obvious from the beginning and I have eaten a lot of downvotes for pointing it out.
The intrinsic value of a crypto token is a function of the value of the underlying Blockchain application. The original thought was that a decentralized, anonymous payment processor would have a lot of intrinsic value, but unfortunately the Blockchain actually kind of sucks at doing that in real time, and it’s already a pretty crowded application space in the first place
Back in early days - since this is yet another Big Thing that whizzed right past me - the appeal of mining was to create necessary infrastructure. Participation trickled out rewards. Yeah, turns out an audience of engineers will instantly turn that into an optimization puzzle. In a heartbeat you have FPGAs, GPUs, and genuine ASICs shoving out the broad base of support in favor of a core with control over a majority of the network. “Satoshi” aimed for Tor and whiffed.
Anyway, the value of any currency is what it represents, and a currency that can’t buy anything represents diddly over squat. Genuinely the entire market right now might be detached from reality. It’s not just irrational - it’s fictional. You can’t even plant Bitcoin and get a pretty flower.
Agreed. The get rich quick and “passive income” ideas are honestly poisonous and crypto space really showed that. The real innovations get sidelined by it.