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1. Embed this notice
   feld (feld@bikeshed.party)'s status on Monday, 03-Jul-2023 07:35:20 JST feld
   Moon just announced he is buying and island and starting a country. This is the new currency backed by Bitcoin
   • lainy and narcolepsy and alcoholism :flag: like this.
   • Embed this notice
     lainy (lain@lain.com)'s status on Monday, 03-Jul-2023 07:36:48 JST lainy

     in reply to
     @feld
     > 3 moon dollars
     > 3
     
     Delightfully devilish
   • Embed this notice
     feld (feld@bikeshed.party)'s status on Monday, 03-Jul-2023 07:41:08 JST feld

     in reply to

     • brea
     How are you going to convince 51% of the community to install the fork with the cap removed which lowers the value of your their coins
   • Embed this notice
     brea (driftwood@rot.gives)'s status on Monday, 03-Jul-2023 07:41:09 JST brea

     in reply to
     @feld what's moon going to do when they remove the 21 million dollar cap to guarantee the security budget
   • Embed this notice
     feld (feld@bikeshed.party)'s status on Monday, 03-Jul-2023 07:43:27 JST feld

     in reply to

     • coldacid on 🔥
     10grans would be too easy for the US government to attack, but 10grans will be accepted for ice creams
   • Embed this notice
     coldacid on 🔥 (coldacid@shitposter.club)'s status on Monday, 03-Jul-2023 07:43:28 JST coldacid on 🔥

     in reply to
     @feld lies, Moonland currency would be backed by 10grans
   • Embed this notice
     brea (driftwood@rot.gives)'s status on Monday, 03-Jul-2023 07:44:57 JST brea

     in reply to
     @feld 51% of the users or of the miners - because for the miners it just eventually will make economic sense - the overwhelming majority of their profits come from the coinbase reward and not transaction fees
   • Embed this notice
     feld (feld@bikeshed.party)'s status on Monday, 03-Jul-2023 07:44:57 JST feld

     in reply to

     • brea
     The theory only holds in a world where miners always sell bitcoin for dollars and never hold bitcoin reserves
   • Embed this notice
     feld (feld@bikeshed.party)'s status on Monday, 03-Jul-2023 07:49:03 JST feld

     in reply to

     • brea
     Not all miners are in America, some even have free energy. Some miners state actors and will gladly hold for a very long time as the mining is simply an investment for the state
   • Embed this notice
     brea (driftwood@rot.gives)'s status on Monday, 03-Jul-2023 07:49:04 JST brea

     in reply to
     @feld guess it'll hold forever then - even if they hold short term in hopes of cashing in an appreciation of bitcoin's price, miners have costs that are not paid in bitcoin, but in dollars
   • Embed this notice
     feld (feld@bikeshed.party)'s status on Monday, 03-Jul-2023 08:05:22 JST feld

     in reply to

     • brea
     We don't even know who "most miners" are. The Bhutan government has been hiding a mining operation operating off their excess hydro power for years now
   • Embed this notice
     brea (driftwood@rot.gives)'s status on Monday, 03-Jul-2023 08:05:23 JST brea

     in reply to
     @feld if not in dollars, in any other fiat currency, that doesn't change anything. as to the other point, either a prohibitive share of hashing rate has been concentrated in the hands of the few actors who have no monetary prospects to worry about or they are a insignificant fraction - most miners do have to pay for cooling, warehousing, eletricty, hardware, initial outlay, etc
   • Embed this notice
     feld (feld@bikeshed.party)'s status on Monday, 03-Jul-2023 08:16:06 JST feld

     in reply to

     • brea
     or maybe even it's distributed across ALL state actors and so it's still censorship resistant because countries don't want the USA to censor or do economic sanctions!
     
     Lots of possibilities, just wait and see what happens
   • Embed this notice
     brea (driftwood@rot.gives)'s status on Monday, 03-Jul-2023 08:16:07 JST brea

     in reply to
     @feld i mean for my point it doesn't really matter who most miners are. either one of two scenarios exist: mining hash rate is distributed and thus the majority of hash rate is subject to economic requirements or it's not distributed because of state actors and a minority with access to free energy and the bitcoin network is compromised and worthless as a censorship resistant payment system
   • Embed this notice
     feld (feld@bikeshed.party)'s status on Monday, 03-Jul-2023 08:28:24 JST feld

     in reply to

     • brea
     of course not, it will be NATO vs SCO vs ??? (whatever pops up in South America and Africa)
   • Embed this notice
     brea (driftwood@rot.gives)'s status on Monday, 03-Jul-2023 08:28:25 JST brea

     in reply to
     @feld considering the inequalities amongst state actors in terms of ability and desire to comandeer resources for the purposes of participating in a project whose stated goal is the obsolescence of fiat money (regardless of the logic or feasibility of this task), it would be outright fucking magical to discover that the hash rate is evenly distributed amongst all state actors
   • Embed this notice
     feld (feld@bikeshed.party)'s status on Monday, 03-Jul-2023 08:50:05 JST feld

     in reply to

     • brea
     these hypotheticals are boring, everything gets reduced to extreme scenarios that won't happen and then people just shitpost back and forth about it
   • Embed this notice
     brea (driftwood@rot.gives)'s status on Monday, 03-Jul-2023 08:50:06 JST brea

     in reply to
     @feld okay so your idea of a bitcoin network that works well is one in which the majority of hash rate is controlled by state actors and in which NATO, SCO and some other loosely defined block somehow all control 33% roughly and for some reason are incapable of changing this balance of control and thus can't ever reliably perfom censorship (unless of course they agree to in specific cases)