Conversation

Notices

1. Embed this notice
   ↯ Klaatu - Some Brave Apollo ↯ (klaatu@noauthority.social)'s status on Friday, 30-May-2025 20:06:13 JST ↯ Klaatu - Some Brave Apollo ↯

   93% Of All Bitcoin Is Already Mined - Here's What That Means...
   https://www.zerohedge.com/crypto/93-all-bitcoin-already-mined-heres-what-means

   The Satoshi Nakamoto HODL over 1.1 million BTC is today worth $110 billion. What if that's really the govt stash for the post dollar world? What would a BTC need to be worth to make that equal to all US debt?

   • Embed this notice
     pat (thatcrazydude@noauthority.social)'s status on Friday, 30-May-2025 20:06:12 JST pat

     in reply to

     @klaatu it would need to be worth ANYTHING to begin with, which it isn't. It's a fiat just like any other. No intrinsic value whatsoever. You can't fix fiat's failing by replacing it with another fiat. Not to even mention that no government in the world will go for something they can't hope to have control over.

   • Embed this notice
     lainy (lain@lain.com)'s status on Friday, 30-May-2025 20:06:12 JST lainy

     in reply to

     • pat
     @ThatCrazyDude @klaatu I think the regression theorem holds even for bitcoin. As soon as there was an initial priced exchange (like the pizza day) there’s an anchor to start from. I don’t think characterizing crypto currencies as fiat makes much sense.
   • Embed this notice
     lainy (lain@lain.com)'s status on Friday, 30-May-2025 22:59:44 JST lainy

     in reply to

     • pat
     • 👺防空識別區👹
     @adiz @ThatCrazyDude @klaatu before the modern era gold and silver had no real industrial value either and they still were the global currency for much longer than any other medium of exchange. All money is “faith-based”.
   • Embed this notice
     👺防空識別區👹 (adiz@mtl.jinxian.casa)'s status on Friday, 30-May-2025 22:59:46 JST 👺防空識別區👹

     in reply to

     • lainy
     • pat

     @lain It's still a (collective) faith-based asset in terms of value which makes for a horrible lousy currency. @klaatu @ThatCrazyDude

   • Embed this notice
     lainy (lain@lain.com)'s status on Friday, 30-May-2025 23:05:42 JST lainy

     in reply to

     • pat
     • ロミンちゃん
     @romin @ThatCrazyDude @klaatu no, because it has several characteristics that make it closer to a commodity money like gold than a fiat money like the dollar: absolute scarcity, market-based adoption instead of fiat “legal tender” status, no central controlling authority. Of course many cryptocurrencies lack these attributes too, but Bitcoin doesn’t.
   • Embed this notice
     ロミンちゃん (romin@shitposter.world)'s status on Friday, 30-May-2025 23:05:43 JST ロミンちゃん

     in reply to

     • lainy
     • pat
     @lain @ThatCrazyDude @klaatu
     >I don’t think characterizing crypto currencies as fiat makes much sense
     Because they're not real currencies?
   • Embed this notice
     lainy (lain@lain.com)'s status on Friday, 30-May-2025 23:13:03 JST lainy

     in reply to

     • pat
     @ThatCrazyDude @klaatu but that’s true for everything, value is always subjective. Nobody dictates the price of bitcoin, it’s a market outcome. I understand why it has aspects of fiat, but it also has aspects of commodity monies. George Selgin has a a paper about it that classifies it as a third class of monies, synthetic commodities, and I think that fits the reality of crypto better than calling either fiat or commodity money.
   • Embed this notice
     pat (thatcrazydude@noauthority.social)'s status on Friday, 30-May-2025 23:13:04 JST pat

     in reply to

     • lainy

     @lain @klaatu fits the definition. It only has value because someone said it has value and someone else believed it. That's what fiat is, you know. Now, if you had a pizza chain and you were to actually guarantee in some meaningful way that you'll ALWAYS sell 100 pizzas of specified quality and size, that you'll never run out and all for 1 Bitcoin, or whatever rate you'd choose, you could argue it's no fiat, but until then.... Ya know.

   • Embed this notice
     Nicholas Conrad (nicholas@aklp.club)'s status on Friday, 30-May-2025 23:13:07 JST Nicholas Conrad

     in reply to

     • lainy
     • 👺防空識別區👹

     This is in fact the key differentiator between currency and goods. A medium of exchange is accepted because it is expected to be accepted again later. If you're trading for things that are valued on their own, then that's just barter.

     lainy likes this.