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Problem with bitcoin. Teach this guy something please.

Problem with bitcoin. Teach this guy something please.



View Reddit by meaghan_mView Source

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6 Comments

  1. * Bitcoin’s triple-digit bookkeeping is enabled with on-directional entropy (PoW). Meaning it’s quite literally backed by energy. Wether it’s a lion hunting a bison (energy), or star burning hydrogen (energy), there is nothing better to back the fruit of one’s labors than a currency backed by energy.
    * Bitcoin doesn’t target a stable price. It targets a variable price. Its one-directional entropy (PoW) can control the supply and issuance. The market decides the price. That’s what a free market looks like. When its has absorbed enough trust (and thus value), its confidence curve will flatten (and thus volatility). When that happens, nothing will be able to stand up to it. Nothing.
    * It’s harder than gold, and over time will become exponentially harder than gold.

  2. The whole idea of “money” is to use something with little or no intrinsic value as a general purpose, general public IOU so that we don’t have to resort to bartering.

    It doesn’t matter if you can make jewelry out of it or not.

    It doesn’t matter if it’s volatile or not, for now. It won’t be that way forever. Learn to think ahead.

What do you think?

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