If they gain control of 51% or more total hashrate.
2 Likes
The libertarian bros want to get rid of fiat money and go back to the gold standard. Or, in the case, of crypto, create the digital equivalent of gold and base the value of currency off of that. They see crypto as a way to neuter the Federal Reserve, taking away the power of government to manage the economy through various tools made easier by central banking.
Even if they arenât accomplishing what they desire, they are helping to build and strengthen anti-government sentiment on the right. Crypto-billionaires are going to be the new Koch brothers, funding ideological libertarian political efforts and making the world a worse place.
Right. Libertarians have weird hangups about money and inflation and especially the Federal Reserve. Satoshi created an elegant solution with cryptomoney that deflates and goes around the Fed. Turns out no one really cares about sticking it to the central banking system when they go out to buy groceries, so crypto has become a nerd toy and a vehicle for wild speculation.
Did you miss Xiaolongbaoâs post? Itâs all about the online version of showing off your Lambo, Hermes bag, or fancy watch to your discord buddies. Solid utility there.
El Salvador to become the new Dubai.
1 Like
Clearly there is value in NFTs. I paid like $400 for this, and as an art connoisseur Iâm pretty sure I stole it.
7 Likes
The author of this article is the guy that the NFT tweeter name drops
1 Like
if you believe in hope and change and the power of americans to be better than we have been the last 50 years, and that china is going to implode soon and america will be #1 for the rest of our lives, then yeah i can see how there wouldnât be a desire for a new global currency
and iâd probably say, like, âwelcome to unstuck politics! youâre obviously very new to following politics and the news. i hope you stick around and learn a lotâ
6 Likes
The truly amazing thing is how stable fiat money has been all these years, despite all the libertarian-bro complaining about 2.5% annual inflation.
1 Like
Also, all the overwhelming evidence that hard money (gold standard/dollar pegs) has been a complete disaster over and over again.
1 Like
what about a jpeg of 2000 new global currencies?
6 Likes
Yeah, Iâm still gonna bet on goldbug libertarians being wrong once again about monetary theory, although BTC constantly mooning makes me question my logic.
3 Likes
Can you elaborate ?
Probably a bad month to deliver this take.
The most widely used currencies right now run on a proof of work consensus method, which involves all the very wasteful mining. Most of the newer ones use a proof of stake model which uses less than 1% of the electricity the first generation coins use for much higher transaction numbers. The 2nd most used currency is shifting over to this method soon.
Even if Bitcoin stays dominant and never switches (Iâm honestly not sure it can), it will be under much more efficient layers or side chains or whatever to cope with this. The current energy use isnât sustainable from any point of view and will not last. It is hurting the networks themselves and preventing them from scaling. Currencies that canât adapt will simply fail because they will be too expensive to use.
1 Like
idk, that stuff is way above my pay grade. I do know that small stakes players like me are pretty much completely priced out of the Ethereum ecosystem right now. If they donât make substantial progress towards 2.0 by this winter I think itâs going to lose its dominance to some other network(s).
Canât people just make a proof of stake stablecoin pegged to Bitcoin?
Basically already exists.
https://medium.com/coinmonks/tokenized-bitcoin-comparison-of-different-approaches-18d30eea8c76
1 Like
I assumed it did. I just donât know how popular it is.
Itâs quite popular because you need the token version to stake btc for yield farming or lending.