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Yep, I'm fully expecting we are going to have to go thru a 2-3 year period where things start to really suck (nothing works and you can't contact any human to explain why it doesn't work)...slowly sanity will creep back in.
Have they covered BIP360 so far?
To me that seems like cleanest, least effort, least impact proposal.
Effectively it creates a new type of taproot address that is quantum resistant. Then its left up to every individual whether or not to use it....requires minimal mods to bitcoin (basically new address type and thats it).
The benefit of this approach is we technically become "quantum safe" (even if no one chooses to use it), but we tick that box from a marketing perspective so gullible but loud people on twitter can finally shut up.
This is just tech illiterate c-suites who use chatgpt on their couch thinking its drag and drop.
Reality is eventually going to set in....
Certainly things like call centers may get hit but I think across all industries unemployment is going to be single digit percentage points.
I worked at McDonalds when the Mc DLT was launched in the 80s. It was the first mcdonalds burger to have tomatoes on it, the resulting surge in tomato consumption was so great that prices instantly started to shoot up.... US tomato prices rose so much they had to pause after a few months to let tomato prices stabilize.
Incidentally I heard this is also reason why McRib only comes along every few years....they stockpile pork to curb a surge of demand.
It highlights how difficult it can be for a very large fast food chain to rollout new menu items...
Just focusing on the title, I think it revolves around the exact definition of the word "fiat".
Bitcoin is/was created by decree (newly mined coins come out of thin air via an algo that humans invented), however it requires substantial investment / work to get there.
Really 'digital commodity' is probably a better overall fit.
Part of the problem is we haven't figured out the correct ways to use AT in our workflows yet. The promise of a big green button that says "DO ALL MY WORK" were lies...
There is real utility, but its much more surgical: Writing boilerplate for a development architecture is useful, summarizing complex information, chatting with docs, etc are all useful but they all require and active and involved human driver leading it
I don't really buy the thesis.
There is no doubt that paper bitcoin can move markets, there is no doubt that it can even create directional flows...(eg. kick off a selling or buying cycle), but it ultimately can't sustain such a massive move.
Unlike pure paper products, ultimately coins will move onchain...so even if paper bitcoin starts moving price, fairly soon real onchain constraints are going to happen somewhere which will buck the trend.
Anyway, there are many many many macro events that happened simultaneously: Interest rates, iran war, venezuela, new fed chair, AND end of JPY carry trade, those more than enough account for 50% move.
Great question, I have a hard time understanding how anyone could both actually understand the benefits of bitcoin and also be pro big gov. But that is probably my own mental biases as I tend to first approach things from a philosophical / ideological basis, then later decide if I like said thing....
really shocked me was how all the monarchs were basically family. It low‑key reminded me of Game of Thrones. All of this bloodshed could have been avoided if the family had just gotten along.
As its been described: War is the act of sending young men to kill other young men whom they do not know, at the behest of old men who do know each other.
What makes you think these exchanges hold the Bitcoin they say they have in user accounts?
I suspect the truth is somewhere in between. The "fat finger" was a SQL entry that credited each account with 2000 BTC each, of which some clever users immediately took those offsite and drained the very insufficient BTC balance that the exchange actually had.
hmmm...earlier this was reported as 2000 btc total, now they are saying to each person?
That would imply that exchange held that much btc....is that realistic? 500K btc?
Yeh, I somewhat was leaning towards the bitcoin ransom was just an internet scammer.
I'd expect we will see more of this going forward combined with AI proof-of-life videos. Counter-intuitively maybe this lessens actual kidnappings for ransom and real kidnappers get front-run by scammers.
There’s a pretty decent pitch that can be made to progressives.
Yes and I do wish that bitcoin messaging focused more on the tangible social benefits of having sound money, rather than pure NGU or semi-irrelevant tech-bro debates about quantum computing, NFTs, covenants, etc.
Having people see clearly what the problem is (ie. money printing) is arguably more important for society than just direct bitcoin advocacy....and regardless bitcoin is the natural beneficiary of such thinking.
I've thought about that and I honestly don't know. The total get together was maybe 50 people and there was a group of 5 or 6 socialist (maybe more)....I say that because during one of the speeches they started a back and forth with the speaker where they were advocating for gov involvement in bitcoin to 'regulate it'. They were loudly booed, which then escalated to them outing themselves as saying capitalism is evil, etc etc.
I somehow think that they either adopted more austrian views, or perhaps they moved off to some shitcoin project, or who knows maybe they are still with us....however what struck me at the time was that the online presence of bitcoin (ie. bitcointalk.org and /r/bitcoin) was basically libertarian only vibes. So they were either lurking or maybe more likely bitcoin is discussed on other leftist forums that I never saw....
Yes, sadly this is another case of 2 sides looking at the same problem but diagnosing it differently.
Its absolutely true that the wealth gap is growing, its absolutely true that excessive financial speculation is a problem (its easier to speculate than to actually build things which would help actually employee people), etc.
However a primary cause of these issues is money printing, which is a state-sponsored function.
So its illogical to create a false dichotomy of "state vs rampant economic machine", since it is the state that created that machine.
Side note: The first real life bitcoin get together I went to (I forget the year but maybe was 2017), what impressed me the most was the number of hard core leftist there. I was coming from Austrian / Ancap view, so was surprised to see actual socialist at the get together....that told me Bitcoin was actually going to be something, since the far-left and right were both seeing it as a tool to improve the world.
A thing that we should remind ourselves about the barbarian invasion: Rome didn't lack the military power to stop it, it lacked the political will.
The culture had become highly fractured politically, demographically, culturally, etc. Everyone simply gave up on the existing order.
Its easy to see how those same things are being repeated now.