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0 sats \ 6 replies \ @optimism 17 Aug \ on: You have a time machine you can use for one "Round Trip"... bitcoin
Other: do nothing! It doesn't matter what the entirety of the world does. Hyperbitcoinization is not going to be what you think it will be: it will be a paper standard.
Ask yourself this: if a hard asset standard were sustainable in the face of a self enriching ruling class for each little fiefdom, why are we off the gold standard?
I don't know
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I'm in the process of studying this still, but the most compelling statement I've seen on it from one of the best informed central bankers of the 60s-80s (partial translation here)
The old [bretton woods gold standard] framework did not collapse because it had intrinsic deficiencies that prevented it from functioning like it did for twenty years after the war. It was thrown over board by the United States at the moment that the discipline it demanded to participating countries was knocking on America’s door.
Aka. Governments don't like rules. They often act as if they are the rules (this was once literally said to me by a Cali functionary, lol). So the only thing every government would do under a bitcoin standard is attempt to undermine it. I'd therefore expect a bitcoin standard to rapidly become a shitcoin standard.
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I don't know how the government (the US) or even governments in general could operate under a Bitcoin standard. Government does not want fiscal responsibility... it does not want a 'hard money' standard or even 'hard money' setting interest rates across the real economy.
Just look at the US, running a 2 trillion $ deficit, borrowing more and more every year. It's crazy-talk, LaLa-Land borrowing that much paying 1 trillion $ in interest yearly...
I mean how is that sustainable?
I'm more concerned about the lack of on-chain activity... and the NGU bullshit that is penetrating Bitcoin culture.
Stacker News is the best Bitcoin community I've found... people actually use it and spend it and the signal-to-noise is the highest IMO.
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it does not want a 'hard money' standard or even 'hard money' setting interest rates across the real economy.
Yeah that's the theory. Gold standard failed because politicians wanted it to fail. Bitcoin standard will fail the same. I'm also not worried, but I personally should spend more time laughing at the people that believe this than arguing, would be a better activity.
NGU bullshit that is penetrating Bitcoin culture.
NgU will dampen when the NdgU. And then when NgU again, it will come back. Like the tides. Has been like that every "cycle" and I say that as someone highly skeptical of cycle theory, or at least taking it as a persistent pattern rather than a historical one.
Stacker News is the best Bitcoin community I've found
Me too!
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I love Stacker News. I wish the whole internet were more like it... and I think it will be eventually but take a really long time.
If I'm being honest the cycles scare me. YES, there will be more NgU and NgD 'cycles' that's not what concerns me.
It's the 'eternal September', the lack of education, the lack of a 'new-employee-onboarding' program...
When someone "joins" Bitcoin where do they get educated? What do they learn? Where do they learn what to do and not to do?
How do people learn to avoid scams? (like Proof of Stake)
How to they know not to trade? Where do they know where to spend Bitcoin?
What are the standardization requirements? What is the "basic knowledge" one should have to be a 'beginner' Bitcoiner? None of this stuff is standardized and it shows.
I have talked to several friends about Bitcoin, sent them resources to learn, shown them some basic wallets, a good 'exchange'...
And they come back with like the most random Shitcoins they are interested in I have never even heard of. "Titcoin it's interesting" they write to me.
Where do people even find this stuff??? I show them Bitcoin. Recommend an exchange, and a wallet, and a strategy (think of Bitcoin like hard-money) and they come back...
"Yes Bitcoin is interesting but Titcoin it's interesting too"
I mean wtf
When will this Eternal-September end?
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I have a maybe-not-so-crazy idea about this: Fuck The Bitcoin Standard; the @DarthCoin standard fixes this. It does because the guides are down to earth, stay away from any shitcoinery, and provide honest information.
So I think it's worth it to spend some time to work with Darth. If anything is missing from the guides maybe we can propose a draft to cover it. If something is outdated or can use clarification, we can submit a pull request and help out that way.
Honestly.. the solution could be right here, in your face, on SN.
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