40 sats \ 3 replies \ @Michelson_Morley 25 Aug 2023 \ on: The fraction of the pie is the only sensible way to measure wealth bitcoin
Counterpoint: That just adds complexity without providing any actual benefit.
What do you do if tomorrow 50% of BTC is accidentally sent to an unrecoverable address, do you still own 1/21m ? No, you own 1/10.5m.
Or, in both cases, you own 1 BTC.
I don't see the point.
Sure it does. :) Why wouldn't it
And when this currency is forgotten about and discarded, does it still provide a yardstick for your personal wealth? Not really.
I'm not really getting your point at all, if that wasn't clear. Feel free to make me a belieber!
</negative-nancy>It doesn't make sense to measure one's wealth in how much beef one can afford
Sure it does. :) Why wouldn't it
Why beef? What's so unique about it?
The prices of beef vary geographically, it's costly to transport and store.
What do you do if tomorrow 50% of BTC is accidentally sent to an unrecoverable address, do you still own 1/21m ? No, you own 1/10.5m.
If the fraction is not constant, it can only go up. That's even better.
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Sees overly complicated to me but whatever roasts your rump!
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And when this currency is forgotten about and discarded, does it still provide a yardstick for your personal wealth? Not really.
Money is a human invention.
You need to have people accepting that something is the proxy for value. This something can be anything, and over time it has been shells, gold, dollar bills, etc. Now it is also Bitcoin.
Now, because of the properties of Bitcoin, it is very attractive to basically almost everyone on the world right now, and increasingly into the future with technology advancing and connecting more and more people to the Internet.
It was almost a miracle that Bitcoin started having any kind of monetary value. But now, it would be difficult to remove that property as it's already spread all around the world.
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