In a free economy with gold as the one sound money, the global consensus are the 79 protons of the gold atom. There are different shapes and forms of collections of atoms, but fundamentally, as long as there are 79 protons, it is the base money.
The raw resource of gold is mixed with lots of dirt, stone and other lesser metals, and extracting gold ore is an entrepreneurial task. Human ingenuity and labor has to be intermingled with these natural resources so to increase the production stage of this good.
@Valustks1 Each one of the techs listed is revolutionary in it's own right. Combining them sets us up to replace *all* financial transactions with #bitcoin. Once the epiphany hits enough people, there will be a MAD rush to get rid of worthless fiat.
@Valustks1 This will be the trigger for the already 'waiting to happen' global hyper inflation.
Imagine the chaos during the *several* year transition period while people/gov/corps *globally* move from fiat to bitcoin.
All your IOUs that are fiat denominated are suddenly worthless.
@Valustks1 It *globally* resets all debt, at every level, personal, local gov, state, federal, and international... ALL goes to zero. What does it matter if you own $20T in debt, if $20T wouldn't buy a stick of gum?
Then, another big part... the globe goes from inflationary
#BTC#Bitcoin + #LightningNetwork + Autopilot + Splicing will cause more earth shattering changes than have happened in the last 500 years.
The invention of the internet and industrial revolution combined are NOTHING compared to whats to come.
Oh ya, completely forgot AMP... that's an extremely important piece of tech as well.
Oops, posted the additional comments in the wrong place:
2/ The idea of “work” being energy started when the French Mathematician Gaspard-Gustave de Coriolis introduced the idea of energy being “work done.” A long time ago, the work done in the economy was entirely human. That work was powered by food.
3/ Thousands of years ago, our energy usage increased when we domesticated animals which could labor in our place. Those new laborers also had to be fed. Large amounts of food were required to meet the energy demand, and our prosperity increased alongside.
1/ #Ethereum is crashing (not just in USD terms but in BTC terms); has the demand for a decentralized world computer disappeared, or is something else at play? Let's consider the fundamentals from an economic point of view.
2/ The price level of all monetary goods is determined by (and only by) reservation demand. More precisely, the duration that the average unit of the monetary good is held in reserve.
3/ At one extreme you have a good like gold that is stored in vaults in perpetuity because of a widely held belief that it will retain its value long into the future.
Gold has a very high reservation demand which is why it has a market cap of over seven trillion dollars.
1/ in markets, investor psychology is everything. i shared my thoughts on greed, investor psychology, shitcoin, and market cannibalization at @dezentral_io in berlin and wanted to share some of these ideas here...
2/ investors in the crypto ecosystem saw everything go up and to the right. everyone in the market is feeling good, and worth a lot on paper. everyone outside the market is feeling FOMO, and wants in on some juicy returns. the narrative is "blockchain, make me money!"
3/ everyone starts looking for the next #bitcoin, #ethereum, #ripple. people begin to believe that the market will go up and to the right forever, and investors flush with paper returns from the crypto casino rush to multiply their money at the shitcoin roulette wheel.
1/ a quick thread on protocols focused on location. location data is leveraged by many consumer services (Google Maps, Uber), but also by military and industrial applications. now teams are #blockchain-ing this data to make it tamper-proof (secure), verifiable, and trustless.
2/ furthermore, new applications like self driving vehicles, AI, and increasingly digitized consumer, industrial, and military services will rely on secure location information services to deliver service. example - in 2012, a military drone was hacked and "stolen" by students...
3/ several projects are working on a new form of consensus called "proof of location" to design new mechanisms for collecting, verifying, storing, and sending data about location to the services and applications that consumer this data. let's dig into proof of location.
1)I am seeing an increasing number of people under the impression that #lightning as an overlay bridge network for #blockchains (via atomic swaps) is a great thing for alts.
And they can not be more wrong.
In reality, Lightning is where #altcoins will come in droves only to die
2) At the moment, all blockchains are entirely segregated from one another. The only real bridge that exists today are exchanges which are largely inefficient with enormous amounts of friction, ie. registration, KYC/AML, confirmation wait times for deposits/withdrawals, etc.
3) Friction & segregation of networks protects smaller networks from larger ones consuming & engulfing them. Network theory teaches us that we continually gravitate towards the singularity, after all this is the entire premise of a network. This is evident all throughout history.
Some news are noise or FUD. Goldman ditching plans to open a trading desk is neither. It indicates lack of interest from Goldman's clients, which can be extrapolated to others' in the institutional space. It also reduces odds of a US based ETN, which requires a trading desk.
In efficient markets it all boils down to discounting future events. Any piece of news that changes probabilities and the perception of probabilities should have an impact on price.
2/ Let us not forget that reputation should be associated with the consequences of our actions. Erik and ShapeShift have earned the suspicion of people who care about #Bitcoin.
If 2X had succeeded (with Erik's help), BTC's core value would have been destroyed.
3/ Bitcoin survived because of a strong streak of corporate suspicion in its community. That suspicion is now trained on ShapeShift, which is clearly changing the nature of its business at the expense of the privacy of its users.
My latest estimations for #Bitcoin Energy Consumption based on hashrate. Worldwide consumption likely to be between 3880MW and 5080MW with average of 0.035% of the world's energy consumption. I will soon update to include latest HW from Canaan, Bitewei and more as they roll out.
"It's the future of money because it's censorship resistant, deflationary and decentralized, so the da gov't can't print it! Sooo your savings are safe from inflation... OMG STORE OFF VAULEEE!!1 NOO REGULATIOOON"
But more importantly ... /1
Ya can take a boulder, paint some wheels on it, and call it "a futuristic automobile". Your newly invented "car", will be outside traffic laws, hence out of gov't control. GREAT! More power to you! ... /2
You've now become the weirdo pretending to drive on the interstate, while sitting on a painted boulder and screaming to everyone passing by: "Hey ignorant no-coiner! come and see the amazing future of unhindered driving!"
To understand where it all went downhill for you ... /3