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Imagine sitting a till for 45 minutes waiting for your transaction to be included in a block so you can pay for your groceries but bitcoin crashes during that time and you have to spend eight times as much bitcoin as you did when you walked in the store.

Imagine being so fucking retarded as to think people will tolerate that and that bitcoin has a future.

Imagine sitting a till for 45 minutes waiting for your transaction to be included in a block so you can pay for your groceries but bitcoin crashes during that time and you have to spend eight times as much bitcoin as you did when you walked in the store. Imagine being so fucking retarded as to think people will tolerate that and that bitcoin has a future.

(post is archived)

[–] 4 pts (edited )

Weeeellll ... yeah, it's funny but, like everything is wrong with this. First, there is no such thing as a store of value. A store of value is an imaginary mechanism humans invented as part of figuring out how to exchange things of unequal measurement. If you want to trade potatoes for rock, how do you figure out the value of that?

The answer is that you realize that every human brain assigns a different value to everything around it. While it is difficult to assign value to trading potatoes for rocks between two people, when you realize everyone in the village assigns value to everything around them you can just use anything you want as currency. The easiest method of finding what would acceptable currency, you just find what everyone values and use that. If everyone values turds, you use that. If everyone values gold, you use that. But, you can actually just invent a medium of exchange. Pacific Islanders invented giant stones called Rai and west coast natives figured out that sea shells they mined from the ocean could be used as currency.

Fiat came into existence by proxy of gold, but frankly, fiat would have probably been invented via some other method like government bonds and similar anyway because gold is not portable and fiat is stupendously portable, can be doniminated in an infinite number of ways and everyone can invent their own fiat in order to use inflation to handle short term supply and demand problems (if they are the controller of the fiat supply, everyone downstream is fucked though). Fiat not being backed by gold is kinda irrelevant really, not because it's just fake monopoly money with no actual value, but because it is purely a psychological idea that a piece of paper can have value. Even gold doesn't have any value at all. If you have a gold bar and north america decimates it self over a weekend, how are you going to trade that gold? You are going to shave bits of gold off that bar and carry that shit around? Who are you going to trade that gold for when you need food and shelter now?

All currency and stores of value are fake. It's all make believe. Want to find out the real value of stuff? Wait until you have to bury your father or mother. You lower their casket, say your prayers and go back to their empty house or apartment and look around. When your mother and father are no longer there all of that stuff AUTOMATICALLY DIES WITH THEM. There is something about the things around us having a life only as long as we are alive, but when we are gone, walk into that room and fell the dead energy.

We are all playing make believe here, it's all bullshit. To the extent that anything could be a medium of exchange (store of value by proxy), crypto is as good as anything.

It is absurd how many people do not understand how any of this works. Just read the posts in this fucking thread.

[–] 0 pt

That description quickly turned existential. As much as I loathe haggling, I can see a parallel economy based on bartering emerging soon. I suppose that would be considered a black market but I am not an economist.

[–] 0 pt (edited )

If you can figure out how to solve the problem of co-incidence of wants, it is plausible. Maybe write an app and see if you can solve the problem. However, chances are you will just have to invent another medium of exchange (currency) because no one wants to carry potatoes around to exchange for chickens that they then exchange for apples in order to buy baby food.

People that talk about bartering do not comprehend how economics works and why bartering can only ever exist at the EXTREMELY EXTREMELY small end of trade quantities. You can't EVER even barter with your neighbour all the time because the amount of times that you will need potatoes and he need your shoes is like 0 during your entire life span.

Please think.

[–] 0 pt

I agree with your post and was only thinking on a small scale within a community of like-minded individuals.