1E5wYaMr6BYL3qHSZQ3sPqaQHvaCVoYcfh (678) ·
@931 of course i watched the latest numpties 👌. Then i read "the resolution of the bitcoinization on bitcoin"
twice.
A trusted counterparty can just declare we buy/sell sats at 1 cent and we magically create 1 sat = 1 cent exchange rate?im confused
Replies
1HXAWdewbXXoCgfRHVzHUaNHvN9HKuZty6 (4324) ·
I'm still trying to wrap my mind around it as well.
@462 has a good interview with Stas himself that might help.
https://streamanity.com/video/vmUACLH6uZFb?ref=91270c95-40ab-4730-8a2b-315aac5011a0
1E5wYaMr6BYL3qHSZQ3sPqaQHvaCVoYcfh (678) ·
Yes i watched this. they didnt answer this.
but hell im 100% down for this kind of scheme!
14mTHtYdMt9wtCFWNj6YUhYL8ACPrVPnNz (20825) ·
The way I understand. STAS token uses the Bitcoin network and creates completely new Layer 0 units that are independent from the existing Satoshi units. Miners will be a counter party.
1E5wYaMr6BYL3qHSZQ3sPqaQHvaCVoYcfh (678) ·
right
but how do we scam the exchange rate to 1 sat = 1 cent ?? 👀
14mTHtYdMt9wtCFWNj6YUhYL8ACPrVPnNz (20825) ·
I could be completely wrong but I think the only way is if there is actually something backing it like a bank issues their dollars to transact on Bitcoin. I think it just tokens but on L0. It's above my understanding lol
1E5wYaMr6BYL3qHSZQ3sPqaQHvaCVoYcfh (678) ·
we need to figure this out. Seems unreal but … knows. 1000x gains
1C2LvcNr78cS29qkiLEqhLsDWJ1ECJ1Ktc (3613) ·
it's not as if all BSV sats inherit the value of the token.
say you sell a token for 1c. for that you need 1 sat, which costs a tiny fraction of a cent, and to provide a whole lot of value added.
untokenized sats are still worth a tiny fraction of 1c.
1E5wYaMr6BYL3qHSZQ3sPqaQHvaCVoYcfh (678) ·
im totaly lost. it sounds like an outright scam lol
I love the idea tho.
How do we start?
1C2LvcNr78cS29qkiLEqhLsDWJ1ECJ1Ktc (3613) ·
but if BSV is massively used to underly marketable tokens, that increases use and presumably the value of … sats.
1E5wYaMr6BYL3qHSZQ3sPqaQHvaCVoYcfh (678) ·
i guess the idea is to create enough of this bsv tokens that are worth 1 cent each to change the value of ALL sats in the system to that value? like a critical mass?
if thats the case then big whales better start tokenizing
1C2LvcNr78cS29qkiLEqhLsDWJ1ECJ1Ktc (3613) ·
soon
1E5wYaMr6BYL3qHSZQ3sPqaQHvaCVoYcfh (678) ·
im getting Wormhole.Cash vibes from this
16vqj6uPCPWpJn55ZGVR5oP6NH9S9NV3Y3 (7770) ·
you can see more details here:
https://medium.com/@Stas33496115/bitcoin-script-engineering-part-iii-8307d495bc52
1ENXqWtbCLCMFFeyDREdEGW89nBecFxWMd (3493) ·
Take an app like parler, they were stuck bc they centralized on AWS & even if they had iCloud and Google Cloud as backups, they'd still have been shut down. Same applies in bitcoin, 3rd party can delete your data. #BSV network won't delete ur data-- NODES.
1ENXqWtbCLCMFFeyDREdEGW89nBecFxWMd (3493) ·
There's no scamming sats; it works exactly like real estate. Once there was 40 acre farms on Manhattan, the farmer section-sold out parcels to butcher baker candlestick maker for > whole. Use sats liberally, then economically as number go up.
1ENXqWtbCLCMFFeyDREdEGW89nBecFxWMd (3493) ·
It works like HODL, but U don't HODL empty tokens, you HODL information. Will show you how this works in 2021 with definition-tokens on @13328 which U will be able to invest & trade like Boardwalk & Park Place in Parker Bros Monopoly.
1ENXqWtbCLCMFFeyDREdEGW89nBecFxWMd (3493) ·
BitCoin #BSV will get majority of it's value-per-coin similar to gold:
https://sym.re/fNKBac
Big difference is gold can be mined; whereas, as halvenings occur #BSV cannot be mined, it must be acquired from others. Price go up.
Prunings: price go down
1ENXqWtbCLCMFFeyDREdEGW89nBecFxWMd (3493) ·
The real estate analogy is fully flushed here:
https://sym.re/oavobE
At end of article, there's some info on pruning as well as valuing BitCoin in a backward fashion (fees to value) which is just one way to analyze it
Island land=>better comp than gold
1E5wYaMr6BYL3qHSZQ3sPqaQHvaCVoYcfh (678) ·
im still lost.
so say a bank accepts my deposit of of bsv and mints these tokens.
1 bsv = 190 , 1 BSV worth of these tokens is $1000000
how does that work
1ENXqWtbCLCMFFeyDREdEGW89nBecFxWMd (3493) ·
Please excuse me, I’m afraid I don’t understand the question. Perhaps a bit more detail about what U mean.
Up for a BAEmail exchange?
johnpitts@moneybutton.com
The linked articles say it more orderly than I’d manage on Twetch exchange.