99% of people who think they familiar with Bitcion have nev…

Twetch ·

99% of people who think they familiar with Bitcion have never heard the George Gilder view of it, that capitalism is an information system, that wealth is from gain in knowledge, that a secure internet system will replace the multi-$Trillion GOOG/FB era

Replies

Twetch ·

99% of BSV supporters dont realize Gilder has a huge problem with bitcoins rigid supply cap

Twetch ·

I doubt that. Everybody watched Gilder's London CoinGeek presentation.

Twetch ·

i see zero conversation about that

Twetch ·

Yes, id like to see Craig pushed on this.

My counter to gilder would be what do you fix the supply or price to?

His issue was the speculation, which is unavoidable.

Twetch ·

people speculate on fiat markets.. it is definitely unavoidable. But as market cap + real world utility increases the volatility will eventually decrease too..

Twetch ·

this is not the issue. The issue is the supply cap. Money supply needs to expand to accomodate new investments including loans etc.

Only way this can work is with a "digital gold" reserve currency and layers of lending on top of it imo

Twetch ·

For example there is a reason why most economists agree inflation is neccessary

Twetch ·

I think Gilder's reasoning would apply OK to a currency.
How do you start up an economic system from a digital commodity if you are trying to deprive people from being able to speculate on it.
I like CSW's view that on a 40 year curve, it'll work out.

Twetch ·

it was woeking fine dueing the gold standard but they had to drop it for various reasons. Before that money was sovreign and fiat was gold backed.

if they sisnt drop it then by now we would have something like digital dollar backed fiat

Twetch ·

Can derive an unbounded amount of tokens on Bitcoin, so we don't need to care about the cap.

Twetch ·

Everything we need is possible in script

Twetch ·

im refering more to fractional reserve bitcoin backed system like during the gold standard

Twetch ·

Gilder wants what he sees as ideal money.
Gilder wants what a nation-state is unlikely to do- remove power from their currency.
Even by his own ideas, Bitcoin system is about a lot more than money.

Twetch ·

My view is that the Bitcoin system only has to be better than other public information systems to replace the others.