1F8Xao4zgGEcfZRQpn1SroARGbCK4CjkyC (561) ·
the system should keep time*energy constant
the value of the same activity over time decreases naturally even under that constant
the goal is to allow maximum potential velocity. Fiat money velocity has been going down as they print it
https://twitter.com/liujackc/status/1312199880048214017
Replies
1F8Xao4zgGEcfZRQpn1SroARGbCK4CjkyC (561) ·
the current era of fiat currency started with the US defaulting on their obligations in 1971 (Nixon shock) and peaked in 1997, since then velocity has been going down exponentially and will soon reach 0 no matter how much they print
1F8Xao4zgGEcfZRQpn1SroARGbCK4CjkyC (561) ·
So a fixed money supply sounds well over due for now
Bitcoin is better than fiat at keeping time*energy constant and allowing max velocity
But if you fix supply infinitely you limit growth by decreasing potential velocity. So we'll find better ways too
1F8Xao4zgGEcfZRQpn1SroARGbCK4CjkyC (561) ·
To put this into context, Bitcoin is such an order of magnitude better at it that it might takes hundred of years before improving it would be required, but we'll get there sooner.
And Bitcoin will be the backbone and infrastructure over which it will run
1F8Xao4zgGEcfZRQpn1SroARGbCK4CjkyC (561) ·
to unite all individuals and allow each to express one's god given right to money creation, humanity first needed a technological solution to byzantine fault tolerance.
A universal ledger of truth as the prerequisite to a universal unit to measure value
1F8Xao4zgGEcfZRQpn1SroARGbCK4CjkyC (561) ·
a unit cannot be an implementation of that unit, just like a centimeter is not a ruler. You cannot own centimeters. They are an abstracted concept that we use and apply to other things. Such should be the ultimate unit of value, and will be.
1F8Xao4zgGEcfZRQpn1SroARGbCK4CjkyC (561) ·
and for the record, I know it will take decades for even my bitcoin peers to start realizing that, and maybe more. And that's fine, everything needs to happen in the right order. And for today it's Bitcoin's time to shine, and what matters working on.