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mircea_popescu: who else did you not know was gay ? elton john ? boy george ?
mircea_popescu: herbijudlestoids ironically, the medium of exchange function is the thing at which bitcoin sucks worst.
mircea_popescu: and you'll be well advised to take note that for all his childish posturing a) yarvin capitulated and tried to make his own bitcoin
mircea_popescu: you gotta appreciate this position is in no way novel to me, you know.
mircea_popescu: in any dispute of currency the more fungible wins, period.
mircea_popescu: (in that no court can order the de-fungibilisation of bitcoin)
mircea_popescu: other than the statistical reason (ie, bitcoin is the strong currency because of its history) there are actually legions of other reasons. bitcoin is fungible, unlike any other fiat
mircea_popescu: it's a better model than the "marginal saver", in that it relies less on statistical artificery.
mircea_popescu: i guess. and obama is increasing the minimum wage, and more qe, and more bailouts, and so on and so forth.
mircea_popescu: (much like the actual peasants of zimbabwe, what do they know of finance)
mircea_popescu: no business in the history of business did anything like this
mircea_popescu: compared to anything else man made, bitcoin is adamantine.
mircea_popescu: merely the preference to save strong currencies and to spend weak ones ensures the price differential.
mircea_popescu: this is like the intuition of everyone, but it's perfectly false. bitcoin works fine irrespective of what anyone does.
mircea_popescu: fact is so far it did so work. what the future brings... the future knows.
mircea_popescu: im not trying to convince you. i merely made the previous points.
mircea_popescu: that juicy moment when person suddenly realises the immensity of this shit.
mircea_popescu: so scour the entire list of known pinks for anything matching it, i'm not picky.
mircea_popescu: (technically 10k btc for a 19 dollar pizza would mean 0.19 cents each, but we'll let that slide)
mircea_popescu: i'm kind-of curious if he actually finds one. afaik it doesn't exist.
☟︎ mircea_popescu: we're not talking six month's worth of pump and dump here.
mircea_popescu: herbijudlestoids well, reality is that which happens, you know ?
mircea_popescu: my wealth stored in btc has been doing better than anyone's any other wealth.
mircea_popescu: they can't flawlessly merge ten billion likes into the value of an oil tanker.
mircea_popescu: this is why visa can't compete, not really, even if it doesn't know it yet.
mircea_popescu: it takes over the role of everyting. usd, eur, rmb, sdr, gold, stupid facebook tokens, in-game currencies like isk,
mircea_popescu: much like the us has no train infrastructure, and uses trucks for everything. trains would be more effective for trucking, but gasoline engines are more effective overall and so... trains are fucked.
mircea_popescu: and since there's no room for 2nd place, it will just be this.
mircea_popescu: sure, except fundamental issues prevent either from competing with the combustion engine.
mircea_popescu: you're basically saying "the stuff i say about cars also applies to other locomobiles, such as steam powered train engines and horsedrawn carriages"
mircea_popescu: herbijudlestoids for that matter, bitcoin could actually be it.
mircea_popescu: it's a sad time we live in when the close minded burgeois scares the revolutionary artists.
☟︎ mircea_popescu: anyway, not the first time cluelessnes costs a guy his bread.
mircea_popescu: anyway, my point was more that the trades streamed when it was half a bitcoin worth 50 dollars, and it's still streaming when it's 50 bitcoins worth 50k