Bitcoin is the sewer rat of currencies


#1

[Read the post]


Bitcoin's RELEVANCE to "four billion in poverty"?
#2

So ho many rats do i need to pay for a cup of coffee and do they have to be sewer rats?


#3

Sewer Rats have been in New York City since before 24 stockbrokers gathered under a Buttonwood tree.

Notice who is still in charge.


#4

Yes. You need sewer rats-- otherwise, you’re going to get an infestation of native birds.


#5

I feel like Pizza Rat might be a more apt comparison, at least in terms of my enthusiasm (for both bitcoin and Pizza Rat).


#6

It seems from the interview that the distinction to be made is between Bitcoin as a currency (e.g. one comparable to USD, CAD, GBP) vs. Bitcoin as a proof-of-work token (e.g. “I completed this task as part of today’s workflow”). I’m still skeptical of the first use (which has basically created a handful of “rat king” mining pools), but the second one has some intriguing possibilities.


#7

A deflationary, anti-Keynesian, untaxable currency will certainly stop wealth trickling upwards! An end to your bourgeois concepts of stability, regulation, and socialism!


#8

So, once you have anonymous currency global poverty is over? Sure, why not - it worked just fine for gold.


#9

I completely agree.

Believing Bitcoin as a “currency” as the term is currently understood is the economic equivalent of believing the Earth is Flat. It’s even dumber than the Gold Standard, which is actually hard to achieve.

Bitcoin as an anti-dote to oligarchy is even more laughable: somebody owns the the large, early Blocks, especially the ones immediately after the Genesis Block, and there is no evidence those folks are sharing.

Bitcoin technology as an answer to distributed trust issues, however, is quite intriguing.

So don’t drink the Bit Coin Kool-Aid, but do take a good, hard look at the pitcher it comes in.


#10

That’s what always stops me on the currency part: the built-in deflation and the infusion of anti-Keynesian economic ideology. Techno-Utopian Libertarians like the latter so much they instinctively hand-wave away the former.


#11

And bearer bonds. And tulips.


#12

Wait what!?
Damnit, I knew I should have kept working on that idea. Crap.

If anyone wants to take the reigns, or have a look:

also


Yes, I know, I’m getting tedious with this but maybe someone with smarts will bite.


#13

Actually, that’s the only way to do it. Not only does the opacity of blockchain penny-stocks funnel wealth upward into a low-value-added netherworld of idiots who mistake themselves for gods, it creates a deflationary spiral. This is why gold doesn’t work, either.


#14

Thats some weapons grade balognium right there. AML and KYC are in fact about preventing the sort of kleptocratic behavior that is symptomatic of issues correlated with causes of poverty to begin with.

As for “bourgeois concepts” people in glass houses and all that…


#15

What you or I believe it to be is immaterial. Bitcoin has a fiat currency price equivalent, and the only thing you can’t (yet) do with it is pay your taxes. In that way, it’s the same as gold. And BTW what do you have against the gold standard? You’re not one of those awful 1%-ers are you??

But I agree its the blockchain that will be more useful in the long run.


#16

Uhm… checks what century it is…


#17

So, what’s the TL;DR?

Should I transfer my net worth from exclusively palladium ingots and seed corn to exclusively bitcoin?


#18

There, I fixed that for you.

As for the gold standard, I still remember what happened to my family in the Great Depression. My father-in-law (just barely) survived the Nazis.

The gold standard is a bad, bad idea, as has been well-understood for almost a century now.

If you actually think the gold standard is a good idea, please answer me this: why do you want to make China, Australia, Russia, and South Africa the world’s central bankers?


#19

I don’t know where you live but here you can’t do anything IRL with bitcorns


#20

There are now debit cards backed by bitcoin. That real enough for you?