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0 pointsFeepingCreature4y ago0 comments

No, I would like to mine it.

Imagine: a network where the only gains you get are from spending your money quickly. The anti-hodl. It would be completely worthless as a store of value or investment vehicle. Its only conceivable use would be as a fast and efficient transaction ledger.

Which is what I wanted out of blockchain to begin with! I'd be happy to support a network like that, even if my income was rapidly vanishing.

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secondaryacct4y ago

I work for fiat and this happens already ! You dont need crypto to have a working economy based on consumption and trade.

In fact, crypto is perceived it seems to be an absolute value stashing system where you collect your reward and store it for free until you want others to produce effort for you.

But I refuse to produce effort for a guy who spent his energy 50 years ago and just throw at me a few gold coins to do his bidding. He wants me to work, he needs to pretend to be doing something too.

FeepingCreatureOP4y ago

> I work for fiat and this happens already ! You dont need crypto to have a working economy based on consumption and trade.

Yes but apparently you need crypto to have censorship-proof cheap transactions that finish quickly.

In theory, you can do that on a fiat currency. In practice, my transactions take days.

imtringued4y ago

Well, you are basically thinking of freicoin which is the oldest bitcoin fork.

It died because you cannot start with the currency. It has to be a local community project. There are lots of complementary currencies on this planet but only regional currencies end up successful.

Cryptocurrencies are problematic because they don't foster a face to face community. The idea is that you are taking advantage of a sucker 1000miles away from you.

tromp4y ago

The most anti-hold coin would be Grin with its 1 Grin per second forever emission. About 2.5 years old, it has only reached 2.5% of its soft total supply [1].

[1] https://john-tromp.medium.com/a-case-for-using-soft-total-su...

dash24y ago

Right... and who will be buying and using this money?

FeepingCreatureOP4y ago

People who need fast, cheap, safe transactions rather than a value store.

dash24y ago

If a VanishingCoin will lose half its value in a week, and I buy and sell it in a second, using it as a fast cheap safe transaction, then my cost will be at least equal to (1/2)^(1 sec/1 week) of the transaction. VanishingCoin will be outcompeted by SteadyCoin, which is just as fast, cheap and safe, and doesn't lose its value.

j / k navigate · click thread line to collapse

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secondaryacct4y ago

I work for fiat and this happens already ! You dont need crypto to have a working economy based on consumption and trade.

In fact, crypto is perceived it seems to be an absolute value stashing system where you collect your reward and store it for free until you want others to produce effort for you.

But I refuse to produce effort for a guy who spent his energy 50 years ago and just throw at me a few gold coins to do his bidding. He wants me to work, he needs to pretend to be doing something too.

FeepingCreatureOP4y ago

> I work for fiat and this happens already ! You dont need crypto to have a working economy based on consumption and trade.

Yes but apparently you need crypto to have censorship-proof cheap transactions that finish quickly.

In theory, you can do that on a fiat currency. In practice, my transactions take days.

imtringued4y ago

Well, you are basically thinking of freicoin which is the oldest bitcoin fork.

It died because you cannot start with the currency. It has to be a local community project. There are lots of complementary currencies on this planet but only regional currencies end up successful.

Cryptocurrencies are problematic because they don't foster a face to face community. The idea is that you are taking advantage of a sucker 1000miles away from you.

tromp4y ago

The most anti-hold coin would be Grin with its 1 Grin per second forever emission. About 2.5 years old, it has only reached 2.5% of its soft total supply [1].

[1] https://john-tromp.medium.com/a-case-for-using-soft-total-su...

dash24y ago

Right... and who will be buying and using this money?

FeepingCreatureOP4y ago

People who need fast, cheap, safe transactions rather than a value store.

dash24y ago

j / k navigate · click thread line to collapse