Absolute mathematical scarcity, achieved by consensus in a sufficiently decentralized network, was a DISCOVERY, rather than an invention. It cannot be achieved again by a network of participants aware of this discovery, since the very thing discovered was resistance to replicability itself. : Bitcoin

Absolute mathematical scarcity, achieved by consensus in a sufficiently decentralized network, was a DISCOVERY, rather than an invention. It cannot be achieved again by a network of participants aware of this discovery, since the very thing discovered was resistance to replicability itself. : Bitcoin

 

This kind of abstract reasoning is not my favorite topic.

But money is, and bitcoin has those properties you mention but its application is that of being money/store of value.

Money, although most think they understand, is not so easy after all.

The basic property money should have is when two parties engaging in a free trade where money is involved, opposed to barter where goods/services are traded, the reciever of that money should accept it thus recognize/think/believe that the money represents a value, equal or better to the percieved value of the goods/services traded.

If we can agree on that we can think of what other properties the most ideal money should have like; easy to recognize, hard to counterfeit, divisible, scarce (as not easy to reproduce), accepted by many as being money, etc etc etc.

If we still agree I would like to respond to your remark in a free way:

I think bitcoin could become the best money currently known to mankind. For me the biggest factor lacking from being that right now is adoption. If you would have ment that very point by your word “discovery” I would agree straight away but state it hasn’t been discovered (and understood) by a big enough percentage of mankind yet.

It is also the most difficult burden we will have to cross. One of the pillars of bitcoin is the freedom to use or reject it. And gaining trust in money in a free way takes time for most.

If you read comments of people who distrust bitcoin you will see how deep that distrust/conviction can go. Somehow many can have trust in a piece of paper with a picture of a dead guy and a number on it that is forced upon them by goverment and some private magical party that has been given the sole right to print it, but they can’t trust a decentralized set of rules embeded in a compleetly neutral peace of software that enforces that set of rather simple rules and are close to impossible to change and by those rules have created the closest mathematical match to the most perfect form of money we know of. And we have a group that understands money better but prefere the pysical properties of gold and silver over all other advantages bitcoin offers.

All we can and should do is try to educate.

If a better form of money would be invented I see no reason why that would not be able to replace Bitcoin. But I don’t know what that better property/feature would be nor can I envision why it would be impossible for the Bitcoin protocol to adopt that property/feature.

If we would be able to spread around the universe and the need for one syncronised money system would still be valid I can imagine bitcoin would be replaced, but in that case time is on my side and future generation will have to take care of it.



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