Post
Topic
Board Altcoin Discussion
Re: IOTA - Permissioned ledger Russian extortion scheme
by
r0ach
on 30/03/2016, 15:55:11 UTC
Ok, it looks like CFB is online again since he said Vitalik looks like an alien.  In the Austrian school of money, "money" is required to have scarcity, but because money is a unitary instrument, it's also required to have accessibility.  Gold accomplishes this permissionless and unitary system because most any nation can acquire it, even if they have to go straight down a few miles.

When I say, "unitary instrument", it's because you have to have a price peg in which all other objects are pegged to so that you can say "one chicken = 1/10th a hat".  Bitcoin follows and actually improves upon gold in this case of accessibility.  It can be acquired wherever you want, and the accessibility never stops due to permanent coin turnover via transaction fee block reward.  If there is no accessibility, there can be no unitary price peg, and the entire thing just turns into an extortion scheme, so here we are in this thread.

The way Bitcoin is designed is honestly somewhat of a work of art by someone with the understanding of a renaissance man.  CFB either did not understand why that coin turnover was required or did not care because he wanted to issue an IPO at all costs.