Quote from: IOTanus on March 30, 2016, 10:39:30 PM

Ok IOTa is permissioned ledger. So what? Why does it matter?

It matters because any system that isn't a permissionless ledger is a system of extortion by default. Somewhat explained in the following quote, then real world example after:

Quote from: r0ach on March 30, 2016, 03:55:11 PM

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.

Quote from: r0ach on March 30, 2016, 12:35:43 AM

Real world example

Let's say North Korea is sanctioned by every nation on earth for smoking too much marijuana. They're now cut off from all international trade and economically suffering. If Bitcoin is the world reserve currency, they can use their technological know how to start mining Bitcoins because it's a permissionless system. They now have a currency they can use to buy food and supplies from a semi-friendly but not complete ally proxy nation like China.

If IOTA was the world reserve currency, they do not have a permissionless entry point into the system at all because Bitcoin is a system of permanent coin turnover and IOTA isn't because it's a permissioned ledger. They're now forced to attempt to trade something with China to acquire IOTAs, but maybe they don't have anything China wants so they can acquire no coins at all and they're completely locked out (obviously not a permissionless decentralized currency).

Their best case scenario is, since China only sees them as useful idiots and not a real ally, they will then charge them with a markup for coins, along with another markup for whatever proxy goods they want through them. Let's not forget the Come from Beyond day 0 extortion tax either since he cornered the market by design at release. Thus, you have now been extorted three times in this chain of command due to it being a permissioned ledger and not a real decentralized currency.