Post
Topic
Board Economics
Re: Martin Armstrong Discussion
by
r0ach
on 28/03/2017, 04:04:24 UTC
the money with higher utility always wins..

You keep falling back on this meaningless and ill-defined phrase "higher utility".  Since bitcoin doesn't even have enough TPS to service a semi-abandoned town on-chain, there is no utility to speak of.  Even if you claim by some miracle scaling will be fixed, you also completely ignore that bitcoin does not function in a decentralized manner, has no Nash equilibrium, nor does it remove counter party risk, nor is it fungible, nor is it a store of value, etc.

You claim bitcoin derives utility as money when it has no attributes of money!  It's like claiming a dead salmon provides higher utility than a hammer as a tool to hit a nail.  It was never a tool in the first place!  It's just some Rube Goldberg machine some entity created.  The creation of bitcoin was not some type of divine event where we need to change the calenders from AD to AB (after bitcoin).  People like Antonopolous try to convince people that, but it's just cult recruiting type behavior or a pump and dump scheme.

It's a fact, bitcoin never improved upon anything gold and silver already do.  It didn't solve any important computer science problems like Byzantine generals either.  It's literally just security through obscurity aka a Rube Goldberg machine.  It does everything worse than metals besides the speed in which you can send it, but digital fiat already did the same thing, and bitcoin is equal to digital fiat in that regard since it's not decentralized.

To top it all off, the last straw bitcoin people grasp is that you can "counterfeit" metals so bitcoin has to be better!  Even this is a complete lie.  It's the year 2017, there's all kinds of machinery available now to easily test if metals are real or not.  However, due to the rough consensus attack, bitcoin can be counterfeited to infinity with no valid test to see which is "real" because there never was a real one in the first place.  Don't even get me started on bitcoin governance.  Bitcoin governance was initially devised as some type of crude form of mob rule (which didn't even pass any type of common sense test then), and has now devolved into cartel oligarchy.