Quote from: r0ach on July 22, 2017, 01:56:10 AM

I replied to the anonymint thread and this is why I'm anti-craptocurrency now, because they are debt based, rent seeking usury systems and my goal is to defeat that paradigm, not create a new obfuscated form of it. Physical gold and silver commodity currency does this. Cryptocurrency is nothing but an extension of the same system as now:

Quote from: r0ach

1) Most of your argument revolves around the idea that humans are going into a "knowledge age" and cornering of capital and commodities is useless, which makes absolutely no sense whatsoever. Being a slum lord in the future will always be just as profitable as in the past in a closed ecosystem (earth) of limited resources if you're able to defend said resources.

2) The drop in commodity prices over time is not evidence heralding a "knowledge age", it's because humans discovered MASSIVELY cheap energy like when oil was cheaper than water in texas, and ever since this has been a game of nothing but arbing excess energy for materials, and now that energy is experiencing collapsing EROI so the arb game is up.

3) Cryptocurrencies not only have no Schelling point, they have a reverse Schelling point because network effect assumes infinite scalability. As soon as the fees go up, people will be moving into the next coin to avoid usury, and all these networks are highly scaling constrained by design. Death by dilution is inevitable without scaling.

4) Cryptocurrency doesn't function as a store of value because it's price floor is recursive based on it's own demand (in PoW). This means it's a complete house of cards in terms of so called value storage.
In commodities like silver, the ESF practices Keynesianism in the commodity markets and naked shorts them down to cost of production to try and keep their market caps as low as possible and prevent them from competing with the dollar. Why? Because nobody would submit to slavery via debt based scam currency at all unless you force them into it.

They can't short metals lower than cost of production because it would create scarcity and be counterintuitive to their goals. However, they can short bitcoin below cost of production because there is no real price floor, only a temporary, synthetic one. This in turn causes the miners to be forced to turn off (like KNC) and the synthetic floor crashes even more until the thing implodes to nothingness.

Another reason why craptocurrency is horrible and not a sound form of money. Metals like silver can be manipulated by shorts to contain their market cap, but bitcoin can actually be destroyed by them due to having no real floor.

5) All cryptocurrencies are inherently rent seeking usury systems and a pseudo form of debt based currency if you will. The PoW chain does not just magically stay up on it's own, it requires a constant upkeep (rent). A peer to peer gold or silver transaction can be done with no overhead cost, but a cryptocurrency transaction always travels through the hands of the rent seekers and will cost > 0.

6) The further you abstract money away from barter, the larger a scam it is

I dont know or care.about predicting this knowledge age but one thing I know for sure.

You make assumptions and jump to new conclusions. Zkp will allow things like sidechains and new trustless designs which will move biztech off mainchain. Commodity prices are falling back to cost of production and under read szabos post on that he is much much smarter than you. Crypto has sov moe and uoa while gold only has sov. Crypto has gold cornered and check mate. We are engineering money so crypto can evolve. Gold cannot.