arbawk

6 ms·

1.
by arbawk 6y ago
It means my money (in Bitcoin) can be accepted anywhere that can receive data, and preserved without information loss over time. Gold cannot be transmitted over space as information, fiat does not preserve its share of value over time becau
2.
by arbawk 6y ago
Its stock-to-flow ratio is the highest among metals, it is also divisible (although not easily), durable, portable, etc. which all make it desirable. However it's worse in most of these categories when compared to Bitcoin. Scarcity is
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by arbawk 6y ago
It seems like you haven't read anything on the matter and are simply forming a superficial, clueless opinion. Here are some references for you to actually know what you're talking about: https://laurentbenichou.medium.c
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by arbawk 6y ago
The most commonly accepted definition of money is: (1) Store of value. (2) Medium of Exchange. (3) Unit of account. This is specified in the article.
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by arbawk 6y ago
You can transact Bitcoin on the Lightning Network for near-0 cost. Scarcity is arguably the most desirable property of money since it ensures the store of value property. That's why gold was chosen over other precious metals. Bitcoin i
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by arbawk 6y ago
How would you define "intrinsic value"? This would imply that things have value whether or not humans agree they have value. Money itself should not have any value from utility other than being money. > It doesn’t seem to have
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by arbawk 6y ago
Money is defined as (1) a store of value, (2) a medium of exchange, and (3) a unit of account. Bitcoin is still in its infancy phase tackling problem (1). (2) Will come once enough people value it to accept it as money, which hasn't ha
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by arbawk 6y ago
You should read the Bitcoin Standard or Layered Money to get a sense of what money is and how your notions are quite far from the truth, although delivered with feverish confidence. BTC is infinitely divisible, and so can be used as currenc
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by arbawk 6y ago
The very first line is flawed as mining companies are increasingly not selling their mined bitcoin. Why would they? They are obviously mining because they are bullish. In fact, who is selling bitcoin? Only those that don't believe it w
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by arbawk 6y ago
1) Countries economies consist of the individuals within them. In India, where Bitcoin is banned, its exchange rate has since increased. Same in Pakistan. Hyperinflation occurs frequently despite a governments' best efforts. The market
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by arbawk 6y ago
Actually it's pretty important for many: https://www.youtube.com/watch?v=xLYYh4aPXAM It's being widely adopted in countries with inflating currencies: Nigeria, Vietnma, and Argentina made it to #3 today (this link
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by arbawk 6y ago
Now do the gold mining industry, and then how USD is backed by armies. And then you can research Lightning Network on top of Bitcoin and how it can process an unlimited number of transactions.
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by arbawk 6y ago
You didn't read the article, did you?
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by arbawk 6y ago
Ponzi schemes will always have people at the pinnacle of the period looking to sell. Bitcoin supporters will never sell, thus there is no bottoming out. It's actually just money, you're likely missing something.
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by arbawk 6y ago
Bitcoin is the most durable money we've had, it can never be disposed of. Lost, perhaps. Energy consumption != energy production. Bitcoin is incentivizing reusable energy and moving energy to cheaper locations, further from cities. I s
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by arbawk 6y ago
Not sure I understand what you're getting at.
17.
Ask HN: Would you mentor a beginner dev?
1 points by arbawk 6y ago|2 comments