Comments by "SAL" (@SAL-fs1mr) on "Saifedean Ammous: Bitcoin, Anarchy, and Austrian Economics | Lex Fridman Podcast #284" video.

  1. All POS systems enable the whale stakers with more money and/or control over the system, and new entrants cannot displace the whales. Bitcoin's POW solves this.
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  2.  @brushstroke3733  energy production is decentralized all over the world. For example, solar energy is available across the earth. If someone has a geographic monopoly, it doesn't stop others from pursuing their own energy production. Small energy producers have the nimble advantage of going to isolated pockets of cheap energy, meaning they can't be stopped from taking the fees offered by the users.
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  3. No, it can have features added in second layer protocols. No need for many changes to the base protocol.
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  4. He would defer to his other main point of having low time preference, as waiting enough time will prove which is the smarter to hold long term.
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  5. Nah, it's another random altcoin with buzzwords.
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  6.  @I_Lemaire  "crypto" is the problem. I've studied altcoins for almost 10 years now, and they are definitely not resilient or decentralized. Putting any wealth there is definitely reckless.
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  7.  @I_Lemaire  no, by definition anarchic would mean no rulers. Satoshi's holdings does not give him control over the Bitcoin protocol, Bitcoin isn't a proof of stake network. A temporary price drop in Bitcoin is always survivable as evidenced by Bitcoin's history, the alternative is an altcoin system like UST/Luna where the collapse is complete, or a system where you have complete protocol control by others (proof of stake systems).
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  8.  @I_Lemaire  it would be temporary because many would be smart enough to recognize it as the best buying opportunity they'll get. I know I would be buying in such a scenario. We talking only about 5% of the supply. That's equivalent to the MtGox hack, and bitcoin survived that, so why not the hypothetical satoshi scenario? I've mentioned already that I've studied altcoins extensively. Yes, each is a little different, so choose which one you think has merit and I'll explain why it doesn't.
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  9. How do you define money though?
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  10.  @CalCaliente  medium of exchange doesn't count as a use?
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  11.  @CalCaliente  the person with more Bitcoin can exchange more goods and/or more frequently than the person with fewer.
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  12.  @CalCaliente  well with that logic, you would have to admit that your comments here aren't real, maybe even meaningless.
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  13. Cardano is decentralization theater. Any type of proof of stake will always have the weak subjectivity problem, Bitcoin's proof of work doesn't have this. Also, new participants can always come in and dilute previous miners, but new stakers do not dilute previous stakers. This causes unavoidable centralization in pos.
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  14. No need to mention all the centralized altcoin scams out there.
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  15. Lightning network already enables instant Bitcoin transactions with negligible fees.
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  16.  @I_Lemaire  reckless people and companies deserve to go bankrupt. I don't see the problem.
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  17. Saif doesn't waste time talking to altcoin scammers.
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  18.  @michaelfrieze  he only enters into "debates" to promote his altcoin. He fools noobs by sounding confident.
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  19. How can you be sure that fees will be low in 20 years?
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  20. So if a miner had the correct amount of zeros in the header, but they gave themselves a 1 million Bitcoin, is it a valid block? Would your node accept it?
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  21. Hex is just another one of the endless altcoin scams out there.
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  22.  @I_Lemaire  I would welcome the opportunity to buy cheap Bitcoin. It would be a major price drop, but it would be temporary. Already happened plenty of times in Bitcoin's history. The Bitcoin network would keep working without any interruptions.
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  23. Cardano is not decentralized at all. If you think otherwise, then you fell victim to the marketing.
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  24.  @flamesatdei  if by others you mean altcoins, it's just as centralized. Whales own the majority of the stake, new entrants do not dilute their stake. Simple.
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  25.  @flamesatdei  my comment is about the fundamental problems with any pos system. I wasted my time looking through that marketing report, and it didn't address the fundamental problems of who ultimately has control in such systems. So many altcoins can look decentralized on a superficial level, cardano is a prime example.
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  26.  @flamesatdei  Bitcoin, obviously. Unfortunately, altcoin propaganda has many newbs believing otherwise, making them think that Bitcoin is somehow controlled by miners or pools, which is absolutely not the case, as was clearly demonstrated in the 2017 Blocksize wars.
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  27. I hope so, I really want to stack some coins at a discount.
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  28. Portugal has achieved about 30% of it's energy consumption from renewable clean energy. Bitcoin mining is actually closer to 60%.
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  29. It's not a matter of being being close minded. Studying POS and all the variants of it lead to one conclusion: it's inferior to PoW unless you are trying to use it as equity.
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  30. I can imagine people willing to take tainted coins for a little bit of a fee.
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  31. Bitcoin is extremely scalable. Go learn about the Bitcoin lightning network.
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  32.  @I_Lemaire  he probably does have a fair amount from mining Bitcoin early on when no one else was helping with mining Bitcoin. But that doesn't mean he is able to debase the Bitcoin supply. The max supply is fixed at 21 million.
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  33. Both of those projects are centralized shitcoins.
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  34.  @tristinorgano2759  take a few years even, it's not going to change the facts.
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  35.  @tristinorgano2759  🤦🏼‍♂️ literally doesn't matter. They are both centralized systems regardless of what some bureaucrats declare.
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  36.  @tristinorgano2759  if a bank printed billions of dollars and bought Bitcoin, you could claim it was artificially pumped that way too. Tether doesn't change the dynamics of all fiat being Ponzi's. The Ripple company controls over half the xrp supply and they also control the UNL of the XRP network. Super centralized. The RP in XRP stands for Ripple, the company.
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  37. The code for Bitcoin is completely open source, so can you please point out the part of the code that gives satoshi the ability to debase the supply???
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  38. No, those are all altcoins, not Bitcoin.
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  39.  @JJs_playground  Bitcoin still remains immutable, reliable, and with the fixed supply cap - the fork coin is what's new. So I agree in the categorization of asking what do altcoins provide, which I believe saif succinctly describes.
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  40. Having high divisibility does not increase the total supply, just to be clear.
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  41.  @glenallan6279  correct. Just a money grab, wanting to benefit from being able to print his own money.
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  42.  @glenallan6279  just give a timeline you expect to see it "at the top with Bitcoin" and time will determine who's correct.
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  43. Lol, you are right that it is a free market, but that doesn't mean most ideas are good to invest in. Terra Luna is a prime example of why DeFi is terrible.
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  44.  @4DTravelr  yea, and I think we'll see that continue to play out with altcoins, leading people to accept Bitcoin as the king digital asset.
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  45.  @4DTravelr  what you're describing is no different than people trying to game the stock market to get rich. the more people that try to gamble in that manner, the less productive society is. People should aim to lower their time preference and think more long term, which is more in line with focusing on having a real career, and saving in Bitcoin.
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  46. Your comment might have a little merit if we didn't see every other eth fan parroting the phrase "ultrasound money", a term coined by vitalik himself.
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  47. Monero is a fraction of the size of dogecoin, so don't delude yourself.
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  48. saif is correct. Go look at the compound annual growth rate for the last 10 years.
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  49. The total supply keeps increasing at 2% per year.
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  50. Multisig Bitcoin wallets is what you want to look into
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