Comments by "SAL" (@SAL-fs1mr) on "The Immaculate Conception: Bitcoin vs Fiat Standard | Dr. Saifedean Ammous | EP 203" video.

  1. Go ahead and duplicate it, see how long it will last without the network of users and miners behind it.
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  2. if your goverment is making math and software illegal, then they are infringing on free speech, so it will be a clear indication to get out of that country if you care about having rights, and take your bitcoins with you in your head by memorizing you bitcoin seed phrase.
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  3. Any such attempt will just be yet another centralized altcoin.
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  4. You are correct at first that happens, but then shortly afterwards the difficulty adjustment algorithm resets it back to 10 min intervals between blocks.
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  5. He's referring to supply inflation/deflation. If I have a certain amount of bitcoin, it will always be a fraction of the total 21 million supply limit regardless of what the price is.
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  6.  @kendreamer6376  it's bad math to believe increasing divisibility increases supply. That's like believing that cutting a pizza into more slices gives you more pizza. It doesn't. Fiat means by authoritative decree, Bitcoin isnt fiat, it is chosen by the free market.
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  7. Transaction fees will be the incentive
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  8.  @dangermouse1234  the dumb people will buy sv
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  9. No, Craig is a just a conman.
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  10. If you want a future controlled by corporations, yea, go with hbar.
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  11. The miners continue to earn transaction fees.
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  12. Yup, that is precisely what the big banks do, without bitcoin.
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  13.  @1slamExplained  imagine trying to start such a bitcoin 2.0 - who will be the central starting point for launching it? who is the central person or group in charge of the publicity of this new bitcoin? how do you know the launching point person will eventually step away? how will it not have insiders? or people ready to game the mining from the start with very powerful computers? what are you trying to achieve with bitcoin 2.0 anyway? especially when bitcoin has already done the fairest launch possible. there is already an altcoin called bitcoin 2, so go see that as a prime example of how such attempts fail. any attempts at replicating bitcoin will just give you a new altcoin. Bitcoin has the most proof of work securing it, which is not something that can just be replicated. at best you can just make a weaker network compared to bitcoin, such as litecoin.
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  14. Lightning network has made your points irrelevant.
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  15.  @MegaMarclar  nope, the funds are never trusted to others in a lightning channel. You should do your homework instead of repeating misinformation. The funds are not offline either.
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  16. Longer time frames.
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  17. 1 Bitcoin is divisible into 100 million parts called satoshis or sats.
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  18. When blocks get mined, they include special transactions that generate new coins.
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  19. Fiat means by authoritative decree. So no, Bitcoin is not Fiat.
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  20. Because in that situation you still have to trust the central authority holding the actual gold. Trusting a central authority is what Bitcoin solves.
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  21.  @klrrafman  CCP has actually shown that Bitcoin keeps working despite their best banning efforts.
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  22. The altcoins typically manipulate consensus rules when they upgrade, so "hardcoded" supply limits can be changed.
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  23.  @MegaMarclar  no, the same can't be said of Bitcoin. In 2017, the majority of miners tried to change bitcoin, but failed. Even if a majority of nodes tried to do an incompatible consensus rule change, all they do is make a new altcoin.
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  24.  @MegaMarclar  "china controls most of the mining power" - you are completely clueless if you believe this. If you can't keep up with simple news about how there is now practically zero bitcoin mining in China, I don't expect you to have an understanding of the nuances of what makes Bitcoin completely different from all the altcoins.
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  25. The epitome of centralized company coin.
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  26. Where in the source code have you identified that such a key can alter bitcoin? Take your time figuring it out.
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  27. Nah, Dr. Peterson is smart enough not to fall for narcissistic conmen.
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  28. China did just that earlier this year. Bitcoin continued to work just fine.
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  29. Michael Saylor would say only bitcoin is an asset, other cryptos are ventures.
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  30. You're watching this during the Bitcoin Buying Opportunity.
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  31. King of the altcoins, sure.
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  32. To whoever sold it to you.
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  33. It will still be the miners. Instead of new coins being the main incentive, the earning of transaction fees will be the main incentive.
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  34. Satoshi doesn't have any control of Bitcoin. Not even a potential for it to happen.
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  35. In general, they wouldn't if they can help it, but they might have to for unexpected expenses that have to be paid in fiat.
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  36. Government can't restrict access to coins you have in your possession, and neither can whales.
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  37. Bitcoiners won't care if satoshi shows himself, they'll make sure he is just another user, he has no special control over bitcoin.
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  38.  @alexs0105  the code is completely open source for everyone to analyze, so if you think there is a crack or mathematical flaw, then point it out. Otherwise all your have is baseless conspiracies.
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  39.  @alexs0105  if you can't be specific, then it is a conspiracy. Bitcoin is not a billion, it is over a trillion now. You can convert Bitcoin to fiat, but that is a loser strategy.
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  40.  @alexs0105  so you're going to keep working all your life and store the value of your work in food that will eventually spoil. You sound very uneducated about money.
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  41. Transaction fees.
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  42. People will have to spend Bitcoin on necessities, it will be frivolous spending that gets de-incentivized.
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  43. Yea, he talks about how MMT is a complete sham on his podcast.
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  44.  @Rex69Rutherford  why wouldn't they stay? Mining will continue, they'll be earning transaction fees instead of new coins.
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  45.  @Rex69Rutherford  Bitcoin transaction fees are paid in Bitcoin.
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  46.  @Rex69Rutherford  each Bitcoin transaction on the Bitcoin blockchain pays a miner fee. This is different from the new coins getting created. You are confusing the two.
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  47. Not so when it comes to Bitcoin.
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  48. Marijuana was banned while I was growing up, but all the highschoolers were smoking it.
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  49. If. May or May not happen. Hedge accordingly.
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  50. Where did you learn such misinformation?
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  51. No, Bitcoin's value is not based on the fiat system. Just because it has a fiat price doesn't mean it relies on fiat.
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  52.  @christianjack8189  without fiat around, Bitcoin would be the unit of account itself.
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  53. Miners currently have 2 sources of incentives: new coins and transaction fees. Once all the new coins are mined, the incentive will be all the transition fees, which should be orders of magnitude bigger than what it is today.
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  54. Where did you learn that piece of misinformation?
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  55. This episode relates to both. The only time Jesus became aggressive was against the moneychangers. Bitcoin is a fight against today's moneychangers, the central banks. I would recommend that you read "Thank God for Bitcoin: The creation, corruption, and redemption of money". And they talk about how the nature of the money drastically impacts people's time preference (delayed gratification) - a key psychology concept.
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  56. No, the newer coins lack immutability, the consensus rules get altered by insiders.
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  57. you're also missing 15 years of proof of work history. In your hypothetical, the nodes and miners, if indeed following the same rules of the BTC algorithm, would simply converge on the original network and wouldn't keep building on the new chain.
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  58. Maybe your comment isn't real.
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  59. No, altcoins are a different category separate from Bitcoin.
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  60. The new technologies don't do money better than bitcoin. Too often people confuse payments with money.
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  61.  @YSFmemories  The added inherent complexity of adding smart contracts to the same base protocol that is in charge of the money necessarily means a trade-off in security. so no, I don't think most reasonable people would say that is better money. smart contract functionality can be a different protocol that still uses bitcoin, you don't need an altcoin for it.
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  62. Hex is just another example of a scammy altcoin.
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  63. Miners continue mining to earn all the transaction fees.
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  64. Of course BCH can be censored, it is easy to 51% attack it, it only has 1% of the mining compared to Bitcoin.
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  65.  @sheriu7167  I was very thankful for the bcash I was given, I was able to sell them for a few more Bitcoin. My best trade ever!
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  66. People are not prepared! Few.
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  67. No, miners continue to earn fees from the transactions they include in the blocks they mine.
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  68. One Bitcoin is divisible into 100 million satoshi's.
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  69. Fiat means "by authoritative decree", so no, fiat doesn't describe Bitcoin at all.
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  70. No, Bitcoin didn't split, rather, there was a new altcoin launched in 2017.
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  71. Then 50 millions minnows buy the dip and increase their forever stack.
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  72. Long live ripple, I hope the company doesn't go under otherwise xrp won't survive.
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  73. I really wish Saif would buy into my shitcoin that I started up a few months ago.
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  74. Email is often depicted as an envolope. It's just to highlight what it is meant to replace.
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  75. That was asked about at around the 8 minute mark.
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  76. Bitcoin lightning network. It scales Bitcoin payments globally for everyday usage. Transactions are instant with negligible fees. it isn't hypothetical, it already exists.
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  77. We know satoshi has no control because the code is completely open source, there is no part of it that gives him control.
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  78. have you not considered the amount of energy securing LTC? are you aware that LTC has 100x less energy securing it compared to bitcoin? this is why there is only one winner in proof of work ie not replicatable.
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  79. It just won't get mined in the area with the power cut.
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  80. If miners run incompatible consensus rules, they just make a new altcoin, bitcoin keeps working just fine.
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  81. The Bitcoin goes to your bitcoin wallet, the cash goes to whoever sold you the Bitcoin
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  82. Definition of fiat: by authoritative decree. Bitcoin's value is determined by the free market, not by fiat.
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  83.  @OfZeitgeist  no, satoshi didn't force anyone to use it. That means instead of fiat, Bitcoin is free market money.
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  84.  @OfZeitgeist  again, not Fiat.
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  85. No, hardforks are just create new altcoins, even with 51% of miners on board.
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  86. Did you ever consider that Dan Pena doesn't know what he's talking about? Bitcoin is completely open source, there is no back door control of it.
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  87. The average person isn't going to be mining.
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  88.  @billiecorbett5824  mining requires access to specialized computers and cheap electricity.
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  89. if the conversation was an hour or two longer, i'm sure he would have covered those topics. Saif talks about those aspects extensively on his podcast.
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  90. Imagine yourself as a whale holding a bunch of tether coins and they are collapsing in value - what would you do? Just sit there? Or would you buy as much bitcoin as you can with it? The collapse of stable coins will increase the value of Bitcoin. If there is a bug in the code that created bitcoin in excess of 21 million, I'll run new code that patches the vulnerability. If it was a government entity, I don't see why it would fundamentally change anything. I would say: Thanks government, for once you did something useful.
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  91. What makes you so sure Bitcoin would not have upgraded to a quantum resistant cryptography by then? These algorithms are being developed now.
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  92. Yes, invite the centralized figureheads of these centralized projects to the show. Decentralized BTC is just so dumb.
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  93. nah. everything else in crypto is a distraction, Bitcoin is the revolution, no need for other tokens.
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  94. Actually, there is a growing idea of never ever selling bitcoin. If you want cash, don't sell, instead, get a dollar loan against your bitcoin.
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  95.  @ilya4759  plenty of services already do. Ledn, BlockFi, unchained capital, and even coinbase. They get to earn interest essentially risk free because the loan is collateralized with bitcoin.
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  96.  @ilya4759  typically, 50% of the value of the Bitcoin collateral you are willing to put up with them.
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  97.  @ilya4759  you can add more bitcoin collateral
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  98.  @ilya4759  yup that can happen, so you got to have average intelligence to plan ahead so that doesn't happen.
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  99.  @ilya4759  yes, pretty much risk free interest since they can take/sell the collateral. But the interest is minimal compared to the compound growth rate of Bitcoin.
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  100.  @ilya4759  no, not if you take out loans in a smart manner, using very small loan to value. it's no different from how the wealthy take out loans against their assets. legally avoids having to pay income tax too.
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  101. Wrong. Already solved with bitcoin lightning network. No need for a company controlled altcoin.
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  102. You must be a central banker
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  103. bitcoiners are not opposed to those things, we just don't want them featured on the base bitcoin protocol because it compromises security. Like lightning network, other protocols can be specialized to do those things.
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