Wow, Brett, what fascinating production! An important story well-told. I have always seen Bitcoin as an artificial digital commodity with no real value in the real world, certainly not a currency which is something that represents an obligation by someone to deliver real value and to circulate, not be held as an object of speculation.
Thanks, Brett. When I first learned of BitCoin, I was repulsed by all the hype around it and by the enormous energy wasted in 'mining' it. Your exegesis tells me why it made me nauseous.
David Graeber and Michael Hudson work to show the mysteries around the origin of money. But I venture that money was invented to solve the accounting problems that arose with civilization when complexity made tally sticks and clay tablets too cumbersome. Gold was chosen by the temples as coins to represent money because it was durable, malleable, and attractive. But BitCoin is inefficient for accounting and it has no form to make it interesting. I remain sick of BitCoin and look forward to its withering away.
Great piece. I still like crypto for certain narrow use cases, but the maximalist vision a lot of these guys push has always been horseshit. They think they can magically remove politics via consensus protocols, but they instead created a new, dumber form of politics (i.e. Curtis Yarvin).
Thank you. By bringing in grammatical terms to describe how numbers are being used (and misused perhaps) you've given me a new insight.
Plus I feel you've justified my decision to avoid crypto currency in the interests of having more time to spend on physically useful things. Note that I very much appreciate how in your line of work you need to dive deep into the workings of crypto, and thank you for sparing others like me the time and trouble.
Educational, uniquely insightful and entertaining as always - thanks. Would like to know whether Brett agrees with those economists who predict Bitcoin's value will fall to zero.
I wouldn't agree with those economists, no. While the Bitcoin system is based on empty mathematical objects ('tokens'), the cultural work that has been done around them is huge and has turned them into culturally-charged collectibles. Even in some future world where public interest in the story has dwindled, there would still be a collectors' market for them as novelties of some historical moment
Excellent story, decoupling the numbers from the mysticism.
Perhaps BTC means Built To Confuse?
Ha ha, perhaps. Really glad you like the piece
This is the clearest explanation of Bitcoin I've ever read. Great work and thank you.
Thanks Nigel - happy that it's useful
Wow, Brett, what fascinating production! An important story well-told. I have always seen Bitcoin as an artificial digital commodity with no real value in the real world, certainly not a currency which is something that represents an obligation by someone to deliver real value and to circulate, not be held as an object of speculation.
Really glad you like it Thomas!
Thanks, Brett. When I first learned of BitCoin, I was repulsed by all the hype around it and by the enormous energy wasted in 'mining' it. Your exegesis tells me why it made me nauseous.
David Graeber and Michael Hudson work to show the mysteries around the origin of money. But I venture that money was invented to solve the accounting problems that arose with civilization when complexity made tally sticks and clay tablets too cumbersome. Gold was chosen by the temples as coins to represent money because it was durable, malleable, and attractive. But BitCoin is inefficient for accounting and it has no form to make it interesting. I remain sick of BitCoin and look forward to its withering away.
Great piece. I still like crypto for certain narrow use cases, but the maximalist vision a lot of these guys push has always been horseshit. They think they can magically remove politics via consensus protocols, but they instead created a new, dumber form of politics (i.e. Curtis Yarvin).
For sure
Thank you. By bringing in grammatical terms to describe how numbers are being used (and misused perhaps) you've given me a new insight.
Plus I feel you've justified my decision to avoid crypto currency in the interests of having more time to spend on physically useful things. Note that I very much appreciate how in your line of work you need to dive deep into the workings of crypto, and thank you for sparing others like me the time and trouble.
I'm happy that you find this useful Simon. Thanks for the support
Educational, uniquely insightful and entertaining as always - thanks. Would like to know whether Brett agrees with those economists who predict Bitcoin's value will fall to zero.
Really glad you like it!
I wouldn't agree with those economists, no. While the Bitcoin system is based on empty mathematical objects ('tokens'), the cultural work that has been done around them is huge and has turned them into culturally-charged collectibles. Even in some future world where public interest in the story has dwindled, there would still be a collectors' market for them as novelties of some historical moment
Great piece!
NUMBers…….Infinity=the highest number you can think of, plus one…
and the distance from point A to point B can be divided in half ad infinitum, and you will never realize ‘B’.
And any and all numbers placed to the right of the decimal point will never amount to ‘one’…what fun!
It was always a dead giveaway for me…people wanted dollars $$$ in exchange for their fantasy!
Similar to a Black Hole consumed by infinite gravity…or time without motion….
Fascinating, thank you!
Glad you like it Shaun
So bitcoin is going to die any day now eh!!! 😂😂😂
Why? That seems very unlikely given everything I've said