tag:blogger.com,1999:blog-6454624189383327908.post7105592321253784239..comments2023-09-12T14:31:48.615+01:00Comments on The Heretic's Guide to Global Finance: Hacking the Future of Money: Much soul, very emotion: Why I buy into the cult of DogecoinSuitpossumhttp://www.blogger.com/profile/02343981042238116686noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-6454624189383327908.post-19337771960992255082014-09-08T04:50:05.842+01:002014-09-08T04:50:05.842+01:00Agreed that compelling narratives and emotional co...Agreed that compelling narratives and emotional connection are important. But isn't it also a bit frustrating that we constantly have to persuade / seduce each other to come to an agreement? <br /><br />For instance, why do we need narratives to persuade people that climate change is a problem they should be aware of? Where is the 'sapience' in Homo Sapiens? Tina Mateihttps://www.blogger.com/profile/06508302633033496384noreply@blogger.comtag:blogger.com,1999:blog-6454624189383327908.post-21632782904619646012014-08-20T19:51:11.313+01:002014-08-20T19:51:11.313+01:00Nice article!
I just wanted to make sure I unders...Nice article!<br /><br />I just wanted to make sure I understand what you mean by "pointless nature of randomly churning algorithms", trying to rephrase in my own words the main point of this article.<br /><br />Without having studied in depth the technical aspects of Bitcoin, my understanding changed recently after I read the first e-mails to the cryptography mailing list, which by the way are really interesting (see http://satoshi.nakamotoinstitute.org/emails/cryptography/ ). Until that moment I considered Bitcoin as a complex mathematical algorithm requiring people to spent vast amount of computing power in order to "discover" new bitcoins. So, I imagined all these hackers like new age gold-miners that keep searching for their artificial gold. And the more they discover the less is available, as ensured by the nature of the algorithm, and so on. But then I realized that all these computations are not just a useless "proof of work" orchestrated by the algorithm. At least a large part of these computations are actually performing the required operations for the maintenance of the "block chain" in a fully distributed way. You receive X bitcoins by contributing Y resources to "the system".<br /><br />So, an alternative way to see bitcoins is as an incentive, a reward, for contributing resources to the operation of a secure and fully distributed monetary system, which would be otherwise infeasible. I think this is what you mean by "Bitcoin tokens derive their value by being part of a potentially useful system". Now, if one would like this incentive to actually work, and have people investing their time and computing resources to build it, these bitcoins need to have some "real" value. So,<br />those who like the idea of such a system to exist, and do not have resources to offer (but the same holds for those that do have resources), they can offer some real services in exchange for bitcoins, or just (real) money. Actually one could say that this way they actually support those with computing power to keep the system up and running.<br /><br />The big problem is that there are huge network externalities and this is a typical "the winner takes it all" scenario. The same holds for facebook, twitter, etc. What I think is important, and this is why I like your article, is that we should make a huge effort as a society to build the tools and become a little less lazy in "resetting" these global institutions to start new ones from scratch, no matter how costly this is. This process would keep us more "fit" and alert, and them more socially responsible.<br /><br />In short, I am convinced and I will join soon the Dogecoin community but I will be also prepared, if it manages to gain widespread acceptance, to shift to another one. Perhaps the Dolphincoin? :-)<br /><br />Keep up the good work!arkatoshttps://www.blogger.com/profile/02144755318746875918noreply@blogger.comtag:blogger.com,1999:blog-6454624189383327908.post-68021495731024706982014-08-19T09:33:08.506+01:002014-08-19T09:33:08.506+01:00Yes exactlyYes exactlySuitpossumhttps://www.blogger.com/profile/02343981042238116686noreply@blogger.comtag:blogger.com,1999:blog-6454624189383327908.post-28794861962299916552014-08-19T09:32:31.320+01:002014-08-19T09:32:31.320+01:00Awesome, thanks!Awesome, thanks!Suitpossumhttps://www.blogger.com/profile/02343981042238116686noreply@blogger.comtag:blogger.com,1999:blog-6454624189383327908.post-87457283639656797532014-08-14T23:39:07.290+01:002014-08-14T23:39:07.290+01:00"It is a social convention that has to be cul... "It is a social convention that has to be culturally constructed. The use of monetary tokens only appears rational once we’re party to a collective agreement (or delusion) to imbue those tokens with value, and that collective agreement needs to be constantly maintained".<br />You could also say............<br /> It is a social convention that has to be culturally constructed. The use of crypto-currency only appears rational once we’re party to a collective agreement (or delusion) to imbue those crypto-coins with value, and that collective agreement needs to be constantly maintained.<br /><br /><br />Anonymoushttps://www.blogger.com/profile/08449149241889349319noreply@blogger.comtag:blogger.com,1999:blog-6454624189383327908.post-4090940542393198282014-08-13T16:46:56.055+01:002014-08-13T16:46:56.055+01:00just sent you some Doge, thanks for this post!just sent you some Doge, thanks for this post!Anonymoushttps://www.blogger.com/profile/15624344679885420449noreply@blogger.comtag:blogger.com,1999:blog-6454624189383327908.post-48288269092879910852014-08-12T21:44:57.394+01:002014-08-12T21:44:57.394+01:00Great discussion on why no one "reason" ...Great discussion on why no one "reason" for a currency can overpower everything else. Great read.Anonymousnoreply@blogger.com