>>60671572
The goal of an LVT is to penalize the use of land as an economic unit. This is obviously not the verbiage George employs, but is the stated purpose, to encourage the use of land as a resource versus the use of land as an asset. However, bitcoin does this natively, not by directly penalizing the wrong-use of land, but by outcompeting land as an economic unit

Belief plays no part in value, price carries information precisely because it is a mechanical product of supply and demand alone, any ‘belief’ component is encoded via these and is not an additional variable. Bitcoin is a more useful economic unit than gold/land/equites, its perfectly inelastic emission & fixed total supply increases the fidelity of its price signal, and its trustless nature precludes corruption. Belief not needed. Bitcoin goes to ∞ in-the-limit by dint of outcompeting other economic units, this is guaranteed to happen as a high fidelity price signal for money is USEFUL, increasing the efficiency of economic calculation and therein improving the fitness of the superorganism by optimizing the arrangement of economic actors & resources.

>>60623211
>real wealth
1 BTC = 1/21m of BTC, forever. Realize how revolutionary that is, a trustless, fixed, autonomous, decentralized unit. That is what we've always wanted from money, it's why gold was used, because the natural properties of gold create an approximation of a unit. But gold isn't fixed in supply and is only trustless in physical form. As economies became more complicated gold needed to be abstracted rendering gold entirely trust-based, opening the door to corruption and the current sorry state of money.

What we want from money has always been the unit, by having an economic unit we reduce the number of prices from n^n to n. We cannot engage in complex economic calculation without a unit, but the units we've been forced to use out of necessity do not provide a clean economic signal, with a trustless fixed economic unit the efficiency of economic calculation is increased massively. BTC will continue to reward adopters as that is what the positive externality of trustless money yields.

Dull.

Bitcoin has no purpose, it is a new thing, a trustless intangible ledger, and can be used for new things.

We can use btc for at least two priceless functions:
1) We can encode the price of money into btc via aggregate demand for “economic unit”, in doing so creating a Trustless Price Signal of Money, i.e. THE economic reference point. This massively increases the efficiency of economic calculation.

2) Trustless intangible Store of Value: Physical goods require active force simply to maintain ownership, trust-based assets require trusted third parties to operate them. Storing abstract economic value in either enables negative sum actors to parasite as NSAs can specialize exclusively in force. With a trustless intangible SoV we can guarantee voluntary exchange in-the-limit as btc can be made prohibitively expensive to seize (multi-sig, Shamir backup) and is infinitely more resistant to seizure by default

Further, while not priceless, BTC will drain abstract economic demand from assets with functional use (gold, land etc) freeing them for productive use.

>top
Money stock increases 2-3x every decade forever, total inflows into global markets are 4-5 TRILLION per annum and growing at the rate of monetary expansion, bitcoin has perfect inelastic supply that halves every 4 years.

Don't conflate Money, the unit of account within economic calculation, with currency and our individual uses of money. BTC isn't currency, or "a" money, it IS money, it can be used as THE unit of account, the economic reference point, not just an approximation like we've been using throughout history. This is a huuuge advance, both massively simplifing economic calculation as well as guaranteing positive sum gaming in-the-limit by acting as an incorruptible tally board. 7tps is unironically adequate, it doesn't need to scale if it's the sole denominator, and the only thing stopping it from that is capitalization. BTC has limited use today, but is the most useful thing that has ever existed at $1 quadrillion, this will happen eventually as the genie is out of the bottle, before BTC we did not have the means to create a true unit of account, now we do, no longer a question of "if" only "when"

>>60584209
Economic units have demand not because of belief, but because their supply properties allow demand to alter price primarily instead of supply, enabling economically useful functionality such as Store of Value and other economic abstractions. This is why grain et al, despite having great “intrinsic value” and near-universal acceptance performs poorly as an economic unit, grain has huge elastic supply so increasing demand results in increased supply, instead of increased price, preventing the encoding of economic state information into the price of grain and therefore preventing the use of grain et al as an economic unit.

Gold has been used as an economic unit since antiquity because its low elastic supply render it a fine natural approximation of a unit, but it still possesses elastic supply, bitcoin surpasses gold primarily by possessing perfect inelastic supply, while network effects keep BTC ahead of newer imitations as they fail to improve on the systemically important properties of bitcoin.

Perfect inelastic supply enables the encoding of the price of money into btc via aggregate demand for “economic unit”, in doing so creating a Trustless Price Signal of Money, i.e. THE economic reference point. This massively increases the efficiency of economic calculation.

>>60582046
It would make no difference if this guy sells everything he has.

The same well-spring of all value: demand.

Economic units have demand not because of belief, but because their supply properties allow demand to alter price primarily instead of supply, enabling economically useful functionality such as Store of Value and other economic abstractions. This is why grain et al, despite having great “intrinsic value” and near-universal acceptance performs poorly as an economic unit, grain has huge elastic supply so increasing demand results in increased supply, instead of increased price, preventing the encoding of economic state information into the price of grain and therefore preventing the use of grain et al as an economic unit.

Gold has been used as an economic unit since antiquity because its low elastic supply render it a fine natural approximation of a unit, but it still possesses elastic supply, bitcoin surpasses gold primarily by possessing perfect inelastic supply, while network effects keep BTC ahead of newer imitations as they fail to improve on the systemically important properties of bitcoin.

It is an inevitability.

Bitcoin is a better economic unit than gold, this is simply the math. Understand that belief plays no part in value, price carries information precisely because it is the product of supply and demand alone, any ‘belief’ component is encoded via these and is not an additional variable. Bitcoin is a more useful economic unit than gold as its perfectly inelastic supply increases the fidelity of the price signal.

@$1m BTC only needs $164bn in annual inflows to offset current subsidy. To put BTC into perspective: $270bn of gold is mined every year, gold market needs $270bn in net inflows every year just to tread water. Bitcoin subsidy halves every 4yrs, so net nominal inflows necessary to support a given price also half every 4yrs.
>b-but muh industrial demand for muh shiny rock!
We have 500 YEARS of functional demand for gold sitting idle above ground, we mine a DECADE of functional use every year. Manufacturing plays zero part in gold price, other than the ~$25bn in annual demand (1/10 of mining production). Gold still needs ~$250bn/year in net inflows sans ALL functional use just to tread water

>>60568298
No need, bitcoin is a better economic unit than land, so will continue to drain economic unit demand from boomer units like land, gold, and equities

Intent has no value, the only thing that matters is whether BTC can be used for some function, which it can (Systemic Unit of Account), and the value of that function (Everything).

We can use btc for at least two priceless functions:
1) We can encode the price of money into btc via aggregate demand for “economic unit”, in doing so creating a Trustless Price Signal of Money, i.e. THE economic reference point. This massively increases the efficiency of economic calculation.

2) Trustless intangible Store of Value: Physical goods require active force simply to maintain ownership, trust-based assets require trusted third parties to operate them. Storing abstract economic value in either enables negative sum actors to parasite as NSAs can specialize exclusively in force. With a trustless intangible SoV we can guarantee voluntary exchange in-the-limit as btc can be made prohibitively expensive to seize (multi-sig, Shamir backup) and is infinitely more resistant to seizure by default

$1m-$10m. Money stock increases 2-3x every decade, and BTC is still a growing immature economic unit (so will outperform monetary expansion)

Dullard. "A purely peer-to-peer version of electronic cash", Ecash was centralized, Bitcoin is entirely peer-to-peer. It is not a statement of intent, it is a functional description.
Further, intent has no value, the only thing that matters is whether BTC can be used for some function, which it can (Systemic Unit of Account), and the value of that function (Everything)

>>60507853
>slavemind can’t into abstractions
Sad.

Think about what you are actually doing when you “invest” (save) via an index fund, you are trading your resources through an intermediate economic unit (fiat) for a more constrained economic unit, the index fund having been stripped of most of its real tangible properties through broad diversification, bitcoin improves on this process by eliminating trusted third parties and by being a pure economic unit without other uses to distort its price signal.

The midwits inability to grok bitcoin appears to be a function of their conception of humanity as individual organisms operating as tribes as opposed to the reality that humanity has evolved into a superorganism bound by the positive externality of voluntary exchange. The midwit viewed btc as a New Tribe hence his feelings that “bitshit has failed!” by the existing dominant tribe “moving in” to bitcoin. We can observe this reasoning directly in the xmr-maxi’s “muh circular economy” completely missing the obvious: we already have a circular economy, Economy.

However, Bitcoin is not a new tribe, but an advancement in monetary technology, a trustless, fixed, autonomous self-financed ledger, which we can use as a trustless abstract economic unit. This is supremely valuable as corruption of the price signal of money is negative sum, you are distorting the economic signaling of prices. Notice that we don’t need to use btc transactionally to provide Us with a high fidelity price signal of money, We can encode the relevant state information solely through aggregate demand for “economic unit”.