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  • newbitech's Avatar
    12-14-2017, 03:30 PM
    "The actual value of a Bitcoin is"... Only if you accept the arbitrary denomination. What does the integer 1 in "a Bitcoin" actually represent? It's there anything other than a conceptual understanding of digits that makes .1 Bitcoin more or less valuable that .01 Bitcoin or 1 Bitcoin? Doesn't 1 Bitcoin have exactly the same properties as 100 Bitcoin or .001? Isn't the only way to distinguish the difference between 1 Bitcoin and 100 Bitcoin is to look at the number? Isn't that exactly the same thing as a dollar bill vs a 10 dollar bill? A Bitcoin is nothing more than an arbitrary number assigned to a fiat transaction. Isnt its value indistinguishable from the value of whatever fiat it is exchanged for? Without converting to fiat, there simply is no way of measuring the value of an arbitrary number. The only property of any arbitrary fraction of the arbitrary number called a Bitcoin is the arbitrary number assigned to it.
    36 replies | 667 view(s)
  • newbitech's Avatar
    12-13-2017, 08:53 PM
    The point is that it's artificial scarcity. Besides that, strange things happen in math when you introduce irrational numbers into equations. Such as divide by 0, or infinite divisibility. A math error such as that would be a flaw,therefore easy to demostrate a need to correct in the community, bitcoin had flaws in the past which were corrected, and the new software containing the correction was adopted quickly across the board My comment about math was pointing out that math is not the immutable truth. This is a claim that I have heard in regards to bitcoin, which my comment below mentions. "Math doesn't lie". This is just not true. The system of math and numbers that humans have interpreted is not a flawless interpretation. There are proofs that .99999... = 1 and proofs that 1 = 2 etc. Computer systems are finite systems. Number systems are not. We create symbols to represent irrational numbers. Computers use symbols to calculate. Not to belabor the point too much, but even theoretical physics is not trust worthy thanks to our inability to even understand what we call irrational numbers much less codify them in a way that generates reliable and repeatable outcomes. The Heisenberg uncertainty principle with its mathematical proofs is a perfect example of this. https://www.youtube.com/watch?v=V7UNvDN_EZo Not saying that has happened in btc, yet, but there are lots of common misconceptions about math. People say math doesn't lie, yeah it does. People also say there would be no rational reason for the artificial limit of 21 million to be changed, yeah there is. You just say the 21 million change would have a reason but don't give on
    36 replies | 667 view(s)
  • newbitech's Avatar
    12-13-2017, 12:38 PM
    It worked good. I'll respond later.
    36 replies | 667 view(s)
  • newbitech's Avatar
    12-13-2017, 07:21 AM
    The point is that it's artificial scarcity. Besides that, strange things happen in math when you introduce irrational numbers into equations. Such as divide by 0, or infinite divisibility. Not saying that has happened in btc, yet, but there are lots of common misconceptions about math. People say math doesn't lie, yeah it does. People also say there would be no rational reason for the artificial limit of 21 million to be changed, yeah there is. Also another misconception I hear a lot of, that somehow there is this vast I guess democratic network of network users to download the new software. You just need 51% of the miners to do it. And really not even 51% of the people, just 51% that control the hash power. What would be the equivalent of Jekyll Island in bitcoin? My guess is somewhere in Asia. Overheard the Janitor at my 40 story office building talking to one of the window washers on the way down the elevator at lunch the other day. Talking about how he bought in at coinbase a couple weeks back and that he has quadrupled his investment.
    36 replies | 667 view(s)
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