Re:The Tether Ponzi Scheme
by bidirectional on Wednesday May 19, 2021 @06:44PM
(#27215467)
If there's a hard 21 million coin limit, I don't really see it as 'out of thin air'. There are 21 million Bitcoins that have and will ever exist. It's no more printing from thin air than pulling gold from the ground is.
Besides, why is panning for gold or saving a kitten fundamentally any different? A difficult physical process must take place, the fact it happens to be digital does not make it magic, despite how complex these devices may seem.
Exactly, so I'm demonstrating that Bitcoins are printed out of thin air by doing some arithmetic. The fact that a concept of "counterfeit" doesn't even exist demonstrates that ALL of them are printed out of thin air. You don't need to pan for gold, you don't need to save a kitten, nothing. All you need is to punch some numbers into a GPU or ASIC and voila you have thin air printed Bitcoin.
As opposed to USD, where the person who has the most coins isn't the one who can print a physical dollar bill most efficiently. There is a notion of counterfeit, there is centralized governance, and thin air printing is not allowed at the threat of arrest by that governance.