Re:Intel unveils BonanzaMine, a Bitcoin accelerator ASIC
by javert on Monday February 21, 2022 @01:09PM
(#30418773)
> Would love for you to point me in the direction of the supporting evidence.
There is scholarly work arguing for this. George Selgin comes to mind as someone who I believe has written about this. There's probably also scholarly work arguing the other side. I can't take the time to dig this up for you right now.
> But it's absurd to think that money supply should be fixed to the arbitrary quantity of a random element that we can dig out of the ground.
It certainly isn't absurd. There are lots of people who think this is a good idea, with good reason. Plus, it is historically precedented, and for good reason.
Re:Intel unveils BonanzaMine, a Bitcoin accelerator ASIC
by hypertele-Xii on Monday February 21, 2022 @11:03AM
(#30417329)
Should it be fixed to an arbitrary quantity of random numbers we burn electricity to find, either?
"Absurd" is the new normal in post-modern society.
Re:Intel unveils BonanzaMine, a Bitcoin accelerator ASIC
by javert on Monday February 21, 2022 @01:13PM
(#30418839)
If I had to pick which better exemplified post modern society and absurdity, I'd pick unlimited government money printing by the Fed, over bitcoin.
Weimar Germany pretty much defined what it means to be "post-modern," and they printed themselves into extinction (admittedly, that's not the whole story).
Would love for you to point me in the direction of the supporting evidence.
Millions were lifted out of poverty in the 19th century, whereas billions have been lifted out in the 20th and 21st centuries on the back of enormous credit expansion.
I'm not arguing the fiat currency and credit cannot be incredibly dangerous...they can be. But it's absurd to think that money supply should be fixed to the arbitrary quantity of a random element that we can dig out of the ground.