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A comment on Algorithmic stablecoins are provably impossible without continuous funding. Parent comment

Re:Algorithmic stablecoins are provably impossible without c... by jqpabc123 on Monday May 30, 2022 @07:36AM (#31557937)
This "collective belief" is somewhat more than mere "belief".

It has been translated into laws and social contracts backed by established enforcement that is sufficiently effective and has been demonstrated to the satisfaction and judgment of most people.

It's true that in the event of nuclear war, this could all evaporate --- but this probabilty is low enough for most people to reasonably ignore. Labeling this a "belief" is thus somewhat disingenous in the fact that it is reason rooted in logic and judgment and probability.

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Re:Algorithmic stablecoins are provably impossible without c... by tlb on Monday May 30, 2022 @07:48AM (#31558014)
The claim that major elements of the social contract can be derived through logic and reason is controversial.

If you find yourself believing that our own social contract is the only logical & rational one, or at least the likely result of social progress, you might try reading Graeber and Wengrow's The Dawn of Everything. It covers a very wide range of alternatives that all made sense to the people in those societies at the time.

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Re:Algorithmic stablecoins are provably impossible without c... by jqpabc123 on Monday May 30, 2022 @08:05AM (#31558137)
The claim that major elements of the social contract can be derived through logic and reason is controversial.

The "logic and reason" here has to do with the fact that the social contract is sufficiently real and functional enough to transcend mere "belief" in most people's lives.

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Re:Algorithmic stablecoins are provably impossible without c... by snikeris on Monday May 30, 2022 @08:49AM (#31558432)
In other words, the belief is pragmatic.
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Re:Algorithmic stablecoins are provably impossible without c... by jqpabc123 on Monday May 30, 2022 @09:22AM (#31558684)
As pragmatic as your "belief" that you own the computing device used to make your post.
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Re:Algorithmic stablecoins are provably impossible without c... by mrpopo on Monday May 30, 2022 @07:48AM (#31558008)
> It has been translated into laws and social contracts backed by established enforcement

So, the "long dick" of the US government that grand-parent was talking about. Society creates value.

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Re:Algorithmic stablecoins are provably impossible without c... by jqpabc123 on Monday May 30, 2022 @08:07AM (#31558149)
Not just the "US" government --- most governments around the world do the same.
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Re:Algorithmic stablecoins are provably impossible without c... by hapiri on Monday May 30, 2022 @07:54AM (#31558052)
"beliefs" here is a sarcastic term but of course they refers to the written legal contracts.
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