Comments on the "Bitcoin Black Paper" (Why Bitcoin is Worth Exactly 0)

In what sense? Do you eat caviar on a regular basis and dine at fine bistros? Because Taleb does. Perhaps he does not do so bad for himself. Last time he scored a few billions. Not often as he is long the wings but he seems to do better than the average guy who live in a town called "gulfstream" lol.

SunTrader said:
Taleb's career has really taken a Swan Dive (get it, swan dive, nevermind).
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Why is every currency on the planet compared to Usd? That makes no sense. Have you ever left your home town?

Overnight said:
Which means it has no value in it's own right. It must be compared to something already established. That means it has no intrinsic value.

And no, all currencies are not paired to another currency. Every currency on this planet is compared to the USD. Every currency not paired to the USD is computed through the exchange rate through other currencies to get the USD value.

So again, here is the big question...

What is your house worth in BTC, without equating it to the USD?

Hamananana! There is no answer.

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M.W. said:
In what sense? Do you eat caviar on a regular basis and dine at fine bistros? Because Taleb does. Perhaps he does not do so bad for himself. Last time he scored a few billions. Not often as he is long the wings but he seems to do better than the average guy who live in a town called "gulfstream" lol.
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"..... he scored a few billions."

Got a link to that angry man?

Here is one for town of Gulfstream, FL:-

https://www.redfin.com/city/7218/FL/Gulf-Stream/housing-market
 
Good1 said:
But it's not, which is why the question failed. Inflation is technically the failure of the dollar. BTC is a hedge against the failure of the dollar measured by inflation (currently there is an anti-correlation between the dollar and BTC as measured by the DXY. When the dollar goes up, stock, and BTC go down, and visa versa). But the same can be said for other non-dollar assets, securities for example. They are referenced against the dollar. Their value is not the dollar. The real value of gold is not in dollars either. It's value is measured against the dollar, which has been upheld by the petro-for-dollar agreement, enforced by the threat of war. The dollar is a metric, like the metric system, or the imperial measurement system. The value of those measurement systems is their relative usefulness. Any currency that was declared "legal tender" by a nations government could become the prime metric by which other stores of value are measured. The dollar is useful as an ubiquitous medium of exchange for any and every single good or service in the nation, and to some extent, in other nations. BTC does not function as tender, let alone legal tender that anyone and everyone MUST use in exchange for any and all goods or services. It doesn't function as tender because it does not yet move fast enough, although that is being rectified by the lightning network, or something similar. It is mainly a store of value that moves fairly well. As such, it is stronger than the USD (as a store of value) but not yet as strong in terms of speed of transfer and ubiquity. It could be legal tender if a nation declared it so, for use within it's borders. With the speed of a layer two, it would be as useful, if not more than the USD, simply because it's inflation is better managed and transparent, rather than determined behind closed doors by cigar smoking oligarchs.

Again, if i sold you my nipa hut in the Philippines for one BTC, i would tend to measure the transaction relative to the Peso, not the USD. This would be because if i lived there, i would have references, in my head, what, and how much of the goods and services i could buy with the local legal tender. Is the "real value" of BTC the Peso? No, it's the failure of all the fiat currencies of all nations to be good, honest stores of value, as well their failure to be transparent about their creation and distribution, which erodes their usefulness as stores of value. They have only always been fairly good as mediums of exchange, relative to all known goods and services. As such, they function like grease in the wheels of the economy. BTC could function as such, if given the chance. That is a political question. Meanwhile, it has one basic job: reliably store value and make stored value reasonably movable from one wallet to another across the globe. The ubiquitous measurement of exchange (the currency of any given nation) will be a reference point for measurement of properties and commodities. The value of those properties (BTC is like a property) and commodities is not the currency.
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Thank you for expressing an informed and articulate opinion.
 
SeekingZinni said:
Bitcoin is a scam, that is why I bought mine early.
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What's early? Anything after Jan 2021 and you are probably under water and anything prior to that and you have sat by and watched your investment lose 40%.

I wouldn't be proud of either. :)
 
SeekingZinni said:
Bitcoin is a scam, that is why I bought mine early.
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Yeah Crypto is biggest Ponzi scam in the history of the world.

I was thinking about Crypto vs Art.

If we lost all the great art work from the masters that would be great cultural loss for the world. Yeah artists could paint more stuff but it will never be the same. Those priceless works would be lost forever.

Lose all current Crypto tokens or NFTs in existence. No problem, just create new coins and blockchains and start the Ponzi scheme over again.

In this respect, crypto is more like fiat money than art or gold.
 
I like this comment in response to Taleb's YT presentation:


NRG
9 months ago (edited)
If you don’t follow the math he wrote it is actually simple. Just multiply the value of Bitcoin today with the number 0. That will give you the general answer. For more precision multiply by 0.00

:D
 
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