this post was submitted on 10 Nov 2023
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Lemmy Shitpost

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[–] Toto@lemmy.world 281 points 8 months ago (2 children)

I, for one, trust hand written warnings from “Low Quality Facts” account

[–] snooggums@kbin.social 52 points 8 months ago (1 children)

My teachers always told me that handwriting is more personal than typing, so that check out!

[–] Imgonnatrythis@sh.itjust.works 8 points 8 months ago

Tattoos are the most personal though

[–] LinkOpensChest_wav@lemmy.one 19 points 8 months ago

I think it's just a heartwarming thought

[–] TootSweet@lemmy.world 101 points 8 months ago (7 children)

In my economics 101 gen ed course back in college, I remember a story about some society somewhere that used boulders as currency. But they were such a pain to lug around that often times they wouldn't move them. They'd just keep track of who owned which boulders. "I'll give you one boulder for a cow." "Ok, it's a deal." "Cool, cool. The boulder over in so-and-so's field is your now. Pleasure doing business with you."

There was even a case where someone tried to transport a boulder across a lake but the boat sank midway and the boulder ended up on the lakebed under many feet of water. But they kept exchanging the boulder as currency for goods and services.

I'm imagining a dystopian Idiocracy-like future where Bitcoin has deleted itself, but people still trade seed phrases on slips of paper or pressed into metal plates with a "there's 7 whole Bitcoins in this wallet. Trust me bro."

[–] empireOfLove@lemmy.one 71 points 8 months ago* (last edited 8 months ago) (4 children)

“I’ll give you one boulder for a cow.” “Ok, it’s a deal.” “Cool, cool. The boulder over in so-and-so’s field is your now. Pleasure doing business with you.”

This is how gold standard currencies work (or used to work). Most western currencies like the US dollar used to be permanently pegged to a specific value of gold kept in national treasuries (the Bretton-Woods system), and the dollar was meant to be redeemable for this gold. But because of the impracticality of handling and storing actual physical metals actual trade was almost never handled in gold.

In reality, the US financial system already kind of runs like your "dystopian future", and has done so since 1971. There is no inherent value to a US dollar besides the federal government saying "trust me bro".

[–] baldingpudenda@lemmy.world 26 points 8 months ago (5 children)

The fact that people give money to the US, or any country, for essentially an IOU slip of paper promising to pay you back with interest is so weird.

Speaking of gold reminds me of this sci-fi book where aliens come to earth and cause damage. They ask how they can make things right and are explained gold and the monetary system. They go oh, we can totally filter gold from the oceans and pay you back in tons of gold per day. This caused panic as the huge influx would crash the system. I think it was an asimov short story.

[–] snooggums@kbin.social 17 points 8 months ago

Anything other than direct trade will be based on trust, since even precious metals like gold only hold a certain value because of trust.

[–] saigot@lemmy.ca 14 points 8 months ago (1 children)

IDK it really, to me pegging the value to some arbitrary piece of metal seems weirder. If we actually traded real gold and the government decided "hey no, that doesn't count" you'd be forced to give it back anyway, and they could also force you to do it for no gold. Monetary value only ever had one real source and that's the person with sufficient force to enforce the trade, which in any stable country is the government.

[–] CarbonIceDragon@pawb.social 10 points 8 months ago

Funnily enough about that "forced to give back real gold used for trade", the US kinda did that at one point, making it for a time illegal to possess more than a certain amount of gold and requiring people give anything over that amount to the government for a set price.

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[–] BB69@lemmy.world 15 points 8 months ago (1 children)

The value of the dollar is the battleships, war planes, and nuclear missiles.

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[–] AlwaysNowNeverNotMe@kbin.social 8 points 8 months ago

Hey they just audited fort Knox back in 1953 and it was all good no reason to go poking around.

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[–] Kidplayer_666@lemm.ee 48 points 8 months ago

I think you just accidentally created conventional money again

[–] 1024_Kibibytes@lemm.ee 30 points 8 months ago (1 children)
[–] Betch@lemmy.world 11 points 8 months ago (1 children)

There was actually a crypto named after those called RaiBlocks but it's called Nano now.

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[–] SexualPolytope@lemmy.sdf.org 19 points 8 months ago

It's very close to how fiat currency works IRL.

[–] ininewcrow@lemmy.ca 13 points 8 months ago

How about a society that trades and exchanges goods and services for boulders .... and an infinite number of imaginary boulders that don't exist at all.

[–] rynzcycle@kbin.social 12 points 8 months ago

You'd record the transfer by adding it to the rockchain?

[–] ZagamTheVile@lemmy.world 9 points 8 months ago (1 children)

The Triganic Pu is a unit of galactic currency, with an exchange rate of eight Ningis to one Pu. This is simple enough, but, since a Ningi is a triangular rubber coin six thousand eight hundred miles along each side, no one has ever collected enough to own one Pu. Ningis are not negotiable currency, because the Galactibanks refuse to deal in fiddling small change.

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[–] Etterra@lemmy.world 73 points 8 months ago (2 children)

I doubt this is true, but it sure would be funny.

[–] Sanyanov@lemmy.world 54 points 8 months ago* (last edited 8 months ago) (2 children)

This is not true; Bitcoin is open source and you don't have to guess whether such line is there or not.

It is not.

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[–] InfiniWheel@lemmy.one 24 points 8 months ago

Mostly likely isn't, I follow the account. Most of the time they post very obviously outlandish fake facts, sometimes smaller fake facts and sometimes innane ridiculous real facts. That's their gimmick "low quality".

[–] HerbalGamer@sh.itjust.works 35 points 8 months ago (6 children)

Please tell me someone here can point out the actual source for this fun fact.

[–] joyjoy@lemm.ee 62 points 8 months ago (2 children)
[–] Cheesus@lemmy.world 48 points 8 months ago (2 children)

People would just go on the internet and tell ties? I don't believe you.

[–] joyjoy@lemm.ee 18 points 8 months ago (2 children)

I made up the fact that it was made up.

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[–] snooggums@kbin.social 10 points 8 months ago (1 children)

If you look closely, "Low Quality Facts" is the source.

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[–] yamapikariya@lemmyfi.com 33 points 8 months ago (3 children)

Even if true. Bitcoin isn't Bitcoin anymore. That's why there's BTC classic and so on.

[–] Mirodir@discuss.tchncs.de 20 points 8 months ago (2 children)

Yeah. I fail to see how it could even be true on a conceptual level.

If it were true, what would happen on that day, or probably a few days prior, is that there would be many new Bitcoin forks that use the same transaction history (and thus the same balances) as Bitcoin. After possibly a short scramble and chaos, one or potentially multiple of those forks would then be seen as the Bitcoin while the rest fade to obscurity.

Cryptocurrencies, especially big ones, fork all the time. All it takes is an individual who wants to make a fork. Yes, that means if you have any currency on that chain before the fork, you'll have that same amount on both currencies after the fork. In the rare case where both blockchains after the fork hold any value/respect though, this gets EXTREMELY funny if someone had an NFT on that chain before the fork. Now they have two NFTs (one on each side of the split) and could sell them to separate people, or keep one and sell one, etc.

For clarity: when I wrote "fork" above I was talking about "hard forks" specifically.

[–] Crashumbc@lemmy.world 5 points 8 months ago (1 children)

The NFT thing, could that be considered fraud.

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[–] pancakes@sh.itjust.works 15 points 8 months ago (2 children)

I prefer Diet BTC or BTC Zero.

[–] yamapikariya@lemmyfi.com 7 points 8 months ago (1 children)

I'm more of a Cherry BTC type

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[–] HiddenLayer5@lemmy.ml 21 points 8 months ago* (last edited 8 months ago) (1 children)

Even worse fate for cryptobros than Bitcoin deleting itself: people actually realizing that digital hashes don't have real value.

Mind you this applies to regular money too.

[–] ILikeBoobies@lemmy.ca 19 points 8 months ago* (last edited 8 months ago) (4 children)

Real money is backed by a country’s respective economy - its an IOU from the government

Bitcoin is an IOU backed by nothing

That’s pretty rudimentary but it explains it

[–] weirdwallace75@lemmy.world 5 points 7 months ago (2 children)

Real money is backed by a country’s respective economy

True.

its an IOU from the government

False.

An IOU from the government is a bond.

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[–] CCF_100@sh.itjust.works 15 points 7 months ago* (last edited 7 months ago) (5 children)

I want proof, where's the source code?

[–] hex_m_hell@slrpnk.net 7 points 7 months ago (1 children)

Due to the quality of the facts, I assume proof will be hard to find.

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[–] nekothegamer@sh.itjust.works 6 points 7 months ago

source is on github but good luck finding that line for yourself

[–] wesley@yall.theatl.social 5 points 7 months ago

This is a satire account

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[–] TheBlue22@lemmy.blahaj.zone 13 points 8 months ago
[–] popemichael@lemmy.sdf.org 13 points 8 months ago

All cryptocurrency isn't stiricrly based off of magic and mysterious bitcoin code.

Even if there was code that made the coin erase itself, it would have been found and fixed (or abandoned for a new and better blockchain coin a'la Ethereum or Monero).

[–] Mr_Dr_Oink@lemmy.world 11 points 7 months ago

This would be a very banksy move if it ended up happening.

[–] Kushia@lemmy.ml 10 points 8 months ago (2 children)

If it were true it'd be removed before then anyway.

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[–] Outtatime@sh.itjust.works 8 points 8 months ago (1 children)
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[–] Luisp@lemmy.dbzer0.com 4 points 7 months ago

Well there is a limit of mining, every new digit is 16 times harder to make, there are just 2 or 3 digits left.

This was made with growth and inflation in mind so the currency last like 60-80 years but they didn't predict giant farms using entire powerplants of energy, so basically 50 years of bitcoin was shortened to the last 5. The thing is profitability as miners have to make an entire 28 bit hash at random wasting dozens of GPU in exchange of less money of what they cost so the prizes must be risen even more making it even more centralized (also lowering the price for every other holder)

This is almost poetic As bitcoin approaches its end only the top miners are allowed to continue increasing the risk of the death which is 51% attack, if some of the final miners will unite and reach 51% at this point they can cash out the entire currency and make it look that the price falls to zero.

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