this post was submitted on 10 Nov 2023
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Lemmy Shitpost

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[–] Toto@lemmy.world 333 points 1 year ago (1 children)

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

[–] snooggums@kbin.social 64 points 1 year ago (1 children)

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

[–] Imgonnatrythis@sh.itjust.works 10 points 1 year ago

Tattoos are the most personal though

[–] TootSweet@lemmy.world 122 points 1 year 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."

[–] Kidplayer_666@lemm.ee 59 points 1 year ago

I think you just accidentally created conventional money again

[–] 1024_Kibibytes@lemm.ee 34 points 1 year ago (1 children)
[–] Betch@lemmy.world 12 points 1 year 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 20 points 1 year ago

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

[–] ininewcrow@lemmy.ca 16 points 1 year 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 15 points 1 year ago

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

[–] ZagamTheVile@lemmy.world 12 points 1 year ago (2 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 83 points 1 year ago (1 children)

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

[–] Sanyanov@lemmy.world 73 points 1 year ago* (last edited 1 year 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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[–] HerbalGamer@sh.itjust.works 43 points 1 year ago (8 children)

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

[–] joyjoy@lemm.ee 74 points 1 year ago (2 children)
[–] Cheesus@lemmy.world 59 points 1 year ago (2 children)

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

[–] joyjoy@lemm.ee 19 points 1 year ago (2 children)

I made up the fact that it was made up.

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[–] snooggums@kbin.social 12 points 1 year ago (1 children)

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

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[–] Here4CatPics@lemmy.world 36 points 1 year ago* (last edited 1 year ago) (2 children)

Dear God, Cthulhu, Flying Spaghetti Monster, Shiva, Tiny Baby Jesus in His crib

All I ask for the next 2 years is universal healthcare, Henry Kissinger to die an embarrassing death, and this to be true

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[–] yamapikariya@lemmyfi.com 31 points 1 year 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 1 year ago (3 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.

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[–] pancakes@sh.itjust.works 16 points 1 year ago (2 children)

I prefer Diet BTC or BTC Zero.

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

I'm more of a Cherry BTC type

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[–] HiddenLayer5@lemmy.ml 29 points 1 year ago* (last edited 1 year ago) (6 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 34 points 1 year ago* (last edited 1 year ago) (3 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

[–] anarchy79@lemmy.world 35 points 1 year ago (16 children)

So basically, the more people who believe in the value of some thing, the more that thing holds actual value?

There's literally no difference. We could be trading with sea shells if we found utility in it.

[–] wewbull@iusearchlinux.fyi 13 points 1 year ago

Yes. A diamond is just a rock somebody found. Same for gold. They have value because they are scarce and people think they are pretty (up until the last couple of centuries when we developed industrial uses for both). Nobody has ever needed a diamond or a hunk of gold to survive, yet they have value because we say that they are valuable.

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[–] weirdwallace75@lemmy.world 8 points 1 year 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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[–] popemichael@lemmy.sdf.org 23 points 1 year 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).

[–] TheBlue22@lemmy.blahaj.zone 22 points 1 year ago
[–] Kushia@lemmy.ml 22 points 1 year ago (2 children)

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

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[–] CCF_100@sh.itjust.works 18 points 1 year ago* (last edited 1 year ago) (5 children)

I want proof, where's the source code?

[–] hex_m_hell@slrpnk.net 9 points 1 year ago (2 children)

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

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[–] wesley@yall.theatl.social 8 points 1 year ago

This is a satire account

[–] nekothegamer@sh.itjust.works 7 points 1 year ago

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

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[–] Mr_Dr_Oink@lemmy.world 14 points 1 year ago

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

[–] Outtatime@sh.itjust.works 13 points 1 year ago (1 children)
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[–] Luisp@lemmy.dbzer0.com 7 points 1 year 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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