this post was submitted on 10 Nov 2023
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Lemmy Shitpost

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[–] Toto@lemmy.world 337 points 1 year ago (2 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

[–] LinkOpensChest_wav@lemmy.one 21 points 1 year ago

I think it's just a heartwarming thought

[–] TootSweet@lemmy.world 125 points 1 year ago (8 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 79 points 1 year ago* (last edited 1 year 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 35 points 1 year ago (12 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 19 points 1 year 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 16 points 1 year ago* (last edited 1 year ago) (1 children)

IDK is 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 11 points 1 year 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 16 points 1 year ago (1 children)

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

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[–] AlwaysNowNeverNotMe@kbin.social 11 points 1 year 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 59 points 1 year ago

I think you just accidentally created conventional money again

[–] 1024_Kibibytes@lemm.ee 35 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 21 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 86 points 1 year ago (2 children)

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

[–] Sanyanov@lemmy.world 72 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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[–] InfiniWheel@lemmy.one 27 points 1 year 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 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 75 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.

[–] yanyuan@lemmy.world 9 points 1 year ago (1 children)

That's true. I know, because I made up you.

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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 33 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 (3 children)

I prefer Diet BTC or BTC Zero.

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[–] HiddenLayer5@lemmy.ml 30 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) (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

[–] 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 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).

[–] 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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[–] TheBlue22@lemmy.blahaj.zone 22 points 1 year ago
[–] 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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[–] Mr_Dr_Oink@lemmy.world 15 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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