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Author Topic:  Fractal coin maybe  (Read 148 times)

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Offline Alef

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Fractal coin maybe
« on: May 04, 2021, 11:04:57 AM »
As I'm looking at the price of my part of single etherium...  :rock:
And recent price rise add some optimism :headbang:

Is this possible to unite fractals with blockchains?
Maybe a fractal based token, or maybe a cryprocurrency mined by deep zooms into certain fractal spots. Or maybe coin mineing by founding jet another formula for real 3D mandelbrot set.  :gum:

There are dogecoin which is just a joke. However this joke now is worth some tens of millions. It's an internet mob driven economics together with meme stocks and stock tradeing throught the smartphone app. This is certainly in a stage of bubble  :gum: But the technology is OK. Buffet don't owns a crypro and says it is rat poison. Alsou nobel prize laureates are skeptical about bitcoin. Could they be wrong?
It could be like tullip mania. It eventualy bursted but tullips are still there after few centuries.

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Offline claude

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Re: Fractal coin maybe
« Reply #1 on: May 04, 2021, 11:37:34 AM »
instead of one single unique global blockchain containing everything, maybe something could work with a fractal structure and be more efficient - like small "local" chains for specific communities (rapid, small transactions) that can exchange with each other (infrequent, larger transactions)

but the whole cryptocurrency thing is based on "no one trusts anyone else", a better world could be built by fixing that problem first.

Offline hobold

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Re: Fractal coin maybe
« Reply #2 on: May 04, 2021, 03:09:41 PM »
I few notes of caution. Extremely abbreviated, at best a starting point for your own research. Food for thought.

1. Cryptocurrencies are not currencies.
Traditional currencies are typically backed up by a combination of three factors: a) a military, b) an economy producing valuable goods, c) debt / a financial industry.

2. Cryptocoins have a price, but not a value.
Traditional currencies can inflate, but they retain some minimum value as long as they are backed up by 1a/1b/1c. For the value to drop down to zero, the society typically has to collapse first. Cryptocurrencies, in contrast, behave more like objects of speculation, like unique artworks, that can go into and out of fashion. Specifically, their price can drop all the way to zero, their real value, very suddenly and for no apparent reason.

3. Traditional currencies are made of information (and always were).
But not everything made out of information is a currency.

4. Cryptocurrencies have a tendency to algorithmically enforce rules.
But few people bother to evaluate the social consequences of any particular set of rules. Some cryptocoins may be inherently unsuitable to ever be used as a real currency in a real society made of real people.

Offline Alef

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Re: Fractal coin maybe
« Reply #3 on: May 04, 2021, 06:45:45 PM »
I must agree, but I could add few more no.
1d. most of currencies are backed by juridical system, laws and so on. In tribes where they use cows as a currencies there are some laws. Cryptocurrencies, at least bitcoin, create world of no legal protection. Good for some, bad for the most.

5. So far cryptocurrencies are poor method of transaction.

6. Hudge inequality. There are few bitcoin billionares and then the others.

Hovewer there are large numbers of those, who believes in cryptocurrencies. What keeps price up. It is used as investment device uncorrelated with anything else. Most of cryptocurrency traders have poor knowledge of economics - this arrogance is good for a price. There alsou are a genial technology.

Second largest cryptocurrency holder is Nigeria. Becouse of hyperinflation and maybe alsou the banks and the crime. It's mutch harder to take your bits from you.
In non recognised (exept by Turkey, Russia and states like North Osetia, Peoples Republic of Donetsk and Lugansk and so on) state of Abkhazia mining are the only modern exports.

If the goverments will continiue going to the direction they are going (authoritarianism, corruption, confrontations, new cold war, propoganda media - "advocative journalism") then all anti gov devices will just become more and more popular.

Tesla didn't earn so mutch by makeing a cars. It sells goverment's eco credits and Ilon Musk bought the bitcoins, sayd some few good things in twitter and sold some.

I looked to what I could find. All the evidence pints to that Satoshi Nakamoto is Nick Szabo. Actualy he was working to his own bitgold project which was like bitcoin but didn't prove succesfull. It was intended as digital metal commodity.

Anyway, I would not recomend anyone. This is very risky asset.