[Arm-netbook] EOMA68 / Libre RISC-V team financing

[Luke Kenneth Casson Leighton]

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crowd-funded eco-conscious hardware: https://www.crowdsupply.com/eoma68


On Wed, Dec 27, 2017 at 12:07 PM, Hrvoje Lasic <lasich at gmail.com> wrote:
>>
>>  that's because they really, really don't understand it: all their
>> experience is based on fiat currencies.  and as crypto-currencies go
>> up in value, fiat currencies correspondingly and naturally *go down*.
>> this is something that everyone is forgetting, that, ultimately, the
>> value of fiat currencies is going to be quite literally worthless.
>>
>>  a good book to read which outlines this in an easy to read fashion is
>> senator ron paul's book, "End the Fed".
>>
>
> I am afraid `going up` is problem at the moment.

 if we were talking about *trading* bitcoin i would be concerned.  i
am not in the slightest bit interested in *trading* of bitcoin.  at
all.  it's an extremely risky thing to do, and it requires an
extremely sound knowledge of trading, which you can spend a long, long
time studying.   i simply don't have time for that.


> Currently you cant sell crypto to USD, there is lack of liquidity. Most
> probably there are some top holders of i.e. Bitocin and try to sell it to
> fiat as much as they can in this moment. it is classical ponzi scheme where
> few will get rich and minor investors will pay for it.
>
> You cant purchase things. For example go to shop and buy a car. Price
> fluctuate 10,20,30% daily, so even if you are benevolent toward idea you
> cant really hold goods for 6 months and be sure that you will at the end
> make some margin. Remember, trade (business) is not about speculation but
> making margins in predictable way. With fiat you can go in restaurant and
> buy cup of coffee. With cryptos not.

 you've not been to Keene, NH, have you? :)  or to PorcFest.  i bought
a tornado potato 2 years ago, my friend paid in BTC for me.  zapped
the QR code on the window :)

 thinkpenguin have been accepting bitcoin as payment for years, now.
chris, the CEO, actually now pays all his home utility bills *and* his
car insurance... in bitcoin.

 it turns out that on average, sometimes he loses 10% on BTC
fluctuation, sometimes he gains 10%.  to support the *idea* - the
freedom of trade - he accepts that fluctuation graciously, as does
anyone else who trades in real-world items using bitcoin as the
currency it actually is.

 the fluctuation is actually down to the fact that not *everyone* is
trading in bitcoin.  think of it like this: if you were buying a
potato from a farmer and paying him in USD, would you go OH MY GOD,
THE YUEN HAS FLUCTUATED THIRTY PERCENT, PANIC PANIC PANIC!!!  of
course not.

 so *when* the hypothetical car you mention has all of the sales
employees paid in a (steady) bitcoin rate, when the *parts* of the car
are bought and paid for in a (steady) amount of bitcoin, the price of
the car *can* have a fixed amount (in bitcoin).

 but it doesn't work that way, does it?  so what do people do?  well,
they either put up with the fluctuation, or they "pin" the amount that
you pay to within 10 minutes.  you must make the transfer within 10
minutes or the rate is recalculated.

 later on it will be possible - JUST LIKE EXISTING CURRENCIES - to go
to a broker who will GUARANTEE you a fixed exchange rate.  two futures
trading markets have just been set up by large established companies
(there were plenty already), which will make that underpinning easier
to do.

 ... but all of this is completely a red herring.


>There is no economy behind it,

 this is simply not true.  it may be the case that you've never
*encountered* anyone who has paid or been paid for anything in
bitcoin.

l.