Yeah, Blockchains are weird. For the most part they don't really do what we want them to do. They aren't anonymous, they aren't trustless, and they don't scale, which means they aren't actually secure. What they do accomplish is introducing a cost to disagreeing on state among a quasi-trusted set of peers.
I actually think crapcoins are ironically the answer. Just make everyone the owner of their own crapcoin that no one but their closest friends accept and then make every node an exchange. Want your money to be worth something? Then do something useful with your life to build demand. I am still trying to work it out, but it models well as a discrete gauge field with exchange rates as the guage operator.
It solves money supply since it automatically adjusts by number of participants in the economy.
It solves scaling by keeping all transactions local.
The main problem is price setting. This can be solved with local gauge invariants, but is still kinda messy. I am still thinking about that and whether you can tie into a larger local Blockchain to stabilize prices. On earth that would be BitCoin but you could make accepted currencies settable by users.
Daniel Wigton
npub1w4…q30zp
2025-06-04 15:05:21
in reply to nevent1q…0ff8
Author Public Key
npub1w4jkwspqn9svwnlrw0nfg0u2yx4cj6yfmp53ya4xp7r24k7gly4qaq30zpPublished at
2025-06-04 15:05:21Event JSON
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"content": "Yeah, Blockchains are weird. For the most part they don't really do what we want them to do. They aren't anonymous, they aren't trustless, and they don't scale, which means they aren't actually secure. What they do accomplish is introducing a cost to disagreeing on state among a quasi-trusted set of peers.\n\nI actually think crapcoins are ironically the answer. Just make everyone the owner of their own crapcoin that no one but their closest friends accept and then make every node an exchange. Want your money to be worth something? Then do something useful with your life to build demand. I am still trying to work it out, but it models well as a discrete gauge field with exchange rates as the guage operator.\n\nIt solves money supply since it automatically adjusts by number of participants in the economy.\n\nIt solves scaling by keeping all transactions local.\n\nThe main problem is price setting. This can be solved with local gauge invariants, but is still kinda messy. I am still thinking about that and whether you can tie into a larger local Blockchain to stabilize prices. On earth that would be BitCoin but you could make accepted currencies settable by users.",
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