{"id":10751,"date":"2024-01-12T23:13:05","date_gmt":"2024-01-12T16:13:05","guid":{"rendered":"https:\/\/bitcoinvn.io\/news\/?p=10751"},"modified":"2024-05-13T07:40:39","modified_gmt":"2024-05-13T00:40:39","slug":"couldnt-ai-just-copy-bitcoin","status":"publish","type":"post","link":"https:\/\/bitcoinvn.io\/news\/couldnt-ai-just-copy-bitcoin\/","title":{"rendered":"Bitcoin 101: \u201cCouldn\u2019t AI just copy Bitcoin?\ud83d\ude30\u201d"},"content":{"rendered":"

There are a lot of things I don’t understand, including things I’m sure you do. But I generally know when I don’t know, and do have strong conviction in my conclusions on this subject.<\/span><\/p>\n

Consensus.<\/b>\u00a0<\/span><\/p>\n

That part does come down to community, and network effect. Yes, it’s a key component, but by no means the only true value! The open, fair nature of the code does a lot to embolden the confidence of the community. If it was an unfair, non-impartial asset, the community would likely fracture.<\/span><\/p>\n

But what if someone just clones bitcoin?\u00a0<\/span><\/p>\n

Well in fact, people have copied the code, or forked the chain, and it has always ended in failure.<\/span><\/p>\n

I struggled with this thought myself when I first entered the space in 2017. Either you’re opening yourself up to multiple coins, or for another coin to take over as the one true coin.<\/span><\/p>\n

\"King
King Bitcoin<\/a> – unchallenged<\/figcaption><\/figure>\n

If you open yourself to the infinite multicoin theory, there is no scarcity, and wealth bleeds out as value dilutes. Scarcity is essential.<\/span><\/p>\n

But here is <\/span>the thought that solidified my conviction in bitcoin<\/b>:<\/span><\/p>\n

So what if another coin becomes the one true coin due to better tech, mass promotion, or whatever?\u00a0<\/span><\/p>\n

That sets a precedence that undermines the whole space, including the new coin.\u00a0<\/span><\/p>\n

King Coin #2 would eventually fall to King Coin #3, and so on.<\/span><\/p>\n

This might be fine for gamblers, but disastrous for wealth preservation or economies.<\/span><\/p>\n

Having one true coin is the only way it really works. We’re just lucky to be in a timeline where the first major true coin was also fair and decentralized.<\/span><\/p>\n

\u201cWhy would AI buy into the valuation, when it knows the value of its work is so much higher?\u201d<\/span><\/i><\/p>\n

I think I get what you’re saying here.\u00a0<\/span><\/p>\n

Wouldn’t it rather have an asset with established real-world value instead of one that’s as virtual as an in-game currency? I don’t think it makes sense for AI to have a completely secluded circular economy. You’d want something connected to the tangible world, that has value for humans and that humans could pay into.<\/span><\/p>\n

\"Contrarian,
Contrarian, but wrong<\/figcaption><\/figure>\n

And <\/span>unless you have an energy-intensive system of mining, you won’t have an impartial asset<\/b>; there will be some company or group in charge of the currency.<\/span><\/p>\n

Interpersonal perception is key to value. It’s not what we like, but what others are willing to trade for.<\/span><\/p>\n

By logical conclusion, monetary value is in what other people think other people think has value. It does not pay to be a contrarian and hoard shiny glass beads instead of gold.<\/span><\/p>\n

Abundance of monetary assets is dilution is loss of wealth.<\/span><\/p>\n

Because scarcity is essential to the preservation of value, it makes sense that we converge on a singular monetary asset. And so the majority will, in their own best interest, continue to flock to what the majority is flocking to, concentrating their wealth.<\/span><\/p>\n

We could wrack our brains forever with possible scenarios, but the hive mind is going to work like a Ouija board, ending up on the most obvious answer, and that is obviously <\/span>bitcoin<\/span><\/a>.<\/span><\/p>\n

\u2014<\/span><\/p>\n

This reply has been handcrafted by <\/span>BitcoinVN Security Consultant <\/span><\/i><\/a>BTCMachineElf<\/span><\/i><\/a>.<\/span><\/p>\n

You can follow him for more on his socials:<\/span><\/p>\n

Twitter<\/span><\/a> \u2013 <\/span>Nostr<\/span><\/a> \u2013 <\/span>Reddit<\/span><\/a> \u2013 <\/span>Facebook<\/span><\/a> \u2013 <\/span>Telegram<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

There are a lot of things I don’t understand, including things I’m sure you do. But I generally know when I don’t know, and do have strong conviction in my conclusions on this subject. Consensus.\u00a0 That part does come down to community, and network effect. Yes, it’s a key component, but by no means the […]<\/p>\n","protected":false},"author":13,"featured_media":10755,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3814,10549],"tags":[],"class_list":["post-10751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-featured-sub-panel"],"yoast_head":"\nBitcoin 101: \u201cCouldn\u2019t AI just copy Bitcoin?\ud83d\ude30\u201d - BitcoinVN News<\/title>\n<meta name=\"description\" content=\"But what if someone just copy bitcoin?\u00a0Well in fact, people have copied the code, or forked the chain, and it has always ended in failure....\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bitcoinvn.io\/news\/couldnt-ai-just-copy-bitcoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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