231–240 of 839 posts
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And the top 1% of the American population controls around 40% of the wealth. In accordance with the power law, the top 20% of the population owned 86% of the country's wealth. Still doesn't seem like a pipe dream.
Wealth, not money. Money is heavily regulated. Crypto are not.
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It depends on what you consider "side-step the law". If you encrypt your communication so no one can't read it, but the government didn't demand you not encrypt it.. are you side stepping the law? That's kind of what crypto is like buying regular stuff; you're protecting your money (it's value and your right to trade it as you see fit) even though no one is trying to take it at this particular moment.
I'm trying to find mainstream adoption drivers. Securing your money against possible future government intrusion is akin to prepping, hardly a mainstream way of life. Even the prepper community itself is more likely to stockpile gold and ammo instead of crypto currency. There isn't much room left in between the regulars and the preppers to provide demand for crypto currency.
Prepping makes sense to the mainstream once they experience a disaster. And those disasters are being manufactured even now by mis-management of debt.
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“First they think you're crazy, then they fight you, then you change the world.” - Elizabeth Holmes
I don't think she is the original author of this quote. Going to share another quote, which I think is relative here - “Those who are crazy enough to think they can change the world usually do.” - Steve Jobs
Full disclosure: I work on the cryptocurrency in this article, Algorand. There are a lot of questions and speculation here about this paper and Algorand. I would be happy to try an answer them to your satisfaction. Some context may be helpful first, though. This paper is an innovation about one aspect of our technology. Algorand has a very fast consensus mechanism and can add blocks as quickly as the network can deli…
Are there reasons that e.g. Bitcoin and Ethereum and Stellar could not implement some of these more performant approaches that Algorand [1] and Vault [2] have developed, published, and implemented? Which would require a hard fork? [1] https://www.algorand.com/ [2] https://dspace.mit.edu/handle/1721.1/117821
Ethereum is scared or that so they are implementing some hybrid form.
Bitcoin is doomed from my perspective, because of the focus on proof of work and the confirmation times. When you realize that algorand is super fast, there is no "confirmation time", and there is no waste in energy to mine, then it is hard to back up any cryptocurrency focusing on proof of work.
Full disclosure: I work on the cryptocurrency in this article, Algorand. There are a lot of questions and speculation here about this paper and Algorand. I would be happy to try an answer them to your satisfaction. Some context may be helpful first, though. This paper is an innovation about one aspect of our technology. Algorand has a very fast consensus mechanism and can add blocks as quickly as the network can deli…
Q: How erosive is it to the image of cryptocurrencies that there's so many coins? It seems that every week there's a new coin that does XYZ better. Often, it has no infrastructure (hardware or software) other than a limited number of exchanges that are used as speculation.
>In experiments, Vault reduced the bandwidth for joining its network by 99 percent compared to Bitcoin and 90 percent compared to Ethereum, which is considered one of today’s most efficient cryptocurrencies. Ethereum is not considered one of today’s most efficient cryptocurrencies, not remotely. One of the most full-featured perhaps, but not efficient. Not even Bitcoin is since the invention of the MimbleWimble proto…
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The simple fact that you ask this question tells me you don't live in india, where a few years ago the government straight up deleted quite a lot of personal wealth by declaring the two largest notes worthless with mere hours of warning: http://time.com/4567605/india-currency-change-queues-delhi/ The original statement was: > I think there's value in reducing the politically privileged's means to dominate their power…
As long as you can't buy food or pay your electricity bill with any cryptocurrency, you haven't achieved any of these things. So the question becomes, why should the supermarket or the utility company accept crypto payments instead of dollars, when they know the former can lose 20%-99% of its value overnight, while the value of the latter is guaranteed to be kept stable by the government?
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>In addition, if the network were ever to go offline, there isn't a deterministic way to get it back online. I haven't heard anyone say this about Algorand. Can you provide more details? Lets say a bug causes all the Algorand nodes to crash. After a patch is released 90% of the network comes back online. What prevents the selected users from arriving at consensus over the next block?
If the network goes down completely, as it's coming back up, groups of nodes will start adding blocks before all of the other nodes are back online. When connectivity is completely restored, you end up with different parallel chains, each of which thinks it's the main chain. With Bitcoin, there's a simple, deterministic way to decide which chain to trust: the one which has had the most work done it. With Algorand, it…
This gets asked often, but in case something changed recently - what are the use cases of cryptocurrencies that are not: - Attempts to side-step the law (however misguided the law is) - Trivial to do using a typical centralized database (e.g. Federal Reserver or VISA) - Tantamount to waiting for a greater fool to buy out the current players I am not looking for answers of the form "well whenever you want to avoid a t…
But national currencies are getting increasingly shaky, even the USD where it appears Congress has no political will to control the US national debt and deficit, and where the GOP blows bigger deficit holes with tax cuts and the Dems are talking about MMT. Not to mention the risks to the Euro and Yuan, along with the many smaller countries with distressed currencies.
It’s interesting to me that cryptocurrrency skeptics and critics seem to regularly ignore this as a use case, when in fact it is the most important one (maybe even the only one). It seems many people can’t bring themselves to believe that modern national currencies can fail and don’t need an independent hedge, even though the 1800s and 1900s were full of exactly that.
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Absolutely — I would gladly trade all my gains for a world where governments have no control over the creation and regulation of money.
A predetermined monetary policy would be great when a financial crisis or credit crunch hit, causing a collapse in the velocity of money /s While I have invested in crypto and believe it has great potential, one of its touted benefits by its supporters is also one of its biggest pitfalls, namely that its money supply is predetermined. The inability to actively manage a money supply given exogenous shocks to the econo…
With the latter you're constantly guessing and tweaking the model and roughly every 10 years there's a crash and the economists say okay, NOW we have it perfect and we'll never get it wrong again.
Why do you need an unlimited money supply? The only thing causing these shocks is that the economy is doing whatever it wants and then the economic model collapses.