371–378 of 378 posts
That moment when you click on the first paper referenced in the article, and the author is the professor of the lecture you currently should actually study for
Lol. What is the lecture you are studying for? Who is the author?
The author is Roger Wattenhofer. Currently taking his Computer Systems class at ETH.
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Can you describe to me how inflation is good for a household? The literature you've probably seen is ex post facto about inflation trying to convince themselves and the world that the inflationary behaviors that were done are "good". "So every year, your savings get watered down and you lose wealth", is not what one wants to hear.
Inflation is good for an ECONOMY because it ensures that currency is not sitting on the side lines, but being actively invested wherever possible. ...so the velocity of money is increased, and hence volatility is decreased. The negative impacts of volatility on the economy are very well documented. Inflation has zero impact on a household as long as their savings are kept in assets other than cash.
Lastly, to say that a currency losing 99% of its value over time is not damaging to a household is either ignorance or corruption. The lower tiers of society furthest away from the money printer are the ones that are impacted the most. Coincidentally, I'm going to assume you want to help these tiers the most but end up hurting them.
There is something called the Cantillon effect, where those closest (banks, those connected to the gov) to the "stream" of money get benefited while those furthest away (regular people) get hurt.
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Always good to raise millions on a broken idea. Squandering it and then propose a nonsensical 2.0 version to solve all
How is Ethereum broken? It is working right now as we speak. ETH2 is just an upgrade of the network. Just because you percieve it as nonsensical doesn't mean it is and you provided no facts to back up your claims.
There are A LOT of these accounts, Adam is well known for employing these guys like Greg Maxwell to social engineer their narrative into sites like this.
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LOL. I can't stop. :) I'm not going down the path of personal attack. Vitalik is smart. He lacks self criticism and focus. I do hope he'll find success.
Depending on your goals. He raises millions with bad ideas. From his perspective he is wildly successful
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> Banks are highly regulated and so can’t just run away with your money. It's not your money in a bank. The bank barely has $1 or two for every $100 you put in. There's plenty of people who have philosophic disagreement with fractional reserve and some who couldn't care less about ethical matters and just there preparing for the worst as good evolutionary diversity dictates they should. It's easy to sit in a country…
> How do you think someone in Cyprus, Zimbabwe or Venezuela would feel about your statement saying to trust the banks? Someone from Zimbabwe here - I endorse their statement: trust the banks. I lost my money to a bank closure in early 00s, eventually got some of it back from the zombie entity that the central bank resuscitated. The CEO of a Zimbabwean crypto-exchange[1] "lost the password" of a cold wallet (wink) a y…
Personally, I lost 3 bitcoin when someone hacked my MtGox account in 2012. I think they'd had 2fa for a little while at that point, but I was stupid and didn't enable it. Furthermore, I had reused my account/password on some fledgling bitcoin forum. In my defense, when I made the accounts I didn't think the valuation of bitcoin would peak around $20k :)
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> Banks are highly regulated and so can’t just run away with your money. It's not your money in a bank. The bank barely has $1 or two for every $100 you put in. There's plenty of people who have philosophic disagreement with fractional reserve and some who couldn't care less about ethical matters and just there preparing for the worst as good evolutionary diversity dictates they should. It's easy to sit in a country…
> How do you think someone in Cyprus, Zimbabwe or Venezuela would feel about your statement saying to trust the banks? Someone from Zimbabwe here - I endorse their statement: trust the banks. I lost my money to a bank closure in early 00s, eventually got some of it back from the zombie entity that the central bank resuscitated. The CEO of a Zimbabwean crypto-exchange[1] "lost the password" of a cold wallet (wink) a y…
Solid argument mate. Next you'll tell me that forced land seizures is good for the economy too.
This is bait.
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PoW is exactly the same. The rich can afford the most hardware and electicity. PoS just short circuits the burning power step. It's also the same as bank interest.
PoW provides significant economies of scale for those with lots of scale and makes mining with a single GPU a waste of time. PoS doesn't offer much economies of scale at all as the main cost is the ETH, so it's much fairer to smaller validators.