221–230 of 302 posts
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In order to reduce the money supply, money needs to be removed from circulation. In other words whoever is in charge of managing the money supply has to "sell" valuable stuff and then destroy the proceeds from the sale.
or a different lever there might be to increase transaction fees
Cash flow is for businesses. Ethereum doesn’t know what it is. The rules are always changing, running a full node is practically impossible, and issuance is always changing. It’s not even clear that the features claimed in this paper will be true one year from now. Multiple consensus failures (most recently this last month) and constant design changes do not provide a secure foundation for sound money.
> running a full node is practically impossible Can you elaborate? I found it super easy to setup a full (non-mining) ETH1 node on an Intel NUC running Ubuntu. And on the same NUC I’m running two validator nodes on the ETH2 mainnet, which together have earned about 3 ETH in rewards so far. The NUC is hooked to a cable Internet connection at home, nothing fancy.
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The money behind big tech has mastered manipulating demand and that is exactly what you are seeing in the Ethereum/NFT ecosystem. It is one giant fraud bankrolled by unlimited capital that can artificially increase prices at which point there becomes demand from people in fear of missing out, once the early capital has the suckers locked in the prices plateau at first as the capital stops buying and driving the price…
I struggle to have any sympathy for "the little guy". Noone's lying to them, noone's defrauding them, noone's stealing anything or embezzling from them. It's just greed, plain and simple. If you pile into a get-rich-quick scheme but end up holding the bag in, then more fool you. I still think it should probably be regulated to prevent idiots from losing their life savings. But I won't pretend the losers are ethically…
Sometimes the gambling is aggressively dumb but the marks still walk away pretty much okay, like someone who had a fun time losing money on rigged carnival games.
Earlier quoted context omitted.
The money behind big tech has mastered manipulating demand and that is exactly what you are seeing in the Ethereum/NFT ecosystem. It is one giant fraud bankrolled by unlimited capital that can artificially increase prices at which point there becomes demand from people in fear of missing out, once the early capital has the suckers locked in the prices plateau at first as the capital stops buying and driving the price…
I struggle to have any sympathy for "the little guy". Noone's lying to them, noone's defrauding them, noone's stealing anything or embezzling from them. It's just greed, plain and simple. If you pile into a get-rich-quick scheme but end up holding the bag in, then more fool you. I still think it should probably be regulated to prevent idiots from losing their life savings. But I won't pretend the losers are ethically…
Seeing someone pay off their student loans or their credit cards on an income similar or lower than yours by “investing” in a ICO at the right time and trying to find the next opportunity is greed to you?
I’d say the little guy is desperate to get out underneath whatever has them in dire straights to reasonably think a “gamble” as rational.
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Earning 10% "riskfree" isn't speculation, it's a Ponzi. What serious borrower needs to pay 10% to access credit? So then, who are the borrowers who are paying this interest? As they say on Reddit: !remindme 1 year.
> What serious borrower needs to pay 10% to access credit? People who can make more than 10% trading? Lending protocols aren't doing anything different than what banks do: allocating inactive capital to those who can make use of that capital and are willing to pay for it. Interest rates are high because of A: market volatility, professional traders can easily make more than 10%, and B: information asymmetry, large ca…
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Anecdotally many crypto holders prefer to not liquidate their crypto positions but instead take out loans via BlockFi to purchase hard assets like real estate. With cash in hand and now a property, they can get a cash out refi and the crypto loan is not a taxable event since the crypto was just collateral.
Like this? 0: Holder has ETH 1: Holder borrows Tether, provieds ETH as collateral 2: Holder uses Tether to buy a house 3: Holder borrows Dollar, provides house as collateral 4: Holder buys Tether with Dollar 5: Holder pays back Tether, gets back ETH. 6: Holder now has ETH + House + Dollar Dept If so, why couldn't they lend the dollars to buy the house in the first place? The bank which lends the dollars certainly cou…
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How do you define a pyramid scheme? Thing go up in value?
A Ponzi is when the returns of early investors are "sustained" by the flux of new investors. A cashflow producing venture is not a Ponzi since that cashflow is supposed to ensure the returns of all investors.
Recommended reading: Lying for Money: How Legendary Frauds Reveal the Workings of Our World
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The money behind big tech has mastered manipulating demand and that is exactly what you are seeing in the Ethereum/NFT ecosystem. It is one giant fraud bankrolled by unlimited capital that can artificially increase prices at which point there becomes demand from people in fear of missing out, once the early capital has the suckers locked in the prices plateau at first as the capital stops buying and driving the price…
I struggle to have any sympathy for "the little guy". Noone's lying to them, noone's defrauding them, noone's stealing anything or embezzling from them. It's just greed, plain and simple. If you pile into a get-rich-quick scheme but end up holding the bag in, then more fool you. I still think it should probably be regulated to prevent idiots from losing their life savings. But I won't pretend the losers are ethically…
Any analysis that does not start with this is either complicit, intentionally or merely because the author has enoyed incidental residual benefit; or ignorant.
There is no mystery why there is an aura of mingled desperation, FOMO, and nihilism; to focus on the "greed" is to ignore what is animating Hail Mary attempts to finding a short path to stability, is that every traditional long path has been quietly consistently dismantled.
Better crypto than Q. But it won't stop what's coming.
What's coming is dramatically increased domestic unrest driven by the attempt to use the technologies so many here are helping build, to keep a pressure lid on and further the devolution into a two-class society.
Enjoying the dregs of the 1%? Set the autopilot for Mars, just don't take your hands off the wheel.
Earlier quoted context omitted.
I struggle to have any sympathy for "the little guy". Noone's lying to them, noone's defrauding them, noone's stealing anything or embezzling from them. It's just greed, plain and simple. If you pile into a get-rich-quick scheme but end up holding the bag in, then more fool you. I still think it should probably be regulated to prevent idiots from losing their life savings. But I won't pretend the losers are ethically…
>It's just greed, plain and simple. Seeing someone pay off their student loans or their credit cards on an income similar or lower than yours by “investing” in a ICO at the right time and trying to find the next opportunity is greed to you? I’d say the little guy is desperate to get out underneath whatever has them in dire straights to reasonably think a “gamble” as rational.
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> It doesn't Proof needed. I can in fact think of counter examples: Say there is a DAO that gives more voting power if you own more ETH. In that situation, it might make sense to borrow 900 in ETH with 1000 ETH collateral. Then you make your vote on the DAO with a power of 1900. And pay back 910 in ETH to the lender. The vote on the DAO might trigger an action that is worth more than the 10 ETH you paid in interest.…
> it might make sense to borrow 900 in ETH with 1000 ETH collateral. Then you make your vote on the DAO with a power of 1900 No, you would vote on the DAO with a power of 900, because your original 1000 ETH collateral is being held by the lending protocol
Two examples:
The DAO could support the lending protocol. Counting your assets in the lending protocol towards your voting power.
The lending protocol could support the DAO. Not allowing you to withdraw you collateral but allowing you to signal something to the DAO.