81–90 of 265 posts
I’m exhausted by cryptocurrency. There’s a kernel of neat tech innovation and a reasonable argument about monetary policy obliterated by an avalanche of greed, hype, fraud, and magical thinking.
There's a lot of hype but there's also a lot of potential to revolutionize commerce. imagine if you could pay 10 cents to read an article or tip a web site. How badly does this torpedo googles ad biz?
I’m exhausted by cryptocurrency. There’s a kernel of neat tech innovation and a reasonable argument about monetary policy obliterated by an avalanche of greed, hype, fraud, and magical thinking.
There's a lot of hype but there's also a lot of potential to revolutionize commerce. imagine if you could pay 10 cents to read an article or tip a web site. How badly does this torpedo googles ad biz?
Earlier quoted context omitted.
What would the problem be to use Transferwise?
Cost! And speed! I did a transfer wise last week and it cost me $15 in fees. What is this, ethereum?(a joke cos ethereum is too expensive to be useful for the retail user). I could have sent BTC and it would have been quicker and cheaper.
Earlier quoted context omitted.
Your uncle is gambling, just like every day-trader on the traditional stock market before crypto was ever invented.
At this point the equities market is also gambling based on what the fed decides to do next.
FTFY
"Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security but [also] at confidence in the equity of the existing distribution of wealth.
"Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become "profiteers," who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery.
- John Maynard Keynes (ironically)
Technically he was talking about short term high inflation, but there is no mechanistic reason why this would be false for long-term low inflation, and it is exactly what we are seeing after 50 years of secular inflation as a policy.
Earlier quoted context omitted.
David Gerard has an anti-crypto agenda and is a regular on r/buttcoin. He has publicly trashed crypto multiple times. [0] https://old.reddit.com/r/Buttcoin/comments/nwblbp/podcast_pr... [1] https://www.csmonitor.com/Business/2021/0611/In-El-Salvador-... [2] http://blocktribune.com/david-gerard-can-get-long-way-just-b... [3] https://old.reddit.com/r/ethereum/comments/6dkc8w/why_do_we_...
Agenda? Hit-piece? Are people allowed to have opinions any more, allowed to draw conclusions and take a side? As if Albert Einstein authored anti-quantum hit-pieces, had a classical physics agenda (or choose any other contentious issue in history where people had divided opinions).
Earlier quoted context omitted.
No crypto asset is currency or will be currency. They're tradable assets, not unlike Beanie Babies. And I don't see fiat that way because: 1. I use if every day. It's widely usable as currency, it's inflationary, and its value doesn't fluctuate wildly. 2. Fiat only ever promised to fix the problems with gold, and it did that (in the US and Europe at least). It didn't ride a wave of hype that it couldn't live up to. 3…
There’s plenty of fiat criticism outside of crypto, maybe you are in a bubble of neoliberalism
I’m exhausted by cryptocurrency. There’s a kernel of neat tech innovation and a reasonable argument about monetary policy obliterated by an avalanche of greed, hype, fraud, and magical thinking.
There's a lot of hype but there's also a lot of potential to revolutionize commerce. imagine if you could pay 10 cents to read an article or tip a web site. How badly does this torpedo googles ad biz?
1) nobody actually wants to pay this, though; the whole set of pre-existing arguments against micropayments apply, too many to list here. My fave one is "micropayments enable microfraud", though. And if you think cookie banners are annoying wait until you see the cryptobanners.
2) you definitely can't scale this on a blockchain, and any scalable system you build to do it will be Not A Blockchain. How many web pages does the world view in the time of a single bitcoin block? Would you say it was more or less than ten million?
I’m exhausted by cryptocurrency. There’s a kernel of neat tech innovation and a reasonable argument about monetary policy obliterated by an avalanche of greed, hype, fraud, and magical thinking.
There's a lot of hype but there's also a lot of potential to revolutionize commerce. imagine if you could pay 10 cents to read an article or tip a web site. How badly does this torpedo googles ad biz?
Earlier quoted context omitted.
What would the problem be to use Transferwise?
Cost! And speed! I did a transfer wise last week and it cost me $15 in fees. What is this, ethereum?(a joke cos ethereum is too expensive to be useful for the retail user). I could have sent BTC and it would have been quicker and cheaper.
BTC fees does not include the conversion from currency1 -> btc acc 1-> btc acc 2-> currency 2. Where conversion from 1 currency to another would be more expensive than the BTC fees itselve.
From which currency to which currency did you transfer?