11–20 of 227 posts
Crypto crowdsourced the Ukrainian war effort faster and easier than the fiat rails did. I don't even need to list a million other counter points that have been posted to every HN crypto post since time immemorial, but that was a de-facto benefit of crypto over legacy finance.
Crypto crowdsourced the Ukrainian war effort faster and easier than the fiat rails did. I don't even need to list a million other counter points that have been posted to every HN crypto post since time immemorial, but that was a de-facto benefit of crypto over legacy finance.
Source?
> “It’s certainly a first,” said Bennett Tomlin, who investigates cryptocurrency scams and hosts the podcast Crypto Critic’s Corner. “We’ve never seen a sovereign nation fund their defense efforts in crypto before. It does prove out a lot of the crypto argument.”
Onboarding is really a PITA. Until you found a way to pay for everything in crypto, you have to deal with centralized exchanges to get fiat to pay your stuff. Playing in fiat requires you to convert from a crypto token and that is a taxable event. It's a bit like shooting stuff into space. Getting out of earth's gravity is the hardest part, even if it's just a small fraction of the way.
You need to create a circular economy where people pay and get paid in cryptocurrency, like you have within a nation state with their home currency. The creation of that circular economy without a monopoly on violence that forces everyone to converge on a single one is something that will happen in fits and starts.
And of course, you still need policy change to treat the cryptocurrency as legal tender so people don't have to stress about capital gains implications with each and every transaction they do, and get fucked if they ever lose their accounting history and get audited.
It will be interesting to see how things develop in El Salvador now that they have legally enabled this circular economy to develop with bitcoin, and spending is not a taxable event.
Yet another middle man stating that crypto is not the way to go. Of course they are going to say that, they lose their 1% transaction fee.
But yes, you are right there is a competitive pressure/force at work here.
Yet another middle man stating that crypto is not the way to go. Of course they are going to say that, they lose their 1% transaction fee.
Crypto crowdsourced the Ukrainian war effort faster and easier than the fiat rails did. I don't even need to list a million other counter points that have been posted to every HN crypto post since time immemorial, but that was a de-facto benefit of crypto over legacy finance.
What are they doing with all the crypto? Did they convert it to fiat? Is it just sitting there?
The only reason so many cryptos were sent is because there a lot of people who don't know what to do with their cryptos, they can't use it for anything and liquidating large amounts of crypto is a pain in the ass.
"We need to keep track of our customers’ account balances. We need them to trust that their Wave balance is correct and Wave won’t lose the money." "At Wave, though, we prefer to use boring technology, and a simple relational database like Postgres does an equally good job at this." How does Wave ensure multi-region durability for Postgres, high availability, and strict serializability during failover, without risk o…
Why is this important? Why can't they get by with a traditional main server plus some backups with a sync, plus failover when the main server goes down? It seems to me that all of your questions are issues that have been often discussed over the last 20 years, and they all have well known answers, except perhaps "multi-region durability". Leave that out, and you've well known answers for your other questions. And it seems to me, what they are saying is that they found it easier to go with a boring and traditional setup, that is, a boring and traditional setup is easier than any other setup.
Onboarding is really a PITA. Until you found a way to pay for everything in crypto, you have to deal with centralized exchanges to get fiat to pay your stuff. Playing in fiat requires you to convert from a crypto token and that is a taxable event. It's a bit like shooting stuff into space. Getting out of earth's gravity is the hardest part, even if it's just a small fraction of the way.
It's a chicken and egg problem. You need to create a circular economy where people pay and get paid in cryptocurrency, like you have within a nation state with their home currency. The creation of that circular economy without a monopoly on violence that forces everyone to converge on a single one is something that will happen in fits and starts. And of course, you still need policy change to treat the cryptocurrency…
Earlier quoted context omitted.
Source?
https://apnews.com/article/russia-ukraine-cryptocurrency-tec... > “It’s certainly a first,” said Bennett Tomlin, who investigates cryptocurrency scams and hosts the podcast Crypto Critic’s Corner. “We’ve never seen a sovereign nation fund their defense efforts in crypto before. It does prove out a lot of the crypto argument.”
Just to compare about $400,000,000 had been given via normal means by March 12th[1]. Sure every bit helps, but we're still talking different orders of magnitude.
[1 ]https://bank.gov.ua/en/news/all/na-pidtrimku-armiyi-ta-guman...
Earlier quoted context omitted.
How do you back that up? Do you exclude all the fiat currency backed resources sent to help Ukraine? Do you also exclude the crypto workarounds to sanctions on Russia that can keep the war prolonged?
US sent $500 million worth of actual hardware , the value of that is more than the crypto donations received so far.
The Dutch raised more than $100m which is still more than the crypto total