431–440 of 455 posts
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There's no way in any number of Hells that I'd trust PornHub with my banking info.
I would trust them a lot more than your average consumer fintech. They have been around for a long time and their engineering is nothing to be sniffed at.
That bar is so low I couldn't even trip over it.
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The govt can create their own but would you trust them? Central bank digital currencies are simply a Blockchain version of fiat and comes with the same list of problems - centralized issuance (ie infinite printing), but much worse eg. Govt adding code to control how you spend - which can help control spending during inflationary times and absolutely kills any notion of a free market. What the govt wants isn't always…
Sure but what if the US govt decided to launch a 51% attack on btc anyway? I don't argue that blockchain tech will keep improving. I just say if it's going to be a currency of the future why do we have to spend money on it now? Won't we be able to create parallel blockchains to increase token supply? It's not an intrinsically valued asset, like buying a stock (which some have returned more money than speculative bitc…
Re: parallel Blockchain- there are thousands of Bitcoin copycats since 2011. They're either dead or dying. See the top ten list on coinmarketcap over time. Point is that value will accumulate on what everybody agrees on and there's no way somebody's CrapCoin where they own 60% of tokens and dump it on the market will gain traction with it's inherent risks (security, centralization, lack of differentiation etc).
Bitcoiners themselves don't spend using Bitcoin yet but this change is happening as more and more people believe in it as something that holds value and isn't going to 0. It'll take time and I have patience.
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To me this is fundamentally contradictory: > the people en masse, should they choose to actually understand and use the decentralized blockchain I used to work for financial traders. Our company was essentially the same as the companies of professional gamblers. We knew we were playing zero-sum games. Our goal was to create asymmetries in information and skill such that we got the money that other people were putting…
> So the hustlers are always going to be one step ahead from regular folk. I don’t disagree. This is always going to be the case in any global market with information asymmetries - grandma’s investments are not going to do as well as a hedge fund with a team of 50.* The difference is: the people entering CeFi are having access to their funds revoked, and a counterparty failing to repay debts while fleeing to Dubai. w…
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With a centralized service I don’t need a law degree, I can quickly ask an expert what my rights are and understand an option, and there is a (limited and slow, but existant) method to make myself whole in the event of a problem. Each dApp is its own special setup and it can be quite complicated to figure out exactly how it behaves, who to sue if it doesn’t, and who to pay money to find these things out for me. I hop…
Stop outsourcing protecting yourself.
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What size transaction do you think it helps with? My transaction fees are usually zero, even internationally, with the only exception being trivial costs when I visited the USA. Conversely, when I bought a flat I was legally required to add the much larger in-all-but-name transaction fee of having a lawyer sign off that I and my money and my payment of it and the flat itself and the seller I was buying it from were a…
Your transaction fees are zero. Most people sending money through western union don't share that rate and western union requires id and travel to a pickup place.
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> I'd rather have a $20 bill than $20,000 of Monopoly money All currencies we use are smoke and mirrors. The difference is that that $20 bill is backed by well armed US Marines and an crypto currency is not
Can I sell the underlying Marines in the event I lose faith in the investment?
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Stop outsourcing protecting yourself.
No man is an island. I’d rather pay taxes for police and hire a plumber than live in the woods with a rifle and fetch my own water, given that there are only so many hours in a day to try and be an expert on everything.
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Do you think that benefit outweighs the wild variance in valuation of most cryptocurrencies? I'm not trying to be a dick, I'm genuinely curious.
To be honest - and this is to my detriment; I have no idea how much crypto i have/ what it's worth at any given moment. So... no haha. I participate in 30 different defi pools across tons of different protocols, have money in various excahnges, run like 10 different nodes on Eth, BTC, Sol, Filecoin, etc. I was lucky enough to get into crypto in 2014 and treated it like a game. Started mining from my gaming rig and ha…
There needs to be some basic economics here.. Money has value because of the value of the economic transactions in which its conducted. Government-backed currencies are forced to have value in the sense they force people to use it for their taxes. The US, additionally, forces the world to use it for oil trades. Value is in those economic transactions. A currency is just a "liquifying" of that value, to make it easier…
Big companies are not using actual printed paper money directly. Cash, like Bitcoin, is great for peer to peer transactions, but too slow and impractical for the population to all use end to end for all daily transactions. Companies like McDonalds operate on credit via privately owned payment rails because ACH and cash are way too slow. Even when it takes cash that cash is not physically shipped to a bank vault at Mc…
There's something else El Salvador has too. Two really fast ACH networks. The fastest one can do inter-bank transactions in seconds during banking hours. And a second slower one that takes about 15 minutes but covers more banks and is available every day of the year. Payments cards are slower though, they usually take between 2 to 5 days to clear.