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Expanding access to the future of work with crypto payouts

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Re: Expanding access to the future of work with crypto payouts

#131

Post by imtringued »

soared wrote: post #49
telephone2 wrote: post #39

Earlier quoted context omitted.

People seem to forget that 6 trillion dollars of liquidity was injected into the US monetary supply in 2020 (close to a 50% increase in the total USD monetary supply). The 2008 financial bailout popularized by "The Big Short" pales in comparison to what happened in 2020. While there are situations where creating liquidity via monetary policy is necessary - it sucks that it directly impacts the savings and wages of ev…

How would crypto be immune to inflation? If prices of housing, assets, etc go up, crypto does too.

Bitcoin went down from 68k USD to 20k USD...

Re: Expanding access to the future of work with crypto payouts

#132

Post by imtringued »

skybrian wrote: post #59
telephone2 wrote: post #39

Earlier quoted context omitted.

People seem to forget that 6 trillion dollars of liquidity was injected into the US monetary supply in 2020 (close to a 50% increase in the total USD monetary supply). The 2008 financial bailout popularized by "The Big Short" pales in comparison to what happened in 2020. While there are situations where creating liquidity via monetary policy is necessary - it sucks that it directly impacts the savings and wages of ev…

USDC isn't a inflation hedge. It's pegged to the dollar, after all. Looking at the chart, Bitcoin is worse than an inflation hedge for anyone who bought in 2021 or later. If you're worried about inflation then I-bonds seem like a less risky way to handle this. (Though the limits are too low for many people, and the website is pretty bad.)

RAI isn't really meant to be an inflation hedge but in theory people can create a price index and then index RAI bonds against it which would then allow you to maintain your purchasing power.

TIPS and I bonds are in my opinion the way the economy should work everywhere. Yes it means nominal yields can be negative but the entire point of the concept is that the unit of account should be stable and not inflating. Even if rates are excessively negative, it is still more predictable than inflation and you know exactly how much you are losing and prices will stay the same so your salary doesn't shrink over time.

Re: Expanding access to the future of work with crypto payouts

#133

Post by imtringued »

arcticbull wrote: post #40
telephone2 wrote: post #39

Earlier quoted context omitted.

People seem to forget that 6 trillion dollars of liquidity was injected into the US monetary supply in 2020 (close to a 50% increase in the total USD monetary supply). The 2008 financial bailout popularized by "The Big Short" pales in comparison to what happened in 2020. While there are situations where creating liquidity via monetary policy is necessary - it sucks that it directly impacts the savings and wages of ev…

Can you find any article anywhere which quantifies the magnitude of the Cantillon effect because I certainly have looked and found absolutely nothing. Crypto is hardly inflation-proof, with major cryptos having fallen 80% or more in the last 6 months putting it on pace with the Lira - if you then adjust it for inflation you lose another 10%. It's somehow managed to do all that in the single most inflationary period i…

Honestly, the cantillon effect is a red herring because any form of spending, it doesn't matter if the money is physically printed as a bank note with no debt backing it or simply spent from savings in a gold standard. If you divide the economy into two sectors, your bank account and the rest of the economy, then spending off your bank account will create a net increase in the money supply in the rest of the economy, this will raise prices in close proximity to you. Or in other words, the cantillon effect describes how price signals propagate through the economy. The strange thing is that people have this fixation on "printed" money causing inflation but as I mentioned, the cantillon effect also applies to normal spending of money that was received via taxes. If you ban the "printing" of money as we have already done by establishing central banks the cantillon effect remains.

Where do we find proof of the cantillon effect then? Government spending as a percentage of GDP and subsequent public sector employment but then again, this isn't something new, it is boring and obvious, not some conspiracy of the government scheming against you.

Re: Expanding access to the future of work with crypto payouts

#134

Post by GoblinSlayer »

Cederfjard wrote: post #112
throw101010 wrote: post #61

Earlier quoted context omitted.

Is your solution to keep the walled garden systems we currently have that benefit proportionally very few people on earth? Why not give the rest of the world access to the tools for economical freedom too? And please let's not even debate if they work or not yet, I am more interested in the reasoning behind preserving the current status quo where billions of people literally cannot access these tools.

> Is your solution to keep the walled garden systems we currently have that benefit proportionally very few people on earth? Almost every single person on Earth benefits in some way from the current systems over not having them at all. Yes, they tend to let power and resources accumulate with a select few, which is not necessarily the best or most moral outcome. I'd be interested to know why you think this wouldn't b…

I can imagine cryptocurrencies can make exploitation less severe, e.g. if there is choice between salary in USD and BTC, salary in USD would tend to be lower due to more regulation and better reputation for lower volatility.

Re: Expanding access to the future of work with crypto payouts

#135

Post by zeroclip »

imtringued wrote: post #127
zeroclip wrote: post #98

Earlier quoted context omitted.

Personally feel that a better solution long term is Ethereum L2 payouts.

L2 is a fragmented mess. There can only be a handful of solutions that must all be interoperable with each other. Honestly the number of L2 for Ethereum convinced me it is a deadend. Even bridging is a deadend. I have seen 6 wrapped versions of DAI on Solana. The crypto skeptics were right, you can fork cryptocurrency endlessly until it becomes difficult to agree on which chain is the right one. Honestly either you d…

> I have seen 6 wrapped versions of DAI on Solana.

What does Solana have to do with Ethereum L2s? And what are you referring to about bridges, forks, chains?

L2 = rollup. Users have several to choose from, and are not forced into a single processor like Stripe or PayPal. Withdrawal back to L1 is trustless. Interop might eventually be solved with recursive zk proofs.[1]

Trying to build a decentralized payment infrastructure on a centralized chain like Solana sounds like a disaster.

[1] https://blog.succinct.xyz/post/2022/09/20/proof-of-consensus

Re: Expanding access to the future of work with crypto payouts

#136

Post by jt2190 »

comfypotato wrote: post #115

I stopped reading at “in 5 years the majority of workers will be freelancers”. Am I missing something? Seems like an incredibly naive article. The statement I mentioned, for example, either doesn’t know what a freelancer or majority is. Or am I totally in the dark regarding how the world is employed? Basic functions of society around the world will still require traditionally employed people as the majority, yes? Not…

They’re citing this report:

“Freelance Forward Economist Report” by Dr. Adam Ozimek for Upwork. https://www.upwork.com/research/freelance-forward-2021

Re: Expanding access to the future of work with crypto payouts

#137

Post by jt2190 »

clarkeni wrote: post #50
sneak wrote: post #44

Earlier quoted context omitted.

Issued by Coinbase. It is owned by whoever has it. They are also easily and instantly (and perhaps most importantly permissionlessly) exchangeable to hundreds of other tokens thanks to DeFi swap smart contracts.

Issued by Circle

https://www.circle.com/en/usdc

Re: Expanding access to the future of work with crypto payouts

#138

Post by rabite »

boh wrote: post #51

As companies continually erode employee benefits and aggressively seek out ever cheaper labor, we have to continually be reminded how innovative and great this "massive shift enabled in large part by new technology" is going to be. Now you're going to get paid in unregulated tokens, isn't that amazing! And guess what? Not using actual money also let's them access "millions of talented freelancers live in countries wh…

I am on my 12th year of virtually no access to the traditional financial system. I had all my bank and brokerage accounts killed with no suspension and no allowance to appeal. No bank will do business with me either on my Pridnestrovian passport.

Your regulators are thieves and thugs and I don't trust them one bit. I have faith in Bitcoin, or things I can instantly convert to Bitcoin without your regulators interfering. Fiat currencies I need SWIFT or ACH to access are literally worthless to me as I have access to neither, and even if I did it would be a precarious situation that I have to worry about all my money disappearing in a Kafkaesque net of AML investigations from which it will never escape. Your sarcastic tone about "unregulated tokens" is exactly how everyone in my country views your worthless dollar.

Re: Expanding access to the future of work with crypto payouts

#139

Post by porsager »

boh wrote: post #124
porsager wrote: post #120

Earlier quoted context omitted.

Or maybe everyone could have a more prosperous life, if we didn't have so many people, like you, scared of losing their priviledged positions, and using exploitation as an excuse to quell any potential competition. If you're so afraid anyone will get exploited, spend your time telling them how much you make, so they dare charge a bit more.

It's amazing how cutting into corporate profits is now considered unethical. Educated people from first world countries wanting a living wage and benefits? How greedy of them. If there's one thing missing from every 10k it's how prosperous "everyone" is becoming.

Yes, indeed greedy..

> If there's one thing missing from every 10k it's how prosperous "everyone" is becoming.

What does that even mean?

Re: Expanding access to the future of work with crypto payouts

#140

Post by vore »

jimmySixDOF wrote: post #121
vore wrote: post #85

Earlier quoted context omitted.

Your solution to fixing the problem is... hoping you have a successful child?

not sure where I proposed a solution but if there is one, I can tell you it will not involve crying out exploitation when someone offers an impoverished person the opportunity to pull themselves up somewhere better in life, just because you think it's unjust for that poverty they live in to exist in the first place but yet also have no working alternative.

Sidestepping your culture war flaming, this is just a race to the bottom. Are we supposed to give employers are free pass to work someone to the bone just because they're poor? Surely we can also acknowledge that, that while it's unfortunate that having a sweatshop job is often better than no job, employers should not treat their employees like shit either.
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