511–520 of 790 posts
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For those not up to date on crypto people, SBF is Sam Bankman-Fried [1] and CZ is Changpeng Zhao [2]. I don't know why they insist on being called by their initials like they're some sort of ticker symbol. [1] https://en.wikipedia.org/wiki/Sam_Bankman-Fried [2] https://en.wikipedia.org/wiki/Changpeng_Zhao
It’s common in many internet circles to refer to prominent people by their initials. Hackerdom has a long tradition of this: rms gls esr jwz et al. It also tends to happen in US federal politics for some reason (jfk rfk gwb fdr et al) but not to everyone.
Binance was threatening to dump a huge amount of FTT tokens on the market. FTX has a big+vulnerable position in FTT. FTX asked Binance to sell them the tokens for a fixed price, so as not to crash the FTT token price. Binance declined - this was yesterday/today. Of course the price of FTT crashed today. And now Binance buys FTX to help them out... smells like Binance played 4D chess all along. https://decrypt.co/1136…
> whatever smidge of trust Turns out the "trustless" in crypto means "you can't trust anyone".
"Don't trust. Verify."
Crypto had been interesting experiment. My take away is that there cannot be decentralized currency or finance. Dectralization does not prevent bad actors. Someone with an army and authority must be there to punish bad actors and keep them in check or otherwise they are out to con you. The argument that people just need to be smart to not get dupped does not work.
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What have you been "using" Bitcoin for, may I ask?
- Long term "Savings account" - a volatile one, of course - I buy stuff from online with it, household items (In country I live you can basically buy anything with BTC) - Travel, I book hotels/flight with it and once I rented a boat for a family trip In addition to that I now and then try to pay with Bitcoins at other stores. Last time got excited about boltcards ( https://github.com/boltcard/boltcard ) there are few…
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That experiment already failed to be honest. Cryptocurrencies were prophesized to get rid of banks. Instead exchanges reinvented banks with all the drawbacks and none of the benefits. Cryptocurrencies were supposed to be in wide circulation just like USD, eliminating the need for fiat on/off ramps. Instead we got these centralized corporations and endless KYC/AML surveillance with none of the regulation and governmen…
The coins have failed because the exchanges failed and people use them incorrectly. Got it.
Earlier quoted context omitted.
For those not up to date on crypto people, SBF is Sam Bankman-Fried [1] and CZ is Changpeng Zhao [2]. I don't know why they insist on being called by their initials like they're some sort of ticker symbol. [1] https://en.wikipedia.org/wiki/Sam_Bankman-Fried [2] https://en.wikipedia.org/wiki/Changpeng_Zhao
You see the same thing with Middle East Leaders - MBS, MBZ, etc. When the names are even semi-complex and the reach is global, people default to acronyms.
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Also turns out that "decentralized" in practice means "centralized"
Centralization is more efficient than consensus building.