201–210 of 843 posts
"At this point I'm convinced Satoshi Nakamoto was actually a public administration professor trying to teach kids why financial institutions have the rules in place that they do. Given enough time, the entire crypto space will have reinvented every regulation they tried to get rid of and understood why they existed in the first place."
The best large-scale example of Chesterton's Fence that I've seen so far.
Earlier quoted context omitted.
This was a failure of traditional financial institutions and people who are ok with them, not of crypto. Satoshi wouldn't be encouraging people to put their coins on a trusted third party like that. All fundamental crypto values say this.
Then it proves that crypto is flawed for other reasons.
- Crypto is being used and abused by people and purposes that don't need it.
- Fundamental practices haven't matured yet.
So, having been around since the early bitcoin days, core to the salespitch back then was the fact you would have control. You'd have your coins in your wallet, and no need for banks etc. Apparently nobody does this anymore, and gives their wallets to these exchanges (i.e. banks) and balks when the obvious happens in pyramid schemes. People just don't get distributed currency if they promptly undistribute it. Or is i…
Forgive my ignorance but it seems that one major problem with crypto-exchanges is that they don't necessarily have any assets other than the crypto that has been deposited there, which means all overheads (which I am assuming for some of these guys is $Ms/year) can only come from trading crypto unless they are charging reasonable money for the privilege of using their exchanges. In the FIAT world, banks make tonnes o…
> can only come from trading crypto
"trading" is a really broad term. They will get fees from trading, but they will probably also be doing things like providing liquidly to other exchanges and arbitrage (crypto is of course very volatile so arb opportunities are all over the place).
> Due to the failure of our third-party partner, some users' balance data were found abnormally recorded in our system. Hence, limiting our services to prevent further risks, the technical team has had to manually proofread and restore the system to ensure maximum accuracy of all users’ holdings. "Abnormally recorded" ... "prevent further risks" ... "manually proofread" ... "maximum accuracy". Wow.
"At this point I'm convinced Satoshi Nakamoto was actually a public administration professor trying to teach kids why financial institutions have the rules in place that they do. Given enough time, the entire crypto space will have reinvented every regulation they tried to get rid of and understood why they existed in the first place."
This was a failure of traditional financial institutions and people who are ok with them, not of crypto. Satoshi wouldn't be encouraging people to put their coins on a trusted third party like that. All fundamental crypto values say this.
Earlier quoted context omitted.
I've had a store credit card (via Comenity Bank) having "system maintenance issues" since early June, refusing to pay out the money owed per their rewards scheme. No one at either the store's corporate office can tell you anything nor will the backing bank say anything other than "We value you as a customer and appreciate your patience." It's a common industry tactic, sadly, to scapegoat IT operations for internal fa…
Somewhat unrelated but unless it's absolutely dire circumstances do not EVER get a "store credit card". They have obscenely low limits which adversely affects your credit score as relatively small purchases can end up using a substantial portion of the available credit. Balance vs total credit (available credit) is a very important factor in calculating scores and credit worthiness. The interest rates are extremely h…
While the balances vs limits are a factor in scoring, it's just one factor among many. Retail credit cards won't trash your report unless you hit on specific bad patterns, like opening a bunch at once.
I see this pattern all the time, where someone will take a true statement, like that the balance to limit ratio and absolute high water mark are a factor in the scoring, and then mistakenly turn it around into normative advice about how you should shape your report. You're not going to fix a bad score by dropping a retail card or two.
Here's the secret to having a good credit report: use credit often, pay it on time, don't run large balances relative to your regular spending. That's what lenders want to see and what the score aims for.
Earlier quoted context omitted.
You can say that, but when MtGox went bankrupt, and also lost 4 fifths of its stored crypto, the court just heaped together all assets into one big pile and all creditors into one big pile and let them fight it out. So now there's a bunch of assholes including but not limited to Peter Vessenes, that are suing the bankrupt entity for billions (completely frivolous of course) and all the depositors have waited for 8 ye…
And that's largely because of the lack of regulation that so many cryptocurrency fans tout. If it's not legally regulated as a currency, or a security, or anything of the sort, then why would it be considered to belong to you, and not Mt Gox, once you've given it to them? All you have is a digital account that's basically the legal equivalent of an IOU on a napkin. Welcome to your libertarian utopia.
Earlier quoted context omitted.
SBF spent about 33% Republican / 66% Democrat EDIT: Not accurate ^ Yet 18 of the 25 top donors were Republican leaning. Billionaires comprise 20% of Republican funding vs. 14% for Dems. Most republican megadonors were entirely republican. The big ones are from hedge funds. So yeah, SBF donated to the dems. We need more regulation to get money out of politics. But let's not kid ourselves into thinking the republican p…
SBF spent 99.9% Dems and 0.1% Repub, according to your first link. You’re telling untrue facts according to your own sources — to minimize that the second largest Dem donor was a criminal stealing customer funds. Your comparison to Repubs is unfounded as none of their donors engaged in organized crime like SBF. Why are you spreading election misinformation?
https://www.politico.com/news/2021/09/20/gop-operatives-char... https://www.wsj.com/articles/former-gop-donors-charged-in-in...
Even if talking just about people who are later found to have acted improperly, look at the CEO of FTX Ryan D. Salame, one of the largest Republican donors.
"At this point I'm convinced Satoshi Nakamoto was actually a public administration professor trying to teach kids why financial institutions have the rules in place that they do. Given enough time, the entire crypto space will have reinvented every regulation they tried to get rid of and understood why they existed in the first place."
This was a failure of traditional financial institutions and people who are ok with them, not of crypto. Satoshi wouldn't be encouraging people to put their coins on a trusted third party like that. All fundamental crypto values say this.