301–310 of 843 posts
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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.
Yes, but that happening is a failure of crypto. If decentralized were actually better, then why would people flock to centralization?
"We are hopeful that as a community, we can brave through these troubling times together."
It sounds to me like a speech given by a middle school candidate for school president when the cafeteria has decided to cancel Taco Tuesdays, not a professional organization responsible for safeguarding billions in assets. I can't imagine a large traditional bank or trading outfit in the US giving a similar sounding press release.
The warning bells should be going off in the entire crypto sector right now. If you have money in crypto, I'd strongly recommend going off-exchange
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Crypto very much follows the stock market. Interest rates are inversely correlated to stock market performance. After 2008 the stock market went into the longest bull run in history which has now reversed this year. Stock market is down and crypto is collapsing because it is the wild west. There are for sure going to be multiple exchange collapses not just FTX.
> Crypto very much follows the stock market. Is that based on observing a correlation between both or is there an underlying hypothesis/theory/mechanism why crypto follows the stock market? I'm genuinely curious, not trying to imply this isn't the case.
"Industry" People gave us money and now they want it back but we spent it
"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.
Decentralization is at odds with that. It’s not convenient. It’s not easy. It’s not simple. Not for a lay person anyway.
When an ecosystem comes along and can solve those for the masses, it’ll be revolutionary.
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Is it? There's no reserve rate on the books but there's still a natural interest rate. And I'd estimate that for something like Bitcoin it's sky high. That's how it produced massive returns with no equity or assets. When Bitcoin was first launched, economists said the mining and splitting algorithm would be massively deflationary and that seems to have come true.
> would be massively deflationary and that seems to have come true Bitcoin makes Argentina and Venezuela look like bastions of hard money. It’s lost purchasing power, i.e. inflated, at an astronomical rate.
"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."
Regulated banks and currencies have similar issues, for example: - the government can print more money and devaluate your savings (it's like a form of tax one cannot avoid). But it is difficult to "print" more cryptocurrency. - the government can put limits on amount of money one can withdraw from a bank account. So you legally have the money but cannot use it. - the bank can refuse to deal with you under AML acts wi…
This is nonsense. FDIC insurance is adequate for most people and you can open multiple bank accounts without any issues to expand your coverage limit. Stop giving people bad advice.
And everything you said about banks is an issue with gold. Most people don't have a vault at home they are storing gold in... they are simply buying a certificate that says they own gold in someone else's vault--which has all the same issues as banks and exchanges.
"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.
In any case. Satoshi was about using Bitcoin as a currency not a store of value, right? So either way this view is butchering what Satoshi wanted
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As I've noted before on HN the entire concept of people being able to manage their own wallets flies against everything we know about people. People forget stuff, make mistakes, and lose things. The margin of error for a wallet is tiny. It's not rare for crypto forums, twitter, etc to prescribe completely ridiculous processes and systems for securing wallets, backing up seed phrases, etc. There's an entire cottage in…
Print your private key on paper and lose it all when your house burns down. vs Give your private key to an exchange, and enrich the shitheads running the exchange when they run away with your money. First option seems preferable. If you're going to lose your money, better for the money to be truly lost than to enrich a thief.