Earlier quoted context omitted.
It's still your cheese if no one wants to buy it. It's arguably even more yours.
Cheese typically refers to money. Cryptocurrency isn't money.
It's money, just like the Zimbabwean dollar
Crypto exchange AAX suspends withdrawals
801–810 of 843 posts
Re: Crypto exchange AAX suspends withdrawals
#802Earlier quoted context omitted.
Cryptocurrencies are nothing like cash for one important reason: they are not subject to physical constraints. You cannot easily scam millions of people around the world out of their hard-earned cash in a couple of days. You cannot easily move millions of dollars in cash without conspicuously hauling objects around and/or engaging many people to help with that. You can reverse a cash transaction immediately by grabbi…
> Cryptocurrencies are a qualitatively new thing humanity has never had to deal with ever, no matter how insistent are cryptocurrency aficionados’ in calling it merely “a digital version of cash”. This serves their wallets, by suspending deserved wariness and encouraging unsophisticated people to invest into a financial pyramid, but not truthful description of reality. Holding no cryptocurrency myself (I don't need t…
> I don't see the issue with being able to transport cash across the 'net.
The very idea of “physically unconstrained cash” is relatively new to humanity so there are some unknown unknowns, but even then I think the issues are obvious by now.
The necessity to handle a physical object limits the scale of potential upsides (help relatives, etc.) and downsides (scam people, etc.) of cash—and it might have transpired that, with that necessity removed, the downsides and exploits are much more sought after and outweigh potential upsides.
Re: Crypto exchange AAX suspends withdrawals
#803Earlier quoted context omitted.
Your point is that centralized financial services on sqlite is good, decentralized protocols on a blockchain is bad? If that is your point, it's a funny one to make in a thread about a CEX collapsing.
> Your point is that centralized financial services on sqlite is good, decentralized protocols on a blockchain is bad? Where exactly in this comment did I say that: https://news.ycombinator.com/item?id=33606218 ? > If that is your point, it's a funny one to make in a thread about a CEX collapsing. What's funny is inventing arguments for other people and valiantly fighting against them. "Smart contracts" were mentione…
Uniswap is a good application of smart contracts. Your comments explicitly suggest that Uniswap would be better run on something like sqlite, which needs a centralized owner, which is functionally the same as replacing a DEX with a CEX.
> in every single case would be more efficient and better served by Visual Basic running on a single Raspberry Pi from a sqlite database
Re: Crypto exchange AAX suspends withdrawals
#804Earlier quoted context omitted.
> Your point is that centralized financial services on sqlite is good, decentralized protocols on a blockchain is bad? Where exactly in this comment did I say that: https://news.ycombinator.com/item?id=33606218 ? > If that is your point, it's a funny one to make in a thread about a CEX collapsing. What's funny is inventing arguments for other people and valiantly fighting against them. "Smart contracts" were mentione…
Uniswap is a good application of smart contracts. Your comments explicitly suggest that Uniswap would be better run on something like sqlite, which needs a centralized owner, which is functionally the same as replacing a DEX with a CEX. > in every single case would be more efficient and better served by Visual Basic running on a single Raspberry Pi from a sqlite database
Funny how out of 8 points listed, all you've latched onto a single one.
Let me rewrite this on point in a single sentence "this ineffecient unenforceable bug-ridden fest that can only use the imaginary tokens can be run more efficiently from a single Raspberry Pi".
Does this help?
Re: Crypto exchange AAX suspends withdrawals
#805Earlier quoted context omitted.
> The closest you can get to decentralization with the traditional finance system is to withdraw and store cash, which is expensive/risky and causes inflation to eat away at your savings. I don’t see how it’s any different from the situation with, say, bitcoin. If you store a bitcoin, it just sits there, and its value follows that of the market. The fact that bitcoin is deflationary has nothing to do with decentralis…
>I don’t see how it’s any different from the situation with, say, bitcoin. If you store a bitcoin, it just sits there, and its value follows that of the market. Note, that by "expensive/risky" I was talking about the physical storage of the bills (eg. risk of theft or needing to install security equipment), not the opportunity cost of not putting the money to work. The latter is a whole can of worms that I don't want…
It’s completely trivial to store and transfer money on the order of millions of dollars. What “large amount” are you talking about?
Also no, there’s no risk of a bank run in the US due to other protective systems such as FDIC.
Re: Crypto exchange AAX suspends withdrawals
#806Earlier quoted context omitted.
> An exchange shouldn't count deposited crypto as their asset. It is an asset of their customers. Yes they should. A deposit liability arises from the fact that they received an asset in a deposit transaction. Liabilities and assets aren't mutually exclusive in any transaction, and both must increase when you receive a customer's deposit, or else where does the liability come from? > Banks need to be heavily regulate…
> Yes they should. A deposit liability arises from the fact that they received an asset in a deposit transaction. Liabilities and assets aren't mutually exclusive in any transaction, and both must increase when you receive a customer's deposit, or else where does the liability come from? Does a cash transporter count the contents of their armored vans as assets? Does DHL count the contents of their vehicles and wareh…
They way I look at it, deposit and withdraw implies storage. I'm not giving you something to transport, I'm giving you something to store until I tell you what to do with it at a later time.
I'm not sure I agree it achieves the opposite of consumer protection. The liability to the customer is equal to the asset being stored this way. Lack of regulation is what achieves the opposite.
Re: Crypto exchange AAX suspends withdrawals
#807Earlier quoted context omitted.
Uniswap is a good application of smart contracts. Your comments explicitly suggest that Uniswap would be better run on something like sqlite, which needs a centralized owner, which is functionally the same as replacing a DEX with a CEX. > in every single case would be more efficient and better served by Visual Basic running on a single Raspberry Pi from a sqlite database
Funny how out of 8 points listed, all you've latched onto a single one. Let me rewrite this on point in a single sentence "this ineffecient unenforceable bug-ridden fest that can only use the imaginary tokens can be run more efficiently from a single Raspberry Pi". Does this help?
I'm not sure you are replying in good faith.
But, you are still making the claim that a decentralized smart contract protocol would be better replaced with a centralized traditional database on a Raspberry Pi. We disagree.
Re: Crypto exchange AAX suspends withdrawals
#808Earlier quoted context omitted.
Funny how out of 8 points listed, all you've latched onto a single one. Let me rewrite this on point in a single sentence "this ineffecient unenforceable bug-ridden fest that can only use the imaginary tokens can be run more efficiently from a single Raspberry Pi". Does this help?
I'm not sure you are replying in good faith. But, you are still making the claim that a decentralized smart contract protocol would be better replaced with a centralized traditional database on a Raspberry Pi. We disagree.
> I'm not sure you are replying in good faith.
Come on. You started with assigning me arguments and thoughts I never said and thought.
> you are still making the claim that a decentralized smart contract protocol would be better replaced with a centralized traditional database on a Raspberry Pi.
A person who claims that their opponent makes arguments in bad faith ignores everything their opponent says and keeps pretending their opponent said something he didn't.
There are eight bullet points. Read them. Understand them. However, I'm not going to continue this conversation.
Re: Crypto exchange AAX suspends withdrawals
#809Re: Crypto exchange AAX suspends withdrawals
#810Earlier quoted context omitted.
Also the network is far too slow to handle even a fraction of the day to day transactions handled by VISA. Even if you relegate it to more substantial transfers SWIFT handles around 35 million transfers per day and for the whole month of October this year the main chain only handled 7.9 millionish from what I can find. It's so slow there's a whole opaque secondary layer that had to be built to get it even close to po…
True, but if you think about the initial goal of a decentralized payment method over the internet and not in a crypto-maximalist perspective, it doesn't necessarily make sense to compare it with VISA or Swift which mostly process payments IRL. When bitcoin was designed, its throughput was a significant fraction of Paypal's which doesn't sound so bad. In fact, having a decentralized, uncensorable and open-source payme…
The inherent problem there is the capacity is essentially fixed without a protocol change causing a hard fork. That's a doomed service in the long run.