211–220 of 377 posts
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You're kinda right but it's also kinda right that after a decade+ crypto found like 1.5 useful applications and generative AI is finding some mind blowing product launch or demo something like once every 8 hours.
What were the 1.5 useful application - buying illegal stuff and money laundering?
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It's entirely possible for nvidia to be sour and also correct. Crypto currencies have done nothing for society but to introduce scam and money laundering vectors.
There are people that still have their accounts frozen because they donated to the truckers in Canada. That’s insane. Other countries had or will have similar cases in the future. We absolutely should have a way to exchange money without the governments involvement. The government already has the monopoly on physical force. That ought to be enough. So yes, there is a use case. But you’re correct in that it hasn’t rea…
Cashflow without government involvement is the absolute opposite of democratic freedom. Take literally any autocratic government ripe with corruption, look at Russia, China et al. Look at any large criminal organization which tries to avoid democratically elected governmental regulation of their cashflows.
Instead of being free, in a world with no oversight of how money is exchanged, 99.9% of people will wake up in modern servitude to a tiny rich oligarchy which owns all the assets and brutally opresses their slaves.
How this is not apparent to anyone is beyond me.
We already found a solution to the problem of being treated unfairly by a government: the judicial branch.
Think your money is frozen unfairly? Then sue. Easy as that.
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It's entirely possible for nvidia to be sour and also correct. Crypto currencies have done nothing for society but to introduce scam and money laundering vectors.
There are people that still have their accounts frozen because they donated to the truckers in Canada. That’s insane. Other countries had or will have similar cases in the future. We absolutely should have a way to exchange money without the governments involvement. The government already has the monopoly on physical force. That ought to be enough. So yes, there is a use case. But you’re correct in that it hasn’t rea…
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The social norm defied is "money is to be regulated by the state". No more, no less. Anything else is a result of what people project onto it.
Only libertarians are so obsessed with central banking. It seems to me that crypto people willfully ignore previous history where money was not regulated by the state and people were frustrated by instability. https://en.wikipedia.org/wiki/Panic_of_1907
People have always been stuck with one or the other. Now, state-backed monies are forced to compete and maybe it will finally breed some innovation (of note, CBDCs).
If non-state currencies fail, so be it. If state currencies fail, so be it. But the competition is important imo.
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Fortunately I don’t think anyone is concerned with what libertarians consider a “big win”.
Except for libertarians? Personally, as a libertarian this is all I need -- a win for myself.
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Money flows out of equities and into bonds which yield a higher more dependable return when interest rates are high enough. The equities market was already running at artificially inflated values for some sectors (like technology), which means there isn't much growth potential (if everything is deemed to be already overpriced), and so the outflows were quite significant from those sectors, accentuating the inverse re…
I would argue that cryptos are typically not equities; they're usually either commodities (cryptocurrency) or some sort of non-current intangible asset (NFTs). The exception would be things like shares in the DAO, which, while interesting, is not typically what people have in mind when they say "crypto" these days.
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It's entirely possible for nvidia to be sour and also correct. Crypto currencies have done nothing for society but to introduce scam and money laundering vectors.
There are people that still have their accounts frozen because they donated to the truckers in Canada. That’s insane. Other countries had or will have similar cases in the future. We absolutely should have a way to exchange money without the governments involvement. The government already has the monopoly on physical force. That ought to be enough. So yes, there is a use case. But you’re correct in that it hasn’t rea…
The reason crypto never took off is because the government effectively backs a lot of the currency transactions indirectly, which makes engaging in such transactions a lot less risky for everyone involved. If such trust in the government wasn't there, everyone would have jumped on crypto ten-fold.
Yes, government has control over aspects of life, and humanity collectively organized governments specifically to have that power, because humanity early on realized that humans are emotion-prone individuals that cannot be trusted. All the anti-state rhetoric that you ever read completely ignores that fact.
Yes, there are going to be some negatives associated with this transfer of power that are going to happen, no complex systems like that are perfect. You probably would want someones account frozen if they were directly donating large sums of money to a terrorist group that was planning attacks on US. There are good cases for use of power, and bad ones. The fact that we aren't living in totalitarian regimes and still have plenty of individual of freedoms means that the system is working pretty well.
Wrong. Cryptocurrency demonstrate what electronic payment system should look like: without ability to sell user data and spy on users. Cryptocurrency is the payment system which is designed only for payment without unnecessary features. Today if you pay with card you basically consent to collecting your data by corporations and following you offline and online, creating a detailed history of your activity. Corporatio…
I don't give a f*k about someone following my activities, I'm not doing anything illegal, that's why I don't understand this privacy craze going on. The most they can do is show me some personalized ads and I don't care. But the downside is getting scammed, get money stolen and not being able to figure out who did that. That's what anonymity feature of crypto promotes which I think is a much bigger deal, especially i…
And I mean, I mostly agree with you, crypto seems to be a hive of scum and villainy, at the same time having every moment of our lives tracked to be judged by the whims of the future is a very risky proposition.