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Three Arrows Capital co-founder Zhu arrested in Singapore airport

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Re: Three Arrows Capital co-founder Zhu arrested in Singapore airport

#61

Post by ogogmad »

cesarb wrote: post #56
ogogmad wrote: post #46

Earlier quoted context omitted.

It needs energy to be expended continuously in mining it, if it uses PoW. So it might end one day.

> So it might end one day. Only if the mining stops abruptly. Otherwise, the automatic difficulty adjustment allows it to keep working even with a reduced energy expenditure. In the extreme, a single computer running in a museum could be enough to keep the blockchain working forever.

A single computer in a museum would be vulnerable to 51% attacks. It would also be too illiquid to recoup costs.

Re: Three Arrows Capital co-founder Zhu arrested in Singapore airport

#63

Post by thrawa8387336 »

eftychis wrote: post #50
pavlov wrote: post #15

Earlier quoted context omitted.

It’s not going to just vanish because crypto has become the tool of choice for online scams and crime. Here’s just one recent example, a small Kansas bank that collapsed entirely because its CEO got involved in a crypto scam: “The chief executive officer of Heartland Tri-State Bank asked if the client would lend him $12 million so he could get his money out of a cryptocurrency investment. He promised he’d pay him bac…

History of economics disagrees with the last -- hopeful I will assume -- statement. The world was and is full of scammers and fraudsters. Also respectfully I am not sure I get the zero interest rates arguments. There seems to be a subgroup of HN community that believes low interest rates (below some arbitrary threshold?) to be immoral. Maybe there is a Crime, scams and ponzi schemes correlation study over hundreds of…

Lookie the thing is as long as interest rates are down, wages might go up nominally but in actual material terms you end up poorer. Unless you already own substantial hard assets or have access to the low interest rate loans. At the end of the day what matters is how many barrels of oil/kWh your monthly income can directly or indirectly be exchanged for.

Re: Three Arrows Capital co-founder Zhu arrested in Singapore airport

#64

Post by thrawa8387336 »

danbruc wrote: post #11

This just reminded me that cryptocurrencies is a thing, this has not been a prominent topic here for some time, I would say. Is the entire cryptocurrencies stuff eventually on the way out or would that be a misperception? Just checked Google trends, that also indicates a downward trend for terms like Bitcoin, cryptocurrency, NFT or Ethereum for the last year or two.

The genie is out of the box. How would 2008 have played out if Bitcoin existed back then?

Re: Three Arrows Capital co-founder Zhu arrested in Singapore airport

#65

Post by nikanj »

danbruc wrote: post #11

This just reminded me that cryptocurrencies is a thing, this has not been a prominent topic here for some time, I would say. Is the entire cryptocurrencies stuff eventually on the way out or would that be a misperception? Just checked Google trends, that also indicates a downward trend for terms like Bitcoin, cryptocurrency, NFT or Ethereum for the last year or two.

Grifters moved on to AI, leaving only the actually viable parts of crypto around. So yeah cryptos are 100% dead.

Re: Three Arrows Capital co-founder Zhu arrested in Singapore airport

#66

Post by grotorea »

ogogmad wrote: post #61
cesarb wrote: post #56

Earlier quoted context omitted.

> So it might end one day. Only if the mining stops abruptly. Otherwise, the automatic difficulty adjustment allows it to keep working even with a reduced energy expenditure. In the extreme, a single computer running in a museum could be enough to keep the blockchain working forever.

A single computer in a museum would be vulnerable to 51% attacks. It would also be too illiquid to recoup costs.

But the 51% attack would cost more than the value of the Bitcoin you could get by doing it, which is presumably ~0 since the only node is a museum computer.

Re: Three Arrows Capital co-founder Zhu arrested in Singapore airport

#67

Post by dheera »

ohdannyboy wrote: post #59
dheera wrote: post #26

Earlier quoted context omitted.

Here's a rebel idea: In court cases, have the scoreboard weighted by the AGI of the lawyers. define pro = accuser, con = accused If the "pro" side has 10 points and the "con" side has 5 points, and the con side's lawyer makes 1/3 the salary of the pro side's lawyer, the con side wins the case. Another rebel idea: If either side chooses to not use lawyers, the other side is also not allowed to use lawyers. If either s…

Let's say I have something like $1M to my name (total assets) and I'm accused of a serious crime. I'm ready to spend it all to not go to prison for decades, but the AGI of the prosecutor is like 1/3 of my respectable private attorney. State prosecutors make garbage so this isn't far fetched. I now have to fund the government and give a significant percent of my assets just to defend myself? Making somebody fund their…

> I'm ready to spend it all to not go to prison

You said you were ready

> give a significant percent of my assets just to defend myself

So why not? Or get a cheaper lawyer yourself that's more fair to the other side.

There's a lot of rich people out there who get away with some really bad crimes just because they have really clever private attorneys.

Re: Three Arrows Capital co-founder Zhu arrested in Singapore airport

#68

Post by danbruc »

Zetobal wrote: post #51
nerf0 wrote: post #12

Earlier quoted context omitted.

I work in this area and to me, the tech is still super interesting. In particular, things like zero knowledge proof and related scaling/privacy solutions are at the forefront of cryptography in my opinion.

It's a decade now and there is still no real use case for it..

One and a half decades actually.

Re: Three Arrows Capital co-founder Zhu arrested in Singapore airport

#69

Post by ohdannyboy »

dheera wrote: post #67
ohdannyboy wrote: post #59

Earlier quoted context omitted.

Let's say I have something like $1M to my name (total assets) and I'm accused of a serious crime. I'm ready to spend it all to not go to prison for decades, but the AGI of the prosecutor is like 1/3 of my respectable private attorney. State prosecutors make garbage so this isn't far fetched. I now have to fund the government and give a significant percent of my assets just to defend myself? Making somebody fund their…

> I'm ready to spend it all to not go to prison You said you were ready > give a significant percent of my assets just to defend myself So why not? Or get a cheaper lawyer yourself that's more fair to the other side. There's a lot of rich people out there who get away with some really bad crimes just because they have really clever private attorneys.

> So why not? Or get a cheaper lawyer yourself that's more fair to the other side.

Because that is money I could and should be able to use to defend myself. And should my defense be successful that's my retirement money and financial security. I don't care about fair for the government, they accused me of something I didn't do. There is a 0% chance that a states attorneys salary will get me a private attorney of the same caliber. That's just not how it works.

> There's a lot of rich people out there who get away with some really bad crimes just because they have really clever private attorneys.

So what? Why should my ability to defend myself be compromised because someone with more money could afford a better lawyer?

The presumption of innocence is one of the fundamental building blocks of our justice system. Prosecuting someone and making them fund their prosecution is a terrible idea, not a "rebel" one. The government already holds most of the cards here, this idea only cripples middle class and lower-end rich folks while not doing anything against the billionaires.

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