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Crypto has no legal business model and no road to one. AI does.
Would you say that Coinbase, listed on Nasdaq, is a criminal enterprise?
Follow the Crypto
41–50 of 118 posts
Re: Follow the Crypto
#42Re: Follow the Crypto
#43Molly White’s latest project, tracking political contributions of the cryptocurrency industry. White’s data shows these PACs dwarf even much larger industries in this political cycle.
The fact that it is a Molly White project means take it with a basketball sized grain of salt. She has deeply held beliefs and keeps cherry picking until the data supports them. I'm not sure the data supports crypto spending more than other industries in lobbying, I think they are just doing it via a single PAC rather than spinning up dozens of targeted PACs for each race.
Yes, this and her previous projects have started to look more of a crusade to me, than a critique of "cryptocurrency", whatever that is, bundling them all together rather than analysing the merits and faults of each.
Mind you, given the deep bias HN has against cryptocurrencies of any shape or form, I feel here she has her ideal audience here and we're the ones swimming against the current.
Re: Follow the Crypto
#44Earlier quoted context omitted.
Here's a breakdown by industry for 2024: Finance largest at $50mm, healthcare at $30mm, agriculture at $20mm. I'm not familiar enough with the details to claim that the numbers in OP take the #1 spot but they're definitely in the top 3 and that's very significant as we've seen with the recent change of tone from parties
Where are you getting these numbers from? I was looking at https://www.opensecrets.org/industries because this site inspired me, it suggest finance/insurance/real estate spent $1,249,076,508 so far in the 2024 election cycle which seems a lot more plausible than $50 million. The risk-reward here suggests industries should be pumping billions into elections. The payoffs for regulatory capture are huge and the crypto p…
forgot to include the link, I was looking at PAC donations by industry on the same website: https://www.opensecrets.org/political-action-committees-pacs...
I agree with you on the risk/reward of buying influence through donations
Re: Follow the Crypto
#45[flagged]
I'll be the contrarian and say: crypto good (the scammers have had their day and moved on), AI bad (this is where the scammers moved on to)
I see it as a more existential and political problem.
Crypto = weakening the hold the state has over citizens, allows people to circumvent political and geographical boundaries, trading with anyone anywhere = good, great eventually for humanity as a whole
AI = spam/killing jobs/killing the Internet/concentrating more power in the hands of the few/stronger existential threads to humanity = bad, might turn catastrophic for humanity
I do not own crypto yet and do not use AI, but to my anarchist self, crypto is the only concrete measure we have against a surveillance state. The sad thing is that like the vast populace, most HN readers do not care about privacy and using technology to push against politicians that want to control every aspect of our lives.
Re: Follow the Crypto
#46Earlier quoted context omitted.
Where are you getting these numbers from? I was looking at https://www.opensecrets.org/industries because this site inspired me, it suggest finance/insurance/real estate spent $1,249,076,508 so far in the 2024 election cycle which seems a lot more plausible than $50 million. The risk-reward here suggests industries should be pumping billions into elections. The payoffs for regulatory capture are huge and the crypto p…
forgot to include the link, I was looking at PAC donations by industry on the same website: https://www.opensecrets.org/political-action-committees-pacs... I agree with you on the risk/reward of buying influence through donations
OpenSecrets doesn't make it as easy as it could to analyse all this, but I suspect what that is really telling us is that most of the money doesn't enter the race through PACs. Super PACs [0] seem to be different [1] and bring in about 2x as much money. So I don't think the industry PACs are giving a clear an impression of where money is coming from.
My guess is the crypto community isn't outstanding in terms of spend as much as being naive about how to get the money to politicians in a way that gets them the regulation they want. And the players in this game might put some effort into subtlety.
[0] https://www.opensecrets.org/outside-spending/super_pacs
[1] The Make America Great Again Super PAC is ~80 million but the largest on the PAC list is American Crystal Sugar at ~$2 million.
Re: Follow the Crypto
#47Earlier quoted context omitted.
The fact that it is a Molly White project means take it with a basketball sized grain of salt. She has deeply held beliefs and keeps cherry picking until the data supports them. I'm not sure the data supports crypto spending more than other industries in lobbying, I think they are just doing it via a single PAC rather than spinning up dozens of targeted PACs for each race.
Yes, this and her previous projects have started to look more of a crusade to me, than a critique of "cryptocurrency", whatever that is, bundling them all together rather than analysing the merits and faults of each. Mind you, given the deep bias HN has against cryptocurrencies of any shape or form, I feel here she has her ideal audience here and we're the ones swimming against the current.
Where is the "crusade"? This just shows political donations. Is the FEC engaging in a "crusade" by publishing details on PACs?
There are constantly HN commenters on a crusade to extol and defend the alleged virtues of various "crypto" projects. We could accuse these folks of having a "bias against government-backed currency".
Perhaps HN has a bias _for_ true stories of fraud, corruption and crime rather than a bias _against_ all crypto projects.
Re: Follow the Crypto
#48Earlier quoted context omitted.
At least in the US inflation seems to be cooling down and only experienced a 3% yoy inflation rate last month. Monero in the same time frame technically only experienced just over 1% inflation but from June to July this year is experiencing 12% inflation and then had nearly 19% deflation a few months back. Just crazy volatility compared to USD. Would be pretty hard for the average person to make ends meet in that kin…
> Monero in the same time frame technically only experienced just over 1% inflation but from June to July this year is experiencing 12% inflation and then had nearly 19% deflation a few months back That doesn't sound right; annual inflation in the Monero blockchain is order of magnitude 200k new coins / 18,000k coins total ~= 1% annual and dropping. it isn't really feasible to get 12% inflation over a month with fund…
I think there is conflating that inflation can only be new money printing. The value of monero compared to a basket of goods from June to July changed by 12%. You can buy 12% fewer things today than in June. That is the same way the USD inflation is calculated. Yes supply of the dollar has an impact but if I were to buy groceries in monero today I would need 1.12x more units.
Re: Follow the Crypto
#49Re: Follow the Crypto
#50Earlier quoted context omitted.
> Monero in the same time frame technically only experienced just over 1% inflation but from June to July this year is experiencing 12% inflation and then had nearly 19% deflation a few months back That doesn't sound right; annual inflation in the Monero blockchain is order of magnitude 200k new coins / 18,000k coins total ~= 1% annual and dropping. it isn't really feasible to get 12% inflation over a month with fund…
I think there is conflating that inflation can only be new money printing. The value of monero compared to a basket of goods from June to July changed by 12%. You can buy 12% fewer things today than in June. That is the same way the USD inflation is calculated. Yes supply of the dollar has an impact but if I were to buy groceries in monero today I would need 1.12x more units.
A) If you're going to make a point of defining inflation as something other than inflating of the money supply, why should people care? The only reason anyone pays attention to it is because of the long term downward trends - which are pretty much 100% due to monetary creation. Otherwise why, in practice, would the value of a currency drop? And why would this sort of "inflation" in Monero be an issue?
B) The [whatever]:XMR exchange rate is quite volatile, but that is measuring real fluctuations in the value of Monero depending on what is happening in the market today. Real value fluctuations are, by definition, not called inflation.
It is like saying the price of bananas experienced 12% inflation when there is a hurricane and a banana shortage. That isn't the right term - that sort of volatility isn't inflation.