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Follow the Crypto

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Re: Follow the Crypto

#51

Post by throwaway22032 »

kemotep wrote: post #48
roenxi wrote: post #25

Earlier 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.

This is a disingenuous comparison because the US dollar and most fiat currencies never increase in value medium to long term / "deflate" by design. The decreases in the value of the dollar are never offset, so if a basket of goods goes up 5% we bake that in forever.

In the UK I can't really think of a time when inflation has stopped or reversed for even a few months.

By contrast Monero goes both up and down. So sure, it's unstable, but it doesn't have "higher inflation", it's just more volatile.

Re: Follow the Crypto

#52

Post by [deleted] »

1vuio0pswjnm7 wrote: post #47
sph wrote: post #43

Earlier quoted context omitted.

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 _…

[deleted]

Re: Follow the Crypto

#53

Post by kemotep »

roenxi wrote: post #50
kemotep wrote: post #48

Earlier quoted context omitted.

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 [whateve…

I’m not trying to be disingenuous, we simply have different opinions about the definition of inflation. Honestly I have not heard that inflation is just the increase in money supply before. With us having different definitions we are clearly talking at cross purposes here.

Inflation is a long term measurement, short term events like a hurricane causing supply shocks can all add up to impact the rate of inflation over time but individually it doesn’t. It is fair to not count month to month fluctuations so I will give you that.

This is probably where most pro/anti crypto people break down in communication is us not using words the same way. You taught me a new definition of inflation today, I don’t think that’s right, but since we were using words differently that explains our disagreement.

Re: Follow the Crypto

#55

Post by beaglesss »

qqqult wrote: post #30
beaglesss wrote: post #19

Earlier quoted context omitted.

It's not. The FDIC is ultimately collateralized by the entire US economy and will change the rules on a whim to collateralize ineligible depositors as seen in the silicon bank fiasco. On paper there is a limit but in practice it is as high as the rich and powerful like. It's not even a problem if they run out of imaginary money because the fed can simply ease in more to the FDIC via debt shell games.

USDC just holds 90% in government treasuries custodied by blackrock & 10% in cash in a "too big to fail" US bank that's systemically important. Your local bank has a 0% reserve requirement[1]. Ofc it'll most likely get bailed out by the FDIC (by taxpayers) in case of emergency but US regulated stablecoins are in no way more risky than US banks 1: https://www.federalreserve.gov/monetarypolicy/reservereq.htm... .

Problem is that's held by a private entity, and if coin holders are defrauded no one will be bailing them out, unlike bank depositor or Treasury note holder.

Re: Follow the Crypto

#56

Post by aurareturn »

juped wrote: post #27
Jamustico wrote: post #20

[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)

Which is wrong because in order to make money in AI, you have to raise money from VCs or make money selling products. In crypto, you just sell unregistered securities using unregulated exchanges.

Re: Follow the Crypto

#57

Post by kd913 »

sph wrote: post #45
juped wrote: post #27

Earlier quoted context omitted.

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…

Holy shit the level of delusion.

Crypto weakening the hold the state over citizens? WTF kind of paint thinners are you smoking?

Who are the main stakeholders in crypto?

- A consolidated pool of few miners (some of whcih are state owned because they are the only ones who own the electricity plants) - Russia, North Korea, China, the mafia? - A consolidated set of finance individuals who have a perverse incentive to take advantage of lax financial regulations - A series of exchanges run by proven scum - the largest owner what being the FBI and the US government? - A series of undemocratically elected scum who openly print fake money from Bermuda (Tether?)

A type of currency where people can lose their savings on a dime, have openly no protections and ridiculous levels of fees whilst simultaneously destroying the planet.

For the people my arse, the people involved should be lychned given how 90% of it just supports slavery, drug trade, war and crime.

Re: Follow the Crypto

#58

Post by acdha »

mike_d wrote: post #37
neilk wrote: post #2

Molly 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.

> She has deeply held beliefs and keeps cherry picking until the data supports them.

That’s a big claim, but it’s presented without evidence. Do you have any examples?

On that note:

> I'm not sure the data supports crypto spending more than other industries in lobbying

What data are you using to support this belief? Do you have additional data that she left out? That would be a good way to support the allegation of cherry-picking.

Re: Follow the Crypto

#59

Post by yieldcrv »

1vuio0pswjnm7 wrote: post #47
sph wrote: post #43

Earlier quoted context omitted.

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 _…

Perhaps. HN also has stories of random software libraries and deep discussions of those. Whenever a mismanaged business in other sectors is discussed its only about that business, not the entire sector that business operates in. Whenever a devastating hack occurs directly on an end user, its a discussion of the browser and tools that can be improved to thwart it.

Crypto sector has many libraries that power it too with extremely active discussions in other tech forums, and thats totally missing from HN in favor of discussion of random mismanaged businesses and phishing attacks as representative of the entire concept of crypto. When that’s further from reality, as the tooling has improved a lot and is constantly evolving. There are many best practices that are actively discussed and worked on, elsewhere.

While the crowd on HN peculiarly acts completely segregated from that with a blissful ignorance filled with glee over frauds in the crypto sector, an extremely strange and impossibly different standard then how everything else is discussed.

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