81–90 of 163 posts
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There’s huge fears around AGI, but that’s not what people are building. Everyone is trying to build this.
“Trying” is an overly generous interpretation of what’s going on. Training an LLM is not actually working on AGI just as people building skyscrapers aren’t getting to the moon. It’s an inherent limitation on the approach.
What's your evidence for this?
Duplicate comment from the other thread: 11 years ago I sold 100 BTC, and made pretty good money. With that said, the more I think about BTC, the less sense it makes to me. Exceedingly few people actually use it for anything practical. The “store of value” functionality has completely eclipsed the practical use that Bitcoin maxis were preaching back then. Since 2016-2017, it seems like people have bought it for the s…
BTC was designed as a drop-in replacement for both the USD and SWIFT for processing transactions. If it were successful, it would be a grave threat to the US financial position. Trump recently issued threats to BRICS nations for contemplating issuing a common currency with precisely those same aims.[1] If BTC was on the verge of realizing its purpose, Trump would work equally hard to burn it down. So, who knows if BT…
That may have been the original intent of BTC's creators, but what is it actually used for now? USD and SWIFT are being used daily for transactions, whereas two-thirds of Bitcoins have been inactive for the last year:
* https://en.macromicro.me/charts/32355/bitcoin-supply-last-ac...
It's simply being hoarded.
Duplicate comment from the other thread: 11 years ago I sold 100 BTC, and made pretty good money. With that said, the more I think about BTC, the less sense it makes to me. Exceedingly few people actually use it for anything practical. The “store of value” functionality has completely eclipsed the practical use that Bitcoin maxis were preaching back then. Since 2016-2017, it seems like people have bought it for the s…
BTC was designed as a drop-in replacement for both the USD and SWIFT for processing transactions. If it were successful, it would be a grave threat to the US financial position. Trump recently issued threats to BRICS nations for contemplating issuing a common currency with precisely those same aims.[1] If BTC was on the verge of realizing its purpose, Trump would work equally hard to burn it down. So, who knows if BT…
Are there theories why Trump getting elected caused such a spike? Expected sanctions devaluing other currencies, higher risk of conflict (eg Iran -Israel/US war) causing economic instability, ... ?
Because deregulation or non-enforcement means manipulation/pump-and-dump etc. will still be profitable. The market probably believes that Trump will keep his word [1] on this topic. Since Trump could continue to enrich himself using crypto and with guys like Peter Thiel owning him, sorry advising him, that is a common sense interpretation. [1] https://archive.ph/KsI4s#selection-1575.114-1575.206
Duplicate comment from the other thread: 11 years ago I sold 100 BTC, and made pretty good money. With that said, the more I think about BTC, the less sense it makes to me. Exceedingly few people actually use it for anything practical. The “store of value” functionality has completely eclipsed the practical use that Bitcoin maxis were preaching back then. Since 2016-2017, it seems like people have bought it for the s…
> With that said, the more I think about BTC, the less sense it makes to me. Exceedingly few people actually use it for anything practical. The same can be said of gold. It's primary modern use is jewelry, with some industrial uses (electronics, aerospace) as well as medical and dentistry. For a little while it was used as (the basis of) money, and now that particular fetish has stuck around: * https://www.goodreads.…
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Well, bitcoin has many legitimate uses like buying drugs or evading taxation
Don’t forget money laundering.
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My rationale is the following: 1) A very high (BTC/USD) rate will come from HUGE whales hoarding BTC. Like governments creating crypto reserves, and purchasing BTC in the magnitude of tens of thousands to low million (US have talked about purchasing a million). 2) BTC will never be a currency that is used for huge worldwide transactions, for things commodities like oil, gas, etc. No serious country will give up contr…
There might be smarter elected officials in the future that facing two choices: USD losing the world's reserve currency status and: 1. Yuan becomes the reserve currency 2. BTC becomes the reserve currency they would understand that choice 2 is preferrable for the West
There is a reason the US and other governments went off of the gold standard, and that is so we could control the price of our currency, which is what led to te mess we are in now.
If BTC were controlled by the government it would be no different than the dollar when we were on the gold standard, and that it why it will never be a currency.
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My rationale is the following: 1) A very high (BTC/USD) rate will come from HUGE whales hoarding BTC. Like governments creating crypto reserves, and purchasing BTC in the magnitude of tens of thousands to low million (US have talked about purchasing a million). 2) BTC will never be a currency that is used for huge worldwide transactions, for things commodities like oil, gas, etc. No serious country will give up contr…
There might be smarter elected officials in the future that facing two choices: USD losing the world's reserve currency status and: 1. Yuan becomes the reserve currency 2. BTC becomes the reserve currency they would understand that choice 2 is preferrable for the West
Who trusts China enough to sign on board with them to do this?
> 2. BTC becomes the reserve currency
Given what we know of history, why would anyone go towards a new (digital) gold standard? It's a bad system:
* https://archive.is/https://www.theatlantic.com/business/arch...
* https://www.goodreads.com/book/show/775143.Golden_Fetters
that limits monetary and fiscal flexibility and helped usher in and prolong the Great Depression.
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HN is full of engineers, founders, etc. who kind of resent that there’s a large class of people who got rich doing nothing and creating no value. I get it but I’d say if you’re mad about Bitcoiners you should be a lot more angry about much of the financial industry and property speculators, two other huge groups that get rich without creating much value (or even by creating negative value). There's a lot of value-fre…
As person with both a finance and economics degrees, bitcoin is a successful fraud. I can list out how they use bitcoin private definitions for standard financial terms, how they do not disclose those differences in conversations with financial professionals using the standard terms and their definitions, and the bitcoin community itself is composed of people that expect someone else did the homework to validate this…