231–240 of 561 posts
Agree re. prediction markets and predatory marketing but disagree so hard with this > The private interest is genuine, a global market's appetite for a frictionless way to hold dollars, captured by the saver who holds the token and the issuer who books the reserves. The cost is paid by everyone outside that transaction. What looks rational for the individual Nigerian saver is corrosive for Nigeria. The way this is fr…
Earlier quoted context omitted.
They explicitly built cryptocurrency as a way to hoard more wealth. It was the "engineers" not just the money people.
I worked at blockchain companies for 4 years and this is not true. The ratio of degenerate engineers is maybe 30% but business people is 80%. People I have worked with were much better compared to other companies I worked in like aviation or consulting
Two things can be true at the same time: - Bitcoin was and is a massive, historic accomplishment in creating digital scarcity for the first time and the long term effects are still playing out. - Virtually all of the "crypto" or Bitcoin 2.0 schemes in the 15 years since have been scams. Essentially a way for a tech founder to mint tokens out of thin air, and then try to convince others to treat them as money so he ca…
The people in and around the Ethereum Foundation are solving very interesting problems but nobody talk about it on HN. For example I believe they are at the forefront of the use zero-knowledge proofs.
Just dig into [0].
Is the Ethereum Foundation and broader project dedicated to pumping the cryptocurrency ETH? obviously not and they are not by far the top holder of it.
The fact that the crypto is not providing real returns is actually one of the main criticism of the project.
Earlier quoted context omitted.
Or if you read Sapiens you'll know money is a story we tell each other. You can't literally do much with a coin or bank note or numbers on a screen but as long as we all believe it has value, it does. It becomes part of the culture, as you say. Crypto also has to tell a story about why it's valuable. There was a lot of anti government rhetoric and fear mongering (from libertarians) but the public never really believe…
Honestly as much as people complain the US Federal Reserve really just proved their enormous value and thoroughly vindicated fiat currency. The financial crisis of 2007-8 should have been a new Depression and it wasn't. Instead we've seen uninterrupted growth for close to 20 years. Markets have really internalized that the US economy is indestructible and the Fed will always protect us from disaster. Will it last for…
It gets even easier once you toss in Visa, Mastercard, Discover, Amex, various debit card and regional networks, and ubiquitous banking services. Checks and online ACH payments are free or nearly free. Payment card platforms are cheap in consideration the value you get for them.
Meanwhile actually spending crypto is quite expensive - worse than Visa’s transaction fees, and far less consumer and merchant protections.
Earlier quoted context omitted.
Or if you read Sapiens you'll know money is a story we tell each other. You can't literally do much with a coin or bank note or numbers on a screen but as long as we all believe it has value, it does. It becomes part of the culture, as you say. Crypto also has to tell a story about why it's valuable. There was a lot of anti government rhetoric and fear mongering (from libertarians) but the public never really believe…
> but crypto is still hanging on among its supporters From what I last heard about crypto miners, the price of mining is not enough to justify price of rig + electricity, so they are quietly switching to AI. Wonder how long the second scam will last.
You can sell inference, but it has to actually be real.
Earlier quoted context omitted.
I can’t think of many better examples of social problems than sanitation and public health.
I think it would be a reasonable definition of "social problem" that it requires two people to have it, and that they must have it in relation to each other, which is to say, some sort of social interaction or communication must be involved as well. Sanitation is a problem for one person as well, as is health. Social problems arise specifically with the interaction of two people. You can't have a scam without two peo…
I think it's reasonable to say that a problem is a social problem to the degree that its severity as experienced by one person depends on other people's behaviour.
If I accidentally drop a rock on my own foot, this seems to be obviously not a social problem. But if I am more likely to be carrying a rock in the first place, or less likely to be wearing protective shoes, because of how society is organised, then to that extent I claim that it is a social problem. This is not an abstract example: Over time, changes in society's attitudes to dangerous kinds of work have directly, and indirectly through health and safety legislation, led to massive reductions in workplace harm since the Industrial Revolution.
Under this rubric, all it takes for a problem to be social is for it to be possible to imagine that society being organised differently would lead to a different level of suffering. Does this lead to nearly all problems being classified as social problems? Yes -- but that is not a problem in itself, that is just an accurate picture of reality! It is still useful -- indeed much more useful -- to place problems on a spectrum of social-ness; nothing "collapses" unless we are determined to make a black-and-white distinction.
Earlier quoted context omitted.
Agriculture. Plumbing. The printing press. Electricity. Vaccines. Fiat money itself, which is a technology that is better than the technology of barter, which is better than each person having to grow or make every material thing they need.
All problems are social problems in that sense, but that's not what I meant. And if fiat money (as in, a type of social contract) is a technology, then anything is a technology.
Earlier quoted context omitted.
>The only real use case that makes sense to me... Cryptocurrencies have a great and really boring application. You have to think "who needs a reliable ledger distributed among many entities?" The answer is institutional banks the likes of JPMorgan. They have a few cryptocurrencies, you need to be another large bank to use them. Big banks send each other large sums of money constantly back and forth. In no sense do th…
But a regular database can do that with PKI. Crypto isn't just a reliable ledger -- it's a reliable ledger between an arbitrary number of mutually distrusting parties. Which doesn't really describe banks in a regulated, functioning economy.
Two things can be true at the same time: - Bitcoin was and is a massive, historic accomplishment in creating digital scarcity for the first time and the long term effects are still playing out. - Virtually all of the "crypto" or Bitcoin 2.0 schemes in the 15 years since have been scams. Essentially a way for a tech founder to mint tokens out of thin air, and then try to convince others to treat them as money so he ca…