121–130 of 238 posts
Don't get me wrong, SBF is clearly a fool or a turd-burglar, but the ageist take is scummy, suspicious, and poisonous to the mind.
> despite the ricketiness of the whole system, despite the constant feeling that everything might fall apart at any moment, there will come a time when crypto really arrives. For me crypto was always Ponzi scheme and nothing more, but it is because I don't laundry money or sell drugs, so I am not the target for crypto.
The narrative that crypto is usefull jusy for buying drugs or laundering money is ridiculous. A couple a weeks ago I did a wire half way across the globe. It took almost 7 days for the money to arrive. With bitcoin? 60 minutes. Remember when OnlyFans was in trouble because of the payments processors wanting to pull the rug? You probably don't and you probably are not aware how many people would have been impacted. Do…
I think it’s hilarious that you think your wire was slow because of the geographical distance the message had to travel (“halfway across the world”) as opposed to the fact that it had to travel across jurisdictions with different laws.
If I want to send someone money within the US, for example, it’s near instantaneous, whether through a credit card/debit card purchase, Zelle/Venmo, PayPal, direct bank transfer, etc.
To the extent some forms of transfer require waiting a day it’s because, once again, banks do settlements once a day to reduce costs and to meet federal government regulations that prevent fraud and/or help keep the economy more stable.
Blockchain tech is significantly slower than decades old banking technology. You can go hours before someone mines something to close out a bunch of transactions. What slows down banking transactions is the very stuff the absence of which meant that $30bn of wealth evaporated overnight in FTX.
Earlier quoted context omitted.
As Robert A. Heinlein put it: "When you vote, you are exercising political authority, you're using force. And force, my friends, is violence. The supreme authority from which all other authorities are derived."
Force is a big part of it, but the flip side is that a vote is also consent to abide by the outcome without force. The force is there, invisible, and most people don't even notice it exists because they consent. That's a delicate illusion and does not survive well when largish minorities declare the social contract void.
Liberty is a well-armed lamb contesting the vote!”
-- Author Unknown
Earlier quoted context omitted.
It’s actually pretty easy if you’re in a cafe in Venezuela and do a quick sample of 20 random urban caracans to ask if anyone uses crypto. Obviously not a proper sample or authoritative, but pretty easy way to counter “these countries love crypto.”
> caracans In Poland it's a mild slur meaning short man
Earlier quoted context omitted.
Are they really though? https://restofworld.org/2022/argentina-nigeria-terra-crash/ ( "From Argentina to Nigeria, people saw Terra as more stable than local currency. They lost everything" )
Terra was sus from the beginning. 20% APY in dollars was too good to be true. And when it started to crash most of us quickly converted everything away from it. I lost a few bucks though. But I had a friend who didn't know better back then who tried to apply the "HODL" meme and yes, he lost everything
It totally collapsed, but not a big deal, because you were smarter than others, so they took the loss in a zero-sum game ("who gets to take the remaining liquidity")?
> despite the ricketiness of the whole system, despite the constant feeling that everything might fall apart at any moment, there will come a time when crypto really arrives. For me crypto was always Ponzi scheme and nothing more, but it is because I don't laundry money or sell drugs, so I am not the target for crypto.
The narrative that crypto is usefull jusy for buying drugs or laundering money is ridiculous. A couple a weeks ago I did a wire half way across the globe. It took almost 7 days for the money to arrive. With bitcoin? 60 minutes. Remember when OnlyFans was in trouble because of the payments processors wanting to pull the rug? You probably don't and you probably are not aware how many people would have been impacted. Do…
Where's the crypto with high stability and low changes? I guess stablecoins seem to fit that niche the most but they also seem very centralized and owned by specific companies?
> despite the ricketiness of the whole system, despite the constant feeling that everything might fall apart at any moment, there will come a time when crypto really arrives. For me crypto was always Ponzi scheme and nothing more, but it is because I don't laundry money or sell drugs, so I am not the target for crypto.
The narrative that crypto is usefull jusy for buying drugs or laundering money is ridiculous. A couple a weeks ago I did a wire half way across the globe. It took almost 7 days for the money to arrive. With bitcoin? 60 minutes. Remember when OnlyFans was in trouble because of the payments processors wanting to pull the rug? You probably don't and you probably are not aware how many people would have been impacted. Do…
You really think that billions were poured into the Internet infrastructure to deliver porn more efficiently?
Earlier quoted context omitted.
The narrative that crypto is usefull jusy for buying drugs or laundering money is ridiculous. A couple a weeks ago I did a wire half way across the globe. It took almost 7 days for the money to arrive. With bitcoin? 60 minutes. Remember when OnlyFans was in trouble because of the payments processors wanting to pull the rug? You probably don't and you probably are not aware how many people would have been impacted. Do…
Why did it take 7 days? wire from Netherlands to US (ING to BofA) took 2 minutes
Crypto will stay but not in the form of wild wild west where everyone can become a coin minter as of right now. It will morph into central bank digital currency, hope it means i can transfer my money away from private sector banks and into a non speculative financial institution like the central bank.
Note that in some respects, the Federal Reserve already operates a digital currency pegged to the dollar, but it's accessible only to chartered banks. Every US bank (depository institution) has accounts with the FRB that constitute those banks' reserves, and through which interbank transfers of "hard" dollars (base money - that is, dollars issued by the FRB, as compared to those created by bank lending - is ultimately effected. Those accounts are functionally digital dollars.