241–250 of 288 posts
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Strong statement, where is the evidence? The GENIUS Act is quite brilliant in my opinion. It strengthens the dollar by simultaneously creating demand for USD and US Treasuries.
I was merely quoting the author, in Chapter 3, in the paragraph just before > Stablecoins around the world https://fintechdystopia.com/chapters/chapter3.html
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> NFTs are poised to unlock the sharing of items between video games, for example. Of all of the supposed use cases for NFTs, this is one of the silliest. If you've ever looked into video game modding, one of the things you tend to realize is there is nothing close to a standard model format for art assets, so it's an insane amount of work to get an item in game A imported into game B, and that's only considering the…
> it's an insane amount of work to get an item in game A imported into game B I understand why that would have been a road block in the last, but my hunch is that this type of problem (mapping visuals and item properties) is something AI would make quick work of.
The easier it is for AI to do the lower its actual value. So the more you're right about this, the more you're wrong.
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Why do you think these two things are connected? Working out is a personal choice that should have zero barring on how we care for and help one another. For example, someone shouldn't have less access to healthcare because they don't or didn't work out. Democrats losing support can be explained by several reasons that have nothing to do with tackling healthcare. It can be the fact that it ended up being a weak half m…
> " the Hilary Clinton scandal fiascos " "Why do you see the speck in your neighbour's eye, but do not notice the plank in your own eye?"
I think people here on HN keep underestimating the relevance of crypto for four reasons: What crypto is already useful for is not to replace the cash in your pocket and your savings account. It is useful to replace SWIFT and Fort Knox. What crypto will be useful for in the future is uncertain. But uncertainty does not mean pie in the sky. How the internet would be used was uncertain in the 70s. Yes, nerds were alread…
I think people here on HN keep underestimating the relevance of crypto for four reasons: What crypto is already useful for is not to replace the cash in your pocket and your savings account. It is useful to replace SWIFT and Fort Knox. What crypto will be useful for in the future is uncertain. But uncertainty does not mean pie in the sky. How the internet would be used was uncertain in the 70s. Yes, nerds were alread…
Yeah, there's a line early in the article about use, the gist of which is "[unlike cryptocurrency] the utility of the internet was obvious from the start". But it seemed pretty obvious to me more than a decade ago what cryptocurrency would be useful for. I remember the ideas flying around in the early days. It's been a bumpy road...but then, I also remember through the late 90s (and especially after the dotcom crash)…
Money is not that difficult of a concept, you use it to store value or transact. As a store of value it has no intrinsic advantage compared to any other alternative we have now, and same goes to transactions, it doesn't bring anything to the table than current systems already don't do.
All the features people keep mentioning like the immutable ledger are simply not something we actually need or government have asked for.
The only utility is making money for the people that work on it, there's no societal value in crypto at all.
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Why is crypto better at replacing SWIFT and Fort Knox rather than, say, SEPA or fiat currency (which replaced Fort Knox shortly after the invention of ARPANET)?
I would love it if the whole world signed on to SEPA, but I'm not holding my breath. And even if it worked worldwide, I don't want to rely on a payment system that can be used to censor even legal artistic expression (see the recent Steam removals) or political protest (remember the Canadian truckers?).
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As a videogame developer, I've always thought this take was just silly. I couldn't even imagine spending the time and effort into integrating someone else's assets into my game and keeping things balanced. The closest thing that we will get to this is something like Fortnite or Roblox, which will limit the type of games and creative choices that can be made.
> I couldn't even imagine spending the time and effort into integrating someone else's assets into my game and keeping things balanced Isn't this something that AI could take care of? I feel like if you gave Claude those same instructions you'd probably be pretty amazed.
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I'd argue crypto casinos (pump.fun comes to mind) would not work without stablecoins because no one would back them with real dollars.
But stablecoins are backed by real dollars. People hold dollar-backed stablecoins because they believe the US dollar to be the most durable unit of account on the planet. All the proof you really need for that is that most crypto users outside the US still consider the value of their crypto tokens in terms of how many US dollars it’s worth. The author of this article talks about this being a “parasite” to the US mone…
It’s like the 2008 crash: people speculating because they think housing never goes down, except a market-scale drop can trigger an uncontrollable rush for the exit. With banks and companies permitted to hold coins as assets, the impact is broad but impossible to regulate ex ante, and difficult to model monetarily.
It’s what I would do if I were Putin and Xi, frustrated with the western controls on the banking system (that have mostly enabled us not to have to go to war).
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You think the same system that chose to bail out the banks in 08 should be fully responsible for our financial future? I believe a more distributed financial system would provide more stability for all of us. The GENIUS Act establishes some very strong standards that I believe will strengthen the economy, the dollar, and enable more people to enter the financial services industry in a competitively healthy way. A sca…
Despite its "mismanagement", people in shithole countries seem to prefer USD not EUR/CNY/RUB/XAU. I do hope regulation drives Tether out of business.