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Fintech dystopia
281–288 of 288 posts
Re: Fintech dystopia
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Re: Fintech dystopia
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Re: Fintech dystopia
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Re: Fintech dystopia
#285Earlier quoted context omitted.
The lack of critical thinking skills on the internet never ceases to amaze me, like you having the gall to think Hilary Clinton and Barack Obama are anywhere close to having similar controversy surrounding their political careers.
What does Obama have to do with anything? I was snarking at Trump supporters willing to handwave away 89 Wikipedia pages of Trump scandals "because of her emails" https://en.wikipedia.org/wiki/Category:Donald_Trump_controve... (for reference, Hillary Clinton's list is less than half the size https://en.wikipedia.org/wiki/Category:Hillary_Clinton_contr... and she was never POTUS )
I'm pretty sure both of you agree with each other ...
Re: Fintech dystopia
#286Earlier quoted context omitted.
> That laser inscribed metal fob with you keys on it Unless you manually inscribe it with a laser (good luck), that wouldn't really be a great idea unless the computer assisting you in the inscriptions is completely air-gapped. Stamping/manually engraving your seed on fire resistant stainless steel (308 is my preference) is still one of the most "air-gapped" way to do this. > at some point they connect to the interne…
I guess with QR codes the ColdCard is fairly airgapped. Nifty. Is it a trustworthy company? Is the intermediate PSBT human readable — can you confirm contents before submitting to network? I almost feel like crypto bros are all into HODL because spending coins is just too much effort!
Coldcard/CoinKit have been in this space for few market cycles now and don't have major leaks/issues (unlike their major competitors who both leaked cusotmer data, putting their customers at risk considering the product).
I'd say for hardware wallets they are as trustworthy as it gets. And they open sourced both their firmware and hardware schematics so it's easier/possible to verify what you are using, if you have the abilities to do it.
The PSBT format isn't human readable (binary), it's following a BIP standard and open source tools exist to decrypt it... or simply use reputable wallets which support this format. And yes before signing a transaction you get a summary of the transaction/fees decoded by the ColdCard device. You then reconfirm it in the wallet you use to broadcast it before sending it on Bitcoin's network.
> I almost feel like crypto bros are all into HODL because spending coins is just too much effort!
A hot wallet is really no hassle to maintain and use, keep whatever you are willing to lose in it (like you would do in your real world physical wallet with cash... if you still have one of these). For larger amounts HW are more of a hassle... like it's more of a hassle to go to the bank to deposit/withdraw large sums. The differences are that Bitcoin is open 24/7, doesn't tell you what you can/can't do with your money, doesn't add/charge more fees each month for service you didn't ask for and most importantly isn't at the mercy of a single political actor deciding to devalue it more by increasing the national debt. It will be affected by markets like all things, but its total supply is quote certain at least.
Re: Fintech dystopia
#287Earlier quoted context omitted.
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)…
I don't see anything obvious about the utility of cryptocurrencies. 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…
Money isn't a difficult concept? Tell that to the people of Turkey, on Venezuela, or Argentina. Ask them about the utility of money as a "store of value" or means of transaction. It can be mismanaged to disastrous effect.
Assuming you're in the US or EU, you have a privileged perspective: your currency is widely adopted and has been (relatively) stable. I think smaller countries (and especially the businesses therein) are better able to appreciate a global-by-default, noninflationary store of value they can use to transact with anyone, at an established rate.
You could cut Visa and other CC companies out of the loop: they'd be obsolete. Their functionality would be inherent in the network. That's huge savings, reduced complexity, and you don't have arbitrary companies with the ability to blackmail you.
Microtransactions online would become feasible, and would use the very same infrastructure as multi-billion-dollar global transactions. Nice and simple. No fax machines or SWIFT codes or intermediary banks. No reliance on banks with a monopoly on access to the financial system, that can pull a plug on a project at any time for any reason--or prevent interesting experiments from happening in the first place.
You know some places pay like 20+% fees on remittances? That's a shitload of money that the (relatively poor) destination countries badly need! There's a lot of gouging and rent-seeking that goes on in the economy (https://www.thebignewsletter.com/p/economic-termites-are-eve...), and a lot of it is enabled by the rigid, crufty and archaic financial system. A simple, open, global public system would fundamentally change that.
I dunno. Your attitude seems the same, to me, as somebody from 1994 who's happily using AOL to read the news, chat, and send emails (though only to other AOL members, of course) saying "What's the utility of this 'internet' thing? I can already do all that stuff! Networking is well-understood, and the 'internet' doesn't bring anything new to the table!" Their perspective on what was desirable or possible was strictly limited by the status quo. Just as was the case then, the best and most interesting use cases of cryptocurrency probably aren't even imagined yet: the infrastructure is necessary to imagine them.
Re: Fintech dystopia
#288I was in relatively early in the web as a developer, I was in early on the crypto movement, also as a developer. These technologies didn't fix the problems. There is too much regulation, you can't do anything without a license. The only solutions are political, not technological. Everything feels like a scam within a scam. I feel dizzy just thinking about it. I'm completely demoralised. Everything related to career f…
It is truly baffling to look at the issues in tech, your alienation with your own work and point at regulations. This field has been almost completely unrestrained and egged on by every opportunist and schemer holding political office. You blame regulations and then mention that everything is pointless because everything is: "sisyphean because of the bureaucracy and monopolization". The tech industry is lousy with sc…
I guess it's possible that most people who turned out to be scammers had good intentions initially. Still, I had a real plan to drive adoption and create something positive in crypto. I did implement something positive on the tech side which largely fell on deaf ears but I sometimes think that it's precisely because I wasn't a scammer, that people sensed I wouldn't bend, that I wasn't 'allowed' to make it in that industry.
There is definitely a belief in this industry that its primary intent was to demoralise those fleeing the traditional system... Almost as a way to scare them back towards papa fiat.
Crypto, as it turned out, was likely a case of the fiat system playing good cop bad cop with the world's nerds. To push them around and demoralise them into apathy and compliance.