31–40 of 186 posts
Earlier quoted context omitted.
Money is fundamentally community based. It is based on exchange with your neighbors and colleagues and peers and anyone you do business with. You’re not getting away from the entity representing that community from exerting some control over it. Precious materials like gold are probably the best you can get as the material itself has some value.
Why do precious metals have value?
I was writing about this exact problem of bad RNGs in web cryptocurrency wallets a ~decade ago. It is profoundly depressing that so little has changed: https://medium.com/mike-hearn/type-safety-and-rngs-40e3ec71a... Browsers have a number of problems that make it difficult to build wallets, but I’m not going to try and convince you to stop making them here. Suffice it to say there are alternatives for writing cross p…
This sounds like webcrypto and it’s interface which is designed to make some data unexportable.
At some point there won't be any more suckers left. That's when crypto will really collapse.
The real question is how big the risk is relative to inflation, central banks collapses, bank runs and all other types of institutional risks.
At some point there won't be any more suckers left. That's when crypto will really collapse.
I feel exactly the opposite- “At some point there won't be any more suckers left. That's when banking will really collapse.” The news every day sends the message more urgently that a global hard money that can never be debased by money printing and that is free from the whims of governments and dictators is sorely needed.
Why is this a bad thing?
This is repeated by the crypto people as some kind of root of all evil, and it puzzles me.
I see monetary policy - including the ability of devaluing a currency - as a powerful tool central banks have to keep the economy working.
I fail to see how "hard money", which normally comes peppered with some vague desire for a deflationary economy as desirable. In my view this would very quickly turn into an intolerable distopia.
Earlier quoted context omitted.
Money is fundamentally community based. It is based on exchange with your neighbors and colleagues and peers and anyone you do business with. You’re not getting away from the entity representing that community from exerting some control over it. Precious materials like gold are probably the best you can get as the material itself has some value.
Why do precious metals have value?
Because of those properties they become a store of value (representing the work and rarity) which then makes them a useful proxy for trading that value, which increases their rarity/value by taking it out of circulation when used as a store of value.
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This is very interesting and I agree about all the upsides of desktop apps. However, in web3, people’s blockchain credentials could be used to interact with many different websites. This seems hard to reproduce with desktop-based apps, right?
I imagine this should be possible with a very small connector addon that calls out to a secure wallet running on the desktop as a native application. This requires some careful consideration to prevent phishing and other nastiness, but a native application could use native window prompts and techniques such as Windows Hello/TouchID as an authentication technique that's hard to spoof. The complexity and risks are stil…
At some point there won't be any more suckers left. That's when crypto will really collapse.
Why is in something so new (WASM), a such bad random generator?
Because if you read the article, you would have been informed that through WASM they did not have access to existing PRNG (e.g. /dev/urandom), and had to roll a mersenne twister. Which should not be used. It is about implementation, not about WASM
Earlier quoted context omitted.
I feel exactly the opposite- “At some point there won't be any more suckers left. That's when banking will really collapse.” The news every day sends the message more urgently that a global hard money that can never be debased by money printing and that is free from the whims of governments and dictators is sorely needed.
> debased by money printing Why is this a bad thing? This is repeated by the crypto people as some kind of root of all evil, and it puzzles me. I see monetary policy - including the ability of devaluing a currency - as a powerful tool central banks have to keep the economy working. I fail to see how "hard money", which normally comes peppered with some vague desire for a deflationary economy as desirable. In my view…
Does this seem normal to you? Imagine you are a patient and you took data like this to your doctor. Would he say you are healthy after having such a gradual rise all your life and then complete chaos?
If things have been going great the past few years I’d say maybe it doesn’t matter, but things don’t seem to be going great for anyone except the wealthy (those by nature closest to the money printer).
https://www.aspeninstitute.org/blog-posts/charts-that-explai...
>Since 2007, wealth has declined for all but the top 20%.
Oddly (or not oddly) enough that’s when the monetary base graph starts skyrocketing.
At some point there won't be any more suckers left. That's when crypto will really collapse.
Yeah I’m sure one day those “suckers” will decide they don’t need financial privacy and have no problem with the state reaching into their wallets at will. Then they’ll go back to happily storing their money in a bank account that can get locked for having the wrong opinion, or restricted by alleged investor protections that aren’t even opt out.
That's a really weird definition of "privacy". Crypto currency makes it easier for them, not harder. They don't even have to go to the effort of getting warrants because you're literally giving them your data saying "Track me, please!"