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the corner baker is a llc last I checked
Meaning? You do realize corporate taxes are also marginal, yes?
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So there is absolutely no other good usecase for crypto and we should ban it completely? I don’t think we should ban everything that has no valid use case. Maybe someone will come up with one eventually. For now, it’s all get rich quick all the time.
Well, Binance has been banned in the UK (Biggest crypto exchange in volume) so I don't see why we should stop there if the only usecase is 'scams', 'fraud' and 'ransomware'.
> — the ability for many untrusted participants in a network to establish consistency and trust. This is something the Internet has never had, but now it does, and I think it will take 30 years to work through all of the things we can do as a result. Wow, when you put it like that, it's amazing that I can shop, bank, and safely talk with my friends and family online. Pretty much all my messages are encrypted and/or c…
you don't have to trust the vendor, the bank, or the social media company.
The world and society at large has seen an erosion of trust. For the naysayers, ask yourself: - do you trust your government more or less than your parents - do you trust the mainstream media more or less than your parents - do you trust big companies to do the right thing more or less than your parents As we culturally become less trusting, we need different tools to organize and determine value. Protocols that enab…
This is an ahistorical and backwards analogy. Historically the left/right political divide goes back to the French revolution where the rights side of their parliament supported the monarchy and the left opposed. From this perspective AI would seem more centralized, authoritarian, and right-wing, while open networks are more democratic, distributed, and left-wing.
I’m glad I’m not the only one who thought that seemed exactly backwards. Even with a cursory understanding of history, the extreme right wing regimes are considered fascist, aka extremely top down. Considering the best faith argument here, I’m guessing he’s seeing the “right wing” being pro business as opposed to a pro government “left”, and in that view, business is considered “bottom up”. As you alluded to, though,…
IMHO the political spectrum has a circular topology where extreme left and extreme right merge into one point. As an illustration, consider Hitler's Germany and Stalin's Soviet Union:
* Extremely brutal top-down dictatorship.
* Suppression of all dissent by means of secrete police (Gestapo vs NKVD).
* Single party rule (nazi party vs communist party)
* No meaningful elections.
Of course, there were many differences and nuances but the power structure was surprisingly similar.
EDIT: bullet formatting
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The questions that you fail to address is what problem this "distributed consensus" is solving and what advantages and disadvantages has compared to existing solutions.
Distributed consensus eliminates a whole host of problems associated with centralized middlemen. For example, with Bitcoin the rules of the system are transparent to all participants and cannot be changed by any single party. 21 million coins is the limit and the emission rate is fixed. With traditional fiat, no one can promise or predict the supply or debasement rate this year, next year or ten years from now.
Which ones?
> With traditional fiat, no one can promise or predict the supply or debasement rate this year, next year or ten years from now.
Nobody wants to predict the supply. What people want to predict is the inflation rate, and the inflation rate is only predictable when you have a central bank.
For everybody saying cryptocurrency has no use, you must not remember how much trouble society had envisioning the uses for the very internet upon which we are now posting. Here's an example of a use case recently gaining ground. https://mobile.twitter.com/BrantlyMillegan/status/1402388133... I don't have a crystal ball, but it seems foolish and short-sighted to imagine we are certain that there are no legitimate use…
I am so unbelievably sick of hearing this from bitcoiners. It just isn't true. At all. There is zero comparison to be made between crypto and the early Internet, its incredibly dishonest.
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How does real-life information enter a smart contract, and how do you make sure all sides make good on their dues?
One option today is Chainlink which uses a host of oracles to achieve distributed consensus on real-world prices, weather or other signals.
For everybody saying cryptocurrency has no use, you must not remember how much trouble society had envisioning the uses for the very internet upon which we are now posting. Here's an example of a use case recently gaining ground. https://mobile.twitter.com/BrantlyMillegan/status/1402388133... I don't have a crystal ball, but it seems foolish and short-sighted to imagine we are certain that there are no legitimate use…
The internet took like a year to take off since it became commercially available. It took the world by storm once people could connect to it, and viable and useful ideas and applications (browsers, search engines, eCommerce, filesharing, etc) proliferated at breakneck speed.
Internet had no competition from any other industry. It was nothing like anything that ever existed. In terms of Internet's development itself, we went from dial up to optical fibers. People in 21st century who use internet have no idea about pains of dial up connection.
Crypto is replacing something that has existed for centuries - the financial system. The financial system being challenged has itself kept up with changing tech, albeit slower than expected. This system is corrupted, exploitative and doesn't provide equal opportunities to all who use it. Crypto has to better the existing system by making things better. But the main point is, crypto itself is the next evolution of financial industry. Internet was a new industry of its own.
From the article, the use case discussed is distributed consensus. With cryptocurrencies we as society have the option of a new way of organizing labor and capital to achieve a goal. Instead of kings, politicians, corporate owners or middlemen - we have the opportunity to build systems based on the idea of rules without rulers. Bitcoin eliminates the need for central bankers to control the money supply. Ethereum repl…
How does real-life information enter a smart contract, and how do you make sure all sides make good on their dues?
Say we enter a weather derivative contract that pays off based on total rainfall. If there’s a dispute, instead of a two-bit local judge playing amateur meteorologist, we can simply point our smart contract at AccuWeather’s daily data. AccuWeather is going to be far less likely to destroy their entire franchise by publicly releasing bad data to corrupt a single contract.
The point of smart contracts isn’t that everything’s automated. It’s that we can identify the areas that do require human input, and mix and match the best and most trustworthy oracles with high domain expertise.