831–840 of 930 posts
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Yes. First I buy bitcoin from the X, then I transfer it to my bitcoin wallet. Next I transfer it to kraken, convert it to Monero and deposit it on my drug market of choice. It used to be simpler but this is how I do it nowadays.
kraken must have some from of KYC, right?!? meaning that you're buying drugs online without trying to be anonymous. impressive...
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Would that not be a bad thing when using it as legal tender? Deflation tends to be disastrous for the economy.
that doesnt hold for a deflationary currency
I think crypto proponents in general share this inability to understand the fact that one of the most basic traits of money is stability of it's value, and anything that fails to meet this basic requirement is simply useless as a currency.
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The USD doesn't frequently lose all or nearly all value as we see from cryptocoins. My $10 today will be worth $10 tomorrow barring nuclear war or an apocalypse.
And 1 bitcoin in your possession today will be worth 1 bitcoin in your possession tomorrow, barring a successful and very expensive attack on the network. You have little assurance that the buying power of $10 today will be the buying power of $10 tomorrow. If the tariffs had gone through as initially advertised, that would certainly not have been the case.
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Gotta love crypto people putting "looking smarter than you" over actually explaining what it is they mean. If you've got a point to make, don't just hint at it, say something and then we can have a discussion. This just makes you look petty and like you're only in it to stroke your own ego.
> Gotta love crypto people putting "looking smarter than you" Oh I'm sorry, that was your shtick. Apologies! Also, I'm not a crypto person, I made some gains and sold a long time ago. I just have to laugh that you think one pointing out that an argument is weak makes one a part of the opposite tribe.
I didn't even specify if I thought you were pro or anti crypto - I just find that most conversations around crypto are dominated by statements of "the other side of this just doesn't understand basic facts like I do" instead of actually stating what the facts are and how they apply to the situation that would help someone learn what's being discussed.
I may very well be the stupid one here, and you may be quite a bit smarter than me, but I don't know because I still don't know the point you're hinting at making.
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There is an infinite supply of computer algorithms. Gold is an element.
Your comment indicates that you fundamentally misunderstand BTC. I recommend reading Broken Money by Lyn Alden.
The only thing that separates BTC from all the derivative shitcoins is hype and stories we tell about it. Bitcoin is itself interchangeable with an infinite number of related algorithms/schemes.
Gold extraction definitely has its problems, but it's a fundamental element of the universe.
In 100 years, I know which one will definitely still hold value.
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Yes, it would drive consumption toward the barest minimum to live and investment toward zero. This is bad. > Yet it results in more spending but on what? Well near target inflation rates (which is a positive non-zero number) it results in a mix between consumption and investment. This is good.
Are you saying low consumption is bad and high consumption is good? High consumption has been improving the economy, and destroying the earth. I'm not saying I have the answers, but it's not so simple.
It is very good that the default thing to do with excess money is invest it.
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To me its inevitable. And just a matter of time. Any year there could be a breakthrough that quickly leads to missing math.
We still don't know if P = NP. You seem peculiarly certain it is, which is odd given that most of the people who study the topic strongly suspect otherwise. They could of course be wrong, but what makes you so sure?
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I'm so curious what will happen as mining approaches the asymptote. When the mining rewards become more and more rare and if people aren't incentivizing the network with a lot of transactions, will transaction times just get slower and slower until it becomes a stranded asset?
Transaction times are independent of mining power. One block every ~10 minutes.
Alternatively, if transaction fees stay low, there might be very little incentive to secure the network with hash power and you could end up with fewer and fewer miners controlling the network and a 51% attack becomes quite feasible.
I'm really curious how this will play out over the next 100 years.
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They're deporting US citizens? How is that even legal?
That is not what is happening. The agreement is to use El Salvadorian prisons instead of US prisons for prisoners. El Salvador said they would be willing to accept any prisoner, regardless of nationality. The US citizens would not be deported, but imprisoned in another country. However, it is not clear if the US will use El Salvadoran prisons for US citizens, only foreigners or not at all.