Yeah, and no one really knows how "economic sanctions" would work against crypto investments by nefarious governments like Putin's Russia. Sounds to me like it's a platform *ripe* for laundering political money on a global scale.
Yeah, and no one really knows how "economic sanctions" would work against crypto investments by nefarious governments like Putin's Russia. Sounds to me like it's a platform *ripe* for laundering political money on a global scale.
Over 10% of the crypto market's value may be held by Russians. Guessing most of that crypto isn't held by ordinary people.
Twitter Link
"One day, we shall die. All the other days, we shall live."
17,379,175 Russians own crypto. Topped only by India 100,740,320 and the USA 27,491,810.
https://triple-a.io/crypto-ownership/
Click View More in the table to drill down.
Faith is Hope (see Loki's sig for details)
If hindsight is 20-20, why is it so often ignored?
There is a possibility that when governments implement CBDCs in 2 or 3 years, you will be forced to exit crypto and move to CBDC.
The difference of CBDC is that CBDC is a government controlled currency, and it is programmable, so they can force you to spend it before it expires, or if they put caps on carbon, you may not spend beyond your carbon allowance. Money will be as programmable as software and it means your money could be full of rules where government basically forces you to use your money in certain ways.
Freedom - When people learn to embrace criticism about politicians, since politicians are just employees like you and me.
Lewk, how often do you use Bitcoin?
Hope is the denial of reality
Almost never, I'm just holding it instead of using it. The infrastructure is there to easily use it but it hasn't really taken off mainstream quite yet (though more and more lately) and I'm pretty happy with having everything flow through one account for budgeting purposes than to deal with the hassle of using bitcoin with bitcoin friendly entities and then another account for everything else.
I could have had class. I could have been a contender.
I could have been somebody. Instead of a bum
Which is what I am
I aim at the stars
But sometimes I hit London
This IS Lewk. He is someone who, despite championing using a flat sales tax rather than an income tax, loudly objected to the idea of there being a sales-tax on very high end luxury items like trips to space. Making use of a sales tax is only moral to him if it is primarily used to ensure the poor stay poor. This is more of the same. And it actually makes sense, when you consider how he thinks about incentives and disincentives. Welfare is wrong because it's not about disincentivizing being poor. The way welfare should work is the government should be taking from the poor and giving to the rich, as an incentive to the poor to become rich themselves and stop being poor.
Last night as I lay in bed, looking up at the stars, I thought, “Where the hell is my ceiling?"
Sounds like an economic version of Stockholm syndrome.
Hope is the denial of reality
A deflationary currency would create generational wealth inequality so extreme even the boomers would look at it and be, like, 'jeez'. You're already fucked if you buy in at the current price of $40k and you're trying to compete with someone who brought in at $40 dollars, which in the sociopathic logic of libertarian-cryptobroism I guess you deserve it for not being "smart" enough to buy in when bitcoin was cheap, but if bitcoin's deflationary mechanics work as intended then future generations will *never* have the chance to buy in at $40 or even $40k. The bitcoin rich and then, presumably, their children would form a kind of new aristocracy. And this is the future bitcoiners want. They brag about it.
You take a superficial look at bitcoin, you see at best a technological novelty with a few interesting ideas and at worse a pointless waste of time, it's remarkable just how dystopian it gets, and how fast, when you really dig into the mechanics of it.
We should be thankful the technology is garbage.
When the sky above us fell
We descended into hell
Into kingdom come
Their private jets don't pay for themselves.
Hope is the denial of reality
What in the name of hell am I looking at here
What you're looking at there is a spike in transaction fees ("gas") on Ethereum in the early hours of this morning, London time. Specifically, for several hours it was $3859 for a NFT sale, $3519 to exchange one cryptocurrency with another cryptocurrency and $1032 to transfer some Tether. This was because, I guess, some people were trying to buy some new NFTs all at once or something.
The irony of this is that on this air quotes "decentralised" system a spike in demand for one product renders the entire network effectively unusable for several hours until the transaction costs have calmed down.
This is with a miniscule (compared to the global banking industry) amount of transactions being processed.
When the sky above us fell
We descended into hell
Into kingdom come
Here's a decent article on what happened:
https://www.theverge.com/2022/5/1/23...eeds-yuga-labs
Also note Ethereum transactions and Bitcoin transactions are separate chains. There are other cryptocurrencies that have different types of processes so called light weight currencies like Mina protocol or Vechain won't ever have Etherum type high gas fees. Bitcoin also created a layered solution through the Lightning Network that allows millions of transactions a second.
Oh yeah, I forgot about this. If the cost of the transaction exceeds the amount you bid for gas at the time the transaction is processed then the transaction just fails with an 'out of gas' error and you still lose the gas fee.A number of users also reported losing thousands of dollars to gas fees in failed transactions.
This is intended behaviour. I have no words.
Lightning Network just shifts the cost/inefficiency of the blockchain from transactions themselves to the act of opening and closing a channel.Bitcoin also created a layered solution through the Lightning Network that allows millions of transactions a second.
When the sky above us fell
We descended into hell
Into kingdom come
This fails to solve any problem we currently have in the financial system while creating a whole lot of new ones (unpredictability, high transaction costs, the potential all your money will be stolen, the potential of you forgetting your password). How any reasonable person is into this is beyond me.
Hope is the denial of reality
How odd. You approved of the government doing exactly that, without recourse to the courts, when it was introduced back in 2001. As part of the Patriot Act.
But it has absolutely nothing to do with fiat currency. You could be using gold and the government could still do the same thing.
Last night as I lay in bed, looking up at the stars, I thought, “Where the hell is my ceiling?"
When the sky above us fell
We descended into hell
Into kingdom come