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You underestimate the utility of a global financial system which can be participated in by anyone. This makes many tools and processes (leveraged financial ins

by yebyen 4y ago

You underestimate the utility of a global financial system which can be participated in by anyone. This makes many tools and processes (leveraged financial instruments and automated market makers) available without an intermediate third party that most humans would never know existed, let alone how to use. They are still in their infancy, the investment in knowledge that is required to use them well remains quite substantial. How many years before a regular person can ditch the bank for their own personal hedge DAO? I'm afraid you are the one who must be kidding, if you think that internet TV is more important than leveling the financial playing field.

tsimionescu 4y ago
> How many years before a regular person can ditch the bank for their own personal hedge DAO? That will never happen, since these things, by design, offer none of the guarantees that banks do.
- yebyen 4y ago
  I absolutely love overdraft fees. I've never used a bank that didn't have some ridiculous scheme of their own which you had to internalize or pay a monthly fee. Banks offer some guarantees, but they're not really helping most people. Neither is Ethereum, maybe you'll say, but I didn't come here to argue about that. This is a day to celebrate because the #1 top complaint of all crypto detractors has been addressed by Crypto's second largest collective. Now that is finished we can move onto #2 top complaint, whatever that will be. I certainly do not imagine, foresee, or desire to live in a world in which people must protect their private keys or forfeit their house to a hacker. But can you really say we aren't headed there now? Is the alternative better, (that you have to trust the bank's security? Are you in the US? Oh god, I have some bad news...) Acting like scams began in 2008 when Bitcoin was first invented is the ultimate scam. I grew up in NY, we've all been getting scammed our entire lives, by the government too.
dmitriid 4y ago
> You underestimate the utility of a global financial system which can be participated in by anyone. Ah yes. By anyone. Especially those who got in early before the prices skyrocketed and can now enjoy the global financial system of... currency manipulation and hoarding. > I'm afraid you are the one who must be kidding, if you think that internet TV is more important than leveling the financial playing field. You must be kidding when you call scams, currency manipulation, hoarding and zero customer protections a "level playing field for a global financial system". > They are still in their infancy, the investment in knowledge that is required to use them well remains quite substantial. The only investment in knowledge there was (and there was very little of that) is discovering why existing systems are the way they are and keeping busy reinventing them.
- yebyen 4y ago
  > discovering why existing systems are the way they are and keeping busy reinventing them You may have had access to those existing systems (the global financial market) before Ethereum, but many of us did not. Being able to take a risky asset, and hedge it against itself, is not a strategy that I was aware of two years ago. I was a 12 year old investor and E-trade told Grandma and Auntie that they would have to sell their Red-Hat stock, back in 2003 or 4, because it had gone down so much in value that it was no longer worth the monthly trade commission to maintain the position open. We bought some stock after IPO, and had bad timing by a few months. If they had known then what we know now, well... I'd not be here wasting my time talking about re-inventing the global financial system on the internet, believe you me. That was a good investment, bad system and bad timing. Do you have any idea how exploitative the global financial system is for people who are not "in the know"? It's well over time we reinvent it all. This is awful.
  - dmitriid 4y ago
    > You may have had access to those existing systems (the global financial market) before Ethereum, but many of us did not. Many you... who? > Being able to take a risky asset, and hedge it against itself, is not a strategy that I was aware of two years ago. That's not "leveling the playing field". It's either "financial education" (because it's something you could always do in "traditional finance"), or "let the suckers come, the more the better" (most of crypto). > I'd not be here wasting my time talking about re-inventing the global financial system on the internet, believe you me. Oh, I do believe you. Crypto maximalists never talk about it. They only speak vague trivialities and then disappear. > Do you have any idea how exploitative the global financial system is for people who are not "in the know"? Ah yes. Unlike the cryptoscams. > It's well over time we reinvent it all. This is awful. Ah yes. Unlike the cryptoscams.

by yebyen 4y ago

tsimionescu 4y ago

> How many years before a regular person can ditch the bank for their own personal hedge DAO? That will never happen, since these things, by design, offer none of the guarantees that banks do.

yebyen 4y ago
I absolutely love overdraft fees. I've never used a bank that didn't have some ridiculous scheme of their own which you had to internalize or pay a monthly fee. Banks offer some guarantees, but they're not really helping most people. Neither is Ethereum, maybe you'll say, but I didn't come here to argue about that. This is a day to celebrate because the #1 top complaint of all crypto detractors has been addressed by Crypto's second largest collective. Now that is finished we can move onto #2 top complaint, whatever that will be. I certainly do not imagine, foresee, or desire to live in a world in which people must protect their private keys or forfeit their house to a hacker. But can you really say we aren't headed there now? Is the alternative better, (that you have to trust the bank's security? Are you in the US? Oh god, I have some bad news...) Acting like scams began in 2008 when Bitcoin was first invented is the ultimate scam. I grew up in NY, we've all been getting scammed our entire lives, by the government too.

dmitriid 4y ago

> You underestimate the utility of a global financial system which can be participated in by anyone. Ah yes. By anyone. Especially those who got in early before the prices skyrocketed and can now enjoy the global financial system of... currency manipulation and hoarding. > I'm afraid you are the one who must be kidding, if you think that internet TV is more important than leveling the financial playing field. You must be kidding when you call scams, currency manipulation, hoarding and zero customer protections a "level playing field for a global financial system". > They are still in their infancy, the investment in knowledge that is required to use them well remains quite substantial. The only investment in knowledge there was (and there was very little of that) is discovering why existing systems are the way they are and keeping busy reinventing them.

yebyen 4y ago
> discovering why existing systems are the way they are and keeping busy reinventing them You may have had access to those existing systems (the global financial market) before Ethereum, but many of us did not. Being able to take a risky asset, and hedge it against itself, is not a strategy that I was aware of two years ago. I was a 12 year old investor and E-trade told Grandma and Auntie that they would have to sell their Red-Hat stock, back in 2003 or 4, because it had gone down so much in value that it was no longer worth the monthly trade commission to maintain the position open. We bought some stock after IPO, and had bad timing by a few months. If they had known then what we know now, well... I'd not be here wasting my time talking about re-inventing the global financial system on the internet, believe you me. That was a good investment, bad system and bad timing. Do you have any idea how exploitative the global financial system is for people who are not "in the know"? It's well over time we reinvent it all. This is awful.
- dmitriid 4y ago
  > You may have had access to those existing systems (the global financial market) before Ethereum, but many of us did not. Many you... who? > Being able to take a risky asset, and hedge it against itself, is not a strategy that I was aware of two years ago. That's not "leveling the playing field". It's either "financial education" (because it's something you could always do in "traditional finance"), or "let the suckers come, the more the better" (most of crypto). > I'd not be here wasting my time talking about re-inventing the global financial system on the internet, believe you me. Oh, I do believe you. Crypto maximalists never talk about it. They only speak vague trivialities and then disappear. > Do you have any idea how exploitative the global financial system is for people who are not "in the know"? Ah yes. Unlike the cryptoscams. > It's well over time we reinvent it all. This is awful. Ah yes. Unlike the cryptoscams.