FabHK

21 ms·

391.
by FabHK 1y ago
A fiat currency is indeed just an accounting unit, but it has some floor against falling to zero, as it can legally extinguish any debt, and is needed to pay taxes. Even so, sometimes they fall to basically zero. What chance does crypto hav
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by FabHK 1y ago
Why? Are you hypothesizing that they used bad RNGs?
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by FabHK 1y ago
No mortgages or funding of productive enterprises in crypto land anyway. I have sent money overseas, fast, cheap, securely, with fiat. The externalities of the bad US retail banking system are enormous. First we got PayPal with Thiel and El
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by FabHK 1y ago
Discretion in money supply is a feature, not a bug. But yeah, put 1% of your savings in each of the 20,000 coins with strictly limited supply. Their value must surely rise, right.
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by FabHK 1y ago
People complain about 5% inflation, and you call 20% or so of money supply gone "fairly minor"?
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by FabHK 1y ago
> Bitcoin holders as a group are constantly losing money by definition Modulo market cap representing unrealized PnL, but yes otherwise. Miners and exchanges take a good cut.
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by FabHK 1y ago
Global scale using 1% of world electricity that can do 7 transactions per second, because the thousands and thousands of nodes don't trust each other and all do the same work.
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by FabHK 1y ago
Indeed. The Economist estimates the modern scam industry to be as large as the illicit drug trade by now, around $500 bn annually in revenue. Enabled in large part by crypto (pig butchering, ransomware, rug pulls were not a huge thing befor
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by FabHK 1y ago
Not to mention the fact that you can hold Bitcoin trustlessly, and you can transfer it to someone else trustlessly, but then you have to trust that they send to you in return what they promised. See Goharshady, Amir Kafshdar: Irrationali
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by FabHK 1y ago
> Bitcoin is the only immutable peer to peer system ever created What about the other thousands of other public blockchains, many of which are extremely similar (DOGE, BCH, LTC, ...)? > In a world headed toward web 3.0, generative AI
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by FabHK 1y ago
Nonsense. While thousands of commercial banks are formally shareholders of the 12 (not one) Federal Reserve Banks, > the "ownership" of the Reserve Banks by the commercial banks is symbolic; they do not exercise the proprietary
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by FabHK 1y ago
According to your theory, all the thousands of shitcoins are valuable. But they're not. There must be further reasons, then, that the price of Bitcoin is so high. And they're purely sentiment, I'd argue. If that changes, ther
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by FabHK 1y ago
Yes. And note that Coinbase for example charges retail around 1.5% or so on average, but only a few basis points to institutional clients last time I ran the numbers. Surprise.
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by FabHK 1y ago
How fortunate that exchanges are centralized institutions that can be held accountable by law.
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by FabHK 1y ago
Though their market cap is somewhat meaningful, and reflective of some value created (flawed as that measure may be). Unlike Bitcoin.
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by FabHK 1y ago
How do you get that? BTC private key space is 256 bit. Let's say a billion wallets, that's 30 bits, so you need to check 226 bits to hit one wallet. A H100 does about 1000 TFLOPS at the very most, that's 10^15 or 50 bits per
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by FabHK 1y ago
> They merged with Confinity who'd already built PayPal, had a working prototype, etc. Interesting, need to read about it. So similar story as with Tesla? Existing opinion nicely confirmed.
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by FabHK 1y ago
Oh yes, you're right.
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by FabHK 1y ago
How can you find u? That's what the author explains next.
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by FabHK 1y ago
> How much does the security budget need to be? There's the famous paper "The Economic Limits of Bitcoin and the Blockchain" [0, 1] answering this question. Bottom line: huge. > Nakamoto’s novel form of trust faces seri
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by FabHK 1y ago
The 100$ fee per transaction is what it would cost to sustain current miner revenue without mining reward (ie. mining revenue derived somewhat invisibly from money supply increase). The piece is not garbage, but a thoughtful introduction to
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by FabHK 1y ago
People in the US are free to say whatever they want. But not everyone can just come to the US, and looking at what they've said is part of deciding whether they can.
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by FabHK 1y ago
Your WeChat is already shared with the Chinese government, so you're just sharing with one more.
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by FabHK 1y ago
> Because knowingly helping people commit crimes generally counts the same as committing the crime yourself. Oh boy, are the crypto bros in trouble.
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by FabHK 1y ago
Wow, USD 8 to 11 per km. Hong Kong taxis cost USD 3.5 for the first 2 km, then USD 1.4/km, and less than a dollar per km above USD 13. https://www.td.gov.hk/en/transport_in_hong_kong/public_trans...
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by FabHK 1y ago
I remember implementing some version of Gomory cutting hyperplanes back in the 1990s in Maple (for learning, not for production.) Looks like the field has progressed... > if we needed two months of running time to solve an LP in the earl
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by FabHK 1y ago
No, you're right, Singapore is both highly regulated and successful. I just meant to highlight that the soaring economy doesn't include many high-tech startups.
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by FabHK 1y ago
So, is it accessible in Le Chat?
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by FabHK 1y ago
Chinese Employers to Grant 15 Minute Maternity Break https://theonion.com/chinese-employers-to-grant-15-minute-ma...
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by FabHK 1y ago
Eh, Singapore's efforts to nurture a thriving startup scene are met with middling success at most.

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