RC_ITR

133 ms·

841.
by RC_ITR 4y ago
Then by your logic, shouldn’t banks not want customer deposits? Isn’t it just burdensome overhead? Trust me, I get that people aren’t Fedexing cash envelopes between banks, but that doesn’t mean money is fake and banks can invent it out o
842.
by RC_ITR 4y ago
Ok so then by your logic, why do banks care about collecting deposits? Because they need a liability to offset their assets? Ok wildly backwards but sure. And wait, in your metaphor, where does the $500k asset of cash that a depositor gi
843.
by RC_ITR 4y ago
You’re creating a lot of confusion by ignoring cash accounting (the physical dollar I give a bank is then given to a homeowner as a mortgage) and talking about GAAP accounting, without making it clear that is what you are doing (the jargo
844.
by RC_ITR 4y ago
As others have said, those who understand crypto either chose to be conniving and make money off of the scam, or they avoid it. Mr. Taylor wanted to test if he could be conniving enough to profit and he turned out not to be (very few will b
845.
by RC_ITR 4y ago
Because Chase actually does something sort of similar (primarily mortgage lending), but they employ a ton of people to think all day about managing risk. So I think people don't like the comparison, since the true difference is F
846.
by RC_ITR 4y ago
>if 330M people flip a coin 20 times in a row, someone will get close to 20 heads. And then they will go on CNBC and talk about the journey that got them to where they are today.
847.
by RC_ITR 4y ago
Because Amazon chooses that to make a point. Notice how it's totally fine to buy goods in the Amazon app? You think that Amazon couldn't have used their leverage to make the same case for Kindle if they thought it was worth it?
848.
by RC_ITR 4y ago
So your argument is there is just a really long lag? Because money is relatively tight again and we are still seeing inflation. OR are there other factors potentially at play?
849.
by RC_ITR 4y ago
I mean, my fellow citizen, the way to curb inflation is to consume less and have a higher price sensitivity. I'm glad you're signing up to do so, because it's unclear to me that stimulus checks are still the reason that con
850.
by RC_ITR 4y ago
>Maybe I am, but I think I'm being objective about it. Sure, not every person is a Coke consumer. What drinks do you drink? Keep in mind, a very meaningful part of Coke's (and any other CPG company) advertising budget is p
851.
by RC_ITR 4y ago
> it was more contracts with fast food companies. Also known as 'advertising.' (Coke has an insane amount of control over how their products are sold at McDonalds, down to how the soda fountain equipment can look) Why do you th
852.
by RC_ITR 4y ago
Coke’s advertising isn’t “hey this is what Coke is” it’s “hey aren’t you thirsty and don’t you remember how much fun you’ve had in the past while drinking Coke?”
853.
by RC_ITR 4y ago
> One is called Alexa and the other is called Ring. What share of Amazon GMV do you think is purchased on either? We’ve had Alexa for a decade now, and forcing a user to walk to their porch isn’t going to be the thing that makes voice or
854.
by RC_ITR 4y ago
Well, when the truth is “blame consumers for consuming a record amount of stuff with no price sensitivity after being forced indoors for two years, where they learned life is meant to be lived,” I can see why they don’t want to take the fal
855.
by RC_ITR 4y ago
> He knew in 2015, that if Facebook didn't have a platform it controlled, it would suffer down the line. People say this but Amazon is doing just fine in the retail space. In fact for Facebook and Amazon, their biggest follies are
856.
by RC_ITR 4y ago
1) I love the energy of taking a risk disclosure at more than face value (they are clearly speculating and write that because it is free to do so and it covers their asses, not because the SEC “forced” them). Show me the precedent where b
857.
by RC_ITR 4y ago
>may There’s no precedent. Disclosures are always worst case scenarios And again, will anyone please read their fucking balance sheet? Liabilities of $105bn, $101bn which are deposit liabilities vs. $101bn of customer assets. Even in a
858.
by RC_ITR 4y ago
They stopped in 2020. Like I said, the model is sort of stupid and weird but it’s less stupid than FTX’s at the moment!
859.
by RC_ITR 4y ago
I don’t want to cite Dunning-Kruger, but Coinbase’s core business model (if you looked at their balance sheet as I suggested) leads to them segregating customer assets from everything else (there’s a special line with a footnote and everyth
860.
by RC_ITR 4y ago
I mean I love your optimism, but there’s no way using current or even foreseeable technology for 8bn people to live the life they want to live. Coal is bad because the aerosols, but it’s not like natural gas is that much better for the clim
861.
by RC_ITR 4y ago
Again. I don’t know how to say this enough times or clearly enough. If people were buying goods and services with crypto then I would agree with you but they are not. Right now it’s circular and moving in the wrong direction. People buy
862.
by RC_ITR 4y ago
>their only risk is people stop using them to trade.
863.
by RC_ITR 4y ago
Coinbase makes money on fees and doesn’t lend out deposits. Seriously look at their balance sheet! They have zero risk of this kind of insolvency, their only risk is people stop using them to trade. Say what you will about that being a weir
864.
by RC_ITR 4y ago
>But that's precisely why people were valuing Ethereum at x,xxx per token - the belief that Ethereum will one day have the network effect to generate future revenues. Ok so let's go first principles here (ignoring the word soup
865.
by RC_ITR 4y ago
Gold is a consumption good (jewelry) that people choose to treat as an asset (so much so that they forget that it was originally valuable because it was our most easily smithed/mined metal that rulers liked to adorn themselves with).
866.
by RC_ITR 4y ago
Sure, in absence of an economy, but in literally any other scenario no he wouldn't? To paraphrase Homer Simpson, "Gold can be exchanged for goods and services" So yeah, if you are an 'the economy is fake' guy then r
867.
by RC_ITR 4y ago
>Now you're talking about value, which is entirely subjective. No it's not. When an asset prices in cash, that price is dependent on it's ability to generate future cash (Goods/Services price based on the utility fro
868.
by RC_ITR 4y ago
Peloton sells bikes for cash. That's real honest-to-goodness GDP. I can assume Peloton will make more economic value than it retally will, but at least it creates economic value. What does Ethereum contribute to GDP? And that's wh
869.
by RC_ITR 4y ago
You don't think that most of those 8bn people strive to live like Americans do? Or do you just think they won't get there?
870.
by RC_ITR 4y ago
I mean to play Devil's Advocate, many people have the same opinion on MLM's (e.g., "you just have to really understand the leggings market and how to run a business, all these new people who got burnt thought they could get r

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