Taek

44 ms·

601.
by Taek 5y ago
This doesn't work in the US. The IRS guidance states that the moment you received the tokens, you've incurred a tax burden. Refusing to sell the tokens protects you from capital gains taxes, but capital gains taxes only applies to
602.
by Taek 5y ago
I don't think you can run a service like Skynet without a crypto backend. It does a _lot_ more than something like IPFS. It can keep files online without needing the original uploader or any user to actively seed them (uses a storage m
603.
by Taek 5y ago
> In the future, portals will charge users directly for extra features They already do! https://account.siasky.net/ - paid plans starting at $5/mo giving you access to higher speeds and long term pinning.
604.
by Taek 5y ago
siasky.net is a portal. skytransfer.hns.siasky.net is one way to access this service. skytransfer.hns.skyportal.xyz is another way to access this service. Or you could run your own portal (it takes about a weekend to set up and about $50 of
605.
by Taek 6y ago
Whether or not the token explicitly defines governance, the owner of a token does have some authority over any governance action involving a hard fork, because the success of the fork depends on the buy in from the economic actors. You do g
606.
by Taek 6y ago
And yet, if you do this and then give 100 million of those tokens to your friend, your friend now owes the IRS $40 million USD. Go figure
607.
by Taek 6y ago
The problem is that the best CEOs might not go for that. There are a lot of long term things that can impact a company for the negative, and you don't want your CEO bailing to a different company the moment that some macro event (semic
608.
by Taek 6y ago
Self hosting takes a large amount of effort and can't reach the same uptime guarantees that something like YouTube or Skynet can achieve. There's nothing about gambling here, the crypto tokens are liquid, you can sell them as you
609.
by Taek 6y ago
You can use layer 2 technologies like state channels to boost the efficiency of the market, you don't need every single transaction to happen on-chain. Skynet is a platform that does this already - every upload and download makes betwe
610.
by Taek 6y ago
This is true of any industry though. And Wenatchee, WA could easily prevent this by adding a tax or changing the local regulations around electricity consumption.
611.
by Taek 6y ago
It's a tradeoff between capex and opex. Right now, the capex costs are so high that you are more or less forced to run miners 24/7, or you never make back the capex costs. If bitcoin miners were more opex heavy in terms of Total L
612.
by Taek 6y ago
Monero fails the privacy doom principle, eventually analytics will be enough to fully break it. In the long term, it's not really any safer than bitcoin.
613.
by Taek 6y ago
Privacy coins can work if you can maintain the property that _every_ transaction could plausibly be spending _any_ historic output. For the most part, that's just Zcash-like coins
614.
by Taek 6y ago
I call it the privacy doom principle. Any information which separates you into a subset of a larger group can eventually be compounded to fully break your anonymity. I did a lot of work on privacy coins, and the power of statistics is stagg
615.
by Taek 6y ago
The games we've played with money have pushed valuations to a point of being nearly meaningless. There are people who own a billion dollars of stock/crypto, and then there are people who own multiple yachts, multiple mansions, spo
616.
by Taek 6y ago
I honestly find this page difficult to look at and read. It may be high contrast but that yellow is really hard on my eyes and does not make me excited to spend a long time on the site.
617.
by Taek 6y ago
I've been trying to follow along and I'm not super confident in my answer, but Pfizer and Moderna both seem to be doing incredibly well, either one is a safe choice as "this is the best I can do for myself" AstraZeneca s
618.
by Taek 6y ago
Not necessarily. I pay only $1 a day for water, but if you stop giving me water for 7 days the damages are going to be a lot more than $7. That doesn't mean it's reasonable to charge me more than $1 per day for water. Obviously an
619.
by Taek 6y ago
Decentralized blockchains are entirely opt-in. If you are a participant in a blockchain that isn't serving your needs, you can opt out of that blockchain and into a new blockchain. A hard fork is essentially a large coordinated migrati
620.
by Taek 6y ago
You should think of miners as bodyguards. They aren't intended to be active participants on the network, they are intended to provide the service of securing the network and serving the interests of the users of the network. If a group
621.
by Taek 6y ago
It's decentralized. For example, the exact same service exists at https://skysend.hns.skyportal.xyz , which is operated by a completely unrelated party. Links created on one will work on the other. And you can run your own p
622.
by Taek 6y ago
That's not a problem unique to crypto, it's true of all manufacturing. And honestly I think the solution is to declare war (whether via sanctions, violence, or some other means) on regions that are refusing to be responsible with
623.
by Taek 6y ago
https://skysend.hns.siasky.net/ is a neat way to send up to 8 GB. Handles smaller files just fine as well. We've transferred as much as 250 GB I believe using scp over the local network. But that was obviously between
624.
by Taek 6y ago
FHE is pretty well established at this point. It can guarantee that someone observing the computation has no ability to tell what data they are acting on or what result they are outputting. But, this is notably assuming that the program is
625.
by Taek 6y ago
The proof-of-work mechanism for blockchains is broken into two elements. There's the inflation element, which is a reward for miners that is independent of transaction volume, and then there's the transaction fee element. The infl
626.
by Taek 6y ago
The security isn't there to protect historic transactions, it's there to protect the holdings of current holders. If I had a bitcoin at one point and no longer have that bitcoin, I'm completely indifferent about the security
627.
by Taek 6y ago
Yes you can. If the token price falls substantially and the fee pressure disappears you can continue transacting without adding work to secure the blockchain. This is actually one of the largest open problems for Bitcoin. In a few years, th
628.
by Taek 6y ago
Ethereum doesn't have a mechanism to run an operation periodically. If you want this game to step forward you need to make a new transaction and pay new fees.
629.
by Taek 6y ago
This assumes that there's no inflation I believe. But on Ethereum there is inflation.
630.
by Taek 6y ago
The electricity isn't just paying for the one transaction it's paying to secure all historical transactions and all current balances. When counting how expensive a visa transaction is, you don't also consider the price of all

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