TimJRobinson

19 ms·

91.
by TimJRobinson 4y ago
Its US dollars and you can transfer it to anyone that is capable of downloading a wallet app. If you want to spend at stores you can use any number of debit cards or just wait till visa integrates it which is coming soon [1] I don't un
92.
by TimJRobinson 4y ago
Fees and Transaction speed definitely - with new upgrades coming out in the next year (EIP4844) L2s can handle thousands of transactions per second. The UI is really up to the apps, the good thing is there are many teams working on payments
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by TimJRobinson 4y ago
You can get paid in USDC and can transfer that to and from your bank account as quick as banks will allow, or pay people directly with it.
94.
by TimJRobinson 4y ago
You can use USDC or any number of other stablecoins. You don't ever have to touch a volatile asset if you don't want to.
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by TimJRobinson 4y ago
Google too. There's an awesome swipe right screen on android that shows travel related information and upcoming events. But then they decided to add news articles to it and it's impossible to turn them off! You can only disable th
96.
by TimJRobinson 4y ago
I started a new side project this weekend and began by explaining what I wanted to GPT4 and having it write the code, then I'd assemble it, fix a few bugs and it all basically worked. I created 2 main components: - Login with Github fl
97.
by TimJRobinson 4y ago
Most people in crypto aren't worried about crypto dying, they're worried the USA is shooting themselves in the foot and missing out on a huge new industry because of incompetence.
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by TimJRobinson 4y ago
If I put my student loans into gold does that make gold a security? There's more to an asset being a security than just expectation of profit.
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by TimJRobinson 4y ago
They are fully decentralized networks that no one controls. A security requires some issuing company or person. Almost every other cryptocurrency has one or a small group of person that can take control of the chain / app.
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by TimJRobinson 4y ago
What is the USA trying to achieve though? If you want innovation to continue in the USA you can't expect companies to wait decades until the government has decided what is allowed and what isn't, they're just going to setup i
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by TimJRobinson 4y ago
They have been trying for years, the SEC does not want to engage in good faith discussion. They wrote a response about it here: https://www.coinbase.com/blog/we-asked-the-sec-for-reasonabl...
102.
by TimJRobinson 4y ago
Coinbases response: https://www.coinbase.com/blog/we-asked-the-sec-for-reasonabl... HN Thread: https://news.ycombinator.com/item?id=35269659
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We asked the SEC for reasonable crypto rules for Americans(coinbase.com)
210 points by TimJRobinson 4y ago|256 comments
104.
by TimJRobinson 4y ago
*so far. Other banks don't have a tight nit group of customers so bank runs don't spread as quick. Most, maybe all, banks don't have enough funds to cover a full on bank run because almost all treasuries bought over a year ag
105.
by TimJRobinson 4y ago
Did you measure your returns in USD or ETH/BTC? I've come across many profitable traders in Crypto who only measure in USD and when you compare their results to just buying and holding ETH/BTC at the start of the cycle they c
106.
by TimJRobinson 4y ago
Yea the costs are the tokens it pays to validators. I'm not sure what you don't understand about that. Ethereum the network takes payment for transactions, and pays validators for validating. It is profitable because it currently
107.
by TimJRobinson 4y ago
The key phrase is "As a store of value". I'm not debating if this is good or bad for the overall economy. If you have the exact same fungible asset, and you have a choice to inflate or deflate the supply, deflating is always
108.
by TimJRobinson 4y ago
The cost is all the money paid to validators, which is currently less than the revenue the network receives. This is on the ultrasound money website and also token terminal (and a few other places) The cost of running the validators is irre
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by TimJRobinson 4y ago
Yep that's what the main number at the top of https://ultrasound.money shows.
110.
by TimJRobinson 4y ago
I can see merit to that, as it's trying to be a good money more than Ethereum, and nation states won't adopt a currency with technical risk. I just think it ossified way too early and then to justify that they come up with religio
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by TimJRobinson 4y ago
It's deflationary not in a USD sense but that over time there is less and less ETH because it's being burnt. While almost every other token is printing more. It's not politics, it's discussing technical and economic trad
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by TimJRobinson 4y ago
You can also just buy and hold a token like rETH too. This token gives you rewards from a decentralized staking network automatically. Holding a token on a hardware wallet is very easy to do these days.
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by TimJRobinson 4y ago
When people pay fees for transactions most of that fee is burnt. Blocks have a fixed amount of rewards given to the validator that created them and the validators that attest it is valid. When more fees are being burnt than Ethereum issued
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by TimJRobinson 4y ago
All those changes took years to make happen and hundreds of people debated them. All of them have made Ethereum more secure, easier to use, and deflationary.
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by TimJRobinson 4y ago
The double whammy is you also get taxed on that yield so for chains that are paying yield with inflation you're actually losing money by staking. They really do need to be transparent about what the actual yields are (return - inflat
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by TimJRobinson 4y ago
The government could provide similar chargebacks with a CBDC. Whether their customer service would be any good remains to be seen.
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by TimJRobinson 4y ago
1. All payments have to be routed across channels of arbitrary size across an arbitrary network. It's a small travelling salesman problem that only gets worse as the network increases in size. 2. It requires a transaction to L1 to open
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by TimJRobinson 4y ago
Based on what? On almost every dimension Ethereum looks like the most decentralized network out there: Most nodes, most validators, most distribution of validators, most clients, most development teams, ease of making your own block.
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by TimJRobinson 4y ago
"He didn't pay for that Picasso, he just paid for some canvas and paint!" 99.9% of people don't care about the technicalities of how NFT's work, they buy them because they are valuable to them and everyone else bel
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by TimJRobinson 4y ago
You can still always fall back to the government if disagreements occur. The advantage of smart contracts is they automate away the need for costly lawyers in the good case (which is most of the time). You don't need to pay so much ove

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