beefield

80 ms·

841.
by beefield 8y ago
> But I'm currently visiting Turkey, and when I swipe my card Chase definitely does not "owe the coffee shop a bit more", Chase has absolutely no relationship with the Turkish coffee shop I'm sitting in. Admittably I
842.
by beefield 8y ago
I am quite confident I do not have this backwards. (I may be bad at communicating this, though...) When I pay coffee shop with a debit cards, exactly what happens is that the bank just tells me that hey, we owe you now less, and we owe th
843.
by beefield 8y ago
What is created is an IOU. A bank says that hay, I will pay 1 usd to you. And you can transfer that IOU to the coffee shop. Now, there is literally nothing stopping the "bank"[1] to make a bitcoin IOU and you to transfer that to
844.
by beefield 8y ago
It is difficult for me to see how fractional reserve lending could be eliminated given the current level of technology and economical incentives there are for fractional reserve lending. I mean, of course, you could say that regulated fin
845.
by beefield 8y ago
Why would that be charity as opposed to a sane shareholder value maximizing business decision?
846.
187 Things the blockchain is supposed to fix(wired.com)
2 points by beefield 8y ago|0 comments
847.
by beefield 8y ago
My suggestion would be to go and have some lessons. If you have a proper swimming pool nearby there likely Is dome cind of swim school or swimming club and lessons available.
848.
by beefield 8y ago
This is why in my opinion local goverment should somehow credibly commit to keep land prices nominally constant by adjusting taxes on property. (Land, not buildings) Inflation would take care of long term lowering of the housing costs which
849.
by beefield 8y ago
To me, at that point all of the interesting issues are tackled and the remaining ones are boring or outright repulsive so my mind keeps on wandering to new interesting things. No, unfortunately I have no solution available...
850.
by beefield 8y ago
No. Someone is traveling to Europe, going to a restaurant and paying for the Euro nominated beer with his US based VISA and starting to claim that hey, cool, I paid for the beer with USD. You see, I lost a portion of my USD balance and gain
851.
by beefield 8y ago
Sounds to me more like Trump can set up so that your phone calls are dropped every time you mention Trump in your conversation.
852.
by beefield 8y ago
I propose one more tiny step. Instead of having to use these cumbersome cryptocurrencies as payments method, you could also use these IOU's of selected trustworthy institutions as payment tokens. I mean, Instead of you needing to get y
853.
by beefield 8y ago
> the usb-ports are disabled and the usb-ports on new issue computers are epoxied to prevent trying to use them. How are they planning to use new laptops that are powered via usb-c?
854.
by beefield 8y ago
I have to study that in more detail, but is there something in Berne convention that prohibits taxation of intellectual property? I mean, I have thought that a country could say that, yes, we do recognize the intellectual property, but if t
855.
by beefield 8y ago
> Corporations have rarely (if ever) been meant to further public good. Sorry, no time for sources, but you might want to research history of limited liability. The whole raison d'etre of corporations is to finance projects that are
856.
by beefield 8y ago
And what makes them equal? Wishful thinking does not count. I know no law of nature nor economics that says that demand of money is stable. And if you allow fractional reserve bitcoin banking without regulation[1], money supply would be com
857.
by beefield 8y ago
> While the value is fluctuating heavily due to speculation, over time it will stabilize. Can you describe any mechanism that actually causes the price to stabilize and speculation to disappear? (Please, if possible, also define at lea
858.
by beefield 8y ago
Well, one could argue that the price is near zero. It is very rare software product that does not have somehow usable open source competitor. Then what you are paying for is something else than the zero marginal cost basic functionality.
859.
by beefield 8y ago
> There's also the fact that bitcoin has no central monetary policy. Once the fractional reserve bitcoin banks have popped up, there is no monetary policy, including no way to control money supply. That there are institutions th
860.
by beefield 8y ago
"Hey, from next year on, you need to pay your taxes with GovernmentCryptoCoin." Problem solved.
861.
by beefield 8y ago
Solely an issue with bitcoins algorithm? Given that you obviously can technically change the algorithm, but instead bitcoin folks choose to continue the environmental disaster and literally collectively burn millions of dollars into air eve
862.
by beefield 8y ago
Oh, and of course perhaps the most obvious one. Even if for whatever weird reason we as a society decided to start using cryptocurrency as widely used payment method, why on earth we would be willing to make that huge transfer of wealth t
863.
by beefield 8y ago
There are quite a few challenges. The obvious ones are the technical ones regarding the transaction costs and capacity of the network (that may or may not be solved with Lightning.) But those are small ones. The real issue is that bitcoin p
864.
by beefield 8y ago
> The young are embracing crypto-currencies. As an anecdote, of the three first friends/acquaintances of mine that came to my mind that seem to have strong interest in cryptocurrencies, two are past 45 years old. > You don'
865.
by beefield 8y ago
> However this pans out, there are going to be a lot of people on one side that were totally, completely wrong. I doubt there is much middle ground for this. I am starting to have doubts on this one. I mean, I fully admit that if bitco
866.
by beefield 8y ago
Thank you. I think I will add the book on my reading list.
867.
by beefield 8y ago
> After reading that you will completely understand why "see how long it is until they protest or move" is a silly thing to say. I wonder if you could give TL;DR on this, assuming there is something else than the basic prisoner
868.
by beefield 8y ago
Well, first issue in current monetary policy that would need fixing is removing zero lower bound from interest rates to allow heavily negative rates when needed to manage aggregate demand more efficiently. (I understand that most people do
869.
by beefield 8y ago
It's not about inflationary vs deflationary, but adjustable monetary supply based on need vs. predefined monetary supply.
870.
by beefield 8y ago
If you can't fix the problem you should not try to make it worse. Internet banking etc. are making things better. I do not know how bitcoin is supposed to make anything better for a non-criminal person.

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