darawk

41 ms·

421.
by darawk 5y ago
> What a lot of high wealthy individuals are doing is using their portfolios as collateral against lines of credit. The LOCs give them cash to fund their lifestyle, and they don't have to liquidate their portfolios and take the capi
422.
by darawk 5y ago
The point is exactly what I said in the rest of the comment. He has already paid taxes on the cash he has in hand. The only assets he has not paid taxes on are the shares in AMZN that he has not realized the gains on.
423.
by darawk 5y ago
> Can you explain which problems you believe this solves, in detail? It's categorically untrue to say that it can be validated from a single point and I think that's the key gap in these solutions: voting involves people and th
424.
by darawk 5y ago
None of this is the point, though. The point is that Amazon wouldn't have achieved what it has if Bezos was forced to slowly divest control of his company over the last two decades. Bezos does not have his cash in hand, for the most pa
425.
by darawk 5y ago
This is exactly right. It's about the term length of incentive alignment. Most founders have a long term reputational stake in the company they founded. Hired CEOs generally do not.
426.
by darawk 5y ago
> Really? Think about what we saw when the Republicans tried to claim the 2020 election was rigged and ask how a massively complex distributed system would change that. A massively complex system that can be validated from a single point
427.
by darawk 5y ago
> The last election had volunteers from both sides of the aisle count votes, while a ton of normal people watched them as observers. Last year, we saw a lot of Trump supporters who were convinced the election was stolen act as election o
428.
by darawk 5y ago
I don't understand all the details of our voting system. Maybe you do. But how exactly our system secures itself is quite complex, and I think the evidence for that was pretty straightforwardly demonstrated in the last year. The claims
429.
by darawk 5y ago
> Blockchain voting is how we get a world where no one trusts the results of elections because very few people have the knowledge and experience to understand and audit such a system. You mean as opposed to the current system that so man
430.
by darawk 5y ago
> Careful. "g" is a statistical regularity, not proof of a generalized "underlying cognitive ability." I mean, the statistical regularity in question is the mean of all other cognitive abilities correlating. I'm
431.
by darawk 5y ago
> The whole article reads bizarre to me. It’s like pg believes there is some kind of generic smartness metric that characterizes people, and so you’re either smart, very smart or not smart at all. General intelligence is absolutely a rea
432.
by darawk 5y ago
Policies and ideas like these are the problem with "inequality" framing. If your target is inequality, squashing the top is a perfectly valid way to achieve that. Whether or not anybody on the bottom's situation is improved b
433.
by darawk 5y ago
My point is just that moving because of high taxes doesn't make sense for him, even if you think he cares about the money. He doesn't have to pay it unless he wants to.
434.
by darawk 5y ago
I'm not sure I understand the question. The assets in your estate get their cost basis reset to the current market value when your estate is passed on. That means the capital gains in his shares disappear. That being said, the estate t
435.
by darawk 5y ago
It's a little more complicated than that: > Management’s accounting policy is to value assets and liabilities at historic cost plus any accrued interest and less any expected credit losses, or otherwise the redemption value where ap
436.
by darawk 5y ago
You sure can. You just need to find a bank/broker/anyone willing to lend to you against them as collateral.
437.
by darawk 5y ago
Yep, you've got it. The most beautiful part of the whole thing is the step up in basis for the estate. When you pass on your estate, the cost basis of all your assets get "stepped up" to the current market value. This means t
438.
by darawk 5y ago
Not really. His loan will be way way way way over-collateralized, and like I said, he can even hedge it perfectly. His cost will likely be about the RFR.
439.
by darawk 5y ago
No it isn't. CA will still try to tax those shares if and when he decides to liquidate them. However, Musk does not ever need to liquidate any shares. If he never wants to pay any tax, all he has to do is buy a hedge against the shares
440.
by darawk 5y ago
His tax situation really has nothing to do with it. If he sells his Tesla shares, he's still going to owe CA tax. But he never has to sell any Tesla shares, he can just buy hedges against them and take out loans. If you have sufficient
441.
by darawk 5y ago
I mean, you could just as easily argue that the problems of California are what caused his move to Texas, as simply testing the waters for the move of the HQ.
442.
by darawk 5y ago
> You said the medieval equivalent of an index fund, which tracks the economy. The economy grew faster than gold. Yes, but they still own shares in specific companies. Investing in an index fund is not the same thing as investing in GDP.
443.
by darawk 5y ago
> This isn’t true. Gold has about kept the same value, adjusted for inflation. Yes, and how is the equity in your local shoemaker or blacksmith doing? > The economy grew enormously since medieval times. Anyone managing to keep reinves
444.
by darawk 5y ago
Bitcoin isn't really a scheme either. Its creator does not access or use his coins, and may no longer even have access to them. If this was a get rich quick scheme for him, it sure doesn't seem like he's making much use of hi
445.
by darawk 5y ago
> Long run? I think not. Gold hasn’t really risen over millenia, just stayed in a certain band. I said they expected it, not that it did. I know plenty of people who buy gold expecting it to appreciate. Whether or not it does appreciat
446.
by darawk 5y ago
> First, few if any gold investors have expectations of profits. They generally invest in gold as a hedge -- a "store of value" -- that they hope will retain its value in case other assets go sour. Lol. Bitcoin is exactly compa
447.
by darawk 5y ago
I've thought about this for a while. I didn't go to the trouble of actually inventing the function, but just the fact that it ought to be possible in principle is sufficient to change your perspective on some things. Most notably,
448.
by darawk 5y ago
> Could you provide some data to support the assertion that the virus was engineered? I'm hoping something like a leaked paper, or a lab notebook, or maybe hand written data on a piece of scrap paper that somebody found in the garba
449.
by darawk 5y ago
> 1. There is no viral backbone anyone knows of which would have been used in this research > 2. There is no spike protein anyone knows of which would have been used in this research > 3. The PRRAR furin cleavage site is not one hu
450.
by darawk 5y ago
You're absolutely right. But deterrence isn't the only issue of importance. We do want to select punishments that deter. But we also simply want to separate incorrigible offenders from society. Every year a murderer is locked up i

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