lottin

29 ms·

421.
by lottin 4y ago
What? If you're trying to say something say it. If you know damn all about international payments this conversation isn't for you.
422.
by lottin 4y ago
What? No, you don't get it. You're making the same exact flawed point that you made before. DEXs are no substitute for CEXs.
423.
by lottin 4y ago
This is like telling someone who got a terrible haircut that they should have shaved their head instead. If they got a haircut it's because they wanted a haircut not a shaved head.
424.
by lottin 4y ago
DeFi really is just a series of distributed (not necessarily decentralised) applications that enable parties to enter into agreements involving virtual tokens without the need for a contractual agreement between them. Not relying on cont
425.
by lottin 4y ago
So what? Global trade reached a level of $28.5 trillion in 2021, so clearly global payments are working somehow.
426.
by lottin 4y ago
I don't know, you're declaring victory because applications didn't stop working during the downturn, but I don't know that the problem was that applications stopped working during the downturn but rather that various ser
427.
by lottin 4y ago
Well, obviously, we're discussing facts right? In a world of fantasy pigs might fly, but I don't know what is the point of bringing this up in this discussion.
428.
by lottin 4y ago
A fundamental improvement in terms of what? The cloud provider provides a service conditional on being paid, whereas what you call "the network" seems to provide the service for free. Who's paying for the service?
429.
by lottin 4y ago
Can you explain what you mean by direct commerce without intermediaries? Do you consider the retailer an intermediary? The shipping company?
430.
by lottin 4y ago
That doesn't mean anything.
431.
by lottin 4y ago
Yes.
432.
by lottin 4y ago
A so-called 'smart contract' is not a replacement for a contract. Just because you call something a contract doesn't mean it is. The same applies to 'decentralised finance'. It's not finance unless it can do
433.
by lottin 4y ago
Enron wasn't a bank or a financial corporation.
434.
by lottin 4y ago
Why would an application stop working in a downturn?
435.
by lottin 4y ago
How can a protocol get wrecked?
436.
by lottin 4y ago
Maybe you do, but I don't need 20 years to figure out that 'crypto' can't succeed because of 1) limitations that are inherent to 'trustlessness', 2) isolation from and inability to deal with physical reality,
437.
by lottin 4y ago
The theory doesn't say beating the market is impossible. It says is should be relatively rare.
438.
by lottin 4y ago
Personally, I don't think so. It's another attempt to replace 'trust', in this case trust on an independent party that audits the financial statements, with an even less reliable alternative that doesn't even work.
439.
by lottin 4y ago
Well... you wouldn't know if the reserves that they show proof of are theirs or borrowed from someone else. In the real world "your keys" doesn't necessarily mean "your assets", that's the point.
440.
by lottin 4y ago
Price stability refers to the stability of the price level. It has nothing to do with changes in individual prices which are unrelated to changes in the price level.
441.
by lottin 4y ago
There are anomalies that we don't know how to fully explain yet, the question is: is the efficient market hypothesis more consistent with what we observe than the alternative hypothesis? And the answer is yes.
442.
by lottin 4y ago
Ridiculous argument. Are you saying children are incapable of malice?
443.
by lottin 4y ago
It shows how easy it is to fool this cryptographic 'proof' of solvency. I think most people would regard this is a failure.
444.
by lottin 4y ago
The money supply is not observable. Prices are observable. People care about price stability not about stability of the money supply.
445.
by lottin 4y ago
Decentralised exchanges only deal with virtual tokens. Centralised exchanges are needed because people need to be able to trade these tokens for real assets.
446.
by lottin 4y ago
> he is not in a position where he can steal or move user funds locked into a DeFi contract He already did that once, and could do it again.
447.
by lottin 4y ago
Users could falsely claim that their balance is wrong.
448.
by lottin 4y ago
Other creditors may or may not have preferential claims over depositors. The point is that you can't prove that the exchange is solvent (which was the entire point of this exercise) unless all assets and liabilities are considered.
449.
by lottin 4y ago
Has it been disproven? As far as I know the best performing model of stock returns is the Fama-French 5-factor model which assumes efficient markets.
450.
by lottin 4y ago
Sure and you can buy groceries directly from the farmer. It's just not practical at any meaningful scale.

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