lottin

47 ms·

661.
by lottin 4y ago
By that I mean not easy to steal by anyone at gunpoint. The point is that money is not wealth. Wealth is the ability to consume goods and services. If you got stranded on a deserted island with a suitcase full of millions you'd still
662.
by lottin 4y ago
I think the comment you're replying to is ironic.
663.
by lottin 4y ago
In which case the entire blockchain thing becomes redundant.
664.
by lottin 4y ago
A flat fee isn't necessarily cheaper. A $25 fee on a $1 transaction is equivalent to a 2500% fee.
665.
by lottin 4y ago
A virtual token is literally useless. It's only worth something, so far as it can be traded for actual goods, so the availability of "secured" goods is quite essential as far as the value of cryptographic tokens go.
666.
by lottin 4y ago
In crypto, transaction fees don't reflect actual transaction costs, because transaction processors are being paid with newly minted coins in addition to the fees, so it's not really an accurate comparison.
667.
by lottin 4y ago
Because we don't want the road owner be able to demand extortionate fees to use their road?
668.
by lottin 4y ago
So bitcoin "solves" the problem by being non-compliant with local laws and regulations.
669.
by lottin 4y ago
No one has complete faith in anything. The institutional system in liberal democracies is such that no single institution has all the power, precisely because we don't completely trust the government. The answer to dysfunctional gover
670.
by lottin 4y ago
> Crypto, outside of an exchange, means I can send money to anyone I want, and no other entity can prevent that. This is basically it. Crypto-currencies are essentially tool to evade financial regulations. The price that you pay for th
671.
by lottin 4y ago
Look up land registration. These databases have been around for centuries.
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by lottin 4y ago
So you have to enforce it yourself? That's just lawlessness.
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by lottin 4y ago
> These are all deflationary currencies. Complete nonsense. A currency is an asset, and an asset is neither deflationary nor inflationary, since these terms refer to its price, which is determined by the market and is therefore not an i
674.
by lottin 4y ago
Can you give an example of an act of personal sovereignty?
675.
by lottin 4y ago
What regulations prevent people from getting paid in "fiat" currency?
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by lottin 4y ago
You can't expect to make sense of a complex phenomenon without having a proper conceptual framework and terminology.
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by lottin 4y ago
Getting old is a nightmare. You must be very young if you don't understand that.
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by lottin 4y ago
> it increases many remote workers' savings rate I think that was true during lock-outs, for obvious reasons, but now? On the contrary, people have more money to spend and the opportunity to spend it.
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by lottin 4y ago
Ethereum doesn't use PoS. We're not discussing science fiction or hypothetical scenarios, here. We are discussing the reality of crypto-currencies vis-a-vis the banking industry. As I mentioned, when you remove trade barriers, su
680.
by lottin 4y ago
This is incorrect. You're confusing an estimator (the CPI) with the actual quantity being estimated (inflation). For example, the GDP deflator, which is another estimator of inflation, is not a weighted average.
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by lottin 4y ago
The same is true of every single crypto token though. The entire value proposition of the crypto-currency industry is like "I will create this virtual token out of thin air and people will pay real money for it because.... reasons&quot
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by lottin 4y ago
> provably wrong A distributed system that employs a consensus mechanism where service providers compete by wasting as much electricity as possible is provably less expensive that a centralised system where providers compete by trying
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by lottin 4y ago
As I was saying, some people have value in holding cocaine.
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by lottin 4y ago
> Inflation can be thought of as a high dimensional vector with dimensions equal to the number of objects you buy with money. No, that's just the changes in individual prices. Inflation is the change in the price level, and it has a
685.
by lottin 4y ago
If you want to make an informed decision, you have to consider the entire period not just the later years.
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by lottin 4y ago
Inflation is a change in the price level, i.e. an average. TFA argues that inflation is misleading because prices don't change uniformly, and therefore inflation doesn't fully explain every change in the price of every possible c
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by lottin 4y ago
The idea that promoting a tool intended to undermine governing institutions, democratic and undemocratic alike, will result in a world with less oppression is one of the dumbest pitches the crypto community has come up with so far.
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by lottin 4y ago
Of course you didn't say explicitly, you implied it... since if you add the bureaucratic costs of international money transfers, then crypto is much more expensive than a wire transfer, it would make absolutely no sense to use crypto i
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by lottin 4y ago
Yes, reserve requirements are not a significant factor, because in addition to reserve requirements banks are also subject to capital requirements. Moreover banks need reserves to operate anyway regardless of whether they're mandated
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by lottin 4y ago
If you're an immigrant working in the US, the rules don't apply to you?

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