lottin

66 ms·

871.
by lottin 5y ago
You got it the other way round. I haven't won any case.
872.
by lottin 5y ago
Well, there's a reason why civilisation is built upon private contracts and the rule of law, and not upon unenforceable agreements between individuals. It's because, even though none of the solutions may be perfect, one is clearl
873.
by lottin 5y ago
I don't have Facebook, but from what I gather they are not in charge of safeguarding anyone's keys or identity. So... yeah, I have trust in the rule of law. For example, banks pay millions every day to customers in compensatio
874.
by lottin 5y ago
Public key infrastructure will make Boris Johnson accountable? How?
875.
by lottin 5y ago
Sorry, I misread UST for USDT.
876.
by lottin 5y ago
I think the critique goes deeper than that. An informal agreement between you and your circle of friends and family is not a legally-binding agreement, and is not enforceable at all. A modern economy needs private contracts that are fully
877.
by lottin 5y ago
Judges know a thing or two about family disputes. Maybe you'll find yourself in need of one, eventually.
878.
by lottin 5y ago
If I understand correctly, you're proposing that we trust a set of individuals and hope that they'll cooperate when asked to, instead of relying on a single party which can be made to cooperate whether they like or not by the ju
879.
by lottin 5y ago
> adequate application of crypto can lead to well-functioning democracies for precisely this reason; we can have real accountability But you don't say how.
880.
by lottin 5y ago
The fact that inflation is at 49% should be the first clue that Turkey does not have well-functioning institutions. In addition to Turkey's numerous economic problems, there was a coup attempt as recently as 2016, and the government
881.
by lottin 5y ago
Have you tried strength training? It gives you something that you can progressively get better at over a long period of time (decades). It also gives you mental preparedness for what will inevitably come, that is, getting old and dying. I
882.
by lottin 5y ago
Why do you think the underground economy isn't more popular? I mean you can't get more privacy than that, no taxes, no regulations... it should be more popular right?
883.
by lottin 5y ago
I don't understand it either. In fact, I don't think it's true at all. I think if you think technology is a substitute for well-functioning democratic institutions you're an ignorant fool.
884.
by lottin 5y ago
The energy consumption of a blockchain is not publicly available anywhere. What are you talking about?
885.
by lottin 5y ago
> There are so many scams going on in the financial industry. But it's hard to undercover, because all is opaque. What scams?
886.
by lottin 5y ago
> you set up guardians which is a group of people, organizations, and devices you create that allow you to recover your account And you call this an improvement over the current state of affairs?
887.
by lottin 5y ago
So, if they had auditors to check that banks comply with the reserve requirements (instead of requiring them to hold a deposit somewhere), the banking system would cease to be centralised? Is that what you're saying? And what about a
888.
by lottin 5y ago
> Do you control the inflation rate? Do you control how much currency is being minted? You don't control any of that with bitcoin.
889.
by lottin 5y ago
How does the fact that banks are required to keep a deposit with the central bank limit their autonomy (i.e. become centralised)? As I see it what limits the autonomy of banks is not that the deposit is with a central bank but that they hav
890.
by lottin 5y ago
Regulations require banks to keep a certain amount of capital and reserves, and these reserves are typically kept in a deposit with the central bank, so that the regulator, i.e. the central bank, is able to monitor the reserves to ensure th
891.
by lottin 5y ago
You are confusing currency with banking. Banking and currency are different things.
892.
by lottin 5y ago
This is factually incorrect. Evidence shows banks can operate without the oversight of a central bank and without a lender of last resort. It's more convenient and safe for everyone to have those, but it's not required.
893.
by lottin 5y ago
It depends.. for example international wire transfers within the European Union are free. Transfers to other parts of world can be more expensive. So I'm not sure that the problem is a lack of competition.
894.
by lottin 5y ago
I have already explained how banking is decentralised. What part did you not understand or agree with?
895.
by lottin 5y ago
The provision of cryptocurrency exchange services is also decentralised, yes.
896.
by lottin 5y ago
But none of that is true... transactions still require middle-men, and decentralised finance is fundamentally incompatible with financing. So we are left with "programmable money"... whatever that means.
897.
by lottin 5y ago
So when society collapses you'll be fine because you'll have a small amount of money... that only exists on the internet.
898.
by lottin 5y ago
What? Banks are already subject to competition from other banks. And a blockchain is inefficient by design, any bank using that would have to charge more, not less.
899.
by lottin 5y ago
No, the financial sector is not a centralised system. There are multiple providers of financial services that compete in the market for customers. So it's fundamentally decentralised.
900.
by lottin 5y ago
I guess you didn't get the memo. The US abandoned the gold standard in the 1930s and with that the US dollar became a fiat currency, i.e. a currency that isn't backed by anything. A fiat currency cannot be debased because it has

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