lowkey

26 ms·

271.
by lowkey 4y ago
Credit scores make more sense once you understand that they measure your potential profitability to a creditor, not your creditworthiness. That is why , for example, when you cancel a credit card your credit score goes down.
272.
by lowkey 4y ago
> If I understand the core underlying issue (as opposed to downstream result) is > a currency that lost majority of its value through volatility No, that is incorrect, the Lebanese pound did not lose it’s value through volatility. It
273.
by lowkey 4y ago
Also stay off the internet if you don't live in the EU and wish to stay anonymous.
274.
by lowkey 4y ago
My point exactly. Rules for thee but not for me. Or, "A recession is defined as two consecutive periods of negative GDP growth, except when a Democrat is in power, beginning effective 2022."
275.
by lowkey 4y ago
The fact is that full-time permanent jobs declined by 77k. The bulk of new job creation was in part-time, transient positions that for the most part don't pay enough to sustain people - especially with inflation rampant. The numbers lo
276.
by lowkey 4y ago
The devil is in the details. The 528k headline number is misleading, unless you consider part-time/seasonal McJobs equivalent to full-time jobs. Household Survey Full Time -71,000 Part Time +384,000 Multiple Jobs +92,000 source: https
277.
by lowkey 4y ago
Bill Clinton defined a recession as two consecutive quarters of negative growth [1]. I suppose the definition of a recession is determined by which party is in office? I don't mean to be snarky, but it is clear that the sudden change i
278.
by lowkey 4y ago
With typical currency a central bank can arbitrarily inflate (read as dilute) the purchasing power of your savings and there is nothing you can do to prevent it.
279.
by lowkey 4y ago
First I want to thank you for your engagement. It is rare to find some one so deeply engaged in the topic with such a well considered point of view. Secondly I want to point out the areas where we agree. For example I would like to agree wi
280.
by lowkey 4y ago
> Bitcoin in its current form is not an alternative to USD, it is at best a system that complements USD, and I see no evidence at all that the existence of Bitcoin has reduced military presence anywhere in the world. I agree with this st
281.
by lowkey 4y ago
Again, please look into the details of petrodollar hegemony before responding. It is the primary purpose of the USD as a global reserve currency.
282.
by lowkey 4y ago
Please read up on the petrodollar and then take note that each of the countries General Clarke warned we would invade before 9/11 either had their own central bank not linked to the Bank of International settlements or they had the aud
283.
by lowkey 4y ago
Even in the future when mining rewards shift to tx fees, the purpose of the fees paid to miners will still be to secure the network primarily, not for the txs themselves.
284.
by lowkey 4y ago
Mining hash rate is correlated with value in network. It is not correlated with transaction volume. If tx volume dropped by half it would not meaningfully impact the hash rate. If Bitcoin’s price were to drop by half the hash rate would def
285.
by lowkey 4y ago
No moving of goalposts here. OP claimed that Bitcoin’s primary purpose was transactions. I countered that the primary purpose was network security not txs, though pointed out two transaction use cases where Bitcoin beats every other payment
286.
by lowkey 4y ago
Without having to defend the USD as the global reserve currency, the US military would still have to exist, yes, but not nearly on the scale it does today. Here is a US general Wesley Clarke explaining in his own words in 2000, before 9&#x2
287.
by lowkey 4y ago
Still, the primary purpose is most likely to be security of the network, not transactions which makes the cost to secure the network the better metric.
288.
by lowkey 4y ago
If we are comparing energy consumption of monetary systems I think we also need to look at the incumbent system’s costs with open eyes. The US dollar is the global reserve currency. It is no longer backed by gold. Instead it is backed by en
289.
by lowkey 4y ago
It is incorrect to assume that the only, or even the most important, purpose of bitcoin is for transactions. Bitcoin users primarily hold Bitcoin as a store of value or speculative savings technology, typically held over long periods of tim
290.
by lowkey 5y ago
I just learned that 50% of Russian government tax receipts come from oil & gas revenue. With one simple decision - banning oil & gas imports - we could devestate Putin’s ability to wage war and it would impose less direct hardship o
291.
by lowkey 5y ago
None of those things are happening to on-chain Bitcoin. You seem to be confusing Bitcoin with cryptocurrencies in general. A bit of research will show you that the two are not the same. The beauty of the Bitcoin system is that any participa
292.
by lowkey 5y ago
CBDCs offer the user less value and more limitations than the USD and should therefore trade at a discount to USD since it is more restricted. Imagine money that can be arbitrarily seized for any reason the government chooses, at any time,
293.
by lowkey 5y ago
To be clear I am not a fan of USDT which has a somewhat shady history and questionable reserves as an asset backed stablecoin with a blacklist of addresses that can be arbitrarily seized just like USD. I am very interested in UST on Terra,
294.
by lowkey 5y ago
And yet that is exactly what happened to people who held savings in bank accounts in Cyprus after the GFC when the government decided the banks needed a bailout more than the people needed a retirement.
295.
by lowkey 5y ago
Fair point. No way a hacker could extract anything close to $1 trillion USD without crashing the price. I would argue that they could extract many millions, possibly billions before the community caught on though. Wouldn’t that be sufficien
296.
by lowkey 5y ago
I don’t see the irony. Both have their use-case. Bitcoin is scarce, hard money that has a historical tendency to go up in value significantly over time. Stablecoins have practical value as they hold their value over the short term while als
297.
by lowkey 5y ago
Anytime an article on technology begins with an appeal to authority, then lists authorities who hate the technology, while citing zero authorities who are proponents of the technology, while also admitting that it is a contentious subject w
298.
by lowkey 5y ago
How is it any different from taxes paid by Americans either directly or indirectly through money-printing driven inflation, being used to bail out bankers in the great financial crisis? If I recall correctly the government took trillions fr
299.
by lowkey 5y ago
It seems you are speculating that Putin’s response to Oil & Gas sanctions would be to nationalize all bank accounts and therefore broad sanctions are the only measure that could work. Let’s say that were true. Why then should the west n
300.
by lowkey 5y ago
That is shocking until you realize that the same thing happens in the west all the time - institutional corruption that benefits the elite. For example the city of Montreal is notorious for similar corruption in their road construction indu

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