lowkey

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511.
by lowkey 5y ago
Notably the world’s reserve currency has lost literally 100x in purchasing power since 1933. That’s right, since moving off the gold standard the USD has lost 99% of its purchasing power relative to gold. In 1933 $20USD would buy you 1oz of
512.
by lowkey 5y ago
Assuming everything you said is true you still haven’t answered my question. If Bitcoin has no intrinsic value, how is that different than fiat? What gives the USD or British pound intrinsic value?
513.
by lowkey 5y ago
> Given there is no intrinsic worth of BTC, rather just the collectively belief it is worth something, these incentives are very strong with BTC. Explain how this is any different from the US dollar? What is the intrinsic worth of USD?
514.
by lowkey 5y ago
Bitcoin is the scarcest asset in the world, protected by the most powerful supercomputers ever built. Compared to fiat as in USD or INR that have lost nearly all their purchasing power Bitcoin is the greatest store of value ever conceived.
515.
by lowkey 5y ago
I think you may have just restated GP’s comment in Newspeak as explained by a banker from the City of London /s
516.
by lowkey 5y ago
I agree that we disagree. We are clearly talking past one another and are unlikely to see eye to eye so best we end things here.
517.
by lowkey 5y ago
I see you can cherry-pick but can you address the many many other valid points I raised? Also, explain how a bank that is only open during banking hours say 8 hours/5 days per week/250 days per year is better for consumers than a
518.
by lowkey 5y ago
Per my comment above, every single point addresses the question of what problem distributed consensus solves as none of these points are possible without distributed consensus. Bitcoin was used for the examples as it and the Blockchain it i
519.
by lowkey 5y ago
I’ll stick to the problems that Bitcoin solves as I know that space better than Ethereum. Bitcoin solves a whole host of problems: - hard currency with fixed supply that cannot be inflated by any individual no matter how powerful - fixed em
520.
by lowkey 5y ago
Fair enough. Chainlink’s solution to the consensus problem is to have a large number of independent sources of real-world data for any variable. This redundancy makes it difficult for a single or a few bad actors to collude to mis-quote. To
521.
by lowkey 5y ago
Give it a chance. It may not replace every contract in every case but Ethereum in conjunction with Chainlink does address an increasing number of legacy contract use cases. This is a nascent technology and per the article, major structural
522.
by lowkey 5y ago
My comment provided the first example (currency supply and debasement rate) but you then go on to claim that nobody wants those things. I want those things as do others so objectively your claim is false. Also your claim that inflation rate
523.
by lowkey 5y ago
Chainlink hasn’t solved for every external blockchain integration - I never claimed they did. Chainlink simply provides a distributed consensus mechanism for getting real world observations in a robust and difficult to manipulate way, onto
524.
by lowkey 5y ago
> You mean the wing, not the engine. Yes, clarifying I meant the wing not the engine. > The question is then why/how does the wing pushes that air downward? Fair point. I honestly didn’t expect this quality of analysis on the top
525.
by lowkey 5y ago
One option today is Chainlink which uses a host of oracles to achieve distributed consensus on real-world prices, weather or other signals.
526.
by lowkey 5y ago
Distributed consensus eliminates a whole host of problems associated with centralized middlemen. For example, with Bitcoin the rules of the system are transparent to all participants and cannot be changed by any single party. 21 million coi
527.
by lowkey 5y ago
From the article, the use case discussed is distributed consensus. With cryptocurrencies we as society have the option of a new way of organizing labor and capital to achieve a goal. Instead of kings, politicians, corporate owners or middle
528.
by lowkey 5y ago
Please explain what you mean here in simple language. I don’t understand how you conclude that the upper flow must move faster and I don’t understand how it relates to vortex production.
529.
by lowkey 5y ago
See my sister comment. The Bernoulli effect explains the pressure differential by way of an above-wing streamline reaching the back of the wing at the same time as the below wing streamline. Since the upper wing is curved and therefore a
530.
by lowkey 5y ago
I commented elsewhere that there is no physical reason why the Bernoulli effect would cause the upper streamline and the lower streamline to reach the back of the wing at the same time - and to my knowledge there is no experimental evidence
531.
by lowkey 5y ago
That may be the correct answer here. The important point to note is that there is no physical reason why the two separate upper and lower streamlines would collude to arrive at the back of the wing at the same time and in fact they do not.
532.
by lowkey 5y ago
My point about the Bernoulli effect is that there is no physical reason why the upper flow should move faster than the lower flow and in fact testing shows that they do not.
533.
by lowkey 5y ago
Peer to peer exchange of goods and services backed by reputations established in Subreddits sounds like it has potential worth exploring to me. A similar model has worked out very well for Facebook. Also, please note Reddit is already anoth
534.
by lowkey 5y ago
As a product manager, here is what I would do if I was in Steve’s shoes. Instead of employing dark patterns that take advantage of casual user’s trust, I would actually listen to users and evolve the site in the direction users are asking f
535.
by lowkey 5y ago
I suspect, like many other things that didn’t make sense - the reason was that it wasn’t actually true. The Bernoulli effect explains that lift is due to the design of the wing such that the path above the wing is longer than the path below
536.
by lowkey 5y ago
Can confirm. I worked at Pratt & Whitney testing jet engines early in my career. At the time I read a similar article and spread it amongst my colleagues - the cognitive dissonance was palpable. As engineers we had been taught that lift
537.
by lowkey 5y ago
> Your core argument has, from my view, morphed from "inflation hurts the poor and downtrodden" to "inflation hurts those with a fixed income". No, my argument has always been that inflation disproportionately hurts t
538.
by lowkey 5y ago
> What is the problem with the government providing subsistence incomes indexed to inflation .. There is nothing wrong with the idea except it does not exist. Show me a country where governments provide subsistence income indexed to the
539.
by lowkey 5y ago
I see now. That makes sense. It is similar to how the anti-Bitcoin crowd in HN constantly smear Bitcoin as an environmental disaster while ignoring facts like: - 100% of gold is strip mined literally raping the planet and leaving the mined
540.
by lowkey 5y ago
> Now we are "saving the climate" not doing commute. It works both ways /s I’m not sure why the /s as this is a legitimate argument in favor of WFH. It is objectively better for the environment and reduces climate-imp

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