lowkey

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211.
by lowkey 4y ago
I don’t think Straw man means what you think it does. As I pointed out with the cases of the invasions of Iraq and Libya, both of which it is clear in hindsight were based on false pretenses, a major reason the US has such an enormous stand
212.
by lowkey 4y ago
> Consume as much renewable cheap energy as possible .. I agree that this is true. However you may have missed the nuance of my argument. Apologies if I wasn’t clearer. Let me explain: Not all elecricity is the same. For most industries
213.
by lowkey 4y ago
Why is that? For the record, my post wasn’t an attempt to shill, but I did feel it was appropriate to correct innacuracies I noticed in your earlier comment. For example, Bitcoin actually subsidizes renewable energy investment by creating a
214.
by lowkey 4y ago
It is not a straw man to point out that both Bitcoin mining and the US military solve similar use cases of protecting their respective currencies. Or that the US military uses 1 million times more energy than Bitcoin mining, mostly from dir
215.
by lowkey 4y ago
Do you have a source for this figure? It doesn’t align with my experience.
216.
by lowkey 4y ago
Notably Block, the company in the article enables Bitcoin only, not crypto in general. > the 80% is normal hard working people who don't like hard working Another way to look at it is that 80% of Bitcoiners don’t like the value of t
217.
by lowkey 4y ago
1. Bitcoin users who hate the fractional reserve model of banking with fiat or the ability for the Fed to print fiat arbitrarily is probably a majority 2. Hold Bitcoin for illegal uses, probably a small minority as there are better options
218.
by lowkey 4y ago
Next up Jim Cramer says Deutsche Bank is safe, stable, and a HUGE buying opportunity. Look out below!
219.
by lowkey 4y ago
To be clear, other than Bitcoin which uses proof of work, virtually all other cryptocurrencies use proof of stake which consumes only a modest amount of electricity, no more than any other server app. So to be accurate, the real issue is Bi
220.
by lowkey 4y ago
That is simply not true. As I explained up thread, Bitcoin mining actually subsidizes the build out of renewable energy such as wind and solar by being a buyer of last resort for otherwise unmonetizable highly variable energy. No other indu
221.
by lowkey 4y ago
> The us military is probably doing slightly more like providing jobs, protecting people etc and not just money. Slightly more, like for example, killing over 1 million Iraqis over a lie about WMD, or bringing freedom to the people of Li
222.
by lowkey 4y ago
I went searching for a source and came up with the same one you cited. Per the Bitcoin Mining council, > 58.9% of global Bitcoin mining uses sustainable (i.e. renewable) energy 58.9% > 50% and higher than any other industry. What am
223.
by lowkey 4y ago
See my comment down-thread. Certainly not compared to the US military that protects the value of the US dollar.
224.
by lowkey 4y ago
* Bitcoin mining is by far the largest cryptocurrency consumer of electricity. * The majority of Bitcoin mining is done exclusively using clean renewable energy sources. * Bitcoin mining uses a higher percentage of renewable energy than any
225.
by lowkey 4y ago
But the root cause of the crisis still exists. If you only address the symptoms without solving the root problem that caused the symptoms, then the crisis is likely to happen again.
226.
by lowkey 4y ago
If the Ample Reserve Regime worked as intended, then why did SVB (and apparently close to 400 other banks) choose to buy US Treasuries instead of keeping these funds at the Fed? Clearly the Ample Reserve Regime didn't help in this case
227.
by lowkey 4y ago
I don’t understand how the so-called “ample reserves regime” works but I would argue, given current circumstances, that it does not provide for ample reserves. Could you explain how this new regime works and why it is safer for depositors?
228.
by lowkey 4y ago
Re-reading your comment with a different lens, the minimum number of natural persons required to fork Bitcoin to a larger supply is actually 1. That said, it would be a fork, responsible for producing its own hash power, and would not be re
229.
by lowkey 4y ago
Well there are currently over 14k bitcoin nodes securing the network. Even if you deployed 20k new nodes, more than doubling the number of existing nodes, to run a fork that supports an increase in supply, it still wouldn’t work. You would
230.
by lowkey 4y ago
I agree with everything you are saying. Self-custody isn’t as easy as leaving your money in the bank. Also, although I see the benefits of Bitcoin I don’t think it should be the only currency option. I would like us to take this opportunity
231.
by lowkey 4y ago
Yes, Bitcoin is volatile but on a risk adjusted basis it is still the best performing asset in the world over the past decade. This excludes the stratospheric rise over its first four years of existence. For the past 10 years, it has grown
232.
by lowkey 4y ago
So far FDIC insurance has protected depositors, even those with millions in the bank (right or wrong, I won’t make that call). Notably, the FDIC insurance fund only holds $128 billion to backstop over $17 trillion in deposits. We know now,
233.
by lowkey 4y ago
If I were the doctor and the patient had survived the heart attack I would absolutely do my best to get him to stop smoking in order to prevent the next heart attack. In other words if you don’t fix the root cause of the heart attack (or fu
234.
by lowkey 4y ago
Bitcoin is an asset with significant market risk but basically no counter-party risk if held in self-custody on chain. Bank deposits are unsecured loans used to speculate with leverage for privatized profit. If their bets fail we socialize
235.
by lowkey 4y ago
See my edited comment above. The effect is to erase the past 4 months of quantitative tightening in a single week. We can agree not to call it QE but the effect is nonetheless inflationary as with all cases when the Fed creates money out of
236.
by lowkey 4y ago
It’s a sudden expansion of the Fed’s balance sheet. What else would you call it?
237.
by lowkey 4y ago
I agree with that as a short-term strategy to address the immediate crisis. However if we want to avoid more crisis in the future I think it is necessary to re-examine the fundamental assumptions of the existing model. Also, we have to do s
238.
by lowkey 4y ago
I do like your analogy. Here is another: If smoking led to the patient’s heart attack and the patient is still smoking on the hospital bed, I think it is justified for the doctor to tell the patient to stop smoking.
239.
by lowkey 4y ago
They might call it something else but the effect is the same as QE. The FED’s balance sheet has expanded by $300 billion in the past few days [0] That is equivalent to the past 4 months of quantitative tightening. This money is to be used t
240.
by lowkey 4y ago
The Canadian Banking system is an oligarchy akin to a model where the US only had only too big to fail banks. In Canada all the big 6 banks are too big to fail and they hold disproportionate power over the government. As an example, during

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