pjbyrne

7 ms·

1.
The Full Text of the Wyoming Granite Act: The Pro-Free Speech Death Star(prestonbyrne.com)
3 points by pjbyrne 11mo ago|0 comments
2.
An Open Letter to Future AI(prestonbyrne.com)
1 points by pjbyrne 1y ago|0 comments
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by pjbyrne 2y ago
There is plenty of legal background for France (and Europe more broadly, eg the German NetzDG) there if you'd care to read the piece, including reference to numerous censorial provisions of French law which make France suboptimal vis a
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by pjbyrne 2y ago
The article was written for the benefit of Americans with business operations in France, so understanding why America is way better than France to run a social media company is relevant information. That the article wound up being circulate
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by pjbyrne 8y ago
> The construction was specifically designed such that the person who figures out the hash collision is the owner... It's not a matter for courts to decide Anything is a matter for the courts to decide. Look up Popov v. Hayashi, whe
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by pjbyrne 8y ago
Bingo. This is the sort of scenario for which the courts don't currently have rules to decide to whom the coins (qua krypto-property) should belong.
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Ethereum is not a security?(prestonbyrne.com)
22 points by pjbyrne 8y ago|6 comments
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by pjbyrne 8y ago
Thanks! Possibly, I don't know. The point of the post really was to show that the pre-sale process was amenable to a more forensic/scientific analysis than anything else.
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by pjbyrne 8y ago
I agree it's all debatable. This post deals only with the "common enterprise" prong as that appears to be the prong of the test that Coin Center and others are trying to challenge most assertively. Centralization of holders m
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by pjbyrne 8y ago
Well, it's either the ideal auction or it isn't. The question is how likely is it that a coin auction running for two weeks would produce a curve like that. I can't find any others in crypto so far, though I am open to being
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by pjbyrne 8y ago
Duly corrected.
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by pjbyrne 8y ago
Well it's not the regulators who make the decision and set the precedents, it's the judges. Regulators are currently trying to figure out, to the extent existing precedents are inadequate, how to extend by analogy the existing pre
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by pjbyrne 8y ago
I've updated the post to include a chart of the Tezos raise, which was both much larger than the Eth raise and I think illustrates my point rather well.
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by pjbyrne 8y ago
All of the pre-sale participants were BTC holders because that is the only currency the Foundation accepted for presale Eth. The question is how many of those BTC holders there are and whether presales/ICOs usually follow that pattern.
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by pjbyrne 8y ago
You must not remember how small the Ethereum universe was in 2014. If you think that curve is the outcome of an organic market process, there's a bridge in Brooklyn I'd like to sell you.
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Whether Ethereum is a security(prestonbyrne.com)
49 points by pjbyrne 8y ago|36 comments
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by pjbyrne 8y ago
It's called an analogy. I analogized the Bitcoin markets to a fractional reserve system, as the dollar value of Bitcoins in the Bitcoin market far exceeds the amount of dollars that have been spent chasing after them. The system is acc
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Basecoin, aka the Basis Protocol(prestonbyrne.com)
115 points by pjbyrne 8y ago|96 comments
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by pjbyrne 9y ago
> the Basecoin will first go to the Bond holders Only if the price is below $1. You have to read the next paragraph of the blog post to get to that.
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by pjbyrne 9y ago
The difference being that USD doesn't pretend to be pegged to anything. My point about MakerDAO is that the development team is claiming the impossible is possible.
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by pjbyrne 9y ago
> They are claiming that over a sufficient period of time the coin will trend towards its target This is not what the MakerDAO team, nor any other stablecoin shill, is claiming. They are claiming the system "ensures" that the s
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by pjbyrne 9y ago
Call me back after the bubble crashes and we can have a discussion about where the dollars ran off to in the middle of it.
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by pjbyrne 9y ago
Nobody thinks of BTC in BTC terms. They think of it in USD terms, and right now the notional amount of BTC is higher than the amount of USD that will be available to meet it in the event of a very sharp correction. At least, that's my
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by pjbyrne 9y ago
You just proved my point. For this to keep working you need Charlie to show up with $1,000,000 new dollars. In a panic, you need to flip this scenario on its head. Charlie is not going to show up and Diana, who got into Bitcoin in 2009 and
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by pjbyrne 9y ago
Bitcoin itself is a fractional reserve system.
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by pjbyrne 9y ago
You're still missing the point. If the exchange is providing a fiat on/offramp, then it will have to manage the possibility that the amount of USD deposits is massively exceeded by the amount of Bitcoin deposits which may one day
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by pjbyrne 9y ago
No, they aren't, because the price of BTC is growing exponentially without necessarily having dollar deposits grow at the same time. Here's a worked example. In a closed system: Day 1: $1 buys 1000 Marmotcoin Day 2: $1000 buys 1
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by pjbyrne 9y ago
Hi, author here. A liquidity crunch is not the same thing as a fall in Bitcoin's price. A liquidity crunch implies that the people who provide the dollars to this market (banks, I'm informed) cease doing so because they don't