rspeele

31 ms·

271.
by rspeele 6y ago
Yeah, using the magic of DeFi I can easily get a loan for $100K with no bank approval and no wasteful bank employees checking my credit. All I need is more than $100K worth of crypto assets I can tie up as collateral for my loan. So I'
272.
by rspeele 6y ago
But why? Sure, it doesn't cost that much to store terabytes in a data center (plus bandwidth to distribute the chain to other peers, validate new blocks etc). But any cost is something, considering there is no reward for running a node
273.
by rspeele 6y ago
100x the block size would mean the blockchain would grow by around 6 TB every year, which would make running a full node impractical for regular consumers. And it would still only have the capacity for everyone in China to do about one on-c
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by rspeele 6y ago
Seems like most of the criticism is about them charging exorbitant fees for small transactions. 30 cents on a $1.50 transaction is given as an example of such an exorbitant fee. With BTC that'd be more like a $4 fee on a $1.50 transact
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by rspeele 6y ago
It is impossible to know because there is no objective way to price Bitcoin. There's no way to say that all the bitcoin in the world should be worth exactly $x. It all depends on what the market perception of that drop is: "this
276.
by rspeele 6y ago
Easy - just define a the lack of a feature as a bug when it's convenient to do so.
277.
by rspeele 6y ago
"They laughed at Columbus, they laughed at Fulton, they laughed at the Wright brothers. But they also laughed at Bozo the Clown."
278.
by rspeele 6y ago
How much of that existing financial infrastructure will Bitcoin replace if universally adopted?
279.
by rspeele 6y ago
Is what I outlined still basically correct in terms of describing the utility of an overcollateralized loan? That is: Use crypto for collateral to borrow stablecoins, to buy more crypto, to make profit (hopefully exceeding loan interest) wh
280.
by rspeele 6y ago
I have been trying to understand this too. Best I can figure, it's basically a short sell on USD. The key element is that the loan is not denominated in BTC, but a stablecoin pegged to fiat. DAI is one of these pegged 1:1 to USD. Say y
281.
by rspeele 6y ago
Thanks for the additional examples. Another good one is the moon landing. I don't strictly know we went to the moon, I don't have direct proof, but based on the evidence available to me and the crappy arguments from people claimin
282.
by rspeele 6y ago
The reward paid to miners is mostly newly minted BTC. Presently 6.25 BTC newly created with each block, about 1-2 BTC in fees. Mining has been paid for by increasing the BTC supply, for all of Bitcoin's history so far. Eventually that
283.
by rspeele 6y ago
It's kinda like how Bigfoot and the Loch Ness Monster could be real, and we'll never really know for sure, but most people conclude that they are almost certainly not real. Some motivated people have spent a lot of time and mo
284.
by rspeele 6y ago
I'm saying the house doesn't even have skin in the game. At least in the prediction markets, the house is just pairing one person who'll bet "Trump wins" against another person who'll bet "Trump loses&quot
285.
by rspeele 6y ago
> If wisdom of the crowd worked then casinos would be out of business. That does not follow. In prediction markets or sports betting, the gamblers aren't betting against the casino. They're betting against each other, and the c
286.
by rspeele 6y ago
Oh, it definitely did. Maybe not to the same degree as the crypto markets (never looked at them), and there were certainly spikes this way and that, but you could get Trump NO cheaper than 90c well into December. The Texas v. Pennsylvania c
287.
by rspeele 6y ago
Yeah, my PredictIt winnings (also from betting against Trump after Trump lost) are on a 1099-MISC as "Other Income", which I believe is what gambling would be. Still, the point stands that gambling sucks since not only are you lik
288.
by rspeele 6y ago
Coiner bingo - Limited supply means value must go up It's a store of value, not a medium of exchange Lightning network or some other yet-to-be-tested solution will fix scalability Crypto investors getting rich is proof crypto is good S
289.
by rspeele 6y ago
I guess my point is, can you describe what activity will take place on-chain? If it's just money moving between a handful of big banks, why should they use Bitcoin rather than a centralized scheme they all agree on? For the rest of u
290.
by rspeele 6y ago
Can you point me to current "layer 1" solutions that you anticipate Bitcoin replacing? SWIFT and ACH don't seem to be it. Assuming a generous 3,000 transactions per block Bitcoin can do ~158M a year. ACH does ~25B a year. It&
291.
by rspeele 6y ago
Transfer amount does not matter. In general a Bitcoin transfaction fee is a market price to get your transaction included in a block. There is one block mined every 10 minutes and each block has enough capacity for a few thousand transactio
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by rspeele 6y ago
I can't wait till the whole world is using Bitcoin and we no longer have to spend money on militaries, banks, and investment companies. At least I assume Bitcoin obviates all of those things since I keep seeing them brought up in compa
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by rspeele 6y ago
Very interesting food for thought. Thanks.
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by rspeele 6y ago
What's the ratio of dolts to Stanley Nickels?
295.
by rspeele 6y ago
Why buy them yourself? Just pay the people who already have them to find hashes for you. Pay noticeably better than the existing pools and they would line up at your door. Miners are motivated by profit. They won't necessarily even kno
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by rspeele 6y ago
It's awesome, but it should get even more awesome as BTC gains mainstream acceptance. The energy usage should hopefully one day match that of the USA or at least India to be even more secure. After all, if Bitcoin is going to become th
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by rspeele 6y ago
> The energy costs of a block are not in relation with the amount of transactions in it. Just because you have two numbers, doesn‘t mean you should divide them. Right, they are unrelated. The energy costs are driven by how much Bitcoin i
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by rspeele 6y ago
If Bitcoin goes down the altcoins go down too.
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by rspeele 6y ago
> By the way to just open a single channel for everyone on earth today and close it will take about 70 years, so right around the year 3000 if you (very optimistically) factor in births and deaths. And about $265 billion dollars at curre
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by rspeele 6y ago
Bitcoin fans when you complain that transactions are expensive, slow, and always irreversible: "Bitcoin isn't a replacement for Visa or for your checking account. It's a store of value. It's not for day-to-day purchases.

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