spir

18 ms·

61.
by spir 4y ago
For your objection to refute my thesis, you'd need to explain how a world with stablecoins that are immune to bank runs, where those stablecoins are held in next-gen wallets and can be swapped into any asset in the world 24/7 any
62.
by spir 4y ago
If a rich great childhood was sufficient to build great businesses, then shouldn't we expect a middle-class childhood to be sufficient to build a decent business? But a lot of middle-class people try and fail to create any kind of busi
63.
by spir 4y ago
You seem to be conflating "necessary" vs. "sufficient". Elon's inherited wealth and excellent upbringing were necessary for his Tesla and SpaceX success, but far from sufficient. If a good rich childhood was all tha
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by spir 4y ago
You're right, stablecoins held custodially in an entity could be subject to similar contagion. Yet, non-custodial holding is becoming much easier and safer. Crucially, wallets are improving a lot, and a spectrum of custodial options is
65.
by spir 4y ago
You're right, last weekend, USDC dropped to a low of ~$0.88. However note - SVB was closed on a Friday (as is the FDIC's custom). This meant that USDC could not process redemptions over the weekend as banks were closed, and this c
66.
by spir 4y ago
You're right that internationally-run Tether (USDT) is the largest stablecoin and has opaque reserves. However, American-run USDC is growing faster and has excellent transparency: https://www.circle.com/en/transpar
67.
by spir 4y ago
Stablecoins are conspicuous in their absence in patio11's post. Personally, I believe that patio11's loathing of crypto has made him incurious about its potential. But that's not the point here. The point is that stablecoins
68.
by spir 4y ago
Are you suggesting that YC's success is because of the long-term US monetary policy climate? That's a very incorrect suggestion. It reminds one of how people like to pretend that Elon's money is because his family had an emer
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by spir 4y ago
Finally some sense-talking. The growing culture of paternalism in the employer-employee relationship is toxic to the foundations of our societal wealth. Personal responsibility and equal opportunity are how we got to iPhones, toothpaste in
70.
by spir 4y ago
"And above all things, a prince ought to live amongst his people in such a way that no unexpected circumstances, whether of good or evil, shall make him change; because if the necessity for this comes in troubled times, you are too lat
71.
by spir 4y ago
Many crypto companies might have no use case, but ipfs and filecoin (built by protocol labs) are not among them. Content-addressed data distribution is an excellent idea that has proven to be valuable and pragmatic. And a public network to
72.
by spir 4y ago
ipfs and filecoin are extremely successful. I am surprised they can't fund the team from filecoin treasury. Maybe they overhired and used the downturn as a reason to correct? This might also be an example of how many orgs in and around
73.
by spir 4y ago
Today, we know KFC as Kentucky Fried Chicken, a pretty decent restaurant as far as fast food goes. But back in the day, Colonel Sanders didn't actually start what became KFC until he was 62 years old. His career was haphazard and beset
74.
by spir 4y ago
There's a lot to like about Solana, but one thing to dislike is the ongoing claim by the Solana community that Solana is actually fairly decentralized. In reality, Solana is a highly centralized blockchain. Solana has zero protocol spe
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by spir 4y ago
this is true. Augur is not a success story. It's a story of mismanagement, legal "embezzlement" of tens of millions of dollars due to lack of legal safeguards, and squandering of the opportunity to build a truly great predict
76.
by spir 4y ago
The argument that use cases aren't developing is quite brittle when you dig into it a bit. Take the use case of global stablecoin transfers. The ability to send cash point-to-point anywhere in the world is obviously valuable and novel.
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by spir 4y ago
Let me gently point out the irony of you acknowledging Vitalik's intellect while simultaneously assuming that Vitalik, as such a smart person, hasn't puzzled through why the crypto industry will end up being obviously useful for h
78.
by spir 4y ago
There are politicians and media publications protecting Sam Bankman-Fried's criminality, but these congressmen aren't among them. The letter in this article was written in March. FTX's long-term fraud has only been known sinc
79.
by spir 4y ago
The part of GitHub Copilot to which I object is that it's trained on private repos. Where does GitHub get off consuming explicitly private intellectual property for their own purposes?
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by spir 4y ago
The parent is a highly misinformative comment. Three things are true here 1) If you dig into the details, the actual censorship is so weak in practice that calling it "censored ethereum blocks" is mostly false. 2) There are great
81.
by spir 4y ago
I believe in the right to suicide, and I also think transaction costs matter. What if we had 25-cent suicide booths a la Futurama on every street corner? Sometimes people are going through hard times, and it needs to be easier to seek help
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by spir 4y ago
I was a happy Stadia customer for a while. And then an unhappy customer. And now I own relics of history (Stadia controller+purchased games). In my view, the root problem here may be that Google is too accustomed to having a monopoly positi
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by spir 4y ago
Hyperion Cantos is extraordinary. Well worth finishing the four books
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by spir 4y ago
If you are interested in this topic, you may like my recent essay in Bankless: https://newsletter.banklesshq.com/p/why-the-flippening-is-go...
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by spir 4y ago
Among most crypto insiders, Terra was long known as an unstable ponzi destined for a sudden collapse. As a result, most insiders stayed far away from Terra, Luna, and UST. However, there is a significant contingent of machiavellian sociopat
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by spir 4y ago
I am addicted to twitter and reddit. Especially reddit. It often takes the place of reading, hobbies, quiet moments, improving my home, talking with my spouse, and playing with my baby. When reddit records a click or an upvote, it thinks it
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by spir 4y ago
I remember how slowly high school math moved. How uninspired English class was. The poor curriculum and tools in programming class. imo, there is definitely a primary and secondary education problem vs. the early-life academic environments
88.
by spir 4y ago
> Because now people have to spend their 20s learning about the discoveries that others made during their miracle years (the so-called “burden of knowledge”). Maybe now people have to spend their 20s learning about the discoveries becaus
89.
by spir 4y ago
You're right that ethereum transaction fees are very high ( https://cryptofees.info/ ). imo, total gas fees seem likely to continue to hyper-grow. Yet, per-transaction or per-user gas fees may be expected to plummet due
90.
by spir 4y ago
I think it's fair to say that most tokens are effectively trash, and there are many scams in crypto. Relative to other speculative manias in history, crypto is a mechanism for mania and speculation. You can't trade tulips on tulip

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