1,232 karma · joined August 23, 2014
In my opinion data should be regarded as a liability by default.
We can't rely on a given corporation being benign, or not cooperating with a given regime forever.
Currently automatic updates are an issue and remote management needs work.
What else am I missing?
Of course everyone cashing out at the same time would be akin to a bank-run. In practice this doesn't happen since people bought in at different times and have a different cost basis.
It is still one of the best performing assets in history
One doesn't need to run a node to use the system but it is accessible to everyone, just as the code is there to be scrutinized publicly.
The entire point was to reform currency where economic policy is more predictable and the currency less susceptible to kleptocracy.
Interestingly enough the inflation rate of both Bitcoin and Ethereum is now lower than that of major world currencies. So while volatility still needs to trend lower for day to day usage, the case for a store of value has already been established in the past decade and anyone can see the price history and number of wallets increasing exponentially.
Metcalfe's law applies here as the utility of the network rises with the number of participants.
Proof of stake blockchains operate on the basis of more dollars = more votes, for this to be true for proof of work blockchains one would first need to spend that capital for mining equipment.
It is very egalitarian since everyone can participate on an equal footing, everyone can run a node and get a complete copy of all transactions and verify correctness. It is challenging and expensive to get the same kind of insight into the stock market.
The European Central Bank has arguably failed its mandate of keeping price stability within the eurozone when some countries have more than 20% inflation.
Currency debasement is more commonly known related to coins but I'll leave the term as is
Also noteworthy, cash payments are limited to 10,000 Euros (1000 Euro in Spain)
In that sense Binance is guilty here with their BNB token, having also set the example for FTX' FTT token.
Then again fanatical users speaks to good product design somewhere
It is not transparent as to how much currency debasement is taking place, nor does anybody outside a small group at the ECB have any control over it.
It is quite clear who owns decentralized networks - the participants. Are they perfectly equal? No but they are more egalitarian than what they seek to replace.
Decentralized networks are more resilient to outages than the electrical supply of some countries. It may not make sense for you to use but millions around the world have found a use for it.
Quantitative easing directly lead to inflated asset prices and inflation.
Then VCs jumped on the bandwagon and pushed FTX to unsustainable heights.
Now people all over the world are suddenly supposed to sit in cash while everything is crashing with high inflation to boot?
Thank Satoshi for true net neutrality.
If people want these products and they are regulated out of the market, offshore is where these companies will go to provide them.
Strange to call Tether and Binance, "weapons aimed at the West", when their implosion would surely do more to damage cryptocurrencies than global US Dollar hegemony.
Of course one would be smart to use other platforms rather than creating single points of failure....
"Be conservative in what you send, be liberal in what you accept"
It seems to me this can defuse some communication issues between people too
Besides, Firefox isn't all that well integrated with iOS either
I was never interested in syncing to Google in the first place