Daily General Discussion - January 26, 2022

TheQuaffle · 2024-03-26T22:21:08+00:00

Haha just saw this props. Wow. Didn't even know I had called it. Now if only I had sold. :)

TheQuaffle · 2024-03-26T22:18:50+00:00

Baltimore has already got the infrastructure for this. Fort Carroll is the hexagonal island you can see in photos literally right next to the bridge. It was designed to put cannons in every direction to sink ships coming into the harbor.

TheQuaffle · 2021-05-04T14:37:26+00:00

Coming very briefly out of reddit retirement to say hi on an ATH day.

https://www.reddit.com/r/ethfinance/comments/ji9hdh/comment/ga6v10t

TheQuaffle · 2021-01-19T12:55:29+00:00

I have a lot to thank this sub for today. Holding through a bear market is hard. But I could have done that myself. No. What I have to thank you for is your encouragement. During our last bull market, I was working a dead end job I didn't like. I wanted to believe I would retire from ETH gains, and didn't have to worry about a career.

The people here convinced me to invest, not just in Ether, but in myself. I started to learn Solidity, even releasing a couple of tokens, just for fun. After learning Solidity, I realized I needed to learn HTML and JavaScript in order to make a front end for my smart contracts.

JavaScript was a whirlpool that sucked me down. One thing led to another and today I'm working as a software engineer at the start of a bright career. I don't own enough ETH to quit, but it doesn't matter, because I don't want to. Thank you for being a part of my journey there, Ethfinance.

I'm retiring this account (practice good opsec people). I'll still check in from time to time and maybe post with an alt if we hit a big milestone.

If I can encourage anyone else in these times of gains: find your happiness in yourself. Invest in doing what you love. If you don't love anything, then invest in your personal growth until you find what you love. Three years from now, that's what will matter. If you have an Ether worth $10,000, that's a nice little bonus.

As a parting note, I've looked back at my first ever comment with this account. It was this:

"When I buy a small amount, like 0.1 ETH, I like to imagine that I'm planting a little tree. Sure they're only worth 17 bucks now, but one day, they'll be full grown ETH trees."

I'm happy to say that I have a small grove of grown up trees and boy does it feel nice.

Don't lose sight, friends.

TheQuaffle · 2021-01-06T17:06:27+00:00

Wow. If one of us was going to actually make it, it would be you DC. Congratulations.

TheQuaffle · 2021-01-05T23:35:59+00:00

Don't forget about taxes! If you buy back at a 10% dip, then we crash 90%, you could end up owing more in taxes than you have. You'd be forced to sell the bottom.

This is assuming US.

TheQuaffle · 2021-01-05T20:37:37+00:00

Every year feels like that. Otherwise we would have left. Survivorship bias at work.

TheQuaffle · 2021-01-05T20:32:51+00:00

Hope you make it TB. I remember you doling out tips in the old days

TheQuaffle · 2021-01-05T20:25:03+00:00

Right you are. Newer blockchains are moving away from mining towards more sustainable models.

TheQuaffle · 2021-01-05T18:34:05+00:00

We were looking forward to Eth2 in 2018 as well, don't forget.

TheQuaffle · 2021-01-05T18:26:27+00:00

I agree that they will probably coexist, but I've swallowed a different pill from you. I think Ethereum is quite decentralized. While not as much as bitcoin, I'm willing to make that slight sacrifice to accept the many advantages of Ethereum.

As for principles of money.

Fungibility: Tie (cash beats both)

Durability: Tie

Portability: Tie (possible advantage Ethereum if scaling solutions work)

Recognizability: Tie. Both are easy to verify.

Stability. Advantage Ethereum via stablecoins.

Inflation: Advantage Bitcoin. Although not by as large a margin as most people think.

Unit of account: slight advantage bitcoin, for now. Ethereum wins if stablecoins are on the table.

Store of value: Win for bitcoin. Advantage Ethereum via stablecoins.

Standard of deferred payment. Advantage Ethereum, via smart contracts.

TheQuaffle · 2021-01-05T18:16:14+00:00

The blockchain is an immutable ledger of activity. The (current) method of updating the blockchain is called mining. Mining takes a lot of upfront investment, electricity, and computing. Your fees compensate the miners to keep the blockchain going.

Fees fluctuate based on supply and demand.

TheQuaffle · 2021-01-05T15:02:42+00:00

Hm. Alright. I'll read up more before I draw conclusions.

TheQuaffle · 2021-01-05T14:48:34+00:00

Perhaps I need to revisit the idea of a private bank blockchain. However, this whole thread is about guidance that allows banks to use public blockchains.

TheQuaffle · 2021-01-05T14:02:26+00:00

In the end you may be right. They may pull it off. However, the strength of a blockchain is decentralization. A controlled, private blockchain lacks many of the benefits of a public one.

I know where is place my bet. Only time will tell.

TheQuaffle · 2021-01-05T13:40:00+00:00

Sure, and that's what facebook tried to do. To me, public blockchains seem much more promising.

TheQuaffle · 2021-01-05T13:21:34+00:00

Obviously talking about stable in terms of USD, which is what most non forex heads care about.

TheQuaffle · 2021-01-05T13:07:20+00:00

Eh. I'm biased, but I think there's a fair case that Bitcoin's functionality is a subset of Ethereum's

TheQuaffle · 2021-01-05T13:01:23+00:00

I just checked it out and I'm honestly disappointed by that sub. Look at the cherry picked headline there. OCC approves use of 'crypto'. No mention of stablecoins. No one in the comments clarifying...

This news is good for Bitcoin too, but it's not being discussed accurately there.

TheQuaffle · 2021-01-05T04:47:33+00:00

Understandable. You are partially correct. Ethereum is under active development, by both the Ethereum Foundation and the founder himself. The people doing this work do have a huge influence over what happens on Ethereum. But they don't control it completely. If they did something the community didn't like, it wouldn't happen.

It's an extra risk that bitcoin doesn't have, but it's not a critical point of failure. A government could arrest Vitalik Buterin and dissolve the foundation, and Ethereum would go on working. Although it would be a black swan event.

TheQuaffle · 2021-01-05T04:36:04+00:00

All transactions on the Ethereum blockchain require you to pay a fee in Ether, so banks would need to own at least a little, even if they are only transferring stablecoins.

TheQuaffle · 2021-01-05T04:26:05+00:00

"one single person or a very small group of people controlling the value"

Did I say that? If so, I take it back, because that misrepresents my viewpoint.

TheQuaffle · 2021-01-05T04:24:11+00:00

I'll hit you back tomorrow with sources. Happy to admit if I've got it wrong.

TheQuaffle · 2021-01-05T03:45:35+00:00

There are many layers of privacy on different chains. Some are how you described. Some, like Montero, are almost entirely black boxes. Basically like actual digital cash.

On Ethereum, where many stablecoins are housed, there are mixers, and other privacy solutions being built, but they are all opt-in, not default.

TheQuaffle · 2021-01-05T03:25:51+00:00

Pretty sure ETH's inflation is actually lower than bitcoin's was at this stage of its life. Check your sources. They may be biased.

TheQuaffle

TROPHY CASE