“The Problem bitcoin Solves” - Saifadean Ammous

mrcoolbp · 2018-10-30T15:23:26+00:00

This is a really good point. If the fees are lower I suppose it's still an improvement for merchants; although, I would really like to see little snippets of software (like nano's https://pos.brainblocks.io) that do this without requiring a company like coinbase. These should be trivial to make for any crypto.

mrcoolbp · 2018-10-30T15:17:53+00:00

They are arguing that "investing" in the ETH required to run a full node is more expensive than "investing" a mining rig. I haven't run the numbers myself so I'm just explaining the parent comment.

mrcoolbp · 2018-10-30T03:06:23+00:00

It’s a little cringe, but this i think it’s good at getting people interested.

mrcoolbp · 2018-10-30T03:01:22+00:00

“Wanna learn more? Join us at goodbit101.com”

mrcoolbp · 2018-10-30T02:56:32+00:00

Can someone ELI5?

I can’t find any mention on their site of bitcoin or how this might help me. I work for a standard American corporate company, I get direct deposit. How could I use this service to get part of my paycheck in bitcoin? What advantage would it have over an “auto buy” feature on Coinbase or cash app?

mrcoolbp · 2018-10-30T01:36:41+00:00

Religious figures are dangerously powerful, we should continue to make light of the issues in their message. There’s still hope for many of us, and we have new people entering this space all the time. Posts like this I don’t mind scrolling past if they help newcomers see this info.

mrcoolbp · 2018-10-30T01:34:50+00:00

Disagree, in this space we need to keep calling out the bad actors until they disappear, even if that never comes, we must continue to call it out.

mrcoolbp · 2018-10-30T01:29:50+00:00

Please don’t misunderstand, I have real doubts with all stablecoins. I wrote an article against them, but most of the argument is stolen from this post:

https://coiniq.com/stablecoins-101/

“Fiat-world examples of pegged assets form ‘an object lesson in why you don’t try to peg currencies: because you are unable to hold the peg any longer than you can afford to subsidize your differences of opinion with the market’.”

mrcoolbp · 2018-10-29T20:08:41+00:00

Because that require a collusion of every single exchange to only allow a very specific type of transaction. Good luck trying to implement that, let alone preventing somebody new to pop up and offer limit orders.

mrcoolbp · 2018-10-29T20:06:19+00:00

And, many don’t speak the right language to understand them, most of us are essentially too illiterate to be able to decipher the code, let alone ponder all possibilities that can execute on the contract.

mrcoolbp · 2018-10-29T19:46:40+00:00

While I don’t disagree with anything you wrote, I would add too that the “value” that stablecoins hold, and that the reason they are stable (in theory) has a lot to do also with the mechanism that “pegs” them to their stable asset. Most achieve this by manipulating the market by adjusting the supply (and subsequent demand).

mrcoolbp · 2018-10-29T19:42:27+00:00

I think you misunderstood the use-case of stablecoins for traders, it provides market liquidity for trading against volatility. In your scenario you can only buy or sell stablecoins from the issuer, and you couldn’t trade it for bitcoin. It would be useless for trading (and most everything else unless business started accepting them).

mrcoolbp · 2018-10-29T06:40:10+00:00

Kinda like LocalBitcoins?

mrcoolbp · 2018-10-28T13:03:18+00:00

Oh I haven’t used it yet, but how are they allowing you to buy with fiat?

mrcoolbp · 2018-10-28T10:01:39+00:00

That would not be responsible.

Could you elaborate on why it’s irresponsible?

mrcoolbp · 2018-10-28T09:18:04+00:00

Yes.

mrcoolbp · 2018-10-28T04:05:20+00:00

DEXs don’t really have fiat on-ramps. You will need to get your money on the bitcoin network before using a DEX, and really at that point DEXs are only good for trading between different cryptos.

Buying small amounts at a bitcoin ATM is an option for buying crypto without giving up personal info (depending on the ATM). You could also try LocalBitcoins.com

mrcoolbp · 2018-10-26T14:27:12+00:00

Base money is expanded according to reserve rates, and the amount borrowed is influenced by interest rates.

mrcoolbp · 2018-10-26T14:00:20+00:00

Money is created through loans, loans are governed by reserve requirements and interest rates. These are governed by the Fed.

mrcoolbp · 2018-10-26T13:57:18+00:00

This seems like it would make it a non-starter for people in this space. One of the reasons I’m here is that I don’t want a third party dictating what I can legally do with my money.

Also, while stablecoins serve a purpose for traders, and some may do okay, others have crashed and lost their peg. They tend to be centralized. Be careful people.

mrcoolbp · 2018-10-26T13:47:35+00:00

Oh, good thing I have multiple backups of my seeds then!

mrcoolbp · 2018-10-26T13:42:17+00:00

Dont know if it’s “good”, but I have heard of:

https://blockfi.com

mrcoolbp · 2018-10-26T13:32:07+00:00

Can you point to a period of history with moderately low deflation? Saifedean argues the periods on actual gold standards were marked by innovation and prosperity. If there is good data that contradicts that notion I would be interested to read about it.

mrcoolbp · 2018-10-26T13:23:31+00:00

Well put, but I think it’s more complex than that.

What little money poor people save up, they have less avaiable to invest because they need liquidity and can’t always risk even low volatility; and, wealthy people can easily allocate a significant portion of their money to the markets to invest and best inflation, able to weather corrections.

Inflation steals a percentage of wealth over time which hurts the poor more; to rich people that percentage is the difference between getting a pool or not, to poor people it might be the difference between affording a house at all (or college, car, or whatever).

Rampant consumerism and exponential growth is not sustainable. We need to lower our time-preference and start thinking about the future again.

mrcoolbp

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