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Mr. Nice! posted:This is loving great: This dude rules
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Jul 25, 2021 17:26
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RFC2324 posted:Thats not how cryptocurrency works. It has to be mined into existence, if it could just be programmed into existence then people WOULD just program it into existence. You can do whatever you want when making a cryptocurrency.
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Jul 25, 2021 18:04
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Stultus Maximus posted:I'm not even going to bother reading the article before I conclude that the Daily Mail is badly misrepresenting something a non-fishbelly white politician in the UK did or said. https://www.youtube.com/watch?v=5eBT6OSr1TI
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Jul 25, 2021 18:27
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UP THE BUM NO BABY posted:Let's see how things are going in the UK For those who have no context of British politics, this is the father of the “eat out to help out” campaign that spent the better part of a billion pounds sterling. In exchange, it was responsible for one in six coronavirus infections. It was one of the worst deals ever made by any country in history. 
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Jul 25, 2021 21:26
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Brilliant campaign though. What, you will never eat out?
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Jul 25, 2021 21:41
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Also in the UK, crops rotting because of Brexit: https://www.euronews.com/2021/07/14/devastating-crops-left-to-rot-in-england-as-brexit-begins-to-bite
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Jul 25, 2021 22:05
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RFC2324 posted:Thats not how cryptocurrency works. It has to be mined into existence, if it could just be programmed into existence then people WOULD just program it into existence. And there you have it, the reason why cryptocurrencies are worthless. Anyone can make a new one tomorrow.
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Jul 25, 2021 22:06
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Milo and POTUS posted:Brilliant campaign though. What, you will never eat out? “Heroes don’t do that.”
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Jul 25, 2021 22:34
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FrozenVent posted:And there you have it, the reason why cryptocurrencies are worthless. This isnt really a good argument. Anyone can print paper and call it money but you don't see it happening every day. Fiat money exists because people believe they can use it and get something in return. A digital currency can exist, and almost already does as physical cash continues to lose relevance. Bitcoins drawbacks as a currency currently include stuff like high transaction costs, high volatility, a limited pool (deflation is built in), and not widely used. I think fully digital currency of some type is inevitable, especially if a country can track it worldwide.
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Jul 25, 2021 22:49
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If you strip away all the mythology created around cryptocurrency and how it will change the world and you can be your own bank and all that, there’s nothing to it. Literally the only thing “blockchain technology” adds to the world is that instead of trusting some entity to keep the books and/or scrupulously auditing them, you can instead trust a cartel that wastes more energy and hardware than anyone else at arbitrary mathematics puzzles. We already have digital currency. It’s called “USD”.
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Jul 25, 2021 23:01
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I'm still not sure how Crypto isn't the exact loving thing as fiat currency. No one's backing it with gently caress all- at least if the USD plummets, we can throw some bombs around and make everyone miserable on our way out
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Jul 25, 2021 23:26
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bulletsponge13 posted:I'm still not sure how Crypto isn't the exact loving thing as fiat currency. No one's backing it with gently caress all- at least if the USD plummets, we can throw some bombs around and make everyone miserable on our way out It is as long as people accept it as a medium for exchange. Currency is subjective but economists have a set of standards like fungible, widely accepted, stable, etc for it. Something like bitcoin rates poorly on a lot of these standards which is why I don't see it being widely adopted but there could be niche uses for it. Edit: The bitcoin paradigm doesn't have to hold for all cryptocurrency, someone could just keep a ledger and give unique identifiers to people or something and hand out bits and its the same thing. A nation state wouldn't have to rely on miners to maintain the ledger and could build something less power intensive. lightpole fucked around with this message at 23:47 on Jul 25, 2021 |
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Jul 25, 2021 23:44
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bulletsponge13 posted:I'm still not sure how Crypto isn't the exact loving thing as fiat currency. No one's backing it with gently caress all- at least if the USD plummets, we can throw some bombs around and make everyone miserable on our way out I mean, there are so many differences, where to start For one, the value of a fiat currency is tied in part to the economic health of a country because the goods and services a country produces are largely paid for in its native currency. Taking “crypto” to mean btc/eth, governments of developed countries also demand payment of taxes in their native currency, not crypto. Kind of adds a utility to the currency if your taxes are due. Transactions are far more efficient in time, volume, power, and marginal cost with fiat payment processing systems. The entire global debt system is tied to a reserve currency, and it’s ever gonna be crypto. You can’t 51% proof of work attack a bank account. etc etc
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Jul 25, 2021 23:51
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lightpole posted:It is as long as people accept it as a medium for exchange. Currency is subjective but economists have a set of standards like fungible, widely accepted, stable, etc for it. Something like bitcoin rates poorly on a lot of these standards which is why I don't see it being widely adopted but there could be niche uses for it. instead of seeing currency as an object, just think of it as a value like mass, and suddenly we are back to just having bank accounts with a number in it that the government says is transferable value. and nothing has to change except getting rid of the physical tokens used to represent that value
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Jul 25, 2021 23:57
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BIG HEADLINE posted:*snip* Your name is big headline tho
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Jul 25, 2021 23:57
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RFC2324 posted:instead of seeing currency as an object, just think of it as a value like mass, and suddenly we are back to just having bank accounts with a number in it that the government says is transferable value. Its an idea, not an actual thing. Its only good for as long as people believe in it. When they stop believing in it, it rapidly loses its value.
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Jul 26, 2021 00:10
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lightpole posted:Edit: The bitcoin paradigm doesn't have to hold for all cryptocurrency, someone could just keep a ledger and give unique identifiers to people or something and hand out bits and its the same thing. A nation state wouldn't have to rely on miners to maintain the ledger and could build something less power intensive. You just want the U.S. banking system to be less terrible. So do I, but the solution has nothing to do with digital or crypto anything, no more than Hyperloop or suborbital rocket is the solution to America’s traffic woes.
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Jul 26, 2021 00:11
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Platystemon posted:You just want the U.S. banking system to be less terrible. I don't give a gently caress. The government is going to want greater control over its currency and if it can track flows around the world it gains a lot of power among other things. Theres also just putting money in peoples accounts or taking it out.
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Jul 26, 2021 00:18
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Tell me you know nothing about how crypto works without telling me you know nothing about how crypto works.lightpole posted:I don't give a gently caress. The government is going to want greater control over its currency and if it can track flows around the world it gains a lot of power among other things. Theres also just putting money in peoples accounts or taking it out. 
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Jul 26, 2021 01:18
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Thesis: bitcoin operates on the same principles as using mackerel tins as currency in prison. Evidence: no idea, I don't know how currency works.
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Jul 26, 2021 01:28
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stealie72 posted:Thesis: bitcoin operates on the same principles as using mackerel tins as currency in prison. I’ll give you two cans of mackerel for your can of tiny tots sardines.
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Jul 26, 2021 01:34
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stealie72 posted:Evidence: no idea, I don't know how currency works. Good news, I think that makes you qualified to be an expert on Bitcoin.
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Jul 26, 2021 01:36
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Wingnut Ninja posted:Good news, I think that makes you qualified to be an expert on Bitcoin. https://www.independent.co.uk/money/bitcoin-ethereum-cryptocurrency-price-drop-invest-china-b1883069.html Coins are dumb, they cost too much to use and they take too long to process.
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Jul 26, 2021 01:43
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Defenestrategy posted:It's chili with the following differences Can't say I've ever experienced it on chili but allspice and cinnamon (In moderation! Salt & Pepper still lead the blend!) are the secret weapon for god-tier fried chicken
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Jul 26, 2021 01:51
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The problem is they don’t use meaningful amounts of chili powder because Ohio is the Midwest and black pepper is too spicy
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Jul 26, 2021 01:53
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hobbesmaster posted:The problem is they don’t use meaningful amounts of chili powder because Ohio is the Midwest and black pepper is too spicy A Skyline Five Way is: Spaghetti Chili Beans Onions Cheddar Cheese And is one of the few good things to come out of my home state.
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Jul 26, 2021 02:24
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Hekk posted:A Skyline Five Way is: FTFY.
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Jul 26, 2021 02:34
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Comrade Blyatlov posted:More good news about covid So the stupid are going to get stupider, and literally infect other people to also get stupider. I did not have this on my bingo card, but in hindsight it seems obvious. Edit: That vaccine explanation dude fuckin rules. Godholio fucked around with this message at 03:34 on Jul 26, 2021 |
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Jul 26, 2021 03:21
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Was that guy in montana telling off tucker carlson or was it someone else
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Jul 26, 2021 04:54
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Zamujasa posted:Tell me you know nothing about how crypto works without telling me you know nothing about how crypto works. You have no idea what I'm talking about. Are you being purposefully stupid or is it natural? lightpole fucked around with this message at 05:05 on Jul 26, 2021 |
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Jul 26, 2021 05:02
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Crypto works thanks to early adoption by pedophiles and drug dealers which enabled financial criminals to establish a stable means of laundering! It's the future baby!
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Jul 26, 2021 05:40
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Crypto is disruptive technology that will empower everyday people in ways traditional finance never will. Now let me tell you about how billionaire's going on suborbital joyrides and not paying taxes is critical and momentous for mankind's future and also how women pose a danger in the workplace if they're attractive
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Jul 26, 2021 07:13
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Not surprised at this turn of events
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Jul 26, 2021 08:07
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Crypto is a self-trampling stampede of scams, and the entire idea of Britcoin seems to be a solution seeking a problem. If your whole goal is "well, we want to be able to give money to people directly", there are plenty of ways to do that (mailing a check, direct deposit, etc). Even if you wanted to have an account for everyone, you could create a central public bank for everyone and just use normal currency, allowing you to leverage the massive amount of infrastructure that exists for payment processing. If you want tighter control, that's what anti-money-laundering and KYC laws are for. (I know this isn't the US, but I assume they have some similar laws.) If the goal is "create a central state-ran bank anyone can use", that's great. But the instant you involve anything from crypto land, you're making the wrong choice.
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Jul 26, 2021 11:27
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Cugel the Clever posted:"Alternate" currencies existed long before crypto, too, but never caught on because they were dependent on fly-by-night con artists to hock them to the credulous (and the credits to hock them to their circle of friends). One of my previous employers purchased $5k in some "real business currency for real business people" which, surprise surprise, was effectively unusable because the whole thing was a cycle of dopes realizing all the dopes before them had already written the "currency" off as a con. It caught on because some rich people (mainly venture capitalists) were left holding the bag. A couple were true believers, but the rest realized they got scammed so they pumped and dumped it on the mainstream to offload their bags to other rich suckers on Wall Street. Now Wall Street is just playing hot potato with crypto like they do with other toxic assets as they hope to cash in quick.
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Jul 26, 2021 11:32
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stealie72 posted:Thesis: bitcoin operates on the same principles as using mackerel tins as currency in prison. gently caress I thought I was in the Bitcoin thread for a sec
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Jul 26, 2021 12:15
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Zamujasa posted:Crypto is a self-trampling stampede of scams, and the entire idea of Britcoin seems to be a solution seeking a problem. If your whole goal is "well, we want to be able to give money to people directly", there are plenty of ways to do that (mailing a check, direct deposit, etc). Even if you wanted to have an account for everyone, you could create a central public bank for everyone and just use normal currency, allowing you to leverage the massive amount of infrastructure that exists for payment processing. If you want tighter control, that's what anti-money-laundering and KYC laws are for. (I know this isn't the US, but I assume they have some similar laws.) The assumption that digital currency is crypto currency is bitcoin is a bad one. Bitcoin is crypto is digital but the reverse is not necessarily true. Normal currency has drawbacks that a central bank may not be a fan of. It can be easier to hide and move unseen or diverted on the way. In countries with corruption, accounts in citizens name with direct central bank transfers could cut down on this diversion. As it is, everything is moving away from physical currency anyways. There is very little reason to carry cash unless you travel overseas. The advantages digital offers to central banks would make a digital currency inevitable if it came with greater control and visibility. Finally, yes, a digital or crypto currency can offer visibility. Blockchain was invented to establish the identity of two entities anonymously and spread that through the system but that doesnt mean the anonymous part needs to remain. The biggest actual uses for it in the real world would be in places that require an extreme amount of trust, such as digital bank to bank transfers. Just because you can't see outside of your box doesn't mean the rest of the world isn't looking.
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Jul 26, 2021 13:07
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So using this definition of virtual currency how is it better than your typical eft because I haven't used cash in 2 yrs at this point.
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Jul 26, 2021 13:14
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https://www.youtube.com/watch?v=yqTjKhYh4fs
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Jul 26, 2021 13:23
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Actually the biggest use of crypto seams to be to turn coal into solved sudokus.
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Jul 26, 2021 13:42
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