Bistable multivibrator
Non-state actor
Tabs for AI indentation, spaces for AI alignment
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  • 8 Posts
  • 42 Comments
Joined 2 years ago
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Cake day: July 6th, 2023

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  • Oh pray tell, what is the potential you saw in the technology? Was it the part where every transaction costs immense amounts of power and time and resource usage grows superlinearly with respect to usage? Or the part where the monetary system can be controlled by a few oligarchs with the most computing power or market cap of the currency instead of full nation states? Or the part where making payments comes with a built in fee, a bit like a tax without the upside of funding anything?

    Or maybe you just like the part where governments can’t print money to enact keynesian new deal style spending because boo hoo muh inflation. Maybe you think money should be made of magic yellow metal so that you can’t invent more of it when needed? If you want to try what it’s like when the state can’t arbitrarily mint more cash, try living in the Eurozone. Some of us are fine, but many sure think they could use that moolah printer. Somehow not getting to conjure up new Euros at the drop of a hat has not brought in the triumph of the People’s Economics.

    Money without a state is not a better money, it’s just nonsense. Money is always a tool of vertical power structures. A state government is just about the least worst entity to have control over money. Don’t privatize money, consider abolishing it instead.





  • Oh dear, please give Mr. Gerard my apologies for assuming first name basis, how impolite of me.

    I think calling gold “most stable currency in human history” is pretty buggish, but maybe by the time I’m intellectually ready to go back to college I’ll figure out why it isn’t.

    Sure, investment in gold is reasonable. Particularly compared to most of whatever the hell Trump administration is doing. You said goldbugs are unreasonable yourself, so your initial hostile tone seems misplaced. Most likely you either misunderstood what was said or felt that the remark about goldbugs was meant to include people as reasonable as yourself, even though no one said investing in gold is unreasonable per se.

    As for your later hostile tone, that is perfectly understandable because I’m being almost as much of a condescending dick as you are.

    Come to think of it, dragon types are know to be big on hoarding gold so I guess it’s natural for you to take the issue so personally.


  • Okay daddprofessor. Most of us were agreeing that Trump admin trading gold reserves for cryptocoins is a stupid idea. This seems to have attracted people who agreed for the incorrect reason, namely that they think inert yellow metal is the fundamental source and measure of wealth, which David called out. After that it could be one of three things:

    a) You misunderstood what David wrote and rudely insinuated he is unfamiliar with the concept of speculative investment.

    b) You correctly understood what David wrote and — being a goldbug yourself — took issue with it and proceeded to make the aforementioned rude insinuation.

    c) You’re flirting with me a bit too aggressively and it’s activating my brat instincts, professor~









  • Bitcoins aren’t really discrete individual units like that. Imagine you send me 0.1 bitcoin and my mom sends me 0.1 bitcoin and I then send 0.1 bitcoin to Alice (ignore transaction fees and such). It’s not really a meaningful question whether the sum Alice received was the fraction of a “coin” I received from you, from my mom or some specific mixture of both. The blockchain just records increases and decreases of a wallet’s balance.





  • I see. You should maybe know that while it’s true in a sense, a lot of people don’t like that phrase very much. It’s a cliché cryptocurrency fans recite in response to any issues with cryptocurrency exchanges and I among others feel it serves to downplay the responsibility of the exchanges and blame the victims.

    Securely taking care of an offline crypto wallet is somewhat more complicated and technically involved than just having an account on an exchange site. That the easiest way to use cryptocurrency is also an insecure one speaks of a major usability problem in the whole ecosystem.

    More importantly, exchange sites offer what is essentially a bank account with little of the accountability of an actual bank. If a bank gets hacked and loses all your money or freezes your account for frivolous reasons, people generally don’t go “well you should have stored your money in cash inside your mattress instead”. (I guess some do, but they deservedly get the stink eye from people in polite society)

    I dislike cryptocurrencies and have little trouble having vindictive schadenfreude when coiners and their platforms keep being embarrassed time and time again, but I know the real problem are the corporations and the tycoons, so I don’t like their responsibility being shifted on the least informed and most vulnerable group of retail users, who are also the most likely ones to use these exchange platforms and thereby not hold their own keys.