Disrupt cancer if you can. Don’t disrupt functioning system that is not broken.
I really hope this is satire.
Readit NewsQuindecillion commented on No one is disrupting banks – at least not the big ones popularfintech.com/p/no-o... · Posted by u/kazanins
Quindecillion commented on No one is disrupting banks – at least not the big ones popularfintech.com/p/no-o... · Posted by u/kazanins
Without being an expert on the topic I'm going hazard a guess that it's due to regulatory moats that keep challengers out of the arena, and banks endlessly lobby to maintain that regulatory capture.
Quindecillion commented on Bitcoin puzzle #66 was solved: 6.6 BTC (~$400k) withdrawn blockchain.com/explorer/a... · Posted by u/mrb
that it's relatively self aware, in particular about energy consumption concerns, is mildly intriguing i think
What's wrong with energy consumption?
I think you might be confusing it with greenhouse gas emissions.
Quindecillion commented on Breaking down a record-setting day on the Texas grid blog.gridstatus.io/a-reco... · Posted by u/kmax12
What I want to know is how much we spent kicking crypto miners off the grid for a couple hours.
They provide a legitimate demand response service i.e. when the grid is generating excess energy that there's no other demand for, Bitcoin miners buy what no one else wants/needs.
Buyers of first and last resort.
This is the first time I've come into a crypto thread on HN and the pro-crypto people seem to outnumber the anti-crypto people.
Is there a vibe shift happening on HN?
[looks side ways as central banks and the state]
Inflation encourages investment because if you just sit on your money it gets eaten away by inflation. Once you’re Oprah-rich inflation is the rate at which you’re losing net worth. This is my non-economist understanding.
> Inflation encourages investment because if you just sit on your money it gets eaten away by inflation.
People shouldn't be penalised for saving money.
"Oh, but just invest it!"
With investment comes risk. Why shouldn't people be allowed to save without risk or having their savings melted by lost purchasing power through inflation?
Inflation is a hidden tax and theft of those furthest from the newly "minted" money to benefit those that are closest to the source i.e. banks and large borrowers.
Quindecillion commented on Austerity Is an Antidemocratic Strategy to Boost Capital catalyst-journal.com/2023... · Posted by u/robtherobber
What is your solution against inflation? The gold standard was proven not work, and it still saw inflation.
Why did the gold standard fail?
Was the inflation observed with the gold standard ever as bad as what's seen with government/central bank-issued money i.e. fiat?
this logic would apply to literally every facet of human existence if it were true; your argument has devolved into "people would make more money if they were engaged in criminality and didn't get caught, therefore everyone eventually devolves into a criminal."
the papers studying the amount of black market activity in Bitcoin have consistently shown Bitcoin to be cleaner than the economies in virtually every country on the planet, except for the occasional ultra-clean tiny european state.
literally every bitcoiner since the first roll-out of the Silk Road and the resulting senatorial attacks on them, have been ultra-interested in exactly how much of their hobby is black market and how much is criminality. literally every single one of them is heavily invested in knowing more about the nature and extent of bitcoin criminality. to say that it didn't occur to them that self-interested criminals are operating in BitcoinLand is .. stupid.
ChainOfFools is tilting at windmills.
2022: https://www.bangkokpost.com/thailand/general/2455120/thousan...
2023: (much smaller scale than above but still stealing over USD $150000 a year in electricity)
https://www.bangkokpost.com/thailand/general/2569745/crypto-...
This time around the authorities estimate that they've only found 1%, not 10% as they had before, of the illegal mining done in their country.
100 million baht in 2 years? So about $1.5m USD in a year.
That's not exactly "staggering" or significant in the context of the Bitcoin network. Unlikely that such operations have any meaningful control over the network or liquidity, even if it's just 1% of what's known.
You seem to think that these sorts of operations are somehow connected in a large coordinated cartel the controls the industry, but given that they're illegal, isn't it far more likely that these "black market" operators are fairly small by comparison to the legitimate players in the US?
The mining ban in China a couple of years back gave us a pretty good indication of the size of the legitimate industry in that country, and it absolutely DWARFS the biggest of the illegal examples you gave.
Interesting way to word it too, "illegal mining". They're just stealing electricity. If they used that stolen electricity for heating, you wouldn't call it "illegal heating", would you?