This page from the Wayback Machine brings back so many memories from MusicforHackers.com:
https://web.archive.org/web/20010402042427/http://musicforha...
Readit NewsLove it! Been a fan for many years. Would still love to find the archive of music/sounds from musicforhackers.com from years ago. That was an epic channel.
I think it's the new sales pitch for pyramid schemes: "Buy and hodl, and together we'll fight the machine!"
Well, we'll need a lot of help from the likes of Elon Musk and Jack Dorsey, but it's totally all about helping the little guy.
Cool story bro!
If you don't agree that's fine. Don't buy. If other people buy and have a different opinion it doesn't hurt you at all.
Why does anyone care what commentors on HN think?
Why not read the actual Twitter thread and see if the argument has merit? Or engage the summary that the GP brought into the thread instead of pretending the only relevant point in play is the authority of Palmer?
And finally, why not acknowledge that maybe someone who created a coin that took off might have some worthwhile insight?
I did read it. Not super impressed, but glad he has the freedom to say what he wants.
Yes, crypto is being manipulated and distorted by the wealthy and powerful. It's sad to see. But it's still beneficial to the average person to have other options outside of the current system.
A lot of people think that the power of the state, even in Western democracies, favors the rich and powerful against the little guy, through corruption and regulatory capture. What they don't realise is that, even in the much less than perfect state of our democracies and rule of law, the little guy is much more protected than any anarcho capitalistic system you could possibly create, where the rich and powerful won't even need to corrupt any officials: they will just use their personal police (or army) to enforce their power direcly, a bit like in the far west, or possibly like some kind of cyberpunk neo-medieval future.
I think your argument is a very nice strawman. No one is endorsing an "anarcho capitalistic system" here.
What we're saying is that having an alternative to fiat is some people's only hope when the government can close your accounts, inflate the currency, etc.
Tether’s market cap is nearly at an all time high after roughly tripling in 2021 alone. What else should I be looking for as evidence of money coming out of Tether?
Which studies are you referring to?
I'm referring to the comparison between Tether and USDC. Recently Tether has been flat and USDC is growing. Tether is obviously still #1 and not something I would hold as it does appear shady.
https://www.coindesk.com/whats-going-on-with-tether
https://voxeu.org/article/stable-coins-dont-inflate-crypto-m...
https://www.sciencedirect.com/science/article/abs/pii/S01651...
There’s an argument that the price of Bitcoin is propped up by Tether, a la Archegos. I was initially pretty skeptical, but the caginess of Tether about what commercial paper they hold makes me think it has some credence.
There's so much money coming into crypto and multiple studies have looked at money coming into Tether and the effect on Bitcoin price and it's negligible.
Plus, money has been coming out of Tether and into other stablecoins and what is happening with Bitcoin's price? Yeah, up.
Because it supports their bias that crypto is nothing but scams and has no utility
Yeah, and Mr. Palmer evidently has his own political axe to grind. Good for him. Glad he can say what he wants.
Can I have an ELI5 on the infra bill and crypto? I keep seeing it come up on my twitter feed and I read a few articles, but it seems to be moving very fast. Is it just about taxes and squeezing crypto owners w/ realized gains for taxes?
Here's my rough explanation:
Provisions were added into the bill that would require "know your customer" type requirements and taxation of crypto exchanges but were written so poorly that the requirements could be extrapolated to crypto miners, staking, etc.
This is what happens when people who don't understand the technology in the first place try to write legislation at the last minute to insert into a bill that has nothing to do with crypto.
Amendments have been proposed to try and clarify the bill, but there are multiple amendments that are "worse" or "better" for crypto. Guess which one Janet Yellen is pushing? (after receiving millions from big banks for "speaking engagements."
https://web.archive.org/web/20010402042427/http://musicforha...