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43 sats \ 0 replies \ @0xIlmari 8h \ on: Where does Eugene Fama think currency gets its value from? econ
He's either dumb, brainwashed or intentionally dishonest. He's trying to argue that there's a chicken and egg problem where there isn't one. He's also conflating the terms "money" and "currency", which are not the same thing.
Every money ever had to start from nothing, then became niche then rose to popularity. Some faded away, some became MoE and then transitioned to being SoV only (gold). Some were never a good SoV but remain a decent(-ish) MoE (all of fiat).
It's a non sequitur, to put it simply.
A true Bitcoiner doesn't care about its value in fiat terms, only where to buy goods and services with it. Circular economies are immune to the gov't dumping its holdings.
If you self-custody your Bitcoin properly, it cannot be confiscated.
If you use Bitcoin p2p, there are no rails on which you enforce KYC.
What the article describes, and premise upon which it builds, is a flawed world in which people pretend to use Bitcoin, but are stuck in fiat with one leg.
If a state assault on Bitcoin is needed for people to finally understand how freedom works and start using Bitcoin as intended, I welcome it.
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I have mixed feelings about it.
Like any new model, I gave it a varied set of questions from my ChatGPT history for comparison. It's suspicious that many paragraphs from its answers are extremely similar to ChatGPT's, only with a few words changed or rearranged. This makes me suspect it might be actually a frontier model stolen from some US big tech.
That being said, I definitely like talking to it more than ChatGPT. If it's stolen, they definitely did something to it to make it more likable. I find it better for actually talking to and drilling a subject (I learn science a lot with these models) because ChatGPT has been too expositionary recently.
I also think that it utilizes its web search ability better than ChatGPT. And I like that you can view its internal chain of thought that it produces before actually answering.
If it's open source, people will make unrestricted and uncensored versions of it. By my understanding, removing restrictions that were introduced at fine-tuning stage is relatively easy.
So unless this event was entirely scrubbed from the base dataset (which it can't be, otherwise it would just say "I don't know anything about this event" or hallucinate it up), it's a non-issue in the long term.
It's a natural evolution of the adult entertainment/sex work industry.
It may be against your personal moral values, in which case feel free to evangelize against it, but ultimately, it's a business that anyone's free to run and be a customer of.
This got me thinking, actually. Are these getting any publicity at all? All I come across are new shitcoins on Ethereum, feels like almost every day. And I don't even pay attention to the crypto space anymore.
But I never actually read anything about ordinals despite them, clearly, still being minted. Are there any shitcoins on Bitcoin that are, like, actually "popular", even if we stretch the meaning of this word?
Even with this explanation, I am highly sceptical of these numbers. Measuring something that, by definition, does not, and does not want to, have a record of its existence, is dubious at best, and I wouldn't be surprised if it was undervalued by an order of magnitude in some cases.
"Because it's a form of money that's transparent, uncorruptible, politically and socially neutral. Its monetary policy is absolutely predictable and you can use it almost as privately as cash."
Using the word "ledger" in a casual conversation is a great way to turn off the other person. If I was ignorant of Bitcoin, my immediate question would be "why would I care about writing to a public book"?
This map will need to get a lot more nuanced. There is many ways in which an entity, like a state, can adopt and foster adoption of Bitcoin.
I'd argue that, what would help even more than a state strategic reserve, is simply recognizing it as money and exempting it from capital gains tax.
Lightning is working through some narrative challenges right now. After holding the title of Bitcoin’s “only L2” for quite some time—it’s recently gotten some competition, not just for scaling Bitcoin, but for attention in the sector as well.
Excuse me, but what is this "competition", exactly? To my knowledge, every alternative involves some sort of foundation/consortium/bridge/side-chain etc. Read: point of failure begging to be exploited.
If someone can point out another L2 that is truly trustless then I can concede and call it "competition".
As a Gen Y myself, I can relate. I'm operating under the assumption that state pension funds will cease to exist by the time I'm eligible. This fraudulent system has as at best two decades of "life" left in it. I'd you don't work out a hard asset-based retirement by yourself, you'll be left with nothing and a dependant of your children (which, surprise, fewer and fewer people even choose to have).
Looks like typical Trump rambling tbh.
Putting faith in politicians will only lead to disappointment.
America had a shit choice to make and IMO chose the less shit option.
They're trying to sneak through something very insidious here:
The DOJ argues that it is irrelevant for Storm's criminal prosecution whether Sanctions on the Tornado Cash software were legal
Translation: "You WILL obey ANY law and non-law (per my understanding, sanctions are executive orders, not laws) that we issue, without question, like the good slave that you are."
Whereas for a healthy society to function, it is everyone's right, obligation, even, to reject, ignore and disobey laws that are unjust, tyrannical or illegal (e.g. contravening the constitution or human rights).
The best thing you can actually do, is to find someone to pay bills for you with their fiat.
Probably best to find a new-coiner at a meetup and help them begin their stacking adventure.
You can move that microwave from one counter to the other without losing your breath? Wow, you're fit!
Westerners are kinda dumb.
- They want cheap phones.
- But they won't work cheap jobs at a phone factory - those are for "brown people".
- They don't want to "import" "brown people" to work those jobs because they are dirty and criminals.
- But they don't want the factories to run abroad because that's "stealing" the few "white people" jobs they might create.
(Disclaimer: These are not my views, It's a caricature of the way of thinking of an average privileged white person.)
Like WTF man, that's like the pinnacle of wanting to both have a cake and eat it too.