awrence

Def super successful. Crazy how the flaps held given how they seemed to disintegrate on re entry. They said they’d try and catch the booster for flight 5 if the booster splashed down successfully this time and it did so fingers crossed. That’ll be a pretty wild thing to see. Could happen soon too. Next flight might be within about a month.

Ok but what happens if they cross the streams??

Honored to get a reply from you sir!

I haven't personally done a deep dive on Satoshi's intentions probably for the specific reason I've always failed to see why former intentions or aspirations for technologies, even by their own creators would have any relevance towards their future use cases. If Edison had said light bulbs were for heating should we then oppose them being mostly adopted and optimized for lighting?

As a very passive but very interested stakeholder at the time of the block size wars it really felt to me there was heavy politicking and various degrees of !@#$ going on from all sides. The amount of viciousness certainly didn't surprise me given the immense magnitude of the stakes involved with potentially replacing a market in the hundreds of trillions of dollars.

I'm not sure I follow your last point. Stores of value certainly don't have to be mediums of exchange to build market cap (whereas the converse is true). That's true of the great majority of monetary wealth in the world. Most of fiat currency is held in treasury bond form (not a medium of exchange), real estate is heavily monetized and stocks to a degree. The actual dominant medium of exchange today is cash mostly in bank deposit form and it's a tiny fraction of that market which mostly sits on longer term horizons in assets that perform the function of storing value better. Are you saying a government might void converting stores of value to mediums of exchange? Or cryptocurrency specifically? In essence that they would make those assets illegal altogether? If they did it's true they would become worthless, at least for that jurisdiction, but some of the market obviously disagrees with that assumption, and landmark events like the bitcoin etfs continue to point the other way.

I'm not a tax expert so wondering, shouldn't the potential loss be computed off the non payment of exit tax at date of exit or 2014 levels? (which would have computed to much lower than 48mm)

Given the monetary policy Satoshi chose and the headline he picked to include in the genesis block, I really don't think you can infer what he himself thought bitcoin was meant to become, even if he referred to it as cash originally.

Beyond that I don't see how it matters what something was designed to do or what early adopters personally used it for or thought it was meant to be used for. The only relevance for a technology is what it's actually adopted for over time and the total addressable market cap for a store of value being 100x + of that of a medium of exchange, it makes perfect sense to me that that's the feature the market converged to by far as reflected amongst other things by the relative prices between current btc and bch...

Hmmm can’t speak to the likelihood of their actual inflows but tens of billions of usd from global participants that are functionally shut out from usd pipes is really very reasonable. It’s 0.25% of M2.

What amuses me a bit is how shocked it can seem to people for them to “sit” on 80 bn dollars. It’s literally what they’re supposed to be doing! And no one can imagine they’re actually doing it. I don’t know. I like to think that’s what I’d do if I said that’s what I was doing… I feel like I would. But apparently we now think when someone is entrusted with a pile of money to keep as such they’d be irrational not to risk their customer funds and yolo into mismatching risk to try and pick up some yield… when did that become the expected norm?

Very simply? If the conspiracy theories about their scamminess were wrong and they did what they said which was hold dollars without duration exposure (mostly cash and tbills). Then once rates got hiked they were basically the only bank equivalent in the world with captive depositors that couldn’t just take their money to competitors and they were able to keep all the interest (4-5 bn per year currently). Which incidentally they’re now using in part to load up (substantially) on btc with house money.

I don’t know what the truth is obviously for sure but this story is extremely possible and plausible. It doesn’t mean they were particularly good traders. It means if true basically they were disciplined and didn’t trade at all and are now benefitting from massive upside on their set up resulting from monetary policy and regulatory conditions driving their popularity.

EUR vs Dollar went as low as 0.82 ish in its early days (00) and was below 1 through roughly 02 so not a first no.

DOOMP EET

This is your opinion.

You made a straight up declaration about proof of work in a pretty condescending and unsubstantiated way. I literally applied your exact framing and wording to present that approach from my point of view, and you hated that version of exactly your text. I could reply it proves the exact same point about you. I think either of those versions are not helpful to anyone, which is what I was trying to illustrate.

It's a misconception to think a miner will only locate on energy sites with continuous supply. It can still make perfect sense for a miner to locate on a site with variable demand (which by the way is basically every energy production site in the world that is by design compelled to build to accommodate peak demand). What a miner will do is then negotiate energy costs (which are 80-90% of their variable costs) with the producer who is happy to sell his excess production at any cost above 0 for all excess power untapped. All it takes is enough excess production at a (much lower) price than conventional rates for this to breakeven positively vs full operation alternatives.

As chips commoditize and energy trends towards 100% of all costs, miners will step into these situations exclusively.

As far as your claim that bitcoin is useless that's a personal judgement. My personal judgement is that reintroducing sound fixed supply censorship resistant money to the world is of enormous benefit. But that's beyond the scope here. I don't think it's constructive to make judgements about what people value and chose to expend resources towards. If you have a problem with externalities then have a debate about that. But who are we to judge if someone wants to heat their pool? If they do so through carbon emissions then consider taxing that. The sustainability of the energy production is your issue really, not the energy use.

I agree it's not an argument for bitcoin. Whether bitcoin is a net positive environmentally or not is a different debate. I was just emphasizing how people point fingers at Proof of Work without considering the immense negative environmental externalities generated by the current fiat system.

It also demonstrates a basic lack of understanding of how the energy markets work and how as just about the only intermittent buyer of last resort, proof of work is about to positively impact the energy infrastructure in a pretty substantial way and will probably converge on tapping into exclusively stranded / wasted energy (about 30% of energy production vs less than 0.1% of global production used by pow today). If anyone is genuinely interesting in educating themselves on the topic I'd recommend the two fairly recent episodes of What Bitcoin Did with guest Harry Sudock.

Easy there big fellow. The petrodollar is certainly and undenyably a huge problem in and of itself, as you well know. Its horrible environmental impact is a huge problem, as are its effects on the mental health of the people who go online and shill it and rationalize it while ignoring and denying and marginalizing its environmental impact.