mteam88

I love finding little strategies like this. This is only possible in games with a tiny feedback loop, which I think makes them fun to play on a whole new level.

[0] https://abagames.github.io/crisp-game-lib-11-games/?timberte...

Comment · 2 years ago

Tether makes money from interest on the funds that they do actually have. Maximizing the amount of money that they hold would actually increase the amount of profit they make. They have no incentive (and a pretty strong disincentive) to be insolvent.

Comment · 2 years ago

That is true. Crypto is not faster/cheaper because of a technological breakthrough. The reason crypto can be faster/cheaper is because it cuts out the middleman. The traditional financial system is full of incumbents and middlemen who take a cut of every transaction. Crypto rebuilds the financial system from the ground up and removes ALL middlemen. Instead of verifying the legitimacy of a transaction using a trusted third party, crypto uses cryptography. The same kind of cryptography used in PGP or encrypted email.

Crypto is a disruptive technology class that many incumbents hate because it literally removes them from their powerful position as a middleman. There are usually at least 3 middlemen in every credit card transaction. [0] Combined, these come to a fee of (on average) 2.24%. [1] There are zero intermediates involved with a crypto transaction. The total fee on Solana (the leading payments blockchain) is less than $0.01 for any amount transfered. A 1 million dollar transfer on Solana costs the same amount of fees as a 10 cent transfer.

> a creative way to evade banking regulations. Coinbase, the leading US crypto exchange, has been trying to get regulatory clarity for years [2]. Crypto wants regulation, but the SEC refuses to provide it. The SEC would prefer to "regulate by enforcement" [3]. It sounds to me like the SEC is the one trying to avoid having to create banking regulations...

[0] https://www.managementstudyguide.com/intermediaries-to-a-cre...

[1] https://www.fool.com/the-ascent/research/average-credit-card...

[2] https://www.forbes.com/sites/digital-assets/2023/12/15/coinb...

[3] https://www.goodwinlaw.com/en/insights/publications/2023/05/...

Comment · 2 years ago

> Let's be honest, if it was cheaper and faster, it would be the standard, right?

Except that the US regulatory system hates crypto for some reason. SEC has repeatedly denied requests from coinbase for regulation. Like wtf?

Comment · 2 years ago

Lost/burned tokens are not included in deflation calculations. We don't include lost dollars in the USD inflation calculation (afaik). The amount of circulating Bitcoin in circulation increases due to mining rewards.

Losing/burning coins should also become less notable over time as more people use better Bitcoin storage options, it's not built in to the protocol.

Comment · 2 years ago

Are you aware of the point of a decentralized blockchain? Of a permissionless system? Bitcoin is both. Anyone (with access to texting) can buy + use bitcoin. That is about as permissionless as you can get.

"use it wisely" ??? What does this even mean? I don't think anyone actually thinks of large bitcoin holders as "the very, very few who can use it wisely."

PS. Bitcoin is not deflationary, it inflates at <2% per year and will continue to inflate until it reaches the 21 million cap. It will never deflate. Ethereum is roughly deflationary. [0]

[0] https://ultrasound.money/ (toggle BTC supply on + view a longer time frame)