sausman
Joined 16 years ago
Karma
71
Submissions
71
Member since
Oct 11
Recent submissions
Comment · 4 years ago
Comment · 7 years ago
I’m not sure all types of money have this characteristic, but debt-based money in a fractional reserve banking system certainly seems to. The banks are perpetually insolvent because the time structure of their assets (loans) doesn’t match the time structure of their liabilities (“deposits”). At any time a bank run can bring them and the entire economy down. Sure, the government guarantees their deposits, but AFAIK they don’t provide anywhere near enough insurance. Not to mention the moral hazard it creates for banks to act recklessly.
It’s been a while since I read up on the topic, but the origins of fractional-reserve banking sound a lot like fraud that got blamed on the hard money that exposed it. (https://www.amazon.com/dp/1933550287)
Comment · 7 years ago
People (demos) and power (kratos) tend to not go well together, which is why the US was founded as a democratic Republic with strictly limited power. Many of the founders viewed the state as a necessary evil.
Ben Franklin referred to the US as “A Republic, if you can keep it." I think it’s fair to say we haven’t. Power is no longer viewed as an evil to be restrained, but the solution to our problems.
We need to realize the state is force, and force is rarely the solution to our problems. In most cases it creates more problems than it solves.
Comment · 9 years ago
> You might lose your job though.
That's what I was trying to get at. I didn't mean to make it sound like you'd go to jail.
Comment · 9 years ago
Interesting, I thought you had to be a special type of corporation for that. My language is a bit strong then.
Comment · 9 years ago
Yeah, the only thing I've used it for thus far is hashing passwords e.g. https://github.com/riverrun/argon2_elixir
Comment · 9 years ago
Who is supposed to benefit from this? I'm confused.
Comment · 9 years ago
Facebook gives away Free Basics "internet". Although I'm not sure I'd call that internet...
Comment · 9 years ago
This is my biggest qualm with building a company aimed to sell (either to public markets or another company). You are binding yourself to pursue as much profit as possible through whatever legal means possible. Even if those legal means go against everything you stand for, you have to pursue them because you have a fiduciary duty.
* Smart Contracts * Homomorphic Encryption (not just obfuscation) for Privacy, Fungibility * Σ-Mining (anyone mining on the DERO network can earn rewards based on the amount of work contributed, instead of a ‘winner-takes-all’ reward model) * Account model * Written from scratch in Go
It's been a pleasure to work with, and the community is great.