davidlee1435

You don't need flawless to empty a dishwasher, which simultaneously drives down cost and time

And projects like Tempo are a good example of private sector forcing incumbents and government to move faster

I like USDe, but it's not completely decentralized. You still have to trust whoever's trading the basis like you have to trust Tether/Circle to trade treasuries.

I think it's pretty easy to buy the coins, regardless of government intervention. Countries (ie China, Nigeria) have tried and failed to restrict access to cryptocurrencies. Whether you get good execution is a separate issue- my point is that stablecoins enable you to execute these trades in the first place.

Agree with the posit- stablecoins grew a lot during periods of strict monetary policy (ie capital outflow from China starting in 2015, hyperinflation in 2023).

Note my original post said disruptive, not good. Meant it in the truest sense of the word; both good and bad comes out of it.

Just because badly managed local currency is required for taxes doesn't mean that most people in that country _must want_ to hold it. Plenty of trivially obvious evidence to the contrary

I assume you've never experienced hyper-inflation? If you have, do you think it's fair that you were forced into a hyper-inflationary currency? And, if given the means to, do you think it's fair that people _should_ have the ability to choose?

Right now, the stability of your currency is mostly dictated by where you were born

My point is stablecoins give you choice to opt out of that. The only way to opt out before was very expensive

I think the most disruptive thing about stablecoins is the ability to opt-into your monetary system of choice.

It's hard for the average non-US person to opt-into the US financial system. Sure, they could hold dollars in banks, but local monetary policy can nix that privilege at anytime by imposing foreign exchange controls. It's happened before, in some of the largest economies in the world: China in 2015, India in 2013, Argentina in 2011.

The current way users solve this problem requires a lot of resources. That's why you usually only see rich people have Cayman accounts, Canadian real estate, and shell companies in Panama. Stablecoins on permissionless blockchains make this process 100x more accessible for the average person.

So yes, stablecoins currently let you circumvent regulation.

But regulation can be a prison where you can pay to be free.

So what happens when it costs nothing to get out of jail? What kind of strains do this place on economies that people escape, as well as the economies that people join?

I guess we'll have to wait and see.

A number of onchain forensics companies (Chainalysis, TRM Labs) have gotten pretty good at detecting suspicious activity

Thought experiment: how much USDT is made unredeemable every year? including through lost private keys, freezing related to sanctions, etc

If you think 1% is a reasonable number, that’s 1BN per year at current market cap. Tethers been around for 10 years. Dead funds also compound.

Let’s say Tether was grossly insolvent (ie only had 50% of reserves) for the first 10BN in market cap (in other words, for the first 5 years of their existence). In addition to the 6BN+ of interest income they earn every year, there’s 1BN of reserves that will never get redeemed added every year

If Tether was insolvent before, they just need time to change that

adding onto this, i as a citizen of <high inflation country> who buys dollars from the national bank are probably holding digital dollar receipt anyways, since most foreign dollar holdings are held in nostro accounts at US correspondent banks.

if you trust your banking system to be a better custodian of your money than Circle, you're one of the lucky ones. billions of people in the world don't have that kind of luxury (see: https://www.bbc.com/news/world-asia-68778636), hence a part of the reason why stablecoins have grown to a little under a quarter trillion

I'm no SBF fan by any means, and I think his actions were wrong.

That being said, not knowing anything at the start about the industry you build a company in yields 0 signal about someone's competence. How much did Brian Chesky know about hospitality or marketplaces before starting Airbnb? The Lyft founders about taxis? Zuck or Page/Brin about ads?

Because artists care about public image, which will be affected if their tickets price out economically disadvantaged fans.

Who pays fees to use stablecoins? In fact, the opposite occurs with USDC:

https://cryptoslate.com/coinbase-raises-usdc-rewards-to-4/

I wish this were a thing, I really do. At the very least, I want to live in a future where we know if a piece of content was generated by a generative model or if it wasn't.

The question is- what is the incentive to burn gas (re: money) to timestamp the manifests before the regime comes into power?

We're very happy users of SimpleHash at Omni- congrats on the launch guys!

I quite like Kotlin when it comes to a language's "flow." Pity there's not a better web server framework for it

He followed up here: https://blog.rongarret.info/2009/10/wealth-production-mechan...

Producing, storing, converting, and transporting energy is what I had in mind as the missing top-level category.

Sailings aren't usually port-to-port- they stop at multiple ports along the way, and at each port, it takes 1-3 days to load new containers and unload new containers, not to mention port congestion, and being re-routed due to weather.

Are you thinking of solidity.finance?

https://rekt.news/deathbed-confessions-c3pr/

And if you quit your job prior to selling (i.e had ordinary income <$40,000) then the capital gains would go to 0% (seems wrong (?) and maybe you would have to pay the alternative minimum tax... not quite sure).

Not a tax advisor, but I thought capital gains counts as taxable income? So someone who sells $50k worth of BTC will pay 15% on $10k.

Is this the only reason why we can’t have biweekly vests? This sounds like something solvable with technology, no?

Join Flexport :)

A different kind of regulation, but the FMCSA recently denied an autonomous trucking company's request to extend the amount of time their drivers could be on the road [1].

[1] https://www.truckinginfo.com/10126660/fmcsa-denies-request-f...

Curiosity, mostly. This was very soon after the tweet was posted, and it was less than a dollar.

Kudos to Coinbase- I tried sending a small amount to the account after seeing Elon Musk's tweet, and Coinbase prevented the transaction from occurring.

I wonder if you could make an RL version of a GPT-2 model specifically optimized for code, where you try to compile the output and penalize whenever there is an exception/error that's thrown.

This is more akin to a Convoy or Uber Freight competitor. From their website [1], it seems like they only do domestic trucking in the US.

[1] freight.amazon.com

to make any money directly from them

to encourage people to keep all their spare money one-click away from its investment products

These are not mutually exclusive. Robinhood could write this off as CAC that's mitigated by investments into (relatively) safe and low-yield investments. Robinhood could spend a million on Google/FB ads, or they could have an X% chance of losing an amount equal to (3%-bond yield) where X is reasonably low. The (mitigated) loss gives them access to capital and access to customers. If the 3% is permanent, there is no reason for anyone to store their money in a different checking account, as inflation will eat into their savings if those savings aren't invested. Extremely smart move on their part.

It's interesting that Junger points to a mandatory draft as an example. Two counterpoints to that would be South Korea and Lithuania, which also have mandatory drafts and high rates of suicide per capita.

How courageous