tag:blogger.com,1999:blog-8764541874043694159.post3182234454603427959..comments2024-03-28T12:23:39.665+00:00Comments on Coppola Comment: Crypto's WeimarFrances Coppolahttp://www.blogger.com/profile/09399390283774592713noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-8764541874043694159.post-55879922612067350902022-03-17T21:16:58.383+00:002022-03-17T21:16:58.383+00:00Frances -- Thanks for the thought provoking work y...Frances -- Thanks for the thought provoking work you do. In March 2020, at the height of 2020, I asked an economist I have a lot of respect for if it'd be possible to put every American on Social Security. He was previously the director of the Congressional Budget Office. I don't think there's anyone more qualified to weigh in on that. Maybe an economist I know at the Social Security Administration, but you get the point.<br /><br />Given that Medicare and SS are mandatory spending programs, he said it was really just the stroke of a pen.<br /><br />My question for you is do we have enough data and the computing power to balance between inflation and deflation. If the answer to that is "we're close," then it's time to get started on a universal basic income and a central bank digital currency.<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-17454086472299347122021-07-29T08:51:28.073+01:002021-07-29T08:51:28.073+01:00The very word “stablecoin” is a classic example of...The very word “stablecoin” is a classic example of the trick which bankers have tried to pull ever since banks first appeared, namely suggesting to depositor / savers that their money is stable / safe when it quite clearly isn't. In the case of traditional banks that money is not safe because those banks also lend out money, and every bank at some time makes too many silly loans, at which point depositors’ money, or some of it, vanishes. <br /><br />It should be illegal to use the word stablecoin or any other word or phrase that suggests depositors’ money is safe unless that money is 100% backed by base money or government debt. It is illegal for mutual funds and pension funds to break the latter rule and there’s no reason for banks not obeying the same rule. That rule is the basis of “100% reserves” or “full reserve” banking. <br />Ralph Musgravehttps://www.blogger.com/profile/09443857766263185665noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-34396979194946513782021-07-09T05:58:13.779+01:002021-07-09T05:58:13.779+01:00On June the 18th, Iron Finance issued its post mor...On June the 18th, Iron Finance issued its post mortem.<br /><br />Two days previously, it had extolled Titan's and Steel's immunity to bear markets:<br /><br />https://ironfinance.medium.com/titan-and-steel-emerge-as-bear-proof-assets-7fd8cf60d209<br /><br />With nary a whiff of cognitive dissonance. :-)<br /><br />Henry Rech<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-20851533209099136592021-06-21T14:42:22.078+01:002021-06-21T14:42:22.078+01:00Great article, glad I found your blog.
Aside for ...Great article, glad I found your blog.<br /><br />Aside for not handling DIV by zero (which is very worrying in itself), what was the point of Iron? <br /><br />A stablecoin, with a sprinkled speculative risk(plus having an inherit risk of USDC)? Makes no sense to me.<br /> <br />Also, seems smart contracts are not worth much after all....<br />Most cryptocurrencies are designed on purpose to been awful to use as money. That's on purpose unfortunately.Zigihttps://www.blogger.com/profile/17894524328955639120noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-70557567553055110972021-06-19T00:45:29.999+01:002021-06-19T00:45:29.999+01:00Where is the interest coming from? It's not li...Where is the interest coming from? It's not like real loans or investments are being made. You have to rely on deposits to the token, and fees within the token's system. Although providing liquidity can generate some value, it allows arbitrage through your liquidity.<br /><br />Over time, in aggregate, something actually useful has to happen for yield. And economically, if there was some kind of system where you reliably get 50% APY and all you have to do is put up some capital, then capital will rush in and reduce that APY to ~0.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-31644347697417007232021-06-18T21:06:41.925+01:002021-06-18T21:06:41.925+01:00jeez now I'm worried about the other "sta...jeez now I'm worried about the other "stable" coins... all I want is a little interest, is that too much to ask? :)Anonymoushttps://www.blogger.com/profile/02026443716832287876noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-60714655072076894702021-06-18T21:00:24.466+01:002021-06-18T21:00:24.466+01:00Indeed, I've mentioned that in a footnote. Rem...Indeed, I've mentioned that in a footnote. Remarkable how often coding errors and system outages just happen to prevent people claiming US dollars to which they are legitimately entitled, isn't it?Frances Coppolahttps://www.blogger.com/profile/09399390283774592713noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-51230465523361179172021-06-18T19:53:05.342+01:002021-06-18T19:53:05.342+01:00Then of course there was the bizarre event where t...Then of course there was the bizarre event where the hard programmed conditional in the "smart contract" underlying the scheme failed as the value of TITAN fell to literally 0.Paul Eccleshttps://www.blogger.com/profile/07551298411293601010noreply@blogger.com