it wasn't complicated (from my pov)

their dht approach looks intersting, I wanted to prototype an app for our company, but literally couldn't connect to any node to even download the env.

Admittedly their stack is super complicated to work with and takes months to understand all the pieces to. The project we are building has a core that is specifically to make it so that you can do this without having to understand any of it. Makes it 100x easier, imo.

I'll talk less and show more in the coming weeks. 🤞

#detox

Imagine grinding coffee, and in an intense lapse of judgement, throwing the fresh grounds into the trash instead of your french press.

I'm not saying this happened, but I was like one neuron firing away from it 💀

Eurodollar bank does not usually have an account with the FED. Otherwise they are part of normal dollar system.

Fun thing is - swift does not actually move the money, it's a messaging protocol to agree on how the movement is done.

How? What happens to the balance sheets? And how is it moved actually?

it moves the dollars claims between the banks. one bank removes the liability the other adds it.

No, this is completely wrong. Treasury bonds are often used as a collateral for borrowing reserves.

Reserves are balances that banks have on their account in FED and cash (paper money).

Reserves are something that does not have a counterparty risk - you either have it or you don't. (They have fiat value risk, but you don't need anyone to provide you anything else, like is the case with normal bank balance).

Reserves are also used to settle payments between banks, which is the real limit to creating new dollars. If I get a mortgage and wire it to another bank, the bank needs to pay with reserves held in central bank.

If they don't have enough, they go to repo markets (which briefly dried up in 2019, that's why many people learned about them, but they are huge) where the gov bond is used as the most common collateral.

This is where it gets tricky - because you can create dollars completely without dollar reserves. Usdt, DAI, eurodollar...

So a funny question - what happens when you wire an eurodollar created by Deutsche bank to JP Morgan?

Recent realization: Most Bitcoiners don't actually know how the fiat system works. On any level. They have superficial understanding that there's some monetary expansion going on (usually wrongly attributed just to the central bank). They have some understanding about how the payment networks work, mainly from the failures, but don't understand the details. They repeat mantras (which are usually true), but don't have any logical theory.

It's OK, even with this superficial understanding, you can see why Bitcoin is better. And their superficial understanding is still better than no understanding, which is 99% of nocoiners.

But still it's fun how wrong they are.

Good questions to figure out if they know what they are talking about:

- What is a dollar?

- What exactly is the balance in your bank account? What does it mean?

- What is eurodollar?

- How many dollars there are?

And my favorite:)

- How could you (even if you are not a bank) create new dollars today?

Musim nahlasit kradez, prave jsem byl proti vlastni vuli donucen poslat statu nechutne moc penez!

Husband casually "Oh, and can you please explain me this?"

*opens kitchen drawer*

*digs behind some stuff*

*pulls of Toffiffee box*

"THIS??"

*It's empty, he waves the hot evidence in my face*

I must admit it's pretty hard to lie your way out from some situations. 👀😅

🇨🇿 Nezbývá než jako v Cimrmanovi: A drze se přiznal. 👀😅

Devil's advocate:

A 2 year-old code base is a brand-spanking new code base.

The existing codebase needs to be maintained, while building the new one. There are architectural patterns to help with the step-by-step migration. You could have also found someone to help maintain it, while you work on the new version.

I just hardcoded a link to your relay view into Alexandria, yesterday, and I'm totally gritting my teeth at needing to rely on you to maintain that view. That shouldn't be making me so nervous. I can't work with tools that don't get repaired, when they are broken.

So, I can add "Build relay view" to my ever-growing list of Nostr functionality that I am building in order to build.

😂

A Babel tower of code, fallen down to gibberish.