Deregulation and bad private sector risk modeling caused this problem. The FDIC, Treasury and Fed are doing a great job cleaning up. Zaps are open.
They should cancel the Oscars when there’s a bank bailout? WTH?
Good point. And insofar as regulators have been coordinating, it’s been to protect consumers and the broader financial system against scamtastic exchange/web3 shenanigans.
Thanks! Will check it out.
I wouldn’t be too smug about bankruns. Bitcoin has value because people believe it does. That numbers in UTXOs are widely agreed to have real monetary value is a remarkably unlikely bit of coordinated textual interpretation, which is a lot more contingent and fragile than bitcoiners let on. I think much of the discomfort around ordinals, for example, comes from the fact that it highlights just how much the meaning of anything within the system is a matter of convention. The durability of the convention that the symbols stored in the big bitcoin database represent money and not, say, a codex of mystic numerology is only minimally a matter of math or consensus mechanisms. It’s mostly a matter of the durability of the belief system that constitute BTC as a synthetic commodity money, which is at least as brittle and prone to sudden collapse as shared belief in the safety of deposits in a conventional bank. Bitcoin isn’t subject to fractional reserve bankruns, but it is subject to a loss of faith, or drift in the worldview that constitutes it.
Has anyone made a Nostr blogging platform?
Anyway, this same problem could happen with 1-to-1 reserves if some part of the reserve is not liquid or immediately accessible.
Anybody know a good book that touches on why the lack of native identity and payment protocols led to the dystopian status quo internet? Or do I have to write it myself?
Sure… the center-right bias of the msm had them casting about for alternatives to Sanders and Warren. They thought Biden was too out of it so landed on Pete.
Good question for Miles.
Documenting life in the DPRK in 2013 was hardly stale: https://reason.com/2013/07/23/my-week-in-north-korea/
‘The New Right’ (2019) captured the history, and more importantly the present, of the online-right better than any of the futilely mainstream post-Trump analysis put out by legacy institutions - and it’s not even close.
To call these works derivative (dismissively, without even reading them) exemplifies exactly why ‘DC Libertarians’ and their ‘think tanks’ are so feckless, intellectually vapid, and irrelevant culturally.
Nobody asked for a critique of anarcho-capitalism; I asked if you could engage with anything but the strawman of Michael Malice that you’ve mentally erected.
And clearly unaware of his cultural influence that exists online outside of your comfort zone, it seems my ask for substance may be too much 🤷♂️
No accounting for taste. Cheers.
Also, not too interested in explaining what’s wrong with anarcho-capitalism for the 1000th time. If you think it resonates widely, you may want to try poking around outside your comfort zone. The 1619 Project, e.g., resonates widely; MM not so much.
His work is derivative and stale. Not worth my or anybody’s time, imo.
I’ve met him and think he’s a toxic wannabe
He is a boring self-infatuated edgelord.
Doh, stupid typos. Would be great to be able to delete!
You could apply the same reasoning applies to Mastodon vs. Nostr. But Friendster and MySpace do not in fact dominate social media, despite huge network effects. Impossible to tell, really.
