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21 sats \ 4 replies \ @jimmysong 21 Dec \ on: MONEY CLASS OF THE DAY: Christmas Gifts Are Inefficient econ
We don't act like that because we're not homo economicus, but people with relationships, emotions, goals and dreams.
Also, Asian cultures just give money a lot of the time. It's a lot like dating people are hoping to get a good deal (paying $50 for a gift that the recipient will value at more than $50, or getting someone slightly higher value on the dating market), but most of the time it's a futile exercise and everyone loses.
4 was good. 5 was great. 6 was ok.
1, 2 and 3 sucked in such indescribable ways, especially after waiting over 15 years for them to come out. One of the most satisfying early youtube videos for me was this takedown of episode 1: https://www.youtube.com/playlist?list=PL5919C8DE6F720A2D It's so old that it had to be broken into 10 minute chunks because that was the limit on YouTube back then. There are similar takedowns of 2 and 3 by the same guy.
But then, it got worse and 7, 8 and 9 somehow made 1, 2 and 3 look reasonable, which still amazes me. I haven't watched 8 or 9, but if they can make 1, 2 and 3 look ok, they must be truly dreadful indeed.
But yea, 4 is basically a modern retelling of Kurasawa's classic The Hidden Fortress. Seriously, the plot is very similar, down to the perspective of the two lowest characters, which Lucas admitted he ripped from the movie. 5 was the real gem, in my view.
Sadly, this probably means the lone Bundestag member that advocates for Bitcoin (Joana Cotar) will no longer be a member after February.
There's a more general public-friendly and newer paper by the same guy here: https://ebooks.iospress.nl/pdf/doi/10.3233/APC200019
I'm going to send this out along with the classic Locklin article whenever anyone asks me about quantum computing and Bitcoin from now on.
I know they have regulations on dollars flowing out (exchanging KRW->USD). Do they have them for dollars flowing in (USD->KRW)? Because if you can withdraw BTC, you can sell them elsewhere pretty instantly for USD (or even USDT) and exchange them for KRW to close the loop. I'm sure I'm missing something about what's happening which is why I ask.
It's still a 5-6% kimchi discount if I'm calculating correctly. Seems like a great arbitrage opportunity, so I'm wondering why it's not being exploited.
It's harder up until they're out of diapers and car seats. Thankfully, it's a lot easier than it used to be, especially with food delivery and uber-like services everywhere. Use AI if you want ideas, and google translate to read menus and signs, airalo (and some bitcoin version, too but I forget) to get e-sim data for whatever country you're going to cheap.
There are definitely downsides to traveling with kids, like cost and having to accommodate their tastes, but there are upsides, too. You get a lot of discounts, for example, especially at museums and such in countries with few kids (like Japan!) It's also fun being with them and giving them memories. A picture in front of some iconic place is a lifetime memory. It's also really good for them to get exposed to different cultures.
Anyway, it's going to be harder, no doubt, but it's also more meaningful because you're doing the activity as a family. And don't underestimate how you'll look back on it. A trip like that is something that you'll be referencing for the rest of your life.
He's probably most famous for his short story Paper Menagerie, which won the Hugo, Nebula and World Science Fiction awards. He's written the 4-book epic Dandelion Dynasty series, has a few short story collections including one in the Star Wars universe, and a few other books, almost all very unique in their approach. He also translated the first and third books of the Three Body Problem trilogy and has a bunch of short films and TV series based on his stories. He's one of the few sci-fi authors that treats Bitcoin properly.
Because they've grown up trusting the dollar. You have to understand that for most people in the world, dollars are the best store of value they've known because their own currency debases faster. But sadly, most don't have access to dollar bank accounts, and if they save at all it's with cash. That doesn't work very well because it's easily stolen or lost, so for them, USDT is an upgrade over cash. They don't know much about Tether the company or the trust they're placing in the many custodians, they just know its value stays the same in dollar terms.
In other words, the gap between what they already trust (dollars) and what they're asked to trust (USDT) is smaller than the gap between what they don't trust (BTC) and what they're asked to trust (BTC again). But the gap between USDT and BTC isn't nearly as big, which is the point of my comment.
If you want to see how stablecoins and BItcoin are perceived on the ground, go to a country like Turkey or Indonesia and talk to the people actually using it. Many of them get into Bitcoin after some good experiences with stablecoins.
I agree with everything you said, but for the billions of people that can't get dollar bank accounts and don't trust Bitcoin yet, something like USDT is not a bad first step.
I've said this in other places, but there's lots of room between impersonal company holding your keys and only holding coins in a cold hardware wallet.
I think that's where the sweet spot is, because instagibbs is more or less correct. People don't trust themselves with self-custody. But that doesn't mean they have to trust Coinbase. They can, for example, trust a techy relative. I know I'm that guy for my extended family because none of them are comfortable with self-custody.
What we need to do is acknowledge this reality and take advantage of it to make more scalable solutions. Something like Fedi for families or communities where there are existing trust relationships would do really well, especially if there was some strict multisig controls over the Bitcoin.
Either I'm skipping because I don't find it interesting, processing new ideas as a result of the new information, or about 1/4 of the time, i'm reading without verbalizing for some reason.