0 sats \ 0 replies \ @standardcrypto OP 1 Oct \ on: American Default: FDR, the Supreme Court, and the Battle over Gold – book review bitcoin
Note that even in the opinion of this Federal reserve aparatchik, the federal government DID default in the first sense, "a failure to do something required by duty or law"
more context, from Bitcoin's sadly drowned troll poet Mircea Popescu:
"Mr Perry sued. The Attorney General proposed a theory whereby previous Congresses may not limit the powers of the currently sitting Congress, and so if they today decide not to repay any debt, or to repay a cent to the dollar, or to require the creditors pay them to discharge debts rather than the other way around as it is customarily done... all the better.
The court ruled :
"Plaintiff seeks to make his case solely upon the theory that, by reason of the change in the weight of the dollar he is entitled to $1.69 in the present currency for every dollar promised by the bond, regardless of any actual loss he has suffered with respect to any transaction in which his dollars may be used. We think that position is untenable."
Now explain to me the difference between the Democratic People's Republic of Korea and the Democratic People's Republic of Washington, DC. Can you ?"
re "this really means we want to DELIST this CRAP except we can't quite get it through the courts... and the lawyers at Coinbase have really deep pockets."
If the courts say whatever coin doesn't pass the Howey test, that is not a problem with the SEC. The SEC has to obey the court. So the problem is in the courts and has to be fought there.
On a superficial level, as long as we are dicking around on stacker news, I would focus on the reasoning for why Ripple is ok vis a vis howey, quote directly from the judge's opinion, and try to pick that apart. Try to use logic, not ridicule. Lawyers and regulators are human beings, and they do read forums like stacker news. So leave some breadcrumbs here for them. Words do matter.
On a deeper level...
Never forget, the courts have behaved badly before, including the supreme court.
#695003
"American Default: FDR, the Supreme Court, and the Battle over Gold – book review"
Maybe the actual problem is, would the dollar pass the Howey test?
Maybe not. Maybe the courts have difficulty admitting this.
Anyway this is probably not going to be solved by the SEC, but with a combination of ridicule and economic pain -- to all non bitcoin holders.
Doesn't mean we shouldn't fight it in actual court. And in the court of public opinion.
And with our wallets.
interesting....
googling around, I see this in various places, but has it ever been definitively proven?
ie got a good / best source for that claim?
best I can find is
but I'm not convinced it really connects the dots
"In the glorious United States, a Mr. John M. Perry lent to the US Government 10
000 dollars in gold, on the understanding that he will be repaid later on 10
000 dollars in gold of the same standard, and meanwhile 4.5% interest each year. All this according to the law and obeying all the proper forms mandated by whatever regulation in force at the time."don't lend your bitcoins.
yes and no.
anything can be built out of anything. you could probably build an Audi out of cabbage if you had a big enough fusion reactor. so yes you could.
but what problem does defi solve? (crickets...)
so no, it doesn't matter.
I largely agree.
Part A
The scale at any cost agenda is largely a concern troll, for people pushing various agendas -- usually hidden, sometimes at cross purposes with each other.
"Scale now, scale at any cost" is usually connected to a claim that by the time you hit bottlenecks it will be too late to fix, because there will be a phase transition from "bitcoin mostly usable most of the time" to "hardly anyone can open new lightning channels any of the time" and it could could happen in weeks, days, hours! (The "feepocalypse" it's been called.)
That's pretty much hogwash in my view, and why I largely discount these scale at any cost concern trollers.
I don't think bitcoin will never need to scale, but I think you need it when you need it, and currently there aren't serious signs of danger. When bottlenecks do appear there will be a gradual ramp up in the severity and enough time to take appropriate action.
There's no crisis, and you shouldn't listen to people who say there is one, chicken littles.
That being said, all this research going into future scaling is great -- when there's no hidden agenda. But often there is.
So read stacker news, and don't feed the concern trolls.
Part B
But what about the part about bitcoin should be able to support everyone self custodying?
OK, this I completely disagree with, for the obvious reasons. Not everyone self custodies! If you are a scale at any coster, there will always be some justification for the fork du jour.
Bitcoin somehow now supports 8 billion people on chain?
Oh no, but someday there will be 80 trillion AIs and also mind downloading with state cloning, all these sentient beings will also need to be open lightning channels.
It's an emergency, We Need To Take Action Now!
Everyone relax.
someone has to pay taxes, or you get a mad max war band type scenario where your loot gets redistributed anyway.
Bitcoin will be the future reserve currency for a few decades to a few centuries at least.
If we lose internet availability for most people and microprocessor mass manufacturing due to energy bottleneck (not unlikely), it will be superceded by a non internet-protocol based reserve currency in the next civilization phase. Maybe back to gold, maybe something else; influenced by bitcoin but lower energy use and lower tech. Like monks doing mass human pen and paper hashing (something easier, not sha256) in a mirror-semaphore network of monasteries, to keep big money transactions honest, or at least as honest as possible.
Notion of protocol is powerful concept, even without computers or internet.