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pj


Total Posts: 3557
Joined: Jun 2004
 
Posted: 2020-11-02 09:58
Amazon link

The book is a great read how Facebook tried to create a cryptocurrency
based on bitcoin and the hilarity that ensued.

Yes, the guy is nocoiner, and doesn't hide the fact (neither do I.)

I didn't want to put it into the best 2020 reads thread, since I feel it needs more publicity.

Disclaimer: I am on David Gerard's Patreon, that's it.

The older I grow, the more I distrust the familiar doctrine that age brings wisdom Henry L. Mencken

nikol


Total Posts: 1235
Joined: Jun 2005
 
Posted: 2020-11-02 11:20
FB is serial copypaster.

pj


Total Posts: 3557
Joined: Jun 2004
 
Posted: 2020-11-02 11:32
>FB is serial copypaster.
Cool

The older I grow, the more I distrust the familiar doctrine that age brings wisdom Henry L. Mencken

pj


Total Posts: 3557
Joined: Jun 2004
 
Posted: 2020-11-05 10:50
Official link

The older I grow, the more I distrust the familiar doctrine that age brings wisdom Henry L. Mencken

Maggette


Total Posts: 1269
Joined: Jun 2007
 
Posted: 2020-11-05 11:17
Ordered. Thanks.

Ich kam hierher und sah dich und deine Leute lächeln, und sagte mir: Maggette, scheiss auf den small talk, lass lieber deine Fäuste sprechen...

jslade


Total Posts: 1226
Joined: Feb 2007
 
Posted: 2020-11-05 21:56
Amusingly I was recruited to Libra; told them to eat the peanuts out of my shit. They had a hard time with that; promising if I took their call I'd get to talk to Zuck or David Marcus or some other shitbird I don't want to talk to. Some of their technological choices are reasonable, FWIIW. Out of date by now though.

I also beat up someone named David Gerard in high school. Probably no relation.

"Learning, n. The kind of ignorance distinguishing the studious."

Maggette


Total Posts: 1269
Joined: Jun 2007
 
Posted: 2020-11-06 09:39
Dude. You should have accepted to talk to them and troll the fuck out of them. Come up with some crazy conspiracy theory (which isn't hard to do in the crypto space).... Ahh. Missed opportunity for a great story for the next NP Phest

Ich kam hierher und sah dich und deine Leute lächeln, und sagte mir: Maggette, scheiss auf den small talk, lass lieber deine Fäuste sprechen...

nikol


Total Posts: 1235
Joined: Jun 2005
 
Posted: 2020-11-06 11:56
I was looking into TON. Later is became "Free TON" due to SEC intervention a year ago (rather predictably).
Rich of functionalities, but unfortunately it goes slowly.

rod


Total Posts: 430
Joined: Nov 2006
 
Posted: 2020-11-06 14:46
I used to follow Gerard on Twitter, till I got tired of his smug effeteness✮. If I properly recall, though he criticizes Cuckerberg & Co, it seems to me that he makes the exact same mistake they make — to assume that cryptocurrency is merely financial technology, when it's also a political weapon.

✮ In Gerard's defense, when criticizing cryptocurrency, he manages to be less insufferable than Gates & Buffett.

pj


Total Posts: 3557
Joined: Jun 2004
 
Posted: 2020-11-06 17:49
@rod
Never thought of that. Would love to hear more.
Could you provide some references on the theme?

The older I grow, the more I distrust the familiar doctrine that age brings wisdom Henry L. Mencken

rod


Total Posts: 430
Joined: Nov 2006
 
Posted: 2020-11-06 17:54
Government control (excuse me, “public oversight”) of all major monetary transactions is one of the basic attributes of sovereignty in the modern world. If you can get away with “money laundering,” i.e., circumventing this control, you can get away with anything. If you can systematically disable it, perhaps you yourself are the new regime. You’re certainly on the way.

— Mencius Moldbug · January 23, 2013

nikol


Total Posts: 1235
Joined: Jun 2005
 
Posted: 2020-11-06 18:08
> also a political weapon.

dollar is too, so nothing is new here.

New is the understanding of all that. The more I observe Bitcoin and all that crypto related stuff the more I convince myself how genius Satoshi was. He basically has proved, that the money is a "tokenized social mutual debt" (modification of David Graeber's definition):
i.e. By exchanging own product or service for any form of money, even gold, each of us takes societal debt on own balance in expectation to get something useful back. Sovereign money are rather political tool of particular government (enforced by police and army). Gold/silver, bitcoin are truly decentralized.

PS. Perhaps, I should clarify "understanding as new" - I did not see these money definitions before Satoshi. Perhaps only von Mises or even great practitioners, like banker J.P. Morgan (in testimony before Congress in 1912, “Gold is money. Everything else is credit.") expressed it clearly.

rod


Total Posts: 430
Joined: Nov 2006
 
Posted: 2020-11-06 18:09
A critique of Libra:

✭ Stephen Diehl, Facebook Libra is architecturally unsound, November 2, 2019.

rod


Total Posts: 430
Joined: Nov 2006
 
Posted: 2020-11-06 18:15
nikol: "dollar is too, so nothing is new here."

Try crossing the border with 1 billion in cash or gold.


nikol


Total Posts: 1235
Joined: Jun 2005
 
Posted: 2020-11-06 18:25
True, indeed.

One also cannot burry it secretly into the ground and handle "own certificate" through the border and use it outside :))

bitcoin gives more freedom...

nikol


Total Posts: 1235
Joined: Jun 2005
 
Posted: 2020-11-06 22:02
Still.

1.Without internet there is no bitcoin.
2. Banks know how to transfer cross border tonnes of dollars via b2b or default mechanism

rod


Total Posts: 430
Joined: Nov 2006
 
Posted: 2020-11-06 22:06
Without Internet, all the attention-starved Instathots would launch a rebellion. No Western government would allow that.

nikol


Total Posts: 1235
Joined: Jun 2005
 
Posted: 2020-11-06 23:15
> No Western government would allow that.

Do you think that everything happens only under permission of these governments?

rod


Total Posts: 430
Joined: Nov 2006
 
Posted: 2020-11-06 23:17
It was a joke on the gynarchy. In any case, if there is no Internet, will there be wire transfers? Will there even be electricity?

pj


Total Posts: 3557
Joined: Jun 2004
 
Posted: 2020-11-07 13:27
@rod

Sorry for being cryptic in my last post.
I should have phrased my question better.
I was too impatient.
When you talking of bitcoin as a political weapon,
what do you mean (with the references)?
As I haven't been aware about this framing.

Have to confess not intending to pay much attention to Moldbug's ramblings. Cool

The older I grow, the more I distrust the familiar doctrine that age brings wisdom Henry L. Mencken

rod


Total Posts: 430
Joined: Nov 2006
 
Posted: 2020-11-07 15:15
@pj:

I did not have anything deep in mind. Cryptocurrency can live in no man's land, jurisdiction-wise. Cryptocurrency is arguably the first asset class in which ownership is deniable and that can be immune to seizure by a sovereign — if properly used. Instead of seizure by the state, one will likely be expropriated by hackers in the former Soviet Union.

How is it a political weapon? Because it can undermine sovereignty. For example, about a decade ago, Assange's PayPal account was frozen and he started using cryptocurrency. Uncle Sam could not seize his cryptocurrency — I assume. The NSA now hires blue-haired cookie monsters, fortunately — or not.

rod


Total Posts: 430
Joined: Nov 2006
 
Posted: 2020-11-07 18:36
Congressman Brad Sherman wanted to outlaw cryptocurrency. Congressman Vargas grilling Cuckerberg on Libra:

Okay. Well thank you for doing that. One of the things I think that you’re probably sensing from us is that the dollar is very important to us as a tool, a tool of American power and also a tool of American values. So we would much prefer to put sanctions on a country than send our soldiers there. As you know, the power that we have because of that, because the banking system is significant, you can see some of the outlaw states that we have today were able to work with our colleagues around the world to do something about what they’re doing because of the power of the dollar. So when something threatens the dollar, we get very nervous, and I think we should be, because that’s something that again, has been very useful for foreign… How do I say it? Projecting American values in foreign power. Do you understand all that fairly? Because I think you do. I mean, you’ve been hinting at that, but I want to make sure that you understand that, because you’re playing in a space. It is a delicate space for us.
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