GRHorn

This is a thread about institutions getting into crypto, but this post is a good illustration why I’m no fan of PoS and Eth.

This is a thread about institutions getting into crypto, but this post is a good illustration why I’m no fan of PoS and Eth.

For sure. I’ve realized you can’t fight deficits at this point. Both parties want to spend on their own preferred projects. Might as well prepare yourself accordingly, thus my pivot to Bitcoin.

Huh, I’ve always been against massive deficits and debt. Most Bitcoin enthusiasts tilt Austrian.

You don’t see a difference between then, when she had only been Fed Chair, and now when she’s been on both sides of the fence? Or when X trillions of dollars more debt has been added since?

Yes. It’s all nonsense. Elon is trolling at this point.

Exactly. There has been and will be plenty of coordination going forward. Who’s the Treasury Secretary? Oh yeah.

I don’t see a major split in the Bitcoin community. Any people that are interested in PoS are already working with other coins. Since we’re talking, PoS is deficient because it’s actually quite similar to the financial system we have now. The largest stakeholders benefit directly with each block. Power and wealth centralizes from that point. With PoW systems the miners have to actually expend resources to earn newly distributed coins. It’s a fairer and obviously more decentralized system. With Ethereum specifically, they had a large premine when they started. The early holders still have a lot of coins they were gifted and they will have an outsized effect on consensus in PoS system. Also with Ethereum you are pretty dependent on Vitalik. Here’s something he pulled yesterday. Rugged a lot of token holders. Evidently going to donate to charity? I would say there’s better ways to do that. He’s a single point of failure. Just like Elon can be coerced by outside forces, so could he. There’s no such figure in the Bitcoin community to corrupt. If people try to attack Bitcoin, like Elon, they get scorched. The above reasons are why I’m skeptical of Ethereum and I own only a very small amount relative to Bitcoin. It’s probably 97/3.

It’s not its stated mission, but it’s becoming politicized. It monetizes the debt that’s funding our increased expenditures.

I know you like a good conspiracy. I think it’s clear he got a tap on the shoulder and was told to cut off this Bitcoin nonsense. His critique in a few ways doesn’t make sense. Bitcoin cost/transaction? That’s not a way that anybody that really follows Bitcoin thinks about it because it doesn’t make any sense. Also, they hate it so much, but they’re not going to sell it? And he’s worried about increased coal burned for mining Bitcoin? Then what is this? Tesla depends on a lot of government subsidization. He was told to get in line. Prove me wrong.

How is it tamed? Raising interest rates, right? That’s one of the big issues we have. We can’t have rates go too high because of the size of the debt. Or by the MMT school of thought, you raise taxes to pull money out of the economy to tame inflation. Politically, that will be very difficult. In short, I think it would be harder to tame than you I guess.

He’s implying that if 1/4 of all crossers are arrested then it’s not uncontrolled. Semantics.

All vaccinated people sitting around, spread out, wearing masks.

Wrong forum. I’ll just say this is not a well thought out post.

dummies

So transitory, at least to this Fed Pres, means more normalized by end of 2021. We’ll see. It’s funny that appearance almost seems in response to Druckenmiller’s column and media appearance. Here’s another column from yahoo

I was going to go a little higher. The one year expectations were already at 3.4%. I was going to go 4% middle of road, 6.5% high end.

When do the morning coffee meetups start again?

I know most of the posters here are disregarding the regarded cdc outdoors guidance, but this column is well written summation with plenty of links explaining why it should be. Hopefully the rest of the country where these fools are following this stuff can get it together.

How much of a role do you think insufficient inflation and/or tight monetary policy have played in the lack of real wage growth?

Good point. I guess their experience told them we really don’t want to go through that again.

#1- My assumption is correct, but it’s besides the point. You introduced that as a consideration. #2- I know we’ve had some thread mixing, but discussion of debt monetization and reserve currency status is relevant to inflation discussion here.