Two SEC lawyers resign after agency censured for abuse of power in US crypto case
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BitsMcBytes's recent activity
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Venezuela to accelerate cryptocurrency shift as oil sanctions return
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Comment on A primer on Bitcoin cross-border flows: Measurement and drivers in ~finance
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A primer on Bitcoin cross-border flows: Measurement and drivers
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Comment on Generation Z is unprecedentedly rich in ~finance
BitsMcBytes Link ParentOh dang, good to know! I didn't realize tags were manually set... tbh I thought they were done by AI or some kind of NLP (I'm not even joking haha)Oh dang, good to know! I didn't realize tags were manually set... tbh I thought they were done by AI or some kind of NLP (I'm not even joking haha)
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Comment on Generation Z is unprecedentedly rich in ~finance
BitsMcBytes LinkArchive link: https://archive.is/s07Xr per The Economist: — Gen-Z will soon pass Boomers in the US workforce — Gen-Z has higher home ownership level than Millennials at similar age — Median...Archive link: https://archive.is/s07Xr
per The Economist:
— Gen-Z will soon pass Boomers in the US workforce
— Gen-Z has higher home ownership level than Millennials at similar age
— Median household income at 25 is higher than Millennials or Boomers -
Generation Z is unprecedentedly rich
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Comment on NPR’s New CEO Hates Tech, Too in ~news
BitsMcBytes LinkRelated thread: https://tildes.net/~news/1fo6/npr_suspends_veteran_editor_as_it_grapples_with_his_public_criticism -
Comment on There used to be a people’s bank at the US Post Office in ~finance
BitsMcBytes Link ParentRight, someone could absolutely compromise my bank account. My bank might even turn out to be insolvent during a crisis. For those situations where there is counterparty risk with the bank I...Right, someone could absolutely compromise my bank account. My bank might even turn out to be insolvent during a crisis. For those situations where there is counterparty risk with the bank I absolutely want fraud protection and FDIC receivership.
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Comment on There used to be a people’s bank at the US Post Office in ~finance
BitsMcBytes Link ParentI don't understand the first two, why do I need fraud protection or FDIC if I self-custody? This where dollars and dollar-based credit systems win in all cases, they have the deepest liquidity in...I don't understand the first two, why do I need fraud protection or FDIC if I self-custody?
Accepted at all retailers and utility providers?
This where dollars and dollar-based credit systems win in all cases, they have the deepest liquidity in global markets. But its easy enough swap out of e.g. USDC to dollar-credit when needed until more adoption of onchain payments is accepted.
Qualified for direct deposit of paychecks?
You can opt out of ACH and into USDC for pay. There are plenty of companies that do this. Here is one that put it right in the job description:
"Compensation options include payment via USDC-SPL or several fiat currencies."
https://jobs.solana.com/companies/triton-2/jobs/35968289-senior-full-stack-ruby-on-rails-software-engineerBanking provides a lot more benefits besides not having to carry cash around.
Agreed. I think its useful to have a bank to use as an on/off ramp. You'll also need a bank for undercollateralized loans. Personally I keep very little personal funds in my bank, just enough to cover mortgage and credit card bills. Excess funds I keep onchain where I own it. I also mainly try to do USDC transfers over wire transfers, after having a couple instances of wire transfers "getting lost" and having a headache with the banks to resolve those issues.
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Comment on There used to be a people’s bank at the US Post Office in ~finance
BitsMcBytes Link ParentVISA is doing research on Solana as the high-throughput general purpose blockchain for payments. https://usa.visa.com/solutions/crypto/deep-dive-on-solana.html USDC works on (I think) over a dozen...VISA is doing research on Solana as the high-throughput general purpose blockchain for payments.
https://usa.visa.com/solutions/crypto/deep-dive-on-solana.htmlUSDC works on (I think) over a dozen networks now, all proof-of-stake. But just an FYI, transaction volume doesn't have a linear effect on energy spend in proof-of-work. PoW energy spend is a function of difficulty adjustment and block confirmations (blockspace production). Implied energy per transaction goes lower the more transactions are aggregated into a block, rather than higher. It's like a dishwasher, adding more plates doesn't increase the energy pull per wash cycle, it just makes energy-per-plate lower.
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Comment on There used to be a people’s bank at the US Post Office in ~finance
BitsMcBytes LinkStablecoins are the new postal banking imo, 24/7 banking with near instant global settlementStablecoins are the new postal banking imo, 24/7 banking with near instant global settlement
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Comment on NPR suspends veteran editor as it grapples with his public criticism in ~news
BitsMcBytes LinkHe just announced his resignation from NPR: https://x.com/uberliner/status/1780610524411048183He just announced his resignation from NPR:
I am resigning from NPR, a great American institution where I have worked for 25 years. I don’t support calls to defund NPR. I respect the integrity of my colleagues and wish for NPR to thrive and do important journalism. But I cannot work in a newsroom where I am disparaged by a new CEO whose divisive views confirm the very problems at NPR I cite in my Free Press essay.
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Comment on Two years to save the planet, says UN climate chief in ~enviro
BitsMcBytes Link ParentSalt is being explore as something they can add to the fuel to bring down the water temps as well as sulfur did.Salt is being explore as something they can add to the fuel to bring down the water temps as well as sulfur did.
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Comment on NPR suspends veteran editor as it grapples with his public criticism in ~news
BitsMcBytes LinkFeels to me like NPR just proved his point. It doesn’t matter if you’re a tenured, award winning journalist. If you publish journalism that’s counter-narrative to their mandate, you’re in trouble.Feels to me like NPR just proved his point. It doesn’t matter if you’re a tenured, award winning journalist. If you publish journalism that’s counter-narrative to their mandate, you’re in trouble.
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Comment on Two years to save the planet, says UN climate chief in ~enviro
BitsMcBytes Link ParentYeah, and also that those who seem acutely aware don't seem to be going into prepper mode. NYT has been posting climate change articles for decades now, but remain headquartered mere blocks from...Yeah, and also that those who seem acutely aware don't seem to be going into prepper mode.
NYT has been posting climate change articles for decades now, but remain headquartered mere blocks from the water’s edge, which is supposed to be rising (this is why billionaires buying oceanfront homes get mocked so much online.) Surely the New York Times, a public company, would disclose their moving and climate mitigation plans to shareholders at some point.
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Comment on Gold is back — and it has a message for us in ~finance
BitsMcBytes Link ParentTime window preference. S&P 500 is down in gold terms since 2000. S&P 500 is majorly down in BTC terms since inception. Any time window of any asset can be used to find blemishes. My view is: why...Time window preference. S&P 500 is down in gold terms since 2000. S&P 500 is majorly down in BTC terms since inception.
Any time window of any asset can be used to find blemishes.
My view is: why wouldn't I want a scarce or fixed supply asset in an inflationary environment, that is being quoted in a currency that has infinite supply, where that currency is steadily collapsing in purchasing power. Especially if that asset is not subject to beating market expectations, managerial performance, dealing with antitrust lawsuits, carrying the weight of the S&P 500 on its shoulders since we know most of that market concentration is on six companies at this point.
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Comment on Gold is back — and it has a message for us in ~finance
BitsMcBytes Link ParentIf you need yield, buy the short-end of the fixed income market. But longer dated yields don't look great to me as they go to test 5%. For stocks, I see the expectation to make money as a bug, not...If you need yield, buy the short-end of the fixed income market. But longer dated yields don't look great to me as they go to test 5%.
For stocks, I see the expectation to make money as a bug, not a feature. But some people are really good at stocks, I'm not. So for some people it works.
With gold and bitcoin I never have worry about about earnings expectations being missed. These are monetary inflation and liquidity-linked assets with visible flows (esp bitcoin), and I have a better sense of flow analysis and what direction monetary inflation and liquidity is going esp. long-term, than I do on if a company is going to beat their quarterly estimates.
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Comment on Gold is back — and it has a message for us in ~finance
BitsMcBytes Link ParentAgreed, especially on the your point of the global conflicts, gold is proving to be a neutral reserve asset for settling large trade imbalances between China (who want to buy oil in Yuan) and...Agreed, especially on the your point of the global conflicts, gold is proving to be a neutral reserve asset for settling large trade imbalances between China (who want to buy oil in Yuan) and Russia (who had been sanctioned which is essentially USD confiscation.)
Paraphrasing Luke Gromen mentioned in the article, gold is becoming an oil currency.
Bitcoin is benefiting from the reflationary pressures and global liquidity increase. It speaks the language of gold but no central bank will yet admit to buying it up as a neutral monetary asset.
Silver is interesting because its too useful of a commodity for CBs to want to buy in their size. It would be like buying tons of corn. If corn goes too high then people get less food. Like the other hard assets you mentioned it will follow the trend, and probably to a more volatile degree (bitcoin and silver have similar market caps).
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Comment on Does something like a charity fund for FOSS exist? If not, do you think it could be a good idea? in ~tech
BitsMcBytes LinkThe creator of brew is working on tea which is supposed to be a package manage that helps library authors get paid for their work: https://tea.xyz/The creator of
brewis working onteawhich is supposed to be a package manage that helps library authors get paid for their work:
https://tea.xyz/
Per the IMF: