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djinnius's profile
sam atman
sam atman
sam atman
@djinnius

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sam atman

@djinnius

Philosopher of letters. Math nut. Wizard. ~wep

back into lunar orbit
github.com/mnemnion
Joined March 2009

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    1. Haunted Johnny Normality‏ @Probgoblin Mar 14

      PLEASE PAY GHOSTFACE KILLAH IN ACTUAL MONEY. THAT MAN HAS BEEN ENTERTAINING PEOPLE FOR 30 YEARS. HE DESERVES MORE THAN 2.8 DUNNING-KRUGERRANDS FOR THIS SHOW.pic.twitter.com/TXVI42SvNs

      2 replies 1 retweet 8 likes
      Show this thread
    2. Haunted Johnny Normality‏ @Probgoblin Mar 14

      How do you even use Bitcoin as anything other than arbitrage? Like, how do you structure a contract using a crypto for payment for anything that occurs more than a few hours in the future?

      1 reply 0 retweets 8 likes
      Show this thread
    3. Haunted Johnny Normality‏ @Probgoblin Mar 14

      December: Your monthly salary is .25 BTC. That's decent. February: We're giving you a raise to .3 BTC a month! I can't afford to live indoors now.

      1 reply 0 retweets 4 likes
      Show this thread
    4. sam atman‏ @djinnius Mar 14
      Replying to @Probgoblin

      Speaking from experience contracts are denominated in a fiat and settled in BTC. This is not ideal, but nor is it insane.

      1 reply 0 retweets 0 likes
    5. Haunted Johnny Normality‏ @Probgoblin Mar 14
      Replying to @djinnius

      Okay but... Then what's the point of Bitcoin? What does it bring to the table?

      1 reply 0 retweets 0 likes
    6. sam atman‏ @djinnius Mar 14
      Replying to @Probgoblin

      Debts are not denominated in Bitcoin either...

      1 reply 0 retweets 0 likes
    7. Haunted Johnny Normality‏ @Probgoblin Mar 14
      Replying to @djinnius

      So you settle on a price using recognized currency, convert to crypto (for a fee), transfer (for a fee), then presumably go back to fiat (for a fee)?

      1 reply 0 retweets 0 likes
    8. sam atman‏ @djinnius Mar 14
      Replying to @Probgoblin

      No, I'm saying that the point is macroeconomic. Spending Bitcoin in USD land is like spending bhat in USD land: you chip-and-pin and done.

      1 reply 0 retweets 0 likes
    9. sam atman‏ @djinnius Mar 14
      Replying to @djinnius @Probgoblin

      If the too-big-to-fail central banks were fiscally responsible entities, there would be little point to Bitcoin

      2 replies 0 retweets 0 likes
    10. Haunted Johnny Normality‏ @Probgoblin Mar 14
      Replying to @djinnius

      Yeah but if you still peg your transaction price to fiat, and have to pay transaction fees at every step, it seems the utility it offers is that it's... slower and more expensive than regular money.

      1 reply 0 retweets 0 likes
      sam atman‏ @djinnius Mar 14
      Replying to @Probgoblin

      This is all transitional. Right now Bitcoin utterly fails as a unit of account. Hence it's "not quite money" vibe.

      11:34 AM - 14 Mar 2018
      1 reply 0 retweets 0 likes
        1. New conversation
        2. sam atman‏ @djinnius Mar 14
          Replying to @djinnius @Probgoblin

          30 cents and 40 minutes to transfer a couple grand though? I have actually /used/ Western Union....

          1 reply 0 retweets 0 likes
        3. Haunted Johnny Normality‏ @Probgoblin Mar 14
          Replying to @djinnius

          Back in December fees were $8-$40 dollars. So it seems that the only time the BTC blockchain can beat traditional institutions is when no one is using it. I just don't see what this is supposed to be transitional to.

          0 replies 0 retweets 0 likes
        4. End of conversation

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