“Why are you so down on crypto, Patrick?” Because when Michael Lewis inevitably writes a book on the largest metafraud ever perpetuated, substantially encouraged and enabled by our industry, I would like him to be able to report “Not everyone in tech was blind to this.”https://twitter.com/CasPiancey/status/1133585910161821697 …
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Why can't the base layer asset that secures the slow public database to which all digitally represented financial value settles be worth hundreds of billions or more?
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That’s magical thinking, akin to “The Unicode consortium will capture a material percentage of the world economy.” Somebody has to actually agree to pay (some fraction of) that $X00 billion bill, and the big somebodies have an incentive to find a slow-or-fast DB w/ sane pricing.
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Using smart contracts as a commitment mechanism for mixed strategies in adversarial negotiations is for real though
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i'll buy that for a Ƀ
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in the case of centralized finance as well as decentralized the bottleneck is relay coordination, not the transactional speed of the db. if you want to compare apples to apples -- leveldb (bitcoin) is nanoseconds(!!) per read op and 1 microsecond per write.
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completely agree. the core tech is very exciting. the finance surrounding it is insane. And it bears the insane fruits of insane marketing, insane projects, and insane douchebags. At least I think I understood your hot take
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I always knew
@patio11 was a Bitcoin maximalist

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"slow databases" haha!
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