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slightlylate's profile
Alex Russell
Alex Russell
Alex Russell
@slightlylate

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Alex Russell

@slightlylate

Chrome Project 🐡 & Web Standards TL; Blink API OWNER Named PWAs w/ @phae; probably making her ☕ DMs open. Tweets my own; press@google.com for official comms.

San Francisco, The Internet
infrequently.org
Joined December 2010

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    1. Alex Russell‏ @slightlylate 6 Dec 2017
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      Replying to @aboodman

      It's digital, it's just not currency.

      1 reply 0 retweets 0 likes
    2. Aaron Boodman‏ @aboodman 6 Dec 2017
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      Replying to @slightlylate

      I mean I think it is *technically* a currency, just not at all a good one.

      2 replies 0 retweets 0 likes
    3. arv‏ @ErikArvidsson 6 Dec 2017
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      Replying to @aboodman @slightlylate

      Not sure it qualifies for "predictably useful when retrieved"?

      1 reply 0 retweets 1 like
    4. Alex Russell‏ @slightlylate 6 Dec 2017
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      Replying to @ErikArvidsson @aboodman

      Right. Useful currencies don't have massive volatility in purchasing power (which is one of the roles central banks play).

      2 replies 0 retweets 0 likes
    5. Aaron Boodman‏ @aboodman 6 Dec 2017
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      Replying to @slightlylate @ErikArvidsson

      Agree Bitcoin is way too volatile currently to consider currency. Other competitors are doing a little better, but it's still very early. I think we will get there. The currency use case is definitely the hardest by far to crack.

      1 reply 0 retweets 0 likes
    6. Alex Russell‏ @slightlylate 6 Dec 2017
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      Replying to @aboodman @ErikArvidsson

      It's worse than that: purchasing-power volatility is *built in* to most of these systems. You can't say "audit the Fed!" and then imagine that somehow crypto-whatever-these-things-are will deliver us from inflation (volatility) with zero evidence.

      1 reply 0 retweets 0 likes
    7. Aaron Boodman‏ @aboodman 6 Dec 2017
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      Replying to @slightlylate @ErikArvidsson

      I don't agree that purchasing power volatility is "built in". Can you justify that?

      1 reply 0 retweets 0 likes
    8. Alex Russell‏ @slightlylate 6 Dec 2017
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      Replying to @aboodman @ErikArvidsson

      Deflationary effect is basically key to mining. Or do I misunderstand the artificial scarcity of coin mining divorced from productive allocation of capital?

      1 reply 0 retweets 0 likes
    9. Aaron Boodman‏ @aboodman 6 Dec 2017
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      Replying to @slightlylate @ErikArvidsson

      There's a difference between volatility and (predictable) inflation or deflation. USD inflates predictably, it's not considered volatile. It doesn't seem likely to me that either volatility or deflation is inherent to crypto.

      1 reply 0 retweets 0 likes
    10. Aaron Boodman‏ @aboodman 6 Dec 2017
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      Replying to @aboodman @slightlylate @ErikArvidsson

      Not personally bought off on "currency needs to inflate at 3% per year" but seems like such a thing might be implementable. Much more important is low volatility, which seems could emerge as market size matures (gold has relatively lower vol and still tiny market)

      1 reply 0 retweets 0 likes
      Alex Russell‏ @slightlylate 6 Dec 2017
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      Replying to @aboodman @ErikArvidsson

      Predictability is literally the opposite of volatility. The thing to watch is the long-term effectiveness of the Fed on this. Meanwhile in crypto-speculation...

      10:20 PM - 6 Dec 2017
      1 reply 0 retweets 0 likes
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        2. Aaron Boodman‏ @aboodman 6 Dec 2017
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          Replying to @slightlylate @ErikArvidsson

          I asked you to justify that volatility was intrinsic to crypto. You responded that deflationary effect was intrinsic. But it sounds like we both agree this isn't the same as volatility?

          1 reply 0 retweets 0 likes
        3. Alex Russell‏ @slightlylate 6 Dec 2017
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          Replying to @aboodman @ErikArvidsson

          Deflationary effect is built into mining scarcity as only supply source.

          1 reply 0 retweets 0 likes
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