Actually value is created when a scam company goes bankrupt. Less value destruction in the marketplace.
210 karma · joined May 29, 2022
In addition to that I now and then try to pay with Bitcoins at other stores. Last time got excited about boltcards (https://github.com/boltcard/boltcard) there are few places in my country which accept it, but it is quite a new thing.
These should be quite possible, no? Exchanges have mainteinance pauses now and then, however if they had them regularly that would drive customers away. Unwinding transactions inside crypto exchanges is also not unheard of I think.
And you don't have to. Best always to hold your own coins yourself if you have that possibility, or use a custodian you trust.
If business is going as usual, customers don't see anything, because hot wallet funds are kept at acceptable levels. Not too high, because you don't want to have too much funds online in a case a hack happens. Not too low, because you want customer withdrawals to function. However, if some kind of panic happens and people start withdrawing a lot at once, then you will always have delays, assuming that you have a sane system.
If lot of people are withdrawing at once, it would cause minor inconvenience to any exchange. They have to transfer funds from cold storage, and that takes time. It is almost impossible to determine if an exchange is solvent or not until you know their cold storage addresses.
However to me most articles about FTX seem like "panic first, research after". Yes SBF's investment company might be fucked, but customers funds should be totally separate from that.
Copyrighted material on blockchain has been discussed many times, it is just not viable attack because blockchain space is crazy expensive. There has been various data uploaded to the blockchain but you also need scripts to extract that data, so it also raises the question if that is even that accessible data.
What was the original promise again? I don't see original Bitcoin whitepaper mentioning traceability or untraceability. There is a chapter about privacy features and no sane person would see a promise of untraceability in that chapter.
It seems that shills and spin doctors pumping their own crypto coins twist the history to their needs.
Honestly rarely pays and is also unthankful. There is only a little benefit and lots of downsides, such as people getting seriously pissed at you. It is not a wonder that corporate leadership roles are filled up with people who see no problem of talking bullshit all day.
That wisdom applies to that specific industry. In gaming, the people you hire are the asset. However the same doesn't apply to all industries. Sometimes people are more and sometimes less replaceable. If you are running a fast food chain and manage to piss all your employees, yes, it is likely a problem, but if you hire new people and fix your behaviour it is likely that the business will continue to run as usual.
Fraud is huge industry, the fraud models and attack vectors in the fiat world is different than in the crypto world. In the end wherever there is enough money, there will be fraud as well.
It is possible, via a hard work. Similarly as it was possible to transition from PoW to PoS. The question is, if there is political will for that. Clearly changing the protocol rules is possible has it has been done with ethereum in the past, including for censorship reasons (in the earlier hard fork the reason was to cancel a hack).
I also live in Europe though.
Pornhub essentially is already their own payment processor, as it looks like they are processing cryptocurrency payments from the customers.
However these are definitely not liquid, if you are going to sell them you maybe have to store them for a long time.
I have almost never seen a company where people are paid exactly the same... Usually there are differences. I'm pretty sure your Indian buddies didn't have exactly the same salary.
If you pay 80% less to Indian remote worker it would stupid to expect the same result. But maybe you are in some bullshit corporate environment and don't even want the results, you just want to look like you are saving the corporate some money or whatever. Often these outsourcing choices are about corporate bullshit.
However if you are looking for results, you could hire top people from cheap cost of living like India or so with maybe 10% or 20% cheaper than the western counterparts. I'm pretty sure that's possible, you don't save 50% but you can for sure get a little bit more bang for the buck if you are willing to do the work of filtering good candidates remotely.