lottin

A simple conversation would do.

What evidence against the existence of dark matter should we expect to find if it didn't exist?

You're saying that the evidence for the existence of dark matter is that your theory doesn't agree with the observation. This is like saying that you have no evidence at all.

I think people pay these companies for providing them with information about their DNA, which is quite different.

For one thing, R code can be written more concisely, due to the fact that the language is vector-based and functionally-oriented.

Sure... I was alluding to OP's comment, not yours.

Again, that's simply not true. You can't point to a single instance where CBDC infrastructure has enabled or improved wholesale international payments that were impossible or otherwise costly to do before.

The USD doesn't have a technological monopoly on cross-border payments. Before the introduction of the euro, European nations were trading with each other using their local currencies just fine.

Moreover, CBDCs are ill-suited for internation trade, or for any kind of trade, because they're cash-like. They're intended as a substitute for physical cash.

Physical cash is typically used in face-to-face transactions, which somewhat reduces the risks. The scenarios in which a digital version of physical cash might make sense are few and far between. To suggest that such a currency could one day threaten the US dollar dominance is absurd, in my opinion.

You don't say why a CBDC would be a more convenient alternative to USD for international transaction settlements. A CBDC is simply a digital version of an existing currency. It isn't nothing new, since bank deposits already allow digital transactions with any currency.

Privacy features in a currency are a double-edged sword. It means that the money is very difficult or impossible to recover in the event of theft, fraud, or even user errors. It isn't a risk most people want to be exposed to.

Japan has low inflation, like most developed countries.

https://fred.stlouisfed.org/series/FPCPITOTLZGJPN

Okay... we were talking about inflation. When and how exactly has the BLS chosen an inflation metric that suits "the narrative" of today?

Whenever there's a change in methodology, it's common practice to retroactively recalculate the entire series so that the data are consistent. Economists aren't that dumb.

So you're saying that the US Bureau of Labor Statistics should throw their statistical methodology out of the window and instead use your bills to measure inflation?

It hasn't lost half its value. A "weak yen" simply means the yen depreciated relative to another currency.

If you want lawlessness go ahead, but don't come crying when someone steals your riches or punches you in the face.

Indeed, physical cash has similar limitations. Everybody understands that it's inherently unsafe. Yet crypto-currency advocates are advising people to keep a large part of their savings as an asset that's even less safe than physical currency, which is absolutely crazy.

> The base rule in crypto has always been “not your keys, not your coins”

This is because blockchains have no way of enforcing laws, including property rights. Therefore it comes down to this. Imagine that whoever got hold of your car keys, automatically became the owner. This is what "not your keys, not your coins" means.

It isn't a software problem.

The purpose of KYC isn't just to combat terrorism and financial crime, but also to protect businesses from the actions of unscrupulous individuals, which is common in low-trust societies. As Western society transitions from high-trust to low-trust, I predict KYC will only become more widespread.

Wishful thinking. Cryptocurrencies have failed to gain traction even in countries experiencing hyperinflation. People don't trust a fiat "currency" that is issued by anonymous entities and is backed by nothing. Especially when it's been known to depreciate dramatically in the blink of an eye. People trust fiat currencies that are issued by reputable institutions that give credible assurances about the purchasing power of said currencies. This is why such currencies as the US dollar and the euro are used all over the world for international trade, and cryptocurrencies are not.

Hyperinflation is extremely uncommon, especially in developed countries, and when it occurs it's always caused by incompetent or corrupt governments, not by the currency itself.

The international monetary system isn't a deflationary system per se. It can accommodate a variety of monetary policies, including deflationary policies.

As far as bitcoin being a hard asset, this isn't entirely correct either. Not only does bitcoin not generate income, but it consumes income. You see, the bitcoin network is extremely expensive to maintain, and the owners of bitcoins are the ones who bear the cost. Either they pay with fees -unlikely-, or they'll pay by losing value in their investment -most likely. There's no way around it.

Owners of bitcoins pay for all this unproductive work. They pay for it by buying the new bitcoins being issued by the miners every 10 minutes. So long as these idiots continue to buy the coins, miners can continue to waste resources.

This argument is nonsense though. The energy that is used to secure the bitcoin network is spent. It can't be recovered later.

No, the international monetary system is perfectly functional, as evidenced by the fact that it supports the global economy just fine.

Bitcoin is neither an alternative to the international monetary system, nor a hedge. It's a joke. A gambling instrument for financially illiterate people.

And it's worse. Bitcoin doesn't even work. Imagine paying with bitcoins at the grocery store.

Do you think lawlessness is a feature?

That's a very convincing argument.