Economist Steve Hanke: Bitcoin Is Not a Currency, It's a ...

Bitcoin is not a currency, Prof Steve Hanke warns

Bitcoin is not a currency, Prof Steve Hanke warns
Reacting to the recent disappointing performance by Bitcoin in the crypto market, Prof Steve Hanke, American economist and prof at the Johns Hopkins University in Baltimore, Maryland, noted on Twitter that Bitcoin should not be confused as a means of legal tender because it is very speculative in nature.

https://preview.redd.it/oq1jdrjnyz651.png?width=598&format=png&auto=webp&s=fb0b16134832ad34be1022f2b990dddf1ee2040d
This is not the first time an influential figure is criticizing Bitcoin, as far back as 2019, Economist Nouriel Roubini said that he would gladly take the dollar over Bitcoin because he does not believe that it is a real store of value. Giving his take on Bitcoin, the Economist said,
"Maybe Bitcoin is a partial store of value but it’s not a unit of account, it’s not a means of payment, it’s not scalable [...] despite its rally earlier this year, it’s lost 60% in value since its peak, so I don’t see it going anywhere frankly."
Buttressing the point of Roubini, Billionaire, Warren buffet claims that Bitcoin is an illusion because it holds no real store of value.
“If you do something phony by going out and selling yo-yos or something, there’s no money in it — but when you get into Wall Street, there’s huge money," the billionaire said.
Bitcoin Stuck in Negative Zone After Failing to Make Resistance Break
Talking about the recent disappointing performance of the coin, investor and analyst at Panda, Edward Moya said;
“Bitcoin continues to consolidate in what many crypto fans are calling the typical accumulation phase that occurs after a halving event. The coin has struggled “despite an overall resilient appetite for risky assets."
submitted by Bit2buzz to btc [link] [comments]

Bitcoin is not a currency, Prof Steve Hanke warns

Bitcoin is not a currency, Prof Steve Hanke warns
We can't blame Bitcoin for the negative trend it has undergone in recent weeks because the crypto market is currently being rocked by volatility. Volatility in the crypto market is the phenomenon used to describe the unpredictable fast movements of assets in the market. Considering the coronavirus pandemic, it has further deepened the volatility of the digital asset.

Bitcoin needs to break out of $10,000 resistance to make a surge

Looking briefly at the buying and selling pressure indicator, the crypto index is being said to be stuck in a negative zone and currently heads away from the 400 level that acts as its point of resistance. After trying on numerous occasions to break past its resistance $10,000 resistance level, Bitcoin needs to be able to break past the level to be able to make a bearish move in the market. One of the major factors affecting Bitcoin is the sell-off that happened on March 12 after it witnessed a price reduction by half. Dubbed as the Black Thursday, Bitcoin went from a little bit over $7,000 to sell at around $3,000.

https://preview.redd.it/miezh8epzz651.png?width=1143&format=png&auto=webp&s=54644b3b17c60fe8aa91f0e80a9bfa6f33f79dbc
Talking about the recent disappointing performance of the coin, investor and analyst at Panda, Edward Moya said;
“Bitcoin continues to consolidate in what many crypto fans are calling the typical accumulation phase that occurs after a halving event. The coin has struggled “despite an overall resilient appetite for risky assets."
Moya further noted that if this trend continues, it would force most small scale miners out of the Bitcoin network as they would not be able to make a profit as a result of the halving of the rewards.

Bitcoin is not a currency, Prof Steve Hanke warns

Reacting to the recent disappointing performance by Bitcoin in the crypto market, Prof Steve Hanke noted on Twitter that Bitcoin should not be confused as a means of legal tender because it is very speculative in nature.

https://preview.redd.it/eodz0tmuzz651.png?width=598&format=png&auto=webp&s=2c2bbc1253b9d89876f91d3dd7075d516d4f4f88
This is not the first time an influential figure is criticizing Bitcoin, as far back as 2019, Economist Nouriel Roubini said that he would gladly take the dollar over Bitcoin because he does not believe that it is a real store of value. Giving his take on Bitcoin, the Economist said,
"Maybe Bitcoin is a partial store of value but it’s not a unit of account, it’s not a means of payment, it’s not scalable [...] despite its rally earlier this year, it’s lost 60% in value since its peak, so I don’t see it going anywhere frankly."
Buttressing the point of Roubini, Billionaire, Warren buffet claims that Bitcoin is an illusion because it holds no real store of value.
“If you do something phony by going out and selling yo-yos or something, there’s no money in it — but when you get into Wall Street, there’s huge money," the billionaire said.
Conclusively, most people believe that Bitcoin is a good venture, while others have a not so good perspective of the leading cryptocurrency. If Bitcoin continues on this spree and does not experience a major breakout soon enough, most traders would be forced to look elsewhere which is not a good thing for the venture. In the long term, Bitcoin could still make the surge but, in the short run, nothing is sure as of now.
submitted by Bit2buzz to CryptoCurrencyTrading [link] [comments]

An attempt to solve Venezuela’s Hyperinflation and economic crisis

“The bolivar has been hyperinflating since November 2016.”
“Both the government and the state-owned oil company are in default on dollar-denominated debts.”
“The economy has now been in deep recession for five years and there is no sign of recovery.”
What is Hyperinflation? (from Investopedia)
“Hyperinflation is a term to describe rapid, excessive, and out-of-control price increases in an economy.
Hyperinflation can occur in times of war and economic turmoil followed by a central bank printing an excessive amount of money.
Hyperinflation can cause a surge in prices for basic goods—such as food and fuel—as they become scarce.”
The prime example for hyperinflation that is used in almost every textbook on economics is the Great Depression which had a severe impact worldwide and took place mostly during the 1930s. But, we will come back to it later…
tl;dr: Venezuela’s economy is not doing very well and their currency is experiencing hyperinflation.
“Back in August [2018], President Maduro tried to end the hyperinflation. He devalued the bolivar by 95%, lopped five zeros off the face value of banknotes, and pegged the bolivar to the petro, the state-issued oil-backed cryptocurrency that he had created earlier in the year. The new-look bolivar is now known as the Sovereign Bolivar (VES).”
“Petro is a cryptocurrency whose price is set by government.” This means the government is just doing the same thing that they did with their fiat money – erasing zeros of the face value. But these measures did not work. Unless there is drastic monetary and fiscal reform, hyperinflation simply continues from the new base of the adjusted currency.
tl;dr: As countermeasures the government erased a couple of zeros on their money to make it worth more and created a cryptocurrency controlled by the government. But that did not stop Hyperinflation.
“Steve Hanke outlined two alternatives for monetary reform: one is to replace the bolivar with a hard currency such as the U.S. dollar, and the other is a currency board. In a strict currency board, the currency is pegged to a hard currency and backed 100% or more by reserves denominated in that hard currency, typically government bonds. Thus, all roads to sound money in Venezuela appear to lead to the U.S. dollar, though the Euro could be an alternative.”
“Unfortunately, neither dollarization nor a currency board are remotely acceptable to Maduro’s socialist government.” It would make no sense to give in to a foreign government and rely on their currency if a government wants to maintain economic sovereignty – especially if the country in question is not in favour of the current government.
Today, Venezuelans are adopting and experimenting with Bitcoin to evade hyperinflation and strict financial controls. But as much as I love Bitcoin it serves as a way to store value and is not efficient (too expensive because of its fees) when it comes to everyday transactions like buying milk – especially in a relatively poor country like Venezuela. Consequently, there is a need for a currency with low or no transaction cost that is still independent from the government.
So, as an alternative wouldn’t it make sense to have a currency board with a decentralized cryptocurrency (because a centralized CC like the petro could not prevent government intervention) that is backed by oil reserves and is pegged to the WTI oil price.
I understand that this would make Venezuela rely even more on oil and that the oil price is unpredictably volatile but it seems to be the best option.
tl;dr: The traditional monetary reforms necessary to combat hyperinflation would mean that Venezuela would have to rely on the US Dollar but they are not on good terms with the US. So, creating with a decentralized cryptocurrency that is backed by oil reserves and is pegged to the WTI oil price is the best choice.
Coming back to the Great Depression to spice up this think tank (which I hope this post will turn into; relating to the think tank btw and not a Great Depression… hopefully) even more.
There are many economic theories to combat (hyper-)inflation and an economic depression but they keep on happening. Granted, they might have been caused my economic mismanagement and not following these theories but I would like to bring up a practical example – The Wörgl Experiment.
The Wörgl Experiment was implemented as a countermeasure during the Great Depression by Michael Unterguggenberger a socialdemocratic major of a town in Austria. His political background should not be important but mentioning this might make it more appealing to be implemented in Venezuela. Anyway, the idea was to create a local “demurrage” currency based on the free-economic-theories of Silvio Gesell (a social reformer) that would lose value if it was not used in a certain timeframe. This should bring money into circulation and encourage people to spend their money, and by doing so, stimulate/help the economy. This was executed by paper money with boxes for every month on it that showed the price that It would have in a given month. Picture
To conclude, I have read a post about the BOMB Token a “Million Dollar Hyperdeflationary Currency” and altough I understand that the idea behind it is quite extreme and „the intention [that the BOMB-Token] is not to be used for day-to-day transactions“ it goes in my desired direction, which is:
tl;dr: To create a deflating decentralized cryptocurrency with a currency board that is backed by oil reserves and is pegged to the WTI oil price.
Its purpose would be to stop Hyperinflation and stimulate the economy in Venezuela (or wherever there is an economic depression and/or Hyperinflation). I might be dreaming here but if some crazy (in a good way and with the spirit of Michael Unterguggenberger) major from Venezuela (or whoever from wherever) reads this and implements it AND it actually works – that would be awesome. So, this is an idea I would like to resurface in whatever way possible because I cannot make a cryptocurrency, I have no pull in Venezuela, I do not even speak Spanish.

So please use this idea, take it apart, criticize it, improve it and do some good with it. :)

Quotes:
https://www.forbes.com/sites/francescoppola/2018/12/31/why-venezuelas-hyperinflation-problem-is-so-difficult-to-solve/
https://www.investopedia.com/terms/h/hyperinflation.asp
submitted by pathei_mathos7 to CryptoCurrency [link] [comments]

Argentina Needs an Amputation, By Fergus Hodgson

The country needs to rid itself of Peronism as well as the peso
The Argentine peso has lost a third of its value relative to the U.S. dollar in the space of three months, and locals have been to this rodeo before. For seven decades, Argentina has addressed her social and economic problems with massive state interventionism and deficit spending, funded by the printing press. The result has always been the same: economic stagnation and inflation.
Now, Argentina has one of the least free economies in the world and some of the world’s most complicated and highest taxes. Further, the hidden inflation tax has been brutal, at 50 percent annually between 1934 and 2012.
As the Economist magazine has written, “the problem with saviors is that, sooner or later, countries have to try to save themselves from them.” Argentina has to save herself from Peronism, the legacy of the former president, military general, and “savior” Juan Domingo Perón (1895–1974). Other people may also call him a national socialist, or a fascist.
Since Argentina never became part of international socialist movements and the statism and interventionism always had a national rather than an international bent, this is what Argentina needs to save herself from.
The alternative to ridding Argentina of Peronism is more of the same. Argentine people will suffer under a gridlocked economy, and they will face more humiliation as they beg the International Monetary Fund for loans.

The Essence of Peronism

Defining Peronism can be difficult, since it stems from a politician rather than a political philosophy. It is a peculiar mix of social justice, isolationism, and deficit-driven political patronage. Perón traveled in the 1930s to Italy—then a fascist dictatorship—and learned from Benito Mussolini. On the home front, as both a minister and then as president, he formed alliances with labor unions and doled out an immense number of government jobs.
The two major manifestations of Peronism, therefore, are union dominance of the economy and a politicized central bank. In addition, centrally planned trade has jammed the ports, leading to Argentina’s score of 0.29 out of 10 for trade openness, according to KPMG. Try to send anything to Argentina and you will soon see the arbitrary delays and exorbitant import duties.
Worker strikes, often violent and paralyzing, are a national sport in Argentina—after soccer, of course—as I witnessed during my year in Patagonia. Argentina leads Latin America for the number of strikes—1,235 in 2015 alone—and the percentage of the population that participate.
The Independent Review, a journal of political economy, has published a lengthy critique of the Central Bank of the Argentine Republic. The coauthors, Nicolás Cachanosky and Adrián Ravier, note its counterproductive mandate for “social fairness” and the “fact that the [central bank] is unable or unwilling to efficiently manage the supply of currency is—or should be—undisputed.”
Given this dubious mandate of the central bank, Argentina has one of the world’s highest inflation rates, at 32 percent annualized, as documented by the Troubled Currencies Project. To rub salt into the wound, the National Institute of Economic Census for many years fabricated official inflation rates far below the real rates.
As a countermeasure, nationally mandated price freezes leave supermarket shelves empty for many products because price ceilings make it impossible for producers to supply the product at the below-market price.
The epitome of the inflation denial came earlier this decade when Argentine officials fixed the McDonald’s Big Mac price. The Big Mac Index is a tongue-and-cheek international metric that compares international price levels by comparing the price of a Big Mac in different countries. Because Argentina wanted to look cheaper, officials just fixed the price.
But the time for denial is over, and voters and politicians alike need to recognize that inflation stems directly from deficit spending.

Change Is Possible

The good news is that change is possible, and New Zealand’s liberalization of the 1980s would be an example to follow. At that time, the British colony faced a similar fiscal crisis but came out stronger than before.
The prescription need not be complicated. Consider what you do when you face your own fiscal crisis. You can double down and seek more credit—which delays and worsens the inevitable pain—or you can cut spending, work harder, and liquidate your assets until your debts are under control.
Argentina must do the latter.
The first step, necessary but not sufficient, is flexible dollarization, as advocated by Cachanosky and Ravier. They concur with Steve Hanke of John Hopkins University that the Argentine peso needs to go, to be replaced with the U.S. dollar or whatever currencies—or even cryptocurrencies—private businesses prefer. This sound money and low inflation policy would make it possible for businesses to plan and produce effectively again and would reign in rampant speculation and inflation arbitrage.
Ecuador has made the transition successfully, and removing the central bank would end elevated inflation and deficits funded by monetary expansion. Argentina has already experienced creeping dollarization, as people tie big-ticket items and contracts to the U.S. dollar. Bitcoin is also huge in Argentina, as it is used to evade capital controls and as a store of value.
The second crucial step is to make rapid-fire reforms, to make Argentina competitive on the world stage, and serious cuts to government spending. A critical ingredient will be the end of union monopolies for each industry and a freeing up of the labor market, since hiring someone in highly protective. Argentina invokes responsibilities akin to adopting a child. Unions dominate political discourse, stand in the way of economic competitiveness, and dissuade foreign investment.
President Mauricio Macri has already started to implement some of these reforms, but the unions have made every step of the way difficult and the government could not resist the temptation of using the printing presses of the central bank to cover shortfalls in revenue.
“How can Argentina do what New Zealand did?” friends once asked me on the outskirts of Buenos Aires. In other words, how can this be politically feasible?

Reason for Optimism

There is reason for optimism. Embedded political classes and protected factions are the problem, not the Argentine people. In the 1990s, they supported President Carlos Menem in efforts to undo much of the Peronist legacy, even though he had earlier run as a Peronist.
However, he presented half measures and corrupt privatization deals. He gave monopoly protections and other guarantees, such as subsidies, to the new owners and even used the one-off revenue raised from privatizations to fund social programs, rather than to pay down debts. Without deregulation or competition, the purported privatizations were pure cronyism. So the people supported the right ideas, but the president didn’t deliver.
In 2015, the people voted again for change and sound economic policy with Macri of the Let’s Change coalition. He has accepted a credit line of $50 billion from the IMF, which includes limited fiscal-austerity stipulations. However, the pending question is whether he will go all the way in attacking the economy’s structural problems.
In order for Macri to succeed, Roger Douglas, former finance minister and chief architect of New Zealand’s liberalization, says “don’t blink.” There can be no exceptions or industry favorites, and the reforms must be swift and across the board. That way there can be no claims of unfairness, and the reform leaders will continue to enjoy voter approval.
If they go down the middle way or even the corrupt way like Menem, Macri’s movement will soon falter and Argentina will fall into the old patterns of financial and economic crisis again.
submitted by justablondeguy to LibertariosArgentina [link] [comments]

DFINITY (DFN)

ICO Verdict

Difinity is a global 'blockchain computer', infinitely scalable with unlimited capacity. Dfinity is a true blockchain 3.0 project with crypto:3 and cloud:3 implementations, revolutionizing and disrupting traditional cloud hosting solutions. Dfinity is Ethereum compatible, DAPPs from Ethereum can easily be ported to the network with significant performance gains and scalability. Dfinity project has been in development for over 3 years, with top researchers and scientists from the blockchain and cryptography fields. If cryptocurrency bubble ever pops, of the few survivors left, Dfinity will definitely be one of them.
Reason to invest:
Hype Rate: Medium
Risk Rate: Very Low
ROI Rate: High
Potential Growth: Very High
Overall Rating: Very High

ICO Information

Public Fundraise (presale round)

Date: Soon (Team announced whitelisting within a few weeks, a few weeks ago)
Ticker: DFN
Token type: Native DFN
ICO Token Price: TBA
Fundraising Goal: TBA
Total Tokens: TBA
Available for Token Sale: TBA
Whitelist: TBA
Know Your Customer (KYC): YES. (Including AML)
Bonus for the First: NO
Min/Max Personal Cap: TBA
Token Issue: TBA
Accepts: TBA

Funding History

**A clearer break down was explained by a Dfinity team member in this thread
Q: The 7th Feb announcement says $100m raised in private funding, but email update says $61m - can anyone enlighten?
Sure, so the project funding is as follows: $4MM raised in the Seed Round in February 2017. After expenses and appreciation, this is roughly $40MM, held by DFINITY Stiftung. In the Strategic Round, which began in July of 2017, $21MM was raised. This is also held by the Stiftung, bringing total funding to ~$61MM As part of the Strategic Round, Polychain Capital spun up an ecosystem fund to help projects migrate to DFINITY and build new businesses on the platform. This is entirely under their management and totals $40MM.
All together this brings funding to ~$101MM. It's been reported in a number of confusing ways, but that is the actual break down.
The Seed Round was in the model of an ICO but it occurred before the actual ICO boom. Just under 25% of the network was distributed.
Fall 2016
A not-for-profit Swiss foundation is created
Feb 2017
Distributed "Seed" fundarise using Ethereum technology (~250 people, 25% token distributed)
2017-2018
Strategic fundraising round led by Andreessen Horowitz and Polychain ($61m total, $21m go toward development, $40m to Dfinity Ecosystem Venture Fund)
Feb 2018
With the Dfinity Ecosystem Venture Fund, the project has raised $101m in funding
2018
Presale round, involves contributors who can pass stringent KYC and AML, with some possible geographical restrictions
2018
The second round, may or may not happen and will be termed the "ICO"
*The team's honest approach in fundraising is quite a rare breed in today's ICO standards, their philosophy behind fundraising The DFINITY Main Round: Preconditions & Our “Don’t be Evil” Rules which gained applauses from the likes of Vitalik Buterin.

Full Review

At a Glance

Difinity is a single 'internet computer', infinitely scalable with unlimited capacity. Dfinity is crypto:3, enabling a global blockchain computer utilizing Threshold Relay chain, generating incorruptible, unmanipulable and unpredictable randomness. Threshold Relay chain addresses key attacks and vulnerabilities such as 'selfish mining' and 'nothing at stake' found in traditional PoW and PoS consensus. Dfinity is cloud:3, allowing business applications running on this computer performant with unlimited capacity, reducing human capital required in traditional IT systems, effectively cutting cost down by 90%. Dfinity introduces a new governance model, a novel decentralized decision-making system called "Blockchain Nervous System (BNS). This new design paradigm embraces "The AI is Law" (as opposed to "The Code is Law"), combing crowd wisdom and traditional AI technologies to prevent malicious smart contracts and hacks.
Dfinity was built as a complementary network to Ethereum, compatible for all DAPPs deployed on the Ethereum network, making migration easy with 50x performance improvement and unlimited capacity. Difinity is in fact often described as "Ethereum's crazy sister".

Project Timeline Overview

Jan 2014 - Pebble Project
CC for micropayments with custom BFT consensus algorithm
Jan 2015 - Dfinity Project
Infinite blockchain computer with the new idea: apply randomness (Threshold Relay Chain)
July 2016 - Dfinity Stiftung
Zug based foundation, an incubation by String Labs for organizational build-outs
Feb 2017 - Seed Fundrasing
$10 new funds for R&D
Aug 2017 - Main fundrasing (delayed until announcement)
Estimated 20M CHF cap

Crypto:3

Dfinity was formed to research ways of enabling public decentralized networks to host a virtual computer of unlimited capacity, secure, speedy, and scalable. The core approach involves adding a top-level Threshold Relay Chain that produces randomness and progresses with minimal reorganizations of the blockchain. Threshold Relay Chain creates incorruptible, unmanipulable, unpredictable randomness for a deterministic chain of randomness, unforkable and robust. At current state, Dfinity reaches block finality in about 5 seconds with 2 confirmations and low variance. Putting numbers into perspective, Bitcoin requires 6 confirmations, 60 minute finality and very high variance. Ethereum under current PoW design and network congestion, takes about 37 minutes at a finality time of 10 minutes with high variance.
Threshold Relay Chain's performance properties provide 'scale-up' gains, Dfinity further applies a three-level 'scale-out' architecture that addresses in order consensus, validation and storage, to handle unlimited computation.
Threshold Relay chain that creates a random heartbeat that drives a Validation Tree of Validation Towers in the validation layer, which does for validation what a Merkle tree does for data and provides almost infinitely scalable global validation. The random beacon also defines the organization of mining clients into storage (state) shards in the storage layer, which use their own Threshold Relay chains to quickly reach consensus on received transactions and resulting state transitions that are passed up to the validation layer. The top-level Threshold Relay consensus blockchain then records state roots provided by the Validation Tree that anchor all the storage in the network.
Dfinity is an intelligent decentralized cloud governed by the Blockchain Nervous System (BNS). The BNS has privileged access to the virtual machine to run special opcodes like freezing contracts, redistribute tokens or even run arbitrary code to reorganize the blockchain. This 'super user' can return funds and reverse the damage of hacks or programmatic errors, protecting users in case of vulnerabilities. The BNS also seamlessly upgrades the protocol on a regular basis, as opposed to disruptive 'hard forks', driving network evolution forward as quickly as possible.
Full reading on Threshold Relay Chain
The Dfinity Consensus White Paper
Full reading on Blockchain Nervous System
*Dfinity also plans to include privacy-preserving technology as seen in this tweet by Dominic

Cloud:3

Dfinity is an intelligent decentralized cloud governed by Blockchain Nervous System, recreating monopolistic traditional cloud hosting solutions such as Microsoft Azure or Amazon Web Services. The costs of owning enterprise IT systems are dominated by human capital, with redundant tasks such as configuring database, file distribution, backup/restore, load balancing, firewall configurations etc. While computing costs may be dramatically higher with Dfinity, actual cost of operation is estimated to be cut down by 90%.
Reimagine and reinvent enterprise IT, blockchains inhereit these properties making it possible
Autonomous : System without intermediaries
Verifiable : Know what code you execute
Tamperproof : No servers to meddle with
Simple : Distribution abstracted
Unstoppable : Open code and governance
Interoperability : No server boundaries
Dfinity is interoperable in that it takes a hybrid approach to private and public blockchains, users don't have hard choices to make. It is a similar design paradigm to the internet, where people have the http protocol as common meeting point while maintaining sensitive information within their local area network.
This design paradigm is emergent for the mass adoption for blockchains, there will be common services like identity validation readily availalble as a public service. There will also be more complex systems where users can simply adopt instead of rebuilding. You can have a private dfinity consortium or private instances with the ability to call into those public blockchain services, connecting these private chain instances using common blocks.
Let's further explore this with a real life example, say there's a trade financing supply system of a large manufacturer with thousands of vendors. Before their enrollment, you'll probably need to do some identity and reputation check in the public chain in order to validate their legitimacy. Next step these vendors need trade financing where they'll need more complex systems like stable coins or bank coins to avoid volatility, and move the money around. Instead of rebuilding a coin, they could just adopt a coin system within the dfinity network. In the next round there can be disbutes with goods lost or quality problems, vendors can call for public arbitration system where there'll be a network of lawyers who specialize in cross-border disbutes or arbiters to provide the service. So a chain of services that can be called throughout the life cycle, interoperable between the private and the public blockchains.

Staking Mechanism

Dfinity is a PoS (Proof of Stake) model, managed by its BNS (Blockchain Nervous System). This system is reliant on a human-controlled "neurons" (similar to masternodes in terms of staking and voting functions). In order to secure the role, users will run special client software with a delegate key, deposit fixed amount of dfinities to ensure consistency and reliability of the network, then in turn will receive economic incentives for its voting services.
People can pay a fee in dfinities to submit a proposal to the BNS, be it technical proposals like protocol upgrades or governance proposals eg. how much should be deposited to create a mining identity given the current value of DFN, this is much like liquid democracy.
Currently it takes 3 months to dissolve a neuron, client software can create a follow list (synchronous and non-deterministic to the rest of the network), which are the addresses of the neurons you follow on different topics. This captures the expertise of the community but at the same time being an opague liquid democracy, nobody knows what the follow lists are, you can't see how the brain makes its decisions.

Utility Value of Dfinities

Dfinity vs Ethereum

At a top level, Dfinity tries to stay compatible to the Ethereum network, meaning DAPPs currently running on Ethereum can be migrated to Dfinity easily, with significant gains in performance, scalability, security etc. Essentially where the name "Ethereum's crazy sister" came from.
There are some fundamental differences in design philosophy and approach to consensus agreements. Ethereum embraces the design paradigm "The code is law" where rules of the network is a result of community management. Dfinity embraces "The AI is law" where management is by the Blockchain Nervous System. Ethereum's Casper (POS) will be focused on extreme availability while Dfinity aims to achieve performance and infinite scale. In Dfinity's design, consistency and reliability outweighs availability.
A great debate on several fundamental design differences between Ethereum Casper and Dfinity's Threshold Relay Chain+Blockchain Nervous System (also part of the debate is Cosmos/Tendermint's Jae Kwon) can be watched here Proof of Stake Panel Discussion - Silicon Valley Ethereum Meetup

Team

Dominic Williams is Chief Scientist of the DFINITY project, headquartered in Zug, Switzerland, and is President and CTO of String Labs, a Palo Alto-based studio, incubator, and investor focused on advanced open protocol projects. His recent technical works include DFINITY technologies such as the Threshold Relay/Probabilistic Slot Protocol blockchain consensus mechanisms, the Blockchain Nervous System (algorithmic governance for decentralized networks), and the PHI “crypto fiat” autonomous loan issuance system.
Notable team members include Professor Timo Hanke, creator of AsicBoost. Ben Lynn, the 'L' from 'BLS' cryptography applied by Threshold Relay Chain. The team is stacked with postdoctoral researchers and scientists, they also run a scholarship program for PhD students researching secure distributed systems.

Useful Reading

Links

Video

Community

Press & Review

Due Diligence

DFINITY (DFN)

Company

Dfinity Stiftung, Zug Switzerland

Team

Dominic Williams (Chief Scientist) | LinkedIn Profile
Timo Hanke (Head of Engineering) | LinkedIn Profile
Ben Lynn (Senior Staff Scientist & Engineer) | LinkedIn Profile
Mahnush Movahedi (Senior Researcher and Engineer) | LinkedIn Profile
Paul Liu (Staff Engineer) | LinkedIn Profile
Enzo Hausseker (Senior Engineer) | LinkedIn Profile
Derek Chiang (Senior Engineer) | LinkedIn Profile
Norton Wang (Software Engineer) | LinkedIn Profile
Steve Omohundro (Senior Contributor - AI/Governance Research) | LinkedIn Profile
Robert Lauko (Contributor - Research/Community) | LinkedIn Profile

Github

GitHub

Product

Not yet, but testnet demo is available

Vesting

TBA

Additional Info

Token Allocation

TBA

Use of Proceeds

TBA
submitted by msg2infiniti to icoverdict [link] [comments]

Bitcoin Is Not Real Currency, It’s ‘Nothing Like Gold’ - Currency Expert

This is the best tl;dr I could make, original reduced by 65%. (I'm a bot)
The surge in interest in cryptocurrencies like bitcoin has got some investors questioning whether or not they can eventually replace gold as an alternative currency, but to one expert and longtime gold watcher, that is not the case.
"Cryptocurrencies are nothing like gold," Steve Hanke, professor of Applied Economics at Johns Hopkins University, told Kitco News in a phone interview Thursday.
"That said, cryptocurrencies will have a prominent place in the future. They will come up with an attractive, stable unit of account in the cryptocurrency space," he said.
Given gold's long history and proven track record as a store of value, Hanke said he isn't invested in cryptocurrencies and instead, is sticking with the yellow metal, noting that $1,400 is still possible this year.
The metal saw an uptick on Thursday from five-week lows with August Comex gold futures last trading at $1,253.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy.
Summary Source | FAQ | Feedback | Top keywords: gold#1 metal#2 cryptocurrency#3 currency#4 Hanke#5
Post found in /Bitcoin and /BitcoinAll.
NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
submitted by autotldr to autotldr [link] [comments]

[Saturday, June 24th, 2017] Jordan to cancel 'marry the victim' clause that exempts a rapist from punishment if he marries his victim; For the fourth time, small Kentucky town elects a dog as mayor; New blockchain-based decentralized internet being built by Princeton-trained computer scientists

#/WorldNews

/News

/science

  • mvea
    Bioengineers create more durable, versatile wearable diagnostic biosensor for diabetes monitoring that can detect three interconnected compounds - cortisol, glucose and interleukin-6 - in perspired sweat for up to a week without loss of signal integrity. || Link || Comments

/history

  • BeckoningElephant
    What did various indigenous people/natives around the world use for insect repellent before DEET was developed? || Comments

/technology

  • maxwellhill
    Cops Sent Warrant To Facebook To Dig Up Dirt On Woman Whose Boyfriend They Had Just Killed: '.... Facebook refused to hand over the information on the grounds that the indefinite gag order was unconstitutional.' || Link || Comments

/futurology

  • Maggoats
    [Title Post] New blockchain-based decentralized internet being built by Princeton-trained computer scientists || Link || Comments

/AskReddit

/explainlikeimfive

  • madamcornstinks
    ELI5: Why is it so hard for law enforcement to locate and bust scam call centers? || Comments
  • Duzzeno
    ELI5: Why do yawns sometime yield no fulfillment as if you couldn't "complete" them. || Comments

/TodayILearned

  • DownvoteMeIWouldToo
    TIL that despite being used to make balloons float and our voices squak, helium is a rare element (on Earth) which is only getting rarer due to the fact it floats out of our atmosphere. This is problematic, as it has useful scientific applications, and is currently essential in MRI technology. || Link || Comments
  • coyotetom
    TIL when nazis demanded a list of Jews living on the island of Zakynthos from the mayor and the bishop, they handed over a list of only their own two names. || Link || Comments

/cooking

  • newtothelyte
    The physics of salad. How do I get my toppings to stay evenly distributed throughout the salad? || Comments

/Movies

  • lookglen
    Steve Martin's opening at Tom Hanks AFI Lifetime Achievement Award ceremony. Perfect timing and delivery. Other hosts take note || Link || Comments

/art

/Sports

/OldSchoolCool

/pics

/gifs

/educationalgifs

/interestingasfuck

/MostBeautiful

/EarthPorn

  • celica90
    Watching the moonrise in Samuel Boardman State Park, OR (OC)[2000x1800] @rosssvhphoto || Link || Comments
  • rorysexboat
    Recently returned from a few weeks in Alaska and visited 3 national parks. This picture was taken in none of them. The whole state is like this! Matanuska River, near Palmer, AK [5184x3456] [OC] || Link || Comments

/HistoryPorn

  • domenicocavasso
    Falklands War. Steel helmets abandoned by Argentine armed forces who surrendered at Goose Green. May 1982. [768x480] || Link || Comments

/SpacePorn

/Aww

Something New

Reddit is HUGE with 1,099,478 subreddits. (This number is updated daily!)
/tldr is trying out a new feature where I will post a random, small subreddit and its top content. It's a fun way to include and celebrate smaller subreddits.

Today's random subreddit is...

/YouShouldKnow

A community to share tips and tricks that will help yourself improve on activities, skills and various other tasks.
It’s top 3 all time posts:
  • MungoTungo
    YSK: These four sites connect you to a wealth of knowledge and learning. I go to them to help me fill my idle time with learning (vs. TV, video games, etc.) || Comments
  • temporarycreature
    YSK: Microsoft is going to start injecting ads into Windows 10 File Explorer with the next Creators update. Here is how to turn them off preemptively. || Comments
  • ThePatientsFiance
    YSK that there is a .gov website that allows you to type in any doctor's name and see the type and monetary value of any kickbacks or perks that the doctor received from pharmaceutical companies/ drug reps, and the name of the company that gave the perks. || Comments
submitted by kaunis to tldr [link] [comments]

Economist Steve Hanke Bitcoin Is Not a Currency It’s a “Speculative Why does Bitcoin have Value? Prof. Steve Hanke: COVID-19 economic crisis is 'massive', expect 'many many bankruptcies' What is HYPERINFLATION with Professor Steve Hanke and Jeff Deist Steve Hanke - Massive Economic Bull Market Last Ten Years

But Steve Hanke is a different type of crypto critic. He says Bitcoin is a crazy investment, but also believes that blockchain can be implemented to create reliable and efficient assets. Hanke is an economist and professor at Johns Hopkins University and is known for his work in currency reform. Back in 2018, he suggested Venezuela should build ... On July 4th, Steve Hanke, an economist at John Hopkins University and foreign exchange trader, said that he doesn’t think Bitcoin is a currency. “#Bitcoin is not a currency, it is a speculative asset. In order for a #crypto-“currency” to be an actual currency, it must be tied to gold,” Hanke commented, attaching the image below to his tweet. #Bitcoin is not a currency, it is a ... Professor Steve Hanke mocks Bitcoiners for being financially illiterate Cover image via www.facebook.com Steve Hanke, a professor of applied economics at Johns Hopkins University, once again took aim at Bitcoiners in his Oct. 5 tweet, pointing to a recent study that is supposed to expose their financial illiteracy. Hanke used the old adage ... • Professor Steve Hanke mocks Bitcoiners for being financially illiterate Cover image via www.facebook.com Steve Hanke, a professor of applied economics at. 11.7 C. Amsterdam. 5 October 2020. Home; News. News. Bitcoin Is for Suckers, Says Professor Steve Hanke. 5 October 2020. News . Bitcoin Technical Analysis: BTC/USD Poised For Recovery Above… 5 October 2020. News. Cardano’s Charles ... According to Johns Hopkins economist Steve Hanke, Bitcoin cannot truly function as a real currency unless it’s backed by something with stable value. Hanke is known to be harsh towards Bitcoin but he does not discount the cryptocurrency sector as a whole. He believes blockchain can be useful in creating digital assets but remains adamant that these assets need to be backed by real-world value.

[index] [19905] [46530] [35560] [37874] [7694] [13213] [19] [37215] [15402] [37183]

Economist Steve Hanke Bitcoin Is Not a Currency It’s a “Speculative

Johns Hopkins University Professor Steve Hanke and Rick Santelli discuss fiscal austerity and money supply. For access to live and exclusive video from CNBC ... Professor Steve Hanke on the benefits of dollarization - Duration: ... "50 currencies today have less intrinsic value than goat shit" - Duration: 40 minutes. 50,840 views; 4 years ago; 30:20. Max ... Bitcoin Analysis, Top bitcoin analysis, price prediction, Bitcoin Trading, Bitcoin 2018, Bitcoin Crash, Bitcoin Moon, Bitcoin News, Bitcoin Today, Best Bitcoin Analysis, Bitcoin price, Bitcoin to ... At least for some, bitcoin is seen to have both scarcity and utility. That makes it valuable. » Subscribe to CNBC: http://cnb.cx/SubscribeCNBC About CNBC: Fr... 2014 Texas Bitcoin Conference in Austin, Texas. http://TexasBitcoinConference.com

#