I mean, okay sure, but modify the counterexample they suggested slightly and then it's the same thing.
If GM promised to "rent out" (instead of buy back) the cars it sold to Hertz as a backstop (if not enough customers are renting), then the comparison is apt.
Interested if you could elaborate further here or have some pointers to good references. I feel like I'm at a turning point in my life where I'm starting to see things a little differently. Sometimes bewildered by how little knowledge or control there really is.
Thanks for the input Troy. Although I can see the reasons for it, transfer restrictions seems to me a little like the company has too much control over its shares - but like you said, they aren't "privately-traded securities". If I owned a restaurant with a buddy and wanted out, I imagine I wouldn't be able to just sell it on to somebody else without my buddy's consent.
Sure, but you can still track those individuals through the block chain and freeze all their other "classic" assets in the US. All I'm saying is that the argument that it's a good "anonymous" form of currency is not all that true. That's not to say that there aren't other currencies out there that prioritize anonymity (e.g. Monero), but when we're focusing on Bitcoin here.
Yeh, I had actually briefly looked into after writing that comment and found the same - interesting that Paul came up with his own version of LISP to do it in.
If you wanted to remake it in a modern framework though, what stack would you personally opt for? I think Postgres or MySQL for the database is a no-brainer, but what about the quickest approach for the rest (bar of course simply cloning the repo ;) )
And actually, re: "The only real, pragmatic usecases are fueling ransomware, drugs and illicit cross-border transactions", arguably, will all the KYC checks needed now along with all the coin tracking software being developed to track the blockchain, that's not longer the case.
Here's perhaps a controversial and less heard argument:
The core concept of bitcoin is that it is decentralized and away from the prying "government". That's what also gives it its "safe haven" allure in much the same way as gold. The question is, is this really to society's benefit? Just think about this past year with COVID - if government didn't have the ability to impact the financial markets and everything was strictly down to human emotion, I'm sure we'd be in a worse place than we are now. Same goes for 2008. Through its actions, the FED is trying to actively avert financial distress - its goal is stability. As a corollary, if you believe that bitcoin will be there to save the day if the entire modern financial system collapses, then I believe you would be sorely mistaken. I'm not sure how such a technology and government infrastructure dependent currency would be usable in a world that has descended into chaos.
I mean just think about a world where Bitcoin is the only currency. So the mega-wealthy are suddenly some early hoarders of the currency who, by holding onto their currency, see their overall wealth INCREASE (through depreciation and constriction of the monetary supply). A currency's main role should be to promote and facilitate financial activity and trade... They sit their with their thousands of bitcoins whilst the rest of the world is transacting in smaller and smaller fractions of bitcoin.
Imagine back in Medieval times: A king sits on his throne with a pile of gold behind him. If he chose not spend it spend and simply kept taxing his people, he would not only accumulate more gold, but the value of every piece of gold would suddenly increase (in the peasant's economy) as the entire peasant population had less gold to do trade with (depreciation). This would further encourage hoarding money instead of using it - i.e. the whole reason currency depreciation is harmful to financial activity.
Thanks for the brutally honest reply :) I guess part of my question is Django still as relevant today or is it losing 'market share' and finding devs to help out in the future is going to prove a lot more difficult.
I think you would just get a lot less research overall. It might lead to a better fraction of research being of higher quality, but in absolute terms, it would be a drastic cut.
R&D is always going to be a sunk cost, especially when exploring "new frontiers". Funding people to "waste their time" going down different uncharted paths - with most of them leading to dead-ends - is still the only way to have a few return with new insight from those paths that led to new and wondrous areas.
You can already see this at the scale of "what" government chooses to fund. For years they have funded cancer research which has made many advances, but they did not fund "ageing" research anywhere close to as much. Recent advances in the latter have shown this to be a promising field, but imagine the advances we could have had had this been funded to the same extent that cancer research has!
If GM promised to "rent out" (instead of buy back) the cars it sold to Hertz as a backstop (if not enough customers are renting), then the comparison is apt.