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What is a principle architect? Is it like a principal architect but more ethical?
What is a principle architect? Is it like a principal architect but more ethical?
Someone who defines* their principles?
I’m intrigued as on another thread you’re all over slamming people for not doing everything possible .....to prevent climate change
*makes it up as they go along
I particularly like this badly resolved idea:
Crypto has the potential to trash much of the city – but not just “the city” – all “cities” across the globe. Cut out so much waste, energy, human and environmental capital – and do it transparently.
How exactly is 'crypto' going to do any of those things, if he understands it so well, I'm sure he's able to communicate that to us plebs who apparently don't understand 'tech' 😂
Best 'crypto' I ever bought were 'Nori' coins.
Mined in Accrington, I bought a lot of them when they were stacked into a big shape and sold them a few years later for a lot more.
Tech for plebs👍
'Nori's'? You must have been bricking it...
I am curious how they balance their apparent hatred of the current financial system with their job role.
Seems a bit like a pacifist working for BAe or a vegan at Bernard Matthews.
Slight tangent but I imagine quite a lot of people reluctantly leave their morals at the door when going to work. I certainly have to sometimes as a Civil Servant.
I certainly have to sometimes as a Civil Servant.
Do you work in the Home Office by any chance? 🙂
Slight tangent but I imagine quite a lot of people reluctantly leave their morals at the door when going to work. I certainly have to sometimes as a Civil Servant.
This means you don't have any morals.
Especially if they can be bought for a few coins.
Seems a bit like a pacifist working for BAe or a vegan at Bernard Matthews
Wait until the new year, and the recession/utilities/cost of living really start to bite and cryptocurrencies tank as many need the cash and liquidate their assets into a bear market.
@dissonance:
I am curious how they balance their apparent hatred of the current financial system with their job role.
Seems a bit like a pacifist working for BAe or a vegan at Bernard Matthews
Slight tangent but I imagine quite a lot of people reluctantly leave their morals at the door when going to work. I certainly have to sometimes as a Civil Servant.
Yep. No man is an island and you live in the world that you're born into with no control over it.
Of course, the argument about to be presented is that people have to live like swampy if they're actually going to display their "morals" - an argument that Barack Obama quite nicely shat on a couple of years back - expecting everyone to be "angels" when they live in circumstances they didn't create is a bullshit argument (like the one in the eco thread saying "the girl who's protesting for just stop oil shouldn't be allowed to wear a raincoat because it's made of oil" (yeah, she should just die of cold when protesting a bigger issue eh?))
Judgements on how to act morally cannot be taken in isolation. Should I put myself into poverty to stand up for my principles in some faux-protest that would actually achieve nothing - or should I do a well-paid job so I can provide care for my disabled mum?
My duty of care to my family comes before my duty of care to dickheads on forums with an axe to grind.
Of course, the argument about to be presented
I would have thought such a senior figure as yourself who governs "principle architects" would be working in the crypto world instead and making a fortune there rather than keeping the old dying world of finance alive.
After all if it is likely to trash the city surely best to get out of the city early?
Oh, I'm sorry @Dissonance, when someone else brings up their creds, that's OK, but when I bring mine up in defence, that's not?
Closing in on retirement. Why move. Happy to ride my bike. That's why we're here after all, isn't it?
when someone else brings up their creds, that’s OK, but when I bring mine up in defence, that’s not?
Now where did I say that? I am just curious why someone who is clearly a true believer in cryptofinance and seems to have a deep dislike of traditional finance wouldnt make the obvious choice of working in cryptofinance.
Whilst you are answering questions though could you answer this "How exactly is ‘crypto’ going to do any of those things" from thisisnotaspoon. Educate us philistines as the good deed for the day.
@dissonance - thisisnotaspoon very clearly gave his opinion on crypto - his mind is made up.
After trying multiple times in this thread (including posting sources and evidence on multiple topics) - my position on these sort of questions is now this:
I don’t need to explain anything. Self-improvement is encumbent on oneself. And that means researching in a way that illuminates why governments are massive backers of the financial instruments of the future – rather than just cherrypicking isolated “facts” that re-affirm your own blinkered world view.
Plenty has been written by myself and others on here about crypto. The rest is on you, if you're really interested.
You can take a horse to water, but you can't make it drink.
as many need the cash and liquidate their assets into a bear market.
Except they won't be able to since we are now seeing that the crypto exchanges are insolvent.
Good job crypto bros.
Bitcoin has the highest market cap, so lets say that is the most popular use of the technology.
70% reduction in value over 12 months
6% down in the last 24 hours
If you're saying that crypto is a good system, its not a very stable one.
This is the sentiment of the financial markets, hence the price drop.
Who wants a currency which has that level of volitility?
I mean, basic levels of understanding are missing here.
However, basic levels of understanding are missing regarding trad. finance - from everyone in all walks of life. So I guess it's a bit much to expect anything about what is still a niche and nascent tech.
After trying multiple times in this thread (including posting sources and evidence on multiple topics)
Are those several months back? Since all the current pages arent overly informative.
Perhaps you could help me with one question.
The publicly accessible ledgers seem to be a major part of your support for cryptocurrencies in terms of preventing various malpractices.
How does this work with the various cryptoexchanges which have run into problems over the last few months?
Glass hands nacho head?
well that does make more sense than crypto.
A week or so ago I read a really excellent article on 'crypto', by Matt Levine. A whole lot of words, after which I felt like I had a pretty good understanding of some of the underlying principles of things (if not an understanding of the culture that's grown up around and along with it).
But still after all that, I couldn't fathom why I'd want to actually put money into it. Maybe if I actually enjoyed gambling I'd think differently.
On that BBC news link posted earlier one of the people being interviewed referred to 'investing' £28k or so. I think crypto advocates have a lot to answer for in encouraging that sort of behaviour from people who don't have it to lose.
I think crypto advocates have a lot to answer for in encouraging that sort of behaviour from people who don’t have it to lose.
From my experience over the past year and a half, I've regularly seen warnings against investing more than you're prepared to lose, warnings against the Fear of Missing Out and emotional investments etc.
Matt Levine link looks interesting read 👍
Beginning of the end?
FTX goes bankrupt
https://www.bbc.co.uk/news/business-63601213
All sounds very NorthernRock, without the FCA protection….
Now, if it’s all in the blockchain you can keep transacting with them?
You’ll just have to find another exchange if you want to convert your asset into something more useful like £/$/€/¥
I have to say, if Chevychase really is a "principal architect", he's cut out for the role....in my experience, an awful lot of systems architects are the most arrogant people I've ever had the misfortune to work with, but have no concept of how things work in the real world.
Now, if it’s all in the blockchain you can keep transacting with them?
No.
Not your wallet, not your money.
https://www.theverge.com/2022/11/10/23451484/ftx-customer-funds-alameda-research-sam-bankman-fried
Classic Ponzi scheme
Take money off people in the first instance.
Get famous people to endorse it to drive up demand.
Pay off the earlier investors, with new investors funds.
Makes you think about the balance sheet of every other exchange…
Classic Ponzi scheme
Take money off people in the first instance.
Get famous people to endorse it to drive up demand.
Pay off the earlier investors, with new investors funds
No no no no...you're just to thick to understand it, cos technology, innit 😂
Classic Ponzi scheme
It isnt clear yet exactly what happened but it doesnt seem to be a Ponzi scheme.
More a case of you deposit your real money in my bank and then I lend it to my other company (in return for notes that my bank has just created).
I mean what could possibly go wrong with that?
Makes you think about the balance sheet of every other exchange…
I am sure it will be fine. After all you can just check the public ledger unlike those nasty old fashioned banks.
Same way as stablecoins such as Tether are completely safe and reliable. Who needs a proper audit doing on them especially one which keeps being pushed back.
Interesting that while perusing a variety of sources to get a balanced view on the matter.
The pro crypto tech bros are hailing it as a good thing as exchanges are far too similar to centralised banking.
Mainstream media are calling it for what it is....theft.
Both seem plausible right.....
The pro crypto tech bros are hailing it as a good thing as exchanges are far too similar to centralised banking.
The problem is the exchanges emerged to get round the limitations of dealing with cryptocurrencies directly. If you want to be able to use them easily and conveniently then the abstraction layer is a definite gain eg its a lot easier to pay and cheaper to transfer some funds using an exchange than directly. Since in the former case they can just move funds from your account to theirs without having to get it processed onto the chain with associated fees. Of course the downside is they can just run off with your cash.
It goes back to the joke about cryptocurrencies speedrunning the history of finance.
Tether
We are in the endgame
https://protos.com/tether-papers-crypto-stablecoin-usdt-investigation-analysis/
Theft or some kid getting wayyyy out of his depth. made his one time girl friend CEO ECT ECT.
Both probably. it won't kill crypto. It might bring in better regulations on exchanges.
Some of them do at least try.
The pro crypto tech bros are hailing it as a good thing as exchanges are far too similar to centralised banking.
Centralized EXchanges are similar to centralized banking. Decentralized EXchanges are not. Unfortunately (which you'll love) CEXs are pretty much the only way to do fiat<>crypto conversions.
And yet it is failing to do so. The crypto markets make the normal markets seem sane and well controlled.
It doesn't though does it? The traditional financial markets would have collapsed in 2007 without massive interventions paid for by tax payers. Just a month ago pension funds avoided collapse through further central bank guarantees paid for ultimately by tax payers.
The markets are so untrustworthy that central governments are backing the first 85k of your money in each separate regulated institution to minimise flight of funds. Despite these interventions wealth still flees both the UK & EU at an alarming rate.
Confidence in the 'normal markets' is terrible.
Investing in crypto currency is like investing in the hope for the next person to pay more for what you are holding.
The markets are so untrustworthy that central governments are backing the first 85k of your money in each separate regulated institution to minimise flight of funds. Despite these interventions wealth still flees both the UK & EU at an alarming rate.
Hmm.
First, who the **** has £85k sitting around doing nothing, much less multiples thereof in several accounts?
Secondly, even I as a simple pleb know that inflation is higher than interest rates therefore keeping money in an account is a loss.
Confidence in the ‘normal markets’ is terrible.
Confidence in crypto markets at ATH!
https://twitter.com/0xfoobar/status/1591265300682792960?t=v7CmM8xO5WKuLvE7kAOLhQ
For it to be a ponzi
1. investment with the expectation of profit, that is based on the fact that;
2. Folks who've cashed out already have made a profit.
3. There is no external source of profit, all profit comes from new investment
4. The operators are taking away a large portion of the money
I don't think crypto will end in run (like trad Ponzi schemes) and in some way the hype around crypto looks more like a pump-and-dump in the way it's investments ins hyped to the benefit of large investors. the Speculation around coin is the really novel and unprecedented part, fuelled by folks who are gambling rather than investing in a traditional way; the thing is there's no "thing" on anyone's spreadsheet, the zero-value perpetual has become real, it's literally a trillion dollar "asset"
As the value of the coins fail (naturally) , the negative part of the game is the cost it takes to mine them overtakes it's value, the losses when it broaches that line will be the collective cost that the holders of bitcoin will have paid the miners The real tragedy will be that that loss will be irretrievable, it will have literally gone up in smoke, a social loss.
I don’t think crypto will end in run (like trad Ponzi schemes)
There are a whole bunch of different cryptocurrency variations.
FTX doesnt seem to be Ponzi but there have been others which are. The "you will make 20% interest a month..." ones which then go boom.
Confidence in the ‘normal markets’ is terrible.
True but thats like saying what do you prefer. To be punched or kicked in the balls.
The current financial system has a bunch of arseholes out for profit first and foremost but, and its a big but, we do at least have some limited regulation and controls in place. Despite rees-smug and co trying to get rid of them.
Crypto currencies have the same set of players but even less regulation and control.
FTX is a good example. All the main people moved from a market maker traditional finance firm to be a market maker crypto firm.
I’ve been reading this thread for months. Nothing has convinced me that this is a sensible investment.
You know those irritating knobs that write ‘first’ in the YouTube comments? Those are the people who have won at Cryto so far. For that reason alone, we should all be against this nonsense.
The current financial system has a bunch of arseholes out for profit first and foremost
I think we found our driver for regulated banking to want unregulated crypto to flourish.....
As the value of the coins fail (naturally), the negative part of the game is the cost it takes to mine them overtakes it’s value, the losses when it broaches that line will be the collective cost that the holders of bitcoin will have paid the miners The real tragedy will be that that loss will be irretrievable, it will have literally gone up in smoke, a social loss.
Looking at CryptoSlate.com the PoW consensus algorithm accounts for 41% of the market, $351.33B. While the Proof of Stake consensus algorithm - the one that doesn't do the energy intensive mining - accounts for 28.28% of the market and $240.95B, there's also Delegated Proof of Stake with another 1.85% of the market.
The market cap of Bitcoin alone ($323.30B) is greater than the marketcap of PoS as a whole (which now includes Ethereum), but Bitcoin market cap is 92% of the PoS market, so it's only bitcoin keeping Proof of Work as the dominant consensus algorithm, and that's only for historical reasons, not because it's better.
The cost of mining won't be the death of crypto, because a) since when has the cost of anything stopped people, and b) because it's not the whole story.
The cost of mining won’t be the death of crypto,
Mining might not but the cost of transaction is a serious blocker to any current mainstream coin having every day use. Even Ethereum post change is $.50 per transaction. Merchants complain about card issuers charging them 1%
That's why my favourite eco system is Cosmos IBC most of the chains have fees that are no barrier to making transactions of a few pence. Favourite dex is Osmosis, fees optional currently, but if you choose to accept default then again no barrier to transactions worth a few pence. There's faucet services which after a tweet will even provide enough of a coin to cover a couple of transactions with it.
That’s why my favourite eco system is Cosmos IBC most of the chains have fees that are no barrier to making transactions of a few pence. Favourite dex is Osmosis, fees optional currently, but if you choose to accept default then again no barrier to transactions worth a few pence. There’s faucet services which after a tweet will even provide enough of a coin to cover a couple of transactions with it.
Y’know, I recognise all of the letters in that quote, even most of the words they make up; however, what they say makes no sense at all.
Wibble
I could read that paragraph for a week and it would still make no sense to me.
I could read that paragraph for a week and it would still make no sense to me.
That's the thing about jargon. Sometimes it become normalized to some people and not others. If you don't know what it means, re-reading won't help. DYOR.
DYOR
Always good advice, fortunately I'm not that invested, mostly here because I'm interested in the human behaviours around crypto.
Well I like to ride my bikes just as much as the next guy on here. HTH 😉
So every month or so I like to dabble in crypto. Just gone to buy from the usual exchanges and none of my cards will work. Rang my bank to get the snotty response of "we don't allow you to buy crypto anymore from December 1st". Tried other credit cards, no joy.
So how are people buying now? Are we back to localbitcoins?
Monzo
So how are people buying now? Are we back to localbitcoins?
Use someone else’s money, seemed to work for sam.
I transfer a small amount monthly from HSBC to Kraken.
I've seen certain banks are restricting this, but it works for me so far.
If you transfer the money and buy that way, I think there are lower charges than using your debit card or credit card
Yes, I was doing the same, but Virgin Money - Binance/Coinbase Pro. But they've stopped that now.
No probs with HSBC/Coinbase, but so far I've never attempted to convert my funny money to real money.
I've got a standing order set up from Natwest to Coinbase, only £10/week though, an amount I am comfortable losing if it all goes very wrong.
Had problems transferring from Natwest to Binance.
Never tried it with a card.
That’s the thing about jargon. Sometimes it become normalized to some people and not others. If you don’t know what it means, re-reading won’t help. DYOR.
Using jargon outside of its context is lazy: if you actually want to get a point accross in a different environment, you have to expand jargon terms into everyday language. As it is, your post will only mean things to a small part of the community reading this forum. Was that your intention?
Use someone else’s money, seemed to work for sam.
🙂
So how are people buying now? Are we back to localbitcoins?
I've being buying bits of Etherium and Litecoin through Paypal. They do Bitcoin and Bitcoin Cash too. I figure Paypal is a pretty secure financial institution now too. 🙂
My bank (Co-Op) has started blocking every attempted transaction through Kraken, despite me calling and asking them to approve.
Possibly get one of these credit cards that you load with credit and use that?
Looks like the NFT bubble has burst...
https://www.theguardian.com/technology/2022/dec/29/unsellable-worthless-nfts-tax-write-off
Slight dip on my Nori coins but they're still holding my roof up.
Good news!
If your crypto exchange or coin of choice went bankrupt because they turned out to just be lying shysters running a pyramid scheme then there is a solution.
They* have set up an exchange where you can trade your bankruptcy claims for new coins 😂
*The people who went bankrupt owing you money
https://www.ft.com/content/52f03314-fa01-4619-b42a-07c3426cf2d7
It looks like Bitcoin and a few other cryptos are on the way up again at the moment - sadly I expect it will stop well before I'm back in the green (possibly before I even press Submit on this post :p ).
There's been a steady rise for a while now. But there was a small drop the last few weeks, but now back to where it was mid-Feb.
Yeah Bitcoin is doing well at the moment – I am currently 20% up on my *very* small investment (just playing for a bit of fun) but my other currencies aren't doing so well (Ethereum, Litecoin and Bitcoin Cash) so I am, as I type, 1.69% down on my initial combined investments.
It looks like Bitcoin and a few other cryptos are on the way up again at the moment –
A take I have seen a lot of is that this is due to the bank collapses of last week. In particular, USDC and BUSD stablecoins are not seen as being such a safe thing to have, (esp after USDC dipped 10% on Sat) so people are hopping out of that to the 'safer investment' of BTC.
Also, the fact that the main crypto banks in the US have just been shut down means it's just harder to cash out. So people are moving to BTC for a bit, while things settle down.
It looks like Bitcoin and a few other cryptos are on the way up again at the moment – sadly I expect it will stop well before I’m back in the green (possibly before I even press Submit on this post :p ).
That is all thanks to ****s like Peter Theil, Curtis Yarvin etc, they are desperate to engineer a non regulatory banking system so they can get away with whatever they like, sooner the entire crypto Ponzi schemes turn turtle and disappear up their own arse the better
Thanks for the well-informed input.
Your welcome,
Now how about you go do some reading and maybe you'll stop wading into discussions you know nothing about yelling like an angry hungry toddler at tea time.
Nah, I’m perfectly at ease replying to condescending posts from crypto shills
Ah, which particular cryptocurrency am I shilling for?
Don't worry, I'll give you time to go and look some up so you don't sound completely moronic.
You're welcome.
FTFY! 🙂
FYFY! 🙂
?FYFY?………
Ahh, you mean FTFY 😉
Their you go.
Damn……thought someone wood bite
My big stack of Nori coins are still doing well.
[url= https://i.ibb.co/bsh4HNg/98726445-9-FEE-420-A-AF65-4-D1-D96-EE60-D3.jp g" target="_blank">https://i.ibb.co/bsh4HNg/98726445-9-FEE-420-A-AF65-4-D1-D96-EE60-D3.jp g"/> [/img][/url]
Apparently, NORI bricks are so-called because they were meant to be IRON bricks (due to the strength of the particular brick) but the sign-writer created the sign incorrectly on a chimney at the brick-works.
I only learned this yesterday.
In the past two years I've learnt it doesn't matter how much interest/rewards you get in crypto it still doesn't make up for the price going down! Amazing I know! Given the way things are going I don't have much confidence the price will go back up again. Feel if I'm lucky I might end up back where I started. Have stopped buying this year. Not invested more than I was prepared to lose.