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interesting thing about the recent problems is that terra / luna - idk anything about celsius - was so insanely designed it was almost a case in point of what not to do, and yet investors bought it up by the truck load purely bc of the obviously false and shoddy af carrot of anchor yield.

Isn't that the same thing though? I think the reality is that crypto doesnt threaten tradfi at all, it provides another avenue, for now mostly unregulated, through which it can operate. and the entry and exit points for that avenue are dollar pegged stable coins.

still no sign of any meaningful endstate other than endless conflict and ongoing economic crisis

hmmm, yes and no. I think you're right that ultimately crypto will help not harm dollar hegemony, but I'm also sceptical that stable coins make dollars significantly more available, and dollarisation significantly more likely, than otherwise

by my reading it's about 50%, btw

the prospect of which certainly seems to have the authors of that article a bit excited

you need to do lots of air quotes while youre reading that - """""reserves"""" breakdown

based on their own statements, tether has a decent amount of risk on its balance sheet and is certainly a long way from 100% reserve backed, for any reasonable and commonly accepted definition of the term "reserve". ofc whether that risk materialises in practice is another matter, and it's...

and if we got it wrong, how wrong we got it

def feels like this could be one of those where future generations think we got it totally wrong

I imagine thats exactly what's happening. if you think of image recognition, the intermediate layers in a neural net build up abstract images which are then used by later layers to match against more complicated and concrete images. you could potentially feed the network an image based on those...

its analogous to the question of why the left is so supportive of lockdowns and covid policy in general. it's not really about the merits of the case, it's more about how the issue falls across the partisan divide. and ofc you could say the same thing for the right, but with the polarity flipped.

re, the op, I think the left hates crypto bc its identified with the alt-right, tech bros, etc, and not bc it has a substantive critique of the tech or the institutions surrounding it, about which it's largely uninterested.

some of the responses to the letter have been just as bad, though. this one, for e.g. https://prestonbyrne.com/2022/06/01/debunking-the-crypto-critics-letter/

ty fren, maybe I should write one

but there are technical reasons to favour centralisation as well. to use an example from software development, a distributed architecture is not always superior to a monolithic one. often it's inferior.

the question about how easy it is to hide wealth

I mean that if you consider he question of how easy it is to be.a privately wealthy individual, the questions of holding and hiding your wealth are a part of that

I don't think it's that important for the existence of centralised web platforms tho. they exist due to the fact that they're much more appealing than the alternatives, probably for a variety of reasons

at base isnt it the same thing? how easy is it to be a privately wealthy individual? or at least two sides to the same coin ...