turnip

joined 3 days ago
[–] turnip@sh.itjust.works 2 points 8 hours ago

Make an alternative first, then stop using it. Build a new X alternative for Canadian government messaging, and then let anyone use it.

[–] turnip@sh.itjust.works 1 points 13 hours ago* (last edited 13 hours ago)

Its a better gold, Bitcoin is anyways. In the 90s gold did poorly as a hangover from the double digit rates of the 80s and the recession that ensued, but since then its done 10% a year as every bailout gets larger and larger and QE is now a staple of central banks.

Stocks can do well but are taxed pretty high, and things like tariffs can erode their performance. There is also no cap on competition outside of bureaucracy.

[–] turnip@sh.itjust.works 2 points 14 hours ago

Cool I've never seen this.

[–] turnip@sh.itjust.works 1 points 16 hours ago* (last edited 16 hours ago) (1 children)

After looking at it it seems as though tether has treasuries to back all its tether coins, which means its essentially lending out its coin backed by short term treasuries with 0% interest. So in a way its turning treasuries into a liquid form of money, like cash.

They do buy a small amount of Bitcoin with the profits, which doesn't seem nefarious, MicroStrategy does the similar with its bonds. Its no more nefarious than mortgage backed securities, which let's a buyer inflate the money supply by taking a low interest loan, which is approved by the Fed in order to increase aggregate demand to push a 2% inflation target.

[–] turnip@sh.itjust.works 4 points 17 hours ago* (last edited 17 hours ago)

Powell said the spending is unsustainable. No government other than Trump has so far reduced spending, even Reagan never cut spending he just spent Americas pension system replacing it with IOU's.

So is there room to ponder whether its extenuating circumstances?

[–] turnip@sh.itjust.works 1 points 3 days ago (3 children)

What do you mean its made liquid by tether?

Tether is a stable coin made of treasuries, somehow that's buying Bitcoin?

[–] turnip@sh.itjust.works 1 points 3 days ago* (last edited 3 days ago) (1 children)

The incentives in a corporation are misaligned with the decision makers. They want promotions and more employees under them to justify their own raises, so we get this cosplay of efficient work as natural monopolies keep us all employed.