COINBASE for Crypto has come

[toko]

Ideally, I think index should be constructed in a transparent manner with the information captured via a decentralized mechanism. just spitballing at this point but UMA is a protocol that allows for the creation of an asset that tracks any arbitrary data feed. one could conceivably create a token that tracks the average cost of tuition in the U.S the average cost of a burger, cost of gas etc- and instead of holding a single currency, one could just accumulate those tokens. we could then analyze that information to come up with a kind of index, perhaps even local indexs E.g, S.F inflation index that takes into account the vast amount of people in S.F that hold real estate tokens whose value is appreciating.

 

[toko]

Ultimately, I think a plurality of coins, each with a specific niche purpose should be the norm. i.e division of labor but applied to coins. Why try to generalize across the entire world? I'm quite skeptical of the idea of a "global" currency, but I'm not fluent enough in economics to see what I'm missing. do you guys know any arguments for and against?

 

[luka]

Sounds like you know better than us

 

[toko]

The only argument I can think of now is Keynes, here. But it's not really meant to be a currency but rather a unit of account to track the balance of payments between countries. But such global currencies or units of account could be synthetically created via an index of all currencies. all you really need is liquid enough markets (crypto helps here). Apologies for the ranting but the topic is quite interesting.

 

[luka]

You're the only interesting person I've ever seen talking about this stuff before you turned up everyone was thick as fuck

 

[Clinamenic]

Ideally, I think index should be constructed in a transparent manner with the information captured via a decentralized mechanism. just spitballing at this point but UMA is a protocol that allows for the creation of an asset that tracks any arbitrary data feed. one could conceivably create a token that tracks the average cost of tuition in the U.S the average cost of a burger, cost of gas etc- and instead of holding a single currency, one could just accumulate those tokens. we could then analyze that information to come up with a kind of index, perhaps even local indexs E.g, S.F inflation index that takes into account the vast amount of people in S.F that hold real estate tokens whose value is appreciating.

Seems like Chainlink could be the mechanism you have in mind, in that it allows "off-chain" data to be fed on-chain to inform the kind of smart contracts necessary for such price-tracking tokens.

Don't know anything about UMA though, but it sounds like it could plug right into Chainlink or some other oracle service.

 

[Clinamenic]

The only argument I can think of now is Keynes, here. But it's not really meant to be a currency but rather a unit of account to track the balance of payments between countries. But such global currencies or units of account could be synthetically created via an index of all currencies. all you really need is liquid enough markets (crypto helps here). Apologies for the ranting but the topic is quite interesting.

YEah theres actually a crypto asset called Bancor that might be doing something comparable, but I agree that I think we could have a diversified monetary supply where certain monies have more bang for their buck when used in certain ways, i.e. some kind of UBI-equivalent asset that can be spent for its full value on food, rent, etc, but can only be spent at 80% of its value for stuff like TVs and event tickets and whatnot.

 

[Clinamenic]

Ultimately, I think a plurality of coins, each with a specific niche purpose should be the norm. i.e division of labor but applied to coins. Why try to generalize across the entire world? I'm quite skeptical of the idea of a "global" currency, but I'm not fluent enough in economics to see what I'm missing. do you guys know any arguments for and against?

The only argument I can think of that goes against your point, is that having these segregated pools of value may hinder the total liquidity of the system, if there is any kind of friction (like the 80% spending power) between these sectors.

But I'm not sure how well that argument holds up in light of evidence for this sort of thing, and Im not sure what kind of evidence there is for this sort of thing.

 

[Clinamenic]

Live now:

 

[wektor]

Live now:

"blah blah blah"

 

[Clinamenic]

Yeah nothing substantial so far.

 

[Clinamenic]

They did just have a good dialogue on web3 though.

 

[Clinamenic]

Woah. Apparently the [family of the] central cryptographic function used in Bitcoin, SHA256, was developed in part by the NSA.

The Secure Hash Algorithm (SHA) was developed by the NIST in association with the NSA and first published in May 1993 as the Secure Hash Standard.

Wayback Machine

web.archive.org

SHA-2 - Wikipedia

en.wikipedia.org

Doesn't surprise me, as most informational technology innovations seem to have some root in US intelligence community and/or DoD. Nor does it warrant concern, as the code is open source, and math is math.

Anyway, that is some non-trivial support for the speculative theories that Nakamoto was some IC/DoD operation.

edit: bracketed text

 

[catalog]

OK, so this is the code we established, it means that clim has, unfortunately, been "compromised" and has been taken over.

 

[Clinamenic]

 

[Mr. Tea]

 

[Clinamenic]

@luka you may be getting a STX payout today.

 

[luka]

@luka you may be getting a STX payout today.

wicked! what will you spend yours on?

 

[Clinamenic]

wicked! what will you spend yours on?

More NYCCoin probably

 

[luka]

good thinking. i doubt i will be able to work out how to do that but if i could, i would. did you see our new star Toko has made enough from crypto not to have to work for 20 years?