Hacker News: jaredtn

New comment by jaredtn in "Bank of England to explore a potential Central Bank Digital Currency"

jaredtn — Wed, 21 Apr 2021 00:13:13 +0000

Today, with our archaic system. That's why we need digital currencies.

New comment by jaredtn in "Bank of England to explore a potential Central Bank Digital Currency"

jaredtn — Mon, 19 Apr 2021 16:38:12 +0000

The parent comment was about enabling micropayments, not the proper price for a song. Forest for the trees...

New comment by jaredtn in "Bernie Madoff has died"

jaredtn — Wed, 14 Apr 2021 18:32:40 +0000

This is how literally every financial asset works.

If you want to make a customer cash-flow argument, Ethereum has $9B of ARR. Same story.

New comment by jaredtn in "Yale’s 367-year-old water bond still pays interest (2015)"

jaredtn — Tue, 23 Mar 2021 22:54:48 +0000

That data looks at January 1979 to present. I believe ever includes the rest of the 20th century as well...

There was certainly a negative return over 20-year periods including the Great Depression.

And negative real returns during the 1970s stagflation.

New comment by jaredtn in "The Kilobyte’s Gambit"

jaredtn — Mon, 08 Mar 2021 05:39:08 +0000

Graphics on this need some serious work. Can't tell the difference between a bishop and a pawn. Would love to play it otherwise.

New comment by jaredtn in "Nyan Cat on the Blockchain"

jaredtn — Fri, 19 Feb 2021 19:28:10 +0000

Here is a site that makes it easy to download the GIF: https://www.deviantart.com/minecraftrulz2017/art/Nyan-Cat-HD.... Please let me know when the crash is expected, now that your condition has been met :)

New comment by jaredtn in "BadEconomics: Putting $400M of Bitcoin on your company balance sheet"

jaredtn — Mon, 04 Jan 2021 21:34:11 +0000

It's considered the same as an in-kind transfer for stocks from one broker to another.

Again, the understanding of "property" is evolving in this environment, and there are areas of regulatory uncertainty (such as synthetic assets from staking collateral in money markets). However, transferring from one wallet to another is pretty safe territory.

New comment by jaredtn in "BadEconomics: Putting $400M of Bitcoin on your company balance sheet"

jaredtn — Mon, 04 Jan 2021 21:22:36 +0000

For the first question, it depends if you bought the fifty cars for $100 each, or if your basis is less than that. Cost basis is key here. And no to the second question.

The IRS has designed crypto as a property, so you are subject to paying capital gains (or claiming capital losses) whenever you sell, convert, pay or earn. Converting one crypto to another (or to USD) is a taxable event, while transferring BTC in one wallet to another wallet is not (since you keep the same property). Further details at https://www.coinbase.com/bitcoin-taxes#paytaxes.

If you sell a car for more than you bought it for, you do owe taxes on that. https://www.carvana.com/research/2020/03/what-to-know-about-....

New comment by jaredtn in "BadEconomics: Putting $400M of Bitcoin on your company balance sheet"

jaredtn — Mon, 04 Jan 2021 21:05:41 +0000

Not true. Converting from BTC to ETH is a taxable event, for example.

New comment by jaredtn in "Probabilistic Machine Learning: An Introduction"

jaredtn — Thu, 31 Dec 2020 18:02:32 +0000

Quite excited to read this. Murphy does a great job of explaining concepts from first principles.

New comment by jaredtn in "Run is a platform to build apps and tokens on Bitcoin"

jaredtn — Mon, 28 Dec 2020 20:40:06 +0000

Agree that today, Ethereum transaction fees are terrible. But I'm quite optimistic for the future. First we have Layer-2 rollups: https://ethereum.org/en/developers/docs/layer-2-scaling/. Even setting sharding and rollups aside, Eth2 and PoS rather than PoW should give a significant boost to transaction throughput. I don't see bitcoin competing in that domain, it's taken on the role of "digital gold" rather than "world computer".

New comment by jaredtn in "Run is a platform to build apps and tokens on Bitcoin"

jaredtn — Mon, 28 Dec 2020 20:17:53 +0000

Ethereum is a much better place to build apps and tokens. The ERC-20 standard has been game-changing. Currently 19 tokens at $100M+ market caps, with more to come.

New comment by jaredtn in "Cryptocurrency company Ripple says SEC lawsuit is imminent"

jaredtn — Tue, 22 Dec 2020 05:51:45 +0000

If your coin can be sued by the SEC, then it's probably not decentralized.

New comment by jaredtn in "Being good at coding competitions correlates negatively with job performance"

jaredtn — Tue, 15 Dec 2020 01:56:16 +0000

Steph Curry is 6'3", in the 98th percentile for height. Wouldn't quite call him short. And there are only ~2,800 7-footers in the world, many of which are in the NBA. So tall players - meaning over 7 feet - are extremely rare.

New comment by jaredtn in "Being good at coding competitions correlates negatively with job performance"

jaredtn — Tue, 15 Dec 2020 01:34:05 +0000

Thanks, fixed!

New comment by jaredtn in "Being good at coding competitions correlates negatively with job performance"

jaredtn — Tue, 15 Dec 2020 01:21:27 +0000

This is Berkson's Paradox. Even if coding competition performance correlates positively with job performance in the general population (which it certainly does, given that most people can't code), selecting for this attribute in the hiring process leads to a negative correlation among those hired.

Great write-up by Erik Bernhardsson, CTO of Better, here: https://erikbern.com/2020/01/13/how-to-hire-smarter-than-the....

New comment by jaredtn in "The fraying of the U.S. global currency reserve system"

jaredtn — Sun, 13 Dec 2020 20:22:28 +0000

It was certainly a move to stabilize the stock market and Treasury market. However, having a reserve asset that steadily, stably climbs lower is not a store of value by any definition.

New comment by jaredtn in "The fraying of the U.S. global currency reserve system"

jaredtn — Sun, 13 Dec 2020 18:10:14 +0000

China is no longer a net buyer of Treasuries. They have begun to sell off their position over the last 5 years. And the renminbi is actually quite strong lately, the Chinese government is maintaining positive interest rates and allowing corporate defaults instead of money-printing.

New comment by jaredtn in "The fraying of the U.S. global currency reserve system"

jaredtn — Sun, 13 Dec 2020 18:08:36 +0000

There are two concepts here: medium of exchange and store of value. Currently the US dollar (and Treasury bonds) do both. It's unlikely that the US dollar disappears as a medium of exchange, though there are steps being taken here, such as China + Russia pricing their oil trade in yuan rather than dollars. Yet with M2 money supply increasing 25% in the last year and the DXY crashing by 10%, the US dollar is no longer a reliable store of value.

The larger shift is out of Treasury bonds into different reserve assets, such as commodities (oil, gold, alternative currencies). That one is very real.

New comment by jaredtn in "ARM MacBook vs. Intel MacBook"

jaredtn — Sat, 12 Dec 2020 02:32:27 +0000

Do all technical advances make you feel sad? Why hang out on Hacker News then?