yes.
there is the Setec Astronomy aspect of quantum computing and potential exploitation of normal network security. a scary scenario for sure... in which case we all might be screwed.... at least in the short term.
one would think though, following that "fictional" movie pattern, that an entity controlling that capability would try to keep existence and use quite secret until at least several years of exploitation by themselves (state actors?), no?
question: even if "they" had the discipline to resist "detectable" market interference would they also be able to resist meddling with our bitcoin?
let's say it's decide to mess with the Bitcoin network...
question: what dev energy would be required to make Bitcoin network hard enough to resist Setec Astronomy?
at least for mining, after ~2,000 blocks (two-ish weeks at regular rate) the difficulty level would adjust, theoretically making the target number so small that *only* a quantum computer would be able to mine.... so maybe that would work itself out?
question: separately, what could be done to protect private keys from discovery (that's if I am understanding the implications of quantum being able to reliably work a hash backwards)?
the basic algos of people matching are (I assume) much less sophisticated than the next word/character prediction functions of llm.
would correlation of your divorce rate increase to increase in meeting through those online people-matching algos support argument the code behind the online dating apps is a failure.
if so, wondering why we would expect the code behind the ai/llm, a much more complex endeavor, would do any better.
many do not yet grok your last sentence there Calle. "And you can lie on blockchains, too."
this fundamental truth is a foreign concept to shitcoiners who deceptively assign magical properties to the blockchains generally to fool people and organizations.
sometimes this is done to shill for VC money. sometimes it's done to promote shitcoinery for some other self-serving motive.
bottom line, the dishonesty of shitcoin shamans is universally harmful.
I like to imagine that kind of derision of people who have an obvious passion for bitcoin will diminish as ngu. even then though, they still won't get that it's not about ngu (though ngu doesn't make me sad, ngl).
it's almost like crabs in a bucket... and you're the crab just talking about escape. they can't see it and don't want to acknowledge it's even possible because doing so would bring their whole worldview into question.
when you say "used as a sponge to suck up the huge waves of upcoming gov debt," do you mean ngu infinite?
if that's it I get it. if that's not it, could I bother you for an explanation please?
There are several companies in the industry pushing a "federated learning" model for transaction monitoring models. I had not heard of incorporating social media data points beyond graphing intra-bank connections.
I'll check out your article.
cc: @gunson
yeah... just scanned the article.
thanks for writing it, L0la.
not surprising to me.
banking customers have to understand that their banker is obligated to surveill customer financial behavior and report anomalous and/or potentially criminal activities. use of ALL internally-available data to accomplish this set of tasks should be expected (to do less would leave the bank open to accusations of negligence).
however, if your bank is monitoring your social media in any way, they've stopped being just a bank. at that point they've essentially become an intelligence agency that offers some banking services on the side.
I recommend any/every retail and institutional consumer establish no less than three banking relationships at the national, regional, and credit union level. without this redundancy you're essentially trapped if you want to shut down an account based on poor treatment (or if the bank suddenly wants to shut you down).
it may take some effort to establish what I'll call resiliency in your operating accounts. but the effort will be worth it should your bank execute a quick pivot on you, your industry, or your latest social media post. (this resiliency will also serve you well if you bank fails because they foolishly concentrated holdings in Treasuries or Commercial RE loans.)
oh... and buy and self-custody bitcoin, too.
I'm not a lawyer (not legal advice) but I can guess the BSA has already been challenged on constitutional grounds resulting in a loss for the plaintiffs. again, not a lawyer and can't say for sure.
overt
covert
clandestine
most don't know the difference between the three. proper understanding and application is relevant to security posture v-a-v xpub, address, and utxo management. it's also relevant to risk management for a highly regulated financial institution handling digital assets for themselves or on behalf of clients.
question for you @LynAlden
if you had a choice between banks participating directly in bitcoin and no banks (just organic growth) which option would you prefer and why?
after reading my profile some wonder why I'm even here.
they say, what the hell? how's a bank compliance guy here? why? what does he want in our space?
I'm the signal you've been waiting for.
I'll leave that discussion to the courts and café lawyers. I have my own opinions but they aren't relevant to the practical application of an AML program within an institution nor are they appropriate for interpretation of regulatory expectations.
oh I'm happy to discuss... just not on social media or in any other public setting.
if this were an anonymous account... but it isn't though.
cheers, friend. I am reachable if you look for me.
as painful as it would be to watch it happen... would love to see a 20% dip right about now... wash out the leveraged longs and give me one last chance to execute (allegedly) a major stacking event.
interesting question
the charges against Samourai appear to rest mostly on a conspiracy to assist in laundering proceeds of crime. as this is already addressed in the laws, not strictly regulation or an interpretation of laws, I suspect the new Chevron decision will not play a role.
now, as for the promulgation of new regulations, like the FinCRN's NPRM related to mixers, etc., that was going around in late 23 for comment... that's the sort of thing that might get rekt (legal term) if it was actually released/published/made official.
NB: as of now it is still in PROPOSED status afaik. (I'm not a lawyer nor am I offering legal advice.)
https://www.fincen.gov/news/news-releases/fincen-proposes-new-regulation-enhance-transparency-convertible-virtual-currency
I understand what you're saying though.
Many in banking are still either ignorant or fearful of bitcoin. It's just a fact.
I'm doing what I can do from the inside.
This gets me thinking about creation of "easy" financial products that emulate the familiar, targeted toward people who can't be bothered to learn about bitcoin.
Yes. I know. There are examples now in companies like Fold and self-custody or multi-sig IRA... these are primarily opt-in vehicles for those who have studied a bit.
I'm just wondering out loud whether there's something to be done *within financial institutions* to "supercharge" legacy financial products by adding a dash of bitcoin to the mix.
What about paying interest on accounts in bitcoin? A typical retail/consumer savings account might earn 2% or less and a typical interest-checking account might earn 0.25%. Perhaps if the offer was "interest paid in bitcoin to your institutional account (custody)" or, for those who bother to learn self-custody, "interest paid in bitcoin to your KYC'd self-custody wallet of choice?"
Incentives seem to align here.
Thoughts?
Any time I see a zap between10 and 20 sats I think, "Well, there's a nice fat future Delmonico, medium-rare with a slight toasting of the fatty bits, sprinkled with sea salt, resting on a cutting board... juices still flowing... for my great grandson/daughter in like 50 years."
Because that's where we are, imho.
The ability to visualize likely results of extreme low time preference and hard money pushes one towards mental and emotional castle-building to the benefit of future generations. (Pardon me just a moment while I commission a portrait of self to be displayed in the gallery of my family's future palatial estate.)
Allow me to be your sample size of one, @Laeserin.
I think like this.
I am a parent.
But taking your point as a potential indicator of a significant archetype hodler, and thinking optimistically, maybe future bequests to non-family beneficiaries will be championed by childless hodlers.
Can you imagine prominent buildings in future civilizations like "Laeserin Free Library" or "Laeserin Center for Nutritional Research" for instance?
Hey @Excellion
Is Montserrat on your target list for expansion of bicoin? A quick overview shows likely un/underused energy source in geothermal, robust comms network, relative isolation (to encourage development of circular economy), and enough tourism to inject new capital to the mix.
Wiki fwiw: https://en.m.wikipedia.org/wiki/Montserrat
On enforcing the second part (don't lie) immediate thoughts for examples of organizations which succeeded for a time on this:
-Merchants of Venice (family ties)
-Medici and other banks
-Hanseatic league for trade
-UK's use of royal charters
-and, of course, every religious or social in-group/out-group paradigm (where ostracism or shunning is a thing).
Key to all of these, I think, may be that last part... the collective will to exclude based on bad behavior -or- perhaps also just not being part of the in-group.
This has got me wondering whether only an inherently "exclusionary" organization can get closer to enforcing honesty...
tried when midjourney was new-ish but not since... goal was to create an artful process flow diagram with the tool. it did not look good at all.
suggestions, Guy?
Thinking maybe a name change for ether to "non-governmental variable consensus digital token with flexible monetary protocol"
Would that give a better context for investors seeking to earn a profit through the effort of others who are, themselves, organized into a loose affiliation which exercises control of token supply, "corporate" strategy, and continued (profitable) operation of the endeavor?
Thoughts about that... and how knowing this will lead to a new job category / role (just during the interregnum) within institutional treasury management teams. New title can be called something like utxo input/output manager... could even automate to a degree. Obvi there's more to unpack there, starting with "why even?" but if you check my bio it should be obvious why even.
The future is coming on faster than brains can process it all.
from a Venezuelan friend with better insights than me. would like your thoughts on this, hermano.
"This will take some time, but negotiations are ongoing. Maduro was ready to leave and Padrino López, Jorge/Delcy Rodríguez and Diosdado Cabello had to bring him back to Miraflores by force"
"Maduro is not in charge, Padrino López controls the Military and the Cartel de Los Soles drug business. Jorge and Delcy Rodríguez are the real power in Venezuela, they control everything, even the Supreme Court. Diosdado Cabello has lost almost all of his power, he still controls some of the colectivos and the violence currently being directed to the masses."
@Venezuela
Oddbean new post about login | logout
Notes by Lee | export