Comments by "Tony Wilson" (@tonywilson4713) on "The Fall of Sam Bankman-Fried (Episode #303)" video.

  1. Sorry, but I am an engineer. How TF does a penthouse weigh 400lbs? That's bits of this I can easily say are flawed but if you are going to be critical get you stuff right.
    3
  2. I'm an engineer whose been privately studying economics for a couple of years and COVID gave me a lot of time to watch a lot of economics lectures and talks. One such person is Mark Blyth (Brown U.) Listen to what he said in 2019 about Bitcoin https://www.youtube.com/watch?v=KGuaoARJYU0&t=4673s It wasn't until another interview and he mentioned a Bank of England report (Q1 2014) that I worked out what Economists mean by "a unit of account." That report had 2 articles about how money is created in a modern economy. In a nutshell that term "unit of account" is how value is measured. To an economist value is like what temperature pressure, length, weight and time are to engineers. We know what those things are but we need ways to measure them reliably. Money is the way value is measured. Centimeters and Inches are to length what currencies are to value. And we also have conversions factors, like the 2.54 that converts inches to centimeters called exchange rates. The bit that's strange to an engineer is that our conversions are constant they do not change. Money is different because economies are dynamic and they change and the value of things going from one economy to the next also change. It works because there's a reasonable amount of stability in economies. In fact economic stability is a requirement to make this work. Once you understand that basic concept of what money is and why economies work because they are reasonably stable then you can understand why Bitcoin is not money and the Chinese call cryptos "Digital gambling assets."
    1
  3. I'm an engineer and when people started telling me about crypto I was an immediate sceptic. HTF do you write code and create a data block and say its the same as money. Sorry but to every engineer outside the IT industry it was BS from the start. And for the record real engineers don't consider 90% of IT people real engineers. The other 10% I have huge respect for because they do amazing stuff.
    1
  4. good point there's so much we don't know and the stuff we do know we are missing lots of details about.
    1
  5. That's a really good point. I'm an engineer and almost anything engineers produce can be used and misused. Cars are incredibly useful until some clown drives drunk and kills someone. Explosives are incredibly useful in industries like mining. But if someone packs a truck full of it, like timothy McVeigh did then its a nightmare.
    1
  6.  @govindagovindaji4662  REALLY look at what he wrote "400lbs" NOT "£400" And that's before we get into what sort of penthouse costs £400. £400k or £400,000 makes some sense but NOT 400lbs £400 would barely buy the front door in most parts of London where billionaires live. Try being less of a DlCKHEAD in future. Its not a crime to actually think.
    1