> 1.2 million years ago, Maui Nui was 14,600 square kilometres (5,600 sq mi),[1] 40% larger than the present-day island of Hawaiʻi. Sea levels were lower than today's, due to distant glaciation locking up the Earth's water during ice ages, thus exposing more land. As the volcanoes slowly settled by subsidence, due to the weight of the shield volcanoes and erosion, the saddles between them slowly flooded, forming four islands: Maui, Molokaʻi, Lānaʻi, and Kahoʻolawe by about 200,000 years ago. Another former volcanic island lying west of Molokaʻi was completely submerged, and covered with a cap of coral; it is now known as Penguin Bank.
Permissionless means hizbulla or the Syrian regime can make revenue generating financial products just as easily as an Australian. As long as there is conflict (forever), permissionless systems will not be embraced by the global powers. There is potential for lower permissions within some sort of financial sandbox where there’s strong controls at the entrance to the system and strong auditing and logging within the system, but there’s no potential for a global permissionless system.
Work is continuous and pay is discrete. At the very least a leader runs a company that pays for continuous labor with discrete paychecks in the hopes of seeing discrete revenue events (selling a cup of coffee, signing up a new subscriber). Even reduced to absurdity I think the analogy holds up pretty well.
In case you didn’t know — DrRacket (IDE for the how to design programs book) has a language directive you can run that sets up DrRacket as if it were the environment the sicp authors expect the reader to have.
I only found out after going through SICP using chez scheme’s repl (which I had to compile myself).
It’s the reality. Money is an abstraction over value. You provide value to get money, you spend money receive value. Some value is provided by nature (clean air, wild berries, etc.) and is therefore priceless. However, most value is created by applying energy and human attention to base inputs. Money is not a battery for work in the physics sense, or for work in the labor sense. If you earn money through labor today, there is no guarantee that there will be someone tomorrow willing or able to do the same labor you did for the same money. Humans want to believe in stored value (see bitcoiers, goldbugs), but the reality is the majority of value in the world is delivered by systems that must be continually operated such as energy grids, water systems, retailers, internet infrastructure providers, farms, and factories. There is nothing that guarantees these systems will exist tomorrow except for the efforts or regular people like you and me, so there is nothing that guarantees that your money will be worth anything tomorrow except for the belief that everyone will keep showing up and trying.
I know of people who have used lending protocols to borrow stablecoins, used a centralized exchange to convert those stables to fiat, and used that fiat to purchase things like cars and houses. As I understand it the reason they did this is they assumed it would avoid a taxable event?
I don't know exactly the tax situation, but with stocks it's very common that founders or wealthy people in general take loans against their stocks instead of selling, so there's probably good reasons.
