Cryptocurrency Startup School • Hacker News Board

Re: Cryptocurrency Startup School

#91

Post by blhack » Thu, Oct 03, 2019, 6:09 PM UTC

vertoc wrote: post #89

lacker wrote: post #84

Earlier quoted context omitted.

...a list of new business models zero of which have shown an iota (pardon the pun) of traction in a decade. Bitcoin is worth $140 billion. What are you waiting for, before you believe it has traction?

I'm on neither side of this debate, but citing how much Bitcoin is worth seems like a really weak argument in favor of traction. I think a more convincing argument would be citing # of transactions or use cases (store of value, cheaper way of sending large amount of money or money internationally, etc.)

There were 320k transactions in the last 24 hours on mainnet alone (for bitcoin).

Re: Cryptocurrency Startup School

#92

Post by arcticbull » Thu, Oct 03, 2019, 6:13 PM UTC

blhack wrote: post #91

vertoc wrote: post #89

Earlier quoted context omitted.

I'm on neither side of this debate, but citing how much Bitcoin is worth seems like a really weak argument in favor of traction. I think a more convincing argument would be citing # of transactions or use cases (store of value, cheaper way of sending large amount of money or money internationally, etc.)

There were 320k transactions in the last 24 hours on mainnet alone (for bitcoin).

How many of them were fake? 95%. [1] While I understand that applies to exchanges and not mainnet, the reality is that each mainet transaction is impacted because it's the 95% of fake volume that sets the price and therefore the terms of exchange for the "real" transactions.

[1] https://www.forbes.com/sites/cbovaird/2019/03/22/95-of-repor...

Re: Cryptocurrency Startup School

#93

Post by magna7 » Thu, Oct 03, 2019, 6:15 PM UTC

rapsey wrote: post #20

krzkaczor wrote: post #17

Earlier quoted context omitted.

I work in crypto space myself and I can tell that this space is really interesting. Both technical and business challenges are quite unique. Here's just a quick recap of different, new business models https://medium.com/abridged-io/web3-business-models-in-the-w... IMO things like DeFi are finally a good use case for blockchain. So yeah, I think this a good idea to create a startup school focused on new, different are…

No one ever said the space is not interesting. It's just goes against human nature and how the world operates. The difference between a failed idea and a successful one is very often simply timing. Things that were complete nonsense in the dot com bubble are billion dollar businesses now. The crypto space is not for this time (imo).

What you're talking about is infrastructure. How does infrastructure get built if people aren't actively building it? Yeah, these things take time, but people have to actually build out these ideas first before others in the future can build on top of them. Amazon sold books online because it's all the internet infrastructure could handle at the time. That's why MakerDAO made DAI because it's a low throughput d-application that doesn't require scaling through upgrades in infrastructure. Give it time. This space isn't a scam, it's just very early, and people are enthusiastic, as they should be.

Re: Cryptocurrency Startup School

#94

Post by lbacaj » Thu, Oct 03, 2019, 6:16 PM UTC

As an engineer in love with Crypto I figured I would try to build something with it so I put a little side project together, something easy and simple a way you could earn cashback in the form of crypto for shopping online. I went ahead did the integrations with the major affiliate networks, built the whole backend, built the infrastructure for the crypto side. Including creating temporary wallets that people could chose to move their crypto off of etc, ultimately it would cost something like 5 dollars to issue someone 5 dollars. It might be different now but basically most folks pushing the technology have never actually tried to do anything with it.

I came to realize that this whole thing is only useful for one or two use cases maximum. It's terrible for micro transactions, terrible for any sort of scale, and while we all love the idea of it this is like trying to do the iPhone in the 1980's... we are at least 20-30 years a way from something useful.

Re: Cryptocurrency Startup School

#95

Post by magna7 » Thu, Oct 03, 2019, 6:22 PM UTC

paulgb wrote: post #52

electic wrote: post #30

Earlier quoted context omitted.

There will never be a singular killer app for crypto. Just like there isn't a killer app for USD or Gold. It is the aggregate adoption, as a transfer of value, across numerous use cases that makes any currency valued.

How about a lower bar, then: has blockchain/crypto tech ever been demonstrated to be economically viable for anything besides a store of value? There has been a ton of hype about e.g. Cryptokitties but it seems to follow a hype and bust cycle every single time.

How about borrowing and lending using MakerDAO and Compound? Or, a decentralized prediction market through Augur? Or, decentralized derivatives through dYdX? Once the Oracle Problem is solved, you'll be able to trustlessly buy synthetic decentralized shares of the S&P500 without using a brokerage. Some people have already done this as a proof of concept.

Re: Cryptocurrency Startup School

#96

Post by darawk » Thu, Oct 03, 2019, 6:31 PM UTC

arcticbull wrote: post #92

blhack wrote: post #91

Earlier quoted context omitted.

There were 320k transactions in the last 24 hours on mainnet alone (for bitcoin).

How many of them were fake? 95%. [1] While I understand that applies to exchanges and not mainnet, the reality is that each mainet transaction is impacted because it's the 95% of fake volume that sets the price and therefore the terms of exchange for the "real" transactions. [1] https://www.forbes.com/sites/cbovaird/2019/03/22/95-of-repor...

None of them. There is no such thing as a 'fake' bitcoin transaction. What you are thinking of is fake trading volume on exchanges. Those are very different things.

Re: Cryptocurrency Startup School

#97

Post by stale2002 » Thu, Oct 03, 2019, 6:38 PM UTC

egloo wrote: post #2

A startup school for a singular technical solution that has now gone years without any demonstrable killer app and which faces immense scaling and regulatory hurdles seems like putting the cart well before the horse here. I very much doubt that the key roadblock to realizing the crypto dream has been the lack of availability of a startup school around it.

> without any demonstrable killer app

It seems like crypto currencies have worked pretty well for sending censorship resistant transactions.

This is demonstrated by, for whatever reason, cryptocurrency transactions have generally been censored much less often when compared to, say, bank or credit card transactions.

Re: Cryptocurrency Startup School

#98

Post by arcticbull » Thu, Oct 03, 2019, 6:41 PM UTC

darawk wrote: post #96

arcticbull wrote: post #92

Earlier quoted context omitted.

How many of them were fake? 95%. [1] While I understand that applies to exchanges and not mainnet, the reality is that each mainet transaction is impacted because it's the 95% of fake volume that sets the price and therefore the terms of exchange for the "real" transactions. [1] https://www.forbes.com/sites/cbovaird/2019/03/22/95-of-repor...

None of them. There is no such thing as a 'fake' bitcoin transaction. What you are thinking of is fake trading volume on exchanges. Those are very different things.

No, I’m saying that the fake trading volume sets the price which then determines the number of bitcoin sent in the real transactions. Since nothing is priced in BTC the exchange rate defines the quantities transacted.

Re: Cryptocurrency Startup School

#99

Post by blhack » Thu, Oct 03, 2019, 6:42 PM UTC

darawk wrote: post #96

arcticbull wrote: post #92

Earlier quoted context omitted.

How many of them were fake? 95%. [1] While I understand that applies to exchanges and not mainnet, the reality is that each mainet transaction is impacted because it's the 95% of fake volume that sets the price and therefore the terms of exchange for the "real" transactions. [1] https://www.forbes.com/sites/cbovaird/2019/03/22/95-of-repor...

None of them. There is no such thing as a 'fake' bitcoin transaction. What you are thinking of is fake trading volume on exchanges. Those are very different things.

It's baffling to me seeing the progression of anti-blockchain people. They keep insisting that it's all a joke, and yet every single day the level of adoption keeps on increasing.

I feel like I'm watching the internet be born again.

Re: Cryptocurrency Startup School

#100

Post by stale2002 » Thu, Oct 03, 2019, 6:43 PM UTC

paulgb wrote: post #52

electic wrote: post #30

Earlier quoted context omitted.

There will never be a singular killer app for crypto. Just like there isn't a killer app for USD or Gold. It is the aggregate adoption, as a transfer of value, across numerous use cases that makes any currency valued.

How about a lower bar, then: has blockchain/crypto tech ever been demonstrated to be economically viable for anything besides a store of value? There has been a ton of hype about e.g. Cryptokitties but it seems to follow a hype and bust cycle every single time.

> How about a lower bar, then: has blockchain/crypto tech ever been demonstrated to be economically viable for anything besides a store of value?

Yes. Sending censorship resistant transactions.

If you look at crypto, you will see that it has, in general, for whatever reason, been censored less often than things like bank or credit card transactions.