Hard Problems in Cryptocurrency: Five Years Later

Post by snitko » Sun, Nov 24, 2019, 5:24 AM UTC

EGreg wrote: post #29

snitko wrote: post #25

Earlier quoted context omitted.

What has it delivered exactly? Where is it being used that's not itself a scam? MakerDAO - which seems to be some sort of token issuance thing - has no real world mechanism for enforcement. That is, if an autonomous decentralized organization issues a token, who's to make it pay you dividends or enforce your rights for whatever this token represents? This is the thing that ETH fanboys are completely delusional about.…

How about being able to raise money for a project, and whitelist investors, without people having to trust you to send them the securities after they send you the money, and them seeing exactly what is being done with dilution or whatever instead of having to trust? Or having a fair pricing model as investors buy in using a bonding curve, eliminating priced rounds and other crap, pg said that’s the “future” - Ethereu…

Post by lostmsu » Sun, Nov 24, 2019, 5:32 AM UTC

jkhdigital wrote: post #21

snitko wrote: post #10

Earlier quoted context omitted.

Vitalik and ETH are the definitions of scam and scammer. He's very good at obfuscating it by appearing very smart: read his articles and tweets, they always sound complex, but can be rewritten in much simpler terms. And ETH is the same: it obfuscates its uselessness and nonsense by being overly complex, every year employing new terms and coming up with tons of code that only increases the attack surface and complicat…

> tons of code that only increases the attack surface Ethereum itself was the original sin in this respect. In Bitcoin, for the most part, the economic value at stake in a block is (1) the block reward, (2) the transaction fees, and (3) the amount transacted. (1) + (2) + (3) is therefore the maximum amount that can theoretically be "moved" if a block is invalidated through an adversarial fork, since someone else can…

Post by EGreg » Sun, Nov 24, 2019, 5:35 AM UTC

snitko wrote: post #31

EGreg wrote: post #29

Earlier quoted context omitted.

How about being able to raise money for a project, and whitelist investors, without people having to trust you to send them the securities after they send you the money, and them seeing exactly what is being done with dilution or whatever instead of having to trust? Or having a fair pricing model as investors buy in using a bonding curve, eliminating priced rounds and other crap, pg said that’s the “future” - Ethereu…

Explain the mechanism by which people who invest can exercise their rights as stakeholders, receive dividends etc? Who's to enforce they actually own anything? What's stopping this project from taking all the money and producing nothing (which is exactly what happened with pretty much every ICO out there)?

Post by Zamicol » Sun, Nov 24, 2019, 5:46 AM UTC

Post by tfha » Sun, Nov 24, 2019, 5:54 AM UTC

spir wrote: post #9

rsynnott wrote: post #6

Earlier quoted context omitted.

I feel like that’s been coming any day now since about 2014. And seems like a TERRIBLE idea, anyway. The rich get richer, built right into the system!

Phase 0 of Ethereum v2 arrives in Q1 2020. Coming since 2014 but finally arriving :) Proof of stake reduces the issuance of new ETH to pay for the cost of securing the network. It's cheaper than paying miners. And anybody can buy ETH to stake so it's more egalitarian than mining which requires economies of scale in hardware and electricity.