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An article about blockchain where the thesis is that it doesn't solve any problems and it doesn't even mention Ethereum? This article is extremely poorly researched (maybe on purpose) and reads like clickbait.
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If you notice, the primary arguments against blockchain and crypto require holding it to a standard higher than any asset class in existence. Its a mixture of “I don't respect this market and thats the only actual distinction” along with “I have no idea these criticisms are present in actual currencies as well as the stock market and commodities spot markets and credit market and derivatives market and collectibles m…
Not everyone is an uninformed cynic. I founded a crypto gambling startup and advised and managed ICOs for dozens of companies and syndicates. Most economic activity in Defi is unregulated gambling, but I don't think that's necessarily a bad thing.
There are relevant criticisms of the space, but the relevant ones are exclusively inside the space and are distinctly not irreconcilable as it is permissionless to build or advocate for consensus changes to implement something that was built.
The external criticisms lack nuance and masquerade their observations as absolute limitations.
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I don't know if you've seen the stock market lately... clearly the largest casino in the world is on Wall Street. But anyways, DeFi has tons of use cases including automated crop insurance based on weather events, decentralized money markets for car loans, tokenized rental real estate, synthetic derivatives, standard savings and loans utilizing stablecoins, etc etc. The notion that blockchain hasn't found product mar…
What percentage of defi assets are used for the purposes you described vs speculation? It's difficult to analyze rigorously but I could give you a lower bound on speculation by looking at interday altcoin movement on makerdao and compound. I think it's completely fair to characterize defi as "predominantly speculation", which I've editorialized into "unregulated gambling".
You replied to my other comment, so this is exhibit A of a useless higher standard levied exclusively on the blockchain space, without acknowledging every other asset class.
Even with you not considering that a problem, and congratulations for that, the point in caring deflects away from what is happening and every asset class in existence.
In currencies, M0 is the small sliver of the supply use for goods and services, with the entire M1, M2, MB all used for speculation and is largely illiquid.
In stocks, credit, derivatives and commodities the same distribution is seen.
Its not odd for cryptoassets to have the same phenomenon occurring.
The interesting thing is just the overlapping feature set of all other asset classes at once, as well as the additional unique nature of cryptoassets.
The DeFi space in particular is converting non-interest bearing assets into interest bearing ones. That has market traction, and it is permissionless and of unlimited size, caveat emptor and that's a personal choice which has nothing to do with the viability of the space.
I'm really surprised by how uneducated most of HN are about blockchain. This means we're still early. Few big things that are coming out of blockchain; 1) ICO - a way to raise money in a distributed manner outside the traditional financial system (think Banks and VCs). 2) Defi - a way to borrow and lend (and much more) outside the traditional financial system. One example, Banks get as much as 16-20% return on your d…
[1]https://www.ycombinator.com/companies?query=cryptocurrency
I'm really surprised by how uneducated most of HN are about blockchain. This means we're still early. Few big things that are coming out of blockchain; 1) ICO - a way to raise money in a distributed manner outside the traditional financial system (think Banks and VCs). 2) Defi - a way to borrow and lend (and much more) outside the traditional financial system. One example, Banks get as much as 16-20% return on your d…
Like once you figure out who is who, everybody can know for whom everybody voted?
I'm really surprised by how uneducated most of HN are about blockchain. This means we're still early. Few big things that are coming out of blockchain; 1) ICO - a way to raise money in a distributed manner outside the traditional financial system (think Banks and VCs). 2) Defi - a way to borrow and lend (and much more) outside the traditional financial system. One example, Banks get as much as 16-20% return on your d…
I'm really surprised by how uneducated most of HN are about blockchain. This means we're still early. Few big things that are coming out of blockchain; 1) ICO - a way to raise money in a distributed manner outside the traditional financial system (think Banks and VCs). 2) Defi - a way to borrow and lend (and much more) outside the traditional financial system. One example, Banks get as much as 16-20% return on your d…
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Why is being peer-reviewed what Cardano fans always lede with? That doesn’t automatically make something “better”, IMO. Also, what even uses Cardano? Project has been “in progress” for years and all I’ve seen are photos of Hoskinson with his mouth open taking selfies in various parts of the world. Algorand is probably the best project right now in crypto aside from ZCash that’s an actual contender against ETH (discla…
I really fail to see why it being peer reviewed is not a strong point in favor of the project. If blockchains are supposed to be something other tech is supposed to be built on top of, then shouldn't it be build with the help of the scientific method? Breaking things moving fast doesn't work all the time you know ? >>photos of Hoskinson with his mouth open taking selfies in various parts of the world Honestly don't r…
I'm really surprised by how uneducated most of HN are about blockchain. This means we're still early. Few big things that are coming out of blockchain; 1) ICO - a way to raise money in a distributed manner outside the traditional financial system (think Banks and VCs). 2) Defi - a way to borrow and lend (and much more) outside the traditional financial system. One example, Banks get as much as 16-20% return on your d…
What even surprising is lots of HNers are really strongly against blockchain projects while YCombinator themselves have invested in several blockchain projects[1] [1] https://www.ycombinator.com/companies?query=cryptocurrency
Why mine (fool's) gold when you can sell shovels?
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Not everyone is an uninformed cynic. I founded a crypto gambling startup and advised and managed ICOs for dozens of companies and syndicates. Most economic activity in Defi is unregulated gambling, but I don't think that's necessarily a bad thing.
> Not everyone is an uninformed cynic. There are relevant criticisms of the space, but the relevant ones are exclusively inside the space and are distinctly not irreconcilable as it is permissionless to build or advocate for consensus changes to implement something that was built. The external criticisms lack nuance and masquerade their observations as absolute limitations.