Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Ethereum Isn't Fun Anymore

timdaub.github.io

Post reply on HN
Print view View original

271–280 of 650 posts

Re: Ethereum Isn't Fun Anymore

#271

Post by hoka-one-one »

Traubenfuchs wrote: post #56

Building something useful on something that is primarily used as highly volatile financial speculation instrument always rubbed me the wrong way. The whole crypto scene is just about making quick dough with a technology, that for some reason remains hyped through and wrapped in mysticism. Face it, there is no sexy killer app for the masses. Wait. There is one: Crypto trading to... make quick dough. And the cryptonerd…

This same comment appears on every single crypto post. if it was actually true do you think people would have stopped posting about crypto in the past six years or so?

Re: Ethereum Isn't Fun Anymore

#272

Post by zionic »

Barrin92 wrote: post #74
Traubenfuchs wrote: post #56

Building something useful on something that is primarily used as highly volatile financial speculation instrument always rubbed me the wrong way. The whole crypto scene is just about making quick dough with a technology, that for some reason remains hyped through and wrapped in mysticism. Face it, there is no sexy killer app for the masses. Wait. There is one: Crypto trading to... make quick dough. And the cryptonerd…

>Face it, there is no sexy killer app for the masses. It's not only the volatility but also the inefficiency which is the price that has to be paid for the decentralization. I really have trouble coming up with an app where the constant fees that have to be paid for actions are justified compared to a centralized solution.

Decentralized uncensorable currency exchange is a real use case that is live today. Billions in real value change hands on DEXes run on ETH every day.

Re: Ethereum Isn't Fun Anymore

#273

Post by [deleted] »

hoka-one-one wrote: post #271
Traubenfuchs wrote: post #56

Building something useful on something that is primarily used as highly volatile financial speculation instrument always rubbed me the wrong way. The whole crypto scene is just about making quick dough with a technology, that for some reason remains hyped through and wrapped in mysticism. Face it, there is no sexy killer app for the masses. Wait. There is one: Crypto trading to... make quick dough. And the cryptonerd…

This same comment appears on every single crypto post. if it was actually true do you think people would have stopped posting about crypto in the past six years or so?

[deleted]

Re: Ethereum Isn't Fun Anymore

#274

Post by ethanbond »

rawtxapp wrote: post #268
martin_a wrote: post #114

Earlier quoted context omitted.

After all those years, there's still not a single useful blockchain application around. These days I see lots companies telling me, they put their "supply chain on blockchain" and while I understand what they probably want to tell me ("you can't tamper with where our stuff comes from") I don't see the point in that. If you've got trust issues with your subcontractors you should fix those and not "seal" the willingly…

I know someone who got a 7 figure loan backed by cryptocurrency collateral in a matter of minutes using makerdao. The best part? They didn't even had to provide their name. This is the future folks, I highly recommend that you actually try some of these projects before writing them off.

You do realize it’s law and not technical incapability that prevents financial institutions from lending like this, right?

Re: Ethereum Isn't Fun Anymore

#275

Post by afishisafish »

globular-toast wrote: post #197
maeln wrote: post #64

I really, really don't understand where cryptocurrencies are going. Billions have been poured in this technology for almost no actual return technologically wise. And I understand, because interest are not aligned. It really seems like nobody actually care about advancing the state of art, except actual researcher who work in universities and not in crypto startups... Cryptocurrencies had a goal and a usefulness when…

Same. I was super excited for bitcoin ten years ago, but now I've experienced first hand how bad bitcoin is as a currency. Most people aren't even thinking of using it like that. It's just sitting in their coinbase account. So you've just got a bunch of people who all expect to make money from each other. Without any actual value it's a zero sum game, folks!

Look at the Bitcoin as the defacto reference of value for other crypto that do solve other problems. It's import to have a store of value that's not traditional fiat (like USD).

Re: Ethereum Isn't Fun Anymore

#276

Post by ed25519FUUU »

hoka-one-one wrote: post #271
Traubenfuchs wrote: post #56

Building something useful on something that is primarily used as highly volatile financial speculation instrument always rubbed me the wrong way. The whole crypto scene is just about making quick dough with a technology, that for some reason remains hyped through and wrapped in mysticism. Face it, there is no sexy killer app for the masses. Wait. There is one: Crypto trading to... make quick dough. And the cryptonerd…

This same comment appears on every single crypto post. if it was actually true do you think people would have stopped posting about crypto in the past six years or so?

Greed is perhaps one of the most powerful motivators known to man.

Re: Ethereum Isn't Fun Anymore

#277

Post by UncleMeat »

gh55 wrote: post #261
UncleMeat wrote: post #233

Earlier quoted context omitted.

The repossession is the hard part. Let’s say I lend ten grand to some wallet so they can buy a car. They do so. Now they’ve got a car. They now move all their wealth to other wallets or fiat and refuse to pay me back. I need some mechanism of repossessing their car, which only works if I have state infrastructure and a legal system attached to my contract. “Btc bounty hunters” isn’t a good enough explanation.

Your correct to say the debt would need to be legally recognised, before it could be sold on to a legally registered debt collector. Aave for example has a UK Electronic Money Institution license, you might need some legal entity to take part in what I describe until laws catch up with innovation. Self driving cars, uber, Airbnb, face similar issues with regulation needing to adjust, that doesn't invalidate the innov…

I think the comparison to airbnb is revealing.

Airbnb allowed individuals to rent their home to other individuals. But this is done through a centralized service. Scams and abuse exist, but the centralized service offers some nice benefits like reviews and bans for abusive participants. The innovative part was the new model of what you could rent, not the how of how you rent it.

In comparison, the defi loan innovation is "how" rather than "what". As a borrower I still get some cash and pay interest on it. Same as with a bank. As a lender I still deposit some cash and obtain interest on it. Same as with a bank. And a centralized service provides some nice guarantees about checking that my money isn't going to criminal organizations or that I have some guarantee that I can withdraw my money when needed and risk is amortized. Like with airbnb, I'd expect a centralized model to be more appealing to many people than a decentralized model. And we already have a centralized model. They are called banks.

Airbnb succeeded because it created a product that didn't exist before.

I only think that the defi loan system is interesting if it enables a ton of people to obtain a different thing than the thing they can already get from a bank. This matters for people with bad credit and people without access to banking institutions... but how many people are super excited to personally lend to those people?

Re: Ethereum Isn't Fun Anymore

#278

Post by zionic »

XorNot wrote: post #108
TeeWEE wrote: post #48

Earlier quoted context omitted.

> Tech behind Ethereum is outdated. Well Eth 2.0 is applying the latest and the greatest in Crypto research to a real coin. In terms of scalabliltiy Ethereum is already way past bitcoin slow transaction rates.

The idea of a new version of your currency somewhat speaks against the utility of the whole thing surely?

Absolutely not. ETH2 is poorly named, it is an "in-place-upgrade" whose core design principles (PoS, Sharding) have been part of the ETH roadmap since 1.0.

Re: Ethereum Isn't Fun Anymore

#279

Post by omginternets »

hoka-one-one wrote: post #271
Traubenfuchs wrote: post #56

Building something useful on something that is primarily used as highly volatile financial speculation instrument always rubbed me the wrong way. The whole crypto scene is just about making quick dough with a technology, that for some reason remains hyped through and wrapped in mysticism. Face it, there is no sexy killer app for the masses. Wait. There is one: Crypto trading to... make quick dough. And the cryptonerd…

This same comment appears on every single crypto post. if it was actually true do you think people would have stopped posting about crypto in the past six years or so?

>if it was actually true do you think people would have stopped posting about crypto in the past six years or so?

I think crypto posts continue to appear because the idea is sexy, but I also think the parent poster is correct: the realized applications are not.

Crypto captures the imagination, but it's a disappointment in practice.

Re: Ethereum Isn't Fun Anymore

#280

Post by maeln »

dgellow wrote: post #166
maeln wrote: post #64

I really, really don't understand where cryptocurrencies are going. Billions have been poured in this technology for almost no actual return technologically wise. And I understand, because interest are not aligned. It really seems like nobody actually care about advancing the state of art, except actual researcher who work in universities and not in crypto startups... Cryptocurrencies had a goal and a usefulness when…

IOHK who is behind Cardano does quite a lot of scentific research and formalized and developed innovative concepts: https://iohk.io/en/research/library/ . It's still very experimental and yes, there are no clear applications yet, but there is some genuine research being made.

This is genuinely very interesting :) . I hope for more innovation like this and less copy-cat, get rich-scheme cryptos ....
Post reply on HN