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Ethereum Isn't Fun Anymore

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Re: Ethereum Isn't Fun Anymore

#281

Post by ed25519FUUU »

payne92 wrote: post #246
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…

There is a killer app for crypto: international money laundering and untraceable transfers.

Crypto transfers are the opposite of untraceable. I’m not sure why that sentiment is so prevalent.

Re: Ethereum Isn't Fun Anymore

#282

Post by rawtxapp »

ethanbond wrote: post #274
rawtxapp wrote: post #268

Earlier quoted context omitted.

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?

I mean I don't care why they can't, right? These financial systems are so old, corrupt and broken, you have to pretty much start from scratch in my opinion.

Re: Ethereum Isn't Fun Anymore

#283

Post by a_hard_time »

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?

The top comment on every crypto thread always dismisses blockchain as a failed technology (ignoring cryptocurrency) and smart contracts as having no killer app (ignoring decentralised finance). These comments never come with substance. They are essentially declarations of the poster's own lack of insight and understanding.

I'm open to criticisms of crypto and smart contracts, but the comment above provides nothing in the way of meaningful criticism. It is trash.

Re: Ethereum Isn't Fun Anymore

#284

Post by zionic »

px43 wrote: post #177
artogahr wrote: post #135

Earlier quoted context omitted.

How does that even happen?

Three things. 1. The contract in questions is doing a lot more on chain logic than it should be doing. 2. The network is currently incredibly active, pushing up the average gas cost per transaction. 3. The price of Ethereum itself, in which gas price is denominated, has risen about 10x in the past few months. Usually the prices die down in a couple weeks, but if there is concern that people are being priced out of th…

The short version is that a seemingly large number of people are willing to pay out of this world fees to trade on a decentralized, uncensorable currency exchange. This is consuming the entire chains resources at the moment. The good news is that Uniswap (the top gas guzzler) is trying to move to L2 within 90 days. That will allow cheap/instant trades and L1 fees/usage will only occur when depositing or withdrawing. This should free up a lot of network capacity, and the high fees incentivize the devs to hurry up.

Re: Ethereum Isn't Fun Anymore

#285

Post by paulintrognon »

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…

Isn't cryptocurrencies used all over the Darknet ? I know that is not "the masses" but it is still a non-negligeable usage which is unlikely to stop, no?

Re: Ethereum Isn't Fun Anymore

#286

Post by zionic »

rawbot wrote: post #150

I still hold firm to my belief that, whatever the initial intentions the idea of cryptocurrency had, since 5 or 6 years ago, cryptocurrencies are the MLM of the tech world. I even knew a few non-techies acquaintances that almost got roped into it (in the figure of thousands of USD) with the same pyramid scheme manipulation techniques and terminology.

Personally, I find the crypto-skepticism on HN a strong indicator that I should buy more.

Re: Ethereum Isn't Fun Anymore

#287

Post by steego »

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?

I don't think people would have stopped posting for a few reasons:

1. There are currently useful applications. 2. It currently brings value to some people in one way or another. 3. If there are no killer apps, it's not obvious to a large swath of the population.

I try not to be one who invests too much into the wisdom of the crowd. I also try not to dismiss them either. We can be both clever and easily fooled.

Re: Ethereum Isn't Fun Anymore

#288

Post by Karunamon »

ccortes wrote: post #209
louwrentius wrote: post #202

Earlier quoted context omitted.

I think you misinterpret my statement. Just as you have just a finite set of notes on a piano, you can create infinite music. And even if IT has a finite set of regular tools like SQL databases, programming languages and protocols, it's the thing you create with that, what counts. Blockchain is a tool that does nothing better than existing tools. Blockchain is a solution to a problem nobody has.

I don't know if you'd count it as a blockchain solution but I constantly use crypto to send money to my family and it's the best solution that I've found. And yes, I now about transferwise, paypal, swift, etc. And using crypto is faster and cheaper.

I call maximum shenanigans on "cheaper" unless you're sending large amounts of money.

Bitcoin: ~$25

Ethereum (and all tokens): ~$17

For comparison, to burn that much in fees on Paypal (2.5% + 30c), I'd need to send around 10K.

Crypto is currently pointless for anything other than big transactions, and the unpredictability of the transaction fees, let alone the coin's value, is a big problem.

Re: Ethereum Isn't Fun Anymore

#289

Post by albntomat0 »

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?

Plenty of bubbles take time to fully pop.

It can both be true that cryptocurrency is nifty and has real world applications, and is at also widely speculative currently.

Re: Ethereum Isn't Fun Anymore

#290

Post by 177tcca »

ethanbond wrote: post #274
rawtxapp wrote: post #268

Earlier quoted context omitted.

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?

It is technical incapability of some financial institutions to set this up inside of their regulated position.

Other freely operating entities across the globe are not in the same position.

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