Given the hacking climate in our world. And the zero data integrity policy given by the corpo scummies, you have to be a total dumbass bear to think ethereum and block chain technology doesn't have a huge future.
Ethereum Isn't Fun Anymore
371–380 of 650 posts
Re: Ethereum Isn't Fun Anymore
#372Earlier quoted context omitted.
> Brave (the browser) uses blockchain in their privacy protecting ad technology. uBlock Origin works fine based on txt-files. Not sure how blockchain could improve this.
Iirc the idea behind brave is to create a sustainable alternative to the ad/data collection of big tech. They use blockchain to enable microtransactions for content.
So, we are back to flattr, PayPal recurring payments or whatnot again.
$localNewspaper not go through the hassle of dealing with payments through blockchain technology.
Re: Ethereum Isn't Fun Anymore
#373Building 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?
HN loves bashing crypto because as tech nerds, we all knew about Bitcoin/Ether at their inception, but missed the boat. Now we all watch as our weird crypto friends get rich, and we have to bash Bitcoin, predicting its inevitable decline, so that we can feel better about our past decisions.
Re: Ethereum Isn't Fun Anymore
#374Earlier quoted context omitted.
They also avoid capital gains tax which would be pretty significant. They can use the money to hedge their bets against crypto by buying traditional markets if they wanted. For house mortgages, there are companies that are "tokenizing" houses on the blockchain, so putting it up collateral would be as simple as depositing that token. That said, I think this is far from becoming reality anytime soon, just because there…
I believe that technically, any conversion between crypto assets is still a taxable event. If you want to follow the (silly) rules, you have to pay taxes on your gains once you purchase something using your borrowed stablecoin.
Presumably the point is to avoid triggering capital gains tax with the low cost basis of your coins by borrowing someone else's coins to make purchases.
Re: Ethereum Isn't Fun Anymore
#375The Hacker News community has long been anti-crypto, and as someone deeply involved in the space, these long threads of complaints and diatribes are difficult to handle. Everyone is missing so much context.
Ethereum gas prices are astronomical because there's unprecedented demand to use the network: NFT art and collectibles are exploding (NBA TopShot, Foundation, SuperRare, Rarible, OpenSea, etc.) at the same time DeFi applications (Uniswap, Compound, Maker, Aave, Balancer, etc.) are at all time highs.
This is the time, in my mind, that it's most exciting to work in crypto, and on Ethereum: demand has been proven and has been sustained (every block full for 1+ year).
The naysayers who think this is all for a quick buck are missing the pattern and listening too much to the (admittedly, insanely loud and annoying) shills.
Re: Ethereum Isn't Fun Anymore
#376It sounds like the only issue is high fees..?
Re: Ethereum Isn't Fun Anymore
#377Earlier quoted context omitted.
They also avoid capital gains tax which would be pretty significant. They can use the money to hedge their bets against crypto by buying traditional markets if they wanted. For house mortgages, there are companies that are "tokenizing" houses on the blockchain, so putting it up collateral would be as simple as depositing that token. That said, I think this is far from becoming reality anytime soon, just because there…
I believe that technically, any conversion between crypto assets is still a taxable event. If you want to follow the (silly) rules, you have to pay taxes on your gains once you purchase something using your borrowed stablecoin.
So yes, you'd pay capital gains tax on the DAI that you've borrowed when you transfer it back to USD, but DAI is a stablecoin that's pegged to 1$ and the volumes are pretty high on many exchanges.
Once you include your exchanges fees in your cost basis, you actually lost like 30-40$, so it's a taxable event with capital gains loss.
Re: Ethereum Isn't Fun Anymore
#378Earlier quoted context omitted.
> The mafia probably doesn't need your name for a loan, too. What? They'll know your name, address and your whole family history usually. It's just a smart contract execution on the global computer that is Ethereum, how is that shady?
There's a big cultural gap here, because your description sounds obviously shady to me. If my car financing agreement said "the terms of the loan are whatever happens when you run this program we wrote", I would never in a million years have signed it.
The code is immutable and open source, so you can inspect exactly what it does.
Re: Ethereum Isn't Fun Anymore
#379This constant whining is getting popular nowadays, specially on hn. >ooohh this thing I got in early is now popular Give me a break. Alot of smart people here think they know what matters but they don't. They often point at the technology and this and that, but it doesn't matter, they are all wrong. The price chart is the only thing that matters. Even if you had the best scalable crypto. Would it matter if nobody cou…
It shouldn't need to be said, but preference is individual. If I dislike something, a high price tag won't change my preference.
In the case of crypto, it probably should. The reality is that there is so much compute power aimed at BTC/ETH, that if you try to use a 'cheap' crypto currency, it is susceptible to compute power attacks or at the very least, hasn't been battle tested against non-compute attacks.
IMO, if you are going to write a smart-contract or "invest" in crypto, you should have an extremely good reason to do it anywhere but ETH/BTC.
The price and value of the chain give an signal of security.
Re: Ethereum Isn't Fun Anymore
#380Earlier 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.
Interesting. I think I know somebody who might be interested in something similar: ie, put X BTC as collateral for a loan, and pay it back after a year to get X BTC. Any pointers for where I could learn how this could work?