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Ethereum Isn't Fun Anymore

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Re: Ethereum Isn't Fun Anymore

#381

Post by berryjerry »

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…

In countries with working currencies like EU and US, yes almost all crypto is speculation. BUT, countries that have poor banking system a poorly managed/trusted economy don't have access to even banks, let alone investments and stocks. Crypto lets those people participate in the global market.

Re: Ethereum Isn't Fun Anymore

#382

Post by cblconfederate »

lazzlazzlazz wrote: post #375

The 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 De…

Tech has major entrenched interests in maintening the financial status quo

Re: Ethereum Isn't Fun Anymore

#383

Post by rawtxapp »

rank0 wrote: post #360
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.

I really am struggling to see the practical value here. You have to provide collateral worth more than your borrowed amount. The rates are HORRIBLE for borrowers. Straight up predatory. The anonymity part is cool, but if I want to borrow to get a mortgage how exactly does this help me? I do not have $500,000 in crypto laying around and a traditional lender will give me a 2% interest rate instead of 15%

So the stability fee you pay is 4.50%. You're still holding on to your assets appreciation, so if Bitcoin continues to appreciate at 300% per year, the 4.50% is a drop in the bucket and you didn't have to pay a capital gains tax.

Eventually, some companies are working on tokenizing homes, so once that happens, you could potentially deposit that as collateral just as easily, but that's still far out.

Re: Ethereum Isn't Fun Anymore

#384

Post by Retric »

lazzlazzlazz wrote: post #375

The 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 De…

HN seems wildly pro crypto compared to most places. It’s like Tesla which isn’t universally supported, but still gets a lot more coverage than Ford.

People do bring up quite reasonable objections like environmental costs, but it stories get a lot of upvotes and suggesting many people are strong supporters.

Re: Ethereum Isn't Fun Anymore

#385

Post by cbdumas »

lazzlazzlazz wrote: post #375

The 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 De…

What do you see as the killer use case for crypto currency/blockchain/smart contracts, etc.? I mined a few Eth in the very early days, and hung onto it until selling recently. I sold because I couldn't convince myself they had any value not based on the "greater fool theory". Was I wrong?

Re: Ethereum Isn't Fun Anymore

#386

Post by Geee »

martin_a wrote: post #114
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…

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…

There is Sia/Skynet which I think is really cool. Sia is the decentralized storage layer and Skynet provides file-sharing and HTTP-access through webportals. It's actually working and can compete with AWS S3 in terms of security, performance and price, while being completely decentralized. Check out https://siasky.net and the Skynet App Store: https://siasky.net/hns/skyapps/#/apps/all

Re: Ethereum Isn't Fun Anymore

#387

Post by rawtxapp »

valarauko wrote: post #380
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.

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?

Or you could just treat that collateral as a credit line that's always growing, if it grows faster than your spending, just withdraw a portion of your collateral. Just look at Youtube videos on makerdao, there's some good ones out there and try it for yourself once you feel comfortable with small amounts.

Once you actually try it, you're going to be like "this is the future", every single one of my friends that tried came to the same conclusion.

Re: Ethereum Isn't Fun Anymore

#388

Post by touristtam »

boh wrote: post #363
mirekrusin wrote: post #119

Earlier quoted context omitted.

I think it's being declared "failed technology" at least once a month since inception, no?

I mean it "works", but so do steam powered cars. The problem is most people don't actually use it, just trade it. The space used to mostly involve people who actually wanted to decentralize currencies, now it's almost exclusively "hodl $$$$$ to the moon etc". This article is articulating what's been clear to many people who really believed in the promise of decentralized currency: crypto in its current iteration has…

Nevermind article like this one then: https://thenextweb.com/hardfork/2019/05/03/jp-morgan-microso...

Re: Ethereum Isn't Fun Anymore

#389

Post by jeffreyrogers »

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?

To prove the comment wrong you just have to provide a single example, but you can't do that so instead you're criticizing the complaint and saying it isn't novel (which is true, but irrelevant to its validity).

Re: Ethereum Isn't Fun Anymore

#390

Post by ertian »

boh wrote: post #331
koonsolo wrote: post #250

Earlier quoted context omitted.

I think the decentralized web pieces are starting to fall in place: decentralized file storage, decentralized domain names, decentralized communities and streaming, decentralized payments, etc. I wouldn't declare it "failed technology" just yet.

Just because something works doesn't make it a success (see Betamax, laser disc, steam powered cars etc.).

Just because something doesn't work in the first attempt doesn't mean it never will (see various attempts at ecommerce, online news, streaming video, or just general computer-network-for-the-masses attempts from the 80s and early 90s).
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