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Ethereum Isn't Fun Anymore

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Re: Ethereum Isn't Fun Anymore

#391

Post by pacoWebConsult »

cbdumas wrote: post #385
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?

One, IMO, is a provably fair casino (Blackjack, Poker, etc.) that is decentralized and unregulatable.

Re: Ethereum Isn't Fun Anymore

#392

Post by lynx234 »

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?

You do realize that's a characteristic which gives decentralized finance an advantage over traditional financial institutions, right?

Re: Ethereum Isn't Fun Anymore

#393

Post by akudha »

cbdumas wrote: post #385
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?

I have the same question too. Beyond speculation/greed, what are real world use cases of blockchain that can't be done with existing/mature tech? Nano seems nice for instant fee-less transfer. Other than that?

Re: Ethereum Isn't Fun Anymore

#394

Post by khongbietgi »

exdsq wrote: post #77
khongbietgi wrote: post #66

How about https://www.algorand.com/ The team is promising and also their sdk is quite good.

I like the Algorand team -- first blockchain project where I used an app I wanted to use and only afterwards realised it was using their blockchain.

That's great. Do you mind sharing the name of that project?

Re: Ethereum Isn't Fun Anymore

#395

Post by rawtxapp »

cbdumas wrote: post #385
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?

Borrowing, lending, decentralized exchanges, innovations like flash loans that are just not possible in current financial system.

The sky is the limit in terms of innovations possible, it's literally some code running on the global computer that is Ethereum.

Re: Ethereum Isn't Fun Anymore

#396

Post by karpierz »

rawtxapp wrote: post #383
rank0 wrote: post #360

Earlier quoted context omitted.

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.

Do you not pay the loan back in Bitcoin? How would you exercise the 300% gain while also paying the loan back?

Re: Ethereum Isn't Fun Anymore

#397

Post by rank0 »

rawtxapp wrote: post #383
rank0 wrote: post #360

Earlier quoted context omitted.

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.

> So the stability fee you pay is 4.50%.

The fees I am seeing on Uniswap/Aave are much much higher than 4.5%. Even at 4.5% that equates to six figures of additional interest payments over my 30 year mortgage.

> and you didn't have to pay a capital gains tax.

This isn't true. Any conversion between crypto assets is technically a taxable event...even if we both can agree that the rules are silly.

> 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.

Okay great, but how does this promised future development help me secure a loan for the home I want to buy? Or the business I want to start? Again, I do not have 500k in bitcoin laying around nor a "tokenized home."

It was super easy to get approved for a 500k mortgage just based on my income.

Re: Ethereum Isn't Fun Anymore

#398

Post by [deleted] »

viklove wrote: post #373
hoka-one-one wrote: post #271

Earlier quoted context omitted.

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.

[deleted]

Re: Ethereum Isn't Fun Anymore

#399

Post by lisperforlife »

rawtxapp wrote: post #383
rank0 wrote: post #360

Earlier quoted context omitted.

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.

This. It took me a long time to understand this. I was so focused on the volatility that I failed to look at the larger trend. It clicked for me only a couple of months back.

Re: Ethereum Isn't Fun Anymore

#400

Post by aww_dang »

wtvanhest wrote: post #379
aww_dang wrote: post #349

Earlier quoted context omitted.

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/…

Price isn't equal to utility.

You can illuminate your home cheaply with electricity or expensively with candles. Yet the lower priced version is more effective.

Technology advances. Technology is a means to an end. Examine the merits of the technology to determine if it provides utility to help you achieve the ends you desire.

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