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Ethereum Isn't Fun Anymore

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Re: Ethereum Isn't Fun Anymore

#591

Post by slickrick216 »

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…

Just because you don’t use it doesn’t mean it’s not useful. People called computers useless for a long time too. Some still do.

Re: Ethereum Isn't Fun Anymore

#592

Post by hoka-one-one »

jeffreyrogers wrote: post #389
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?

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).

Nope, I'm criticizing the complaint because it's vapid, which it is.

Interesting concept I learned when I stopped drinking -- you aren't owed a rebuttal when your argument is stupid!

Re: Ethereum Isn't Fun Anymore

#593

Post by flurben »

rudderz wrote: post #542
chowells wrote: post #531

Earlier quoted context omitted.

While it's tempting to conflate the beneficiaries of our problems with those who created them, reality is not that simple. Blaming things on an all-powerful cabal of bankers is nearing QAnon levels of seeking a small number of people to blame for systemic issues. That sort of reductionism isn't useful. Action taken based on it is going to never touch any real problem. At most it'll change who benefits from them. I th…

"I believe that banking institutions are more dangerous to our liberties than standing armies," Jefferson wrote. "If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around(these banks) will deprive the people of all property until their children wake up homeless on the continent their fathers conqu…

That is not even a real Thomas Jefferson quote.

Re: Ethereum Isn't Fun Anymore

#594

Post by webinvest »

als0 wrote: post #433
albntomat0 wrote: post #401

Earlier quoted context omitted.

As an outsider missing context, what are the answers to the following? They are all valid questions that come up every time, and aren't well answered, given my research into them. - Is the long term alternatives to PoW actually viable, given the huge power consumption of cryptocurrency currently? - Are the valid use cases (other than drugs, ransomware and speculation) worth the valuation? - If Tether collapses, due t…

> - Are the valid use cases (other than drugs, ransomware and speculation) worth the valuation? I think it's fair to say that the current valuation of cryptocurrencies have nothing to do with their tech or use cases. These markets have the same signs as the dot com bubble. However, there are valid use cases if you're willing to search for them. One of them is decentralized DNS name registration without third parties…

That reminds me of Namecoin

Re: Ethereum Isn't Fun Anymore

#595

Post by Bakary »

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…

The inherent tension in the crypto space is that for early adopters crypto is the best thing imaginable: figuratively winning enormous sums with little to no effort. For anyone else, it is not only a generator of envy and bitterness but a burden on energy production, GPUs and whatnot.

The ideological aspect of crypto as a defense against the big bad system is dead in the water since early adopters are so massively powerful within the hypothetical new system, and nobody really wants to use it as a currency as opposed to a pyramid scheme.

Re: Ethereum Isn't Fun Anymore

#596

Post by webinvest »

loceng wrote: post #91
3np wrote: post #7

I think many developers getting sucked into a new exciting technology feel similarly at some point once it gets enough traction. "I know; it's such a hipster statement." might be all there is to it, and that's fine. I had the same phases with web and ML and I'm not ashamed to say I'm a bit of a hipster in that sense. I think your feelings are perfectly valid and you should listen to yourself, but also realize that yo…

If you want to work on a blockchain where greed can't takeover, an inevitable unavoidable pitfall if you design the blockchains to inherently also have an MLM structure, is to design a blockchain that doesn't have financial gain as an incentive to align people to adopt it but a different form of consensus like democratic processes (save regulatory capture) where it's voted into use.

I think Uniswap is incorporated this way.

Re: Ethereum Isn't Fun Anymore

#597

Post by rspeele »

gh55 wrote: post #588
rspeele wrote: post #577

Earlier quoted context omitted.

I have been trying to understand this too. Best I can figure, it's basically a short sell on USD. The key element is that the loan is not denominated in BTC, but a stablecoin pegged to fiat. DAI is one of these pegged 1:1 to USD. Say you are holding Bitcoin and think it's going to the moon. You tie up your Bitcoin as collateral and take out a loan of roughly 75% of its value, in DAI. Then you spend that DAI to buy mo…

DAI is mostly minted from ETH, at a rate of $150 collateral to $100 DAI. https://daistats.com/#/ . The $200m DAI minted from WBTC represents 0.02% of Bitcoin's market cap.

Is what I outlined still basically correct in terms of describing the utility of an overcollateralized loan? That is: Use crypto for collateral to borrow stablecoins, to buy more crypto, to make profit (hopefully exceeding loan interest) when the crypto price goes up.

Or do I have that all wrong? I really am not sure that I grok how this works, at all. I'm trying to figure out what is going on in this space and you seem to know a lot more about it than I do. I couldn't figure out another good reason to use an overcollateralized loan but it's clearly something people are interested in and using as a selling point for DeFi.

What actually happens if the borrower defaults on the loan? Do they "just" lose their collateral, or can they be held to account for the DAI somehow too?

Re: Ethereum Isn't Fun Anymore

#598

Post by miedpo »

martin_a wrote: post #372
TheMblabla wrote: post #347

Earlier quoted context omitted.

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.

Not really. Some people do that. Most just leave it on auto-contribute which means you'd get paid per view.

It's also not terribly hard to get verified so you get paid. As long as someone is reasonably familiar with technology, I think it'd be pretty easy for them. Haven't tried it for myself though (but the guide is up there so you can see it for yourself if your curious).

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