Starting a crypto project • Hacker News Board

Re: Starting a crypto project

#121

Post by alephu5 » Thu, May 06, 2021, 5:07 PM UTC

PragmaticPulp wrote: post #2

Can confirm. I’m friends with a group of very smart distributed systems engineers who were excited to launch an actually useful crypto project that gets talked about here from time to time. As much as they’re excited about the technology itself, very few people are actually interested in using it. Instead, their business seems to revolve around the value of the utility tokens for their project. Few people are buying…

This seems like it should be labeled as some kind of social law: Any blockchain will always converge towards a speculation vehicle.

In much the same way, social networks almost always seem to become hookup platforms.

Re: Starting a crypto project

#122

Post by arcticbull » Thu, May 06, 2021, 5:08 PM UTC

anonymoushn wrote: post #93

noxer wrote: post #88

Earlier quoted context omitted.

Hmm whats the UNI token for then?

It's a governance token, meaning you can use it to participate in non-binding votes about what the developers do.

So like a twitter poll?

Re: Starting a crypto project

#123

Post by megameter » Thu, May 06, 2021, 5:12 PM UTC

samvher wrote: post #62

hanniabu wrote: post #60

Earlier quoted context omitted.

Don't waste your breath dude, HN has become a safe haven for people that like to bury their head in the sand and shit talk crypto. Yeah, anybody that's actually knowledgeable in it know that what they're saying are the same old sad tropes that the news has been training people to repeat verbatim, but they've boxed themselves in and they'll die on this hill.

Where is a place to get a broader perspective on this? I've tried subreddits for some of the projects, the cryptocurrency subreddit, and google and youtube. I have a lot of difficulty cutting through the noise. (My sense is that projects like Ethereum could be extremely valuable but that its value is currently hurt by the speculation on Ether making transactions far too costly. I'd be very interested in getting expos…

It was easier eight years ago, I would just look at Bitcointalk threads and be able to make an evaluation pretty quickly. Small scale, relatively more clued in folks. Now the scale is a problem. There are so many projects I know nothing about.

Nowadays I usually go to /r/cryptocurrency/new for the firehose. I do not aim to read everything, just check in and take some notes. What tends to happen on that subreddit is that some really great posts get made but never hit frontpage because they're crowded out by useless memetic content. But you can take individual great posts and turn those into leads by doing some additional legwork. I don't usually talk to those users(I do not want to read comment thread replies and will completely ignore my Reddit inbox, instead I will monitor the thread if it interests me) but I will sometimes browse their post history.

Re: Starting a crypto project

#124

Post by earnesti » Thu, May 06, 2021, 5:13 PM UTC

noxer wrote: post #119

Far_Pig wrote: post #115

Earlier quoted context omitted.

I suspect in the not-so-distant future, every company will have their own token, much like they have their own domain/website today.

That's exactly what we dont need. 99% would use the token to move value (pay for something) and we really dont need a bazillion different tokens for that. Also most tokens are not stable and thus not very desirably for payment.

I don't have problem having gazillions of tokens, I just don't use them. There isnt need and in the long run companies will just write them off like many other hyped IT projects.

Re: Starting a crypto project

#125

Post by literallyWTF » Thu, May 06, 2021, 5:18 PM UTC

He forgot the most important part, hope your revolutionary x-coin reaches a few cents and cash out in US dollars.

Re: Starting a crypto project

#126

Post by proto-n » Thu, May 06, 2021, 5:19 PM UTC

lottin wrote: post #78

rodiger wrote: post #64

Earlier quoted context omitted.

A random tweet about a concept not being "fundamentally ridiculous" is an awfully low bar to discredit intelligence. Have a look at his blog[0] and let me know if that reinforces your belief. Besides, if you read the whole thread you'd know he's acknowledging that if we could simulate QC classically, then we'd be able to have more efficient classical search algorithms. It's an if that's likely impossible at scale but…

It's not just a random tweet. He's had these ideas since 2013 at least. So here for more details: https://davidgerard.co.uk/blockchain/buterins-quantum-quest/ But I'll take a look at his blog, thanks.

> competent observers would likely consider even that on the high side for a mathematical impossibility

If the statement made by Vitalik "There's no proof that efficient classical simulation of QC is impossible" is indeed the case, then it's the linked blogpost that has discredited itself mathematically by treating this as "breaking mathematics" or a "mathematical impossibility". More like groundbreaking surprise, but there's a big difference between "unlikely" and "proven to be impossible" mathematically speaking.

Re: Starting a crypto project

#127

Post by avindroth » Thu, May 06, 2021, 5:23 PM UTC

Luker88 wrote: post #91

As someone interested in all of cryptography, I cringe every single time when we call blockchain "crypto". Sure, there's cryptography in it. But you don't call a mail or http server "crypto". There's similar tech in git, we don't call it "crypto", we call it VCS. Calling this "crypto" is just trying to add a mystic aura for stuff people don't understand, to further muddy the waters. We have a word for this technology…

Crypto sounds way cooler and can be prepended to things much more easily. It’s a social market out there.

Re: Starting a crypto project

#128

Post by noxer » Thu, May 06, 2021, 5:23 PM UTC

arcticbull wrote: post #118

noxer wrote: post #109

Earlier quoted context omitted.

Sounds to me as if you dont have any "blockchain project" ideas. That's fine do something else. If whatever you every wished to crate does not profit form this tech, it probably really just does not profit form it. Nothing wrong with that. It would be a shame to slap blockchain on a cool project that doesn't need it.

No it's not that, there's not a single blockchain based solution that achieves better results than a classical solution. Not a single one. Never has been. Not in 14 years. I'm open to one showing up! But, well, it hasn't. And that's because there's a huge fundamental cost to trustlessness, decentralization and permissionlessness that substantially no project actually benefits from.

The post above has a list of companies who build on top of such a decentral permission-less system that apparently has no benefits.

Start with coil.com what they do it not possible with the financial system. They enable users to stream money to content creator in real time with fractions of cents per second. A central system would not make any sense. It must be p2p and there must be a ledger to "settle the transactions"

Its not impossible to make it central it just not lucrative in any way. But if the middlemen is removed it doesn't have to be lucrative for that middlemen anymore and it turns out to be almost free because you just need to send p2p data packages to stream money.

Its called interledger protocol (ILP) its not a blockchain its a protocol but like I said above you need to settle somehow and which bank or financial system lets you settle fractions of cents? No one because there is no money to be made from this so a system that does not generate money for the owner (a decentral system) works best.

Re: Starting a crypto project

#129

Post by noxer » Thu, May 06, 2021, 5:32 PM UTC

earnesti wrote: post #124

noxer wrote: post #119

Earlier quoted context omitted.

That's exactly what we dont need. 99% would use the token to move value (pay for something) and we really dont need a bazillion different tokens for that. Also most tokens are not stable and thus not very desirably for payment.

I don't have problem having gazillions of tokens, I just don't use them. There isnt need and in the long run companies will just write them off like many other hyped IT projects.

No one will, that's the point. Imagine you would have to pay Netflix with Netflix token and on eBay you would have to pay with eBay token. The current financial system is already annoying, we re dont have to make it worse.

Re: Starting a crypto project

#130

Post by arcticbull » Thu, May 06, 2021, 5:33 PM UTC

noxer wrote: post #128

arcticbull wrote: post #118

Earlier quoted context omitted.

No it's not that, there's not a single blockchain based solution that achieves better results than a classical solution. Not a single one. Never has been. Not in 14 years. I'm open to one showing up! But, well, it hasn't. And that's because there's a huge fundamental cost to trustlessness, decentralization and permissionlessness that substantially no project actually benefits from.

The post above has a list of companies who build on top of such a decentral permission-less system that apparently has no benefits. Start with coil.com what they do it not possible with the financial system. They enable users to stream money to content creator in real time with fractions of cents per second. A central system would not make any sense. It must be p2p and there must be a ledger to "settle the transactio…

> The post above has a list of companies who build on top of such a decentral permission-less system that apparently has no benefits.

Correct.

> Start with coil.com what they do it not possible with the financial system. They enable users to stream money to content creator in real time with fractions of cents per second. A central system would not make any sense. It must be p2p and there must be a ledger to "settle the transactions"

Any wallet could offer the same thing. PayPal could offer it. But they don't because nobody wants micropayments. Nobody's ever actually wanted micropayments, it's something they think they do, but in reality, they do not. This comes up from time to time. One of the crypto folks actually wrote a really good paper on it, I'll dig it up.

You just build up the balance until it's over $1 and ACH/RTP it. Those transaction methods cost $0.0033 in bulk.

Further, this is just revisiting whether people are willing to pay for content online. They are not. They would rather be subjected to ads and not pay anything.