So he is a Bitcoin shill? lol. Nothing to see here boys. You get all you know already.
Ironically this post happens near top as well lol http://paulgraham.com/newideas.html
Starting a crypto project
141–150 of 373 posts
Re: Starting a crypto project
#142Earlier quoted context omitted.
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 t…
>Any wallet could offer the same thing.
No, its not a wallet at all its a protocol like TCP but for money. If you are interested go read about it first. There is no point in arguing about something you dont know what it is.
>PayPal could offer it
Yes, they could but its not lucrative and if it would be they would not be interested in using a public interoperable protocol where everyone can offer the same service and compete.
So you have some sites that use PayPal and other sites use 15 other payment companies. You just recreated subscription hell. Its completely missing the point. If its decentral and standardized all systems work together. If I have the wrong token or currency the decentral system finds a way to swap them so I can use any services no matter what "wallet" or currency I use. I cold stream Netflix and Amazon Prime and only pay what I watch and when I watch.
Also why would I want PayPal to know whom I stream money? If its central its impossible to hide such data. If its p2p no third party know what content I pay for. That's how it should be.
>Nobody's ever actually wanted micropayments
We already have it.... its called ads. Ever page load, every click, every interaction and every data collected about you is a form of inefficient micropayment. One that does not respect your privacy, tires to maximize the time you waste and tries to trick you into buying stuff you dont need. And the cost of that is slapped onto the product you may buy.
Don't you think there are tons of people out there who would rather not annoy their visitors with ads? They would rather have them pay a few fraction of a cent directly to them without the ad-mafia taking a huge junk out of the revenue. And dont you think there are people who would rather pay a few fraction of a cent than see ads or block ads knowing that the content creator does not get paid then?
>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.
That's your personal opinion. The facts are not on your side. People already pay to not see ads its just cumbersome because every service needs a subscription or pro app or whatever. It does not scale to the number or services the average user wants to use. And it hardly adjust to the actual use. Its objectively just so much worse than if you could stream for what you use in real time.
You could go a long way without ads for a few bucks if you would replace them with the actual revenue they create. Only if your time is worthless you would rather watch a 15 second ad than pay 1/10 cent or whatever to not see it.
Re: Starting a crypto project
#143Can 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…
> They’re buying them to horde so they can resell to other speculators when the price goes up.
It's almost like all interest in cryptocurrency is driven by greed and speculation. I've been learning more about it, and I'm pretty convinced this is the case. Go into any crypto space, and all people are talking about is yield, price action, how much their tokens have grown etc. I think the only thing I've seen that isn't purely about speculation is NFTs, oddly enough, which seem to be basically a fad.
Re: Starting a crypto project
#144Earlier quoted context omitted.
Alright, so I make a two-sided market on chain, and the fees I charge accrue to... me? This seems like a similarly large legal headache to having them accrue to token holders! I am probably obligated to make sure that all users of my protocol are not Kim Jong Un, right?
Take a look at Sologenic. Sologenic is a fronted for the DEX. AFAIK they have no legal obligation to limit who is using it at all. The DEX as as its name says is decentral, they can not control it. They just make software that lets users use it. They can also not directly take fees because the DEX does not have fees (you make things decentral to remove the lurking middlemen who takes the fee) IDK how Sologenics busin…
> KYC rules usually dont apply for such stuff. Fiat on-ramps have to deal with that.
I think it would be a very risky bet to assume this will remain the state long term. It's not even the state now, overall.
Similarly:
> The DEX as as its name says is decentral, they can not control it.
It is possible to construct situations where a business is not technically capable of meeting its legal obligations. The usual solution to this is that the business changes, not the obligation.
Re: Starting a crypto project
#145Here is a free tip if you want to do it anyway. DON'T CREATE ANOTHER F**ING TOKEN! Build you product on an existing reliable fast and cheap blockchain that fits your needs. Focus on the product not the price of tokens on said DLT. You dont need a token. No, really you dont. Your tokens only use case is likely to transfer value and guess which token can do this better than yours? All of them! Simply because they alrea…
Only downside is you can't inflate the supply for unique purposes. For example PeakD.com inflates hive to give content creators tips based on likes. Edit: I thought this was legitimate reasoning behind having your own token. I don't mean it in an inflammatory way. Please explain why you disagree.
> Edit: I thought this was legitimate reasoning behind having your own token. I don't mean it in an inflammatory way. Please explain why you disagree.
Because you don't need to create a token at all to tip creators, inflationary or otherwise.
If you want to use crypto, just use an existing blockchain. Or don't use crypto and just create a centralized market that pays out at certain thresholds. Blockchain solutions aren't actually cheaper than centralized solutions, they just hide all of the costs elsewhere in transaction fees and mining payouts.
The only reason to create an all-new token is to have something to sell to people under the guise of enabling value. It was a bad trick when car washes sold car wash tokens instead of letting you pay for car washes directly, and it's a bad trick when crypto companies make you buy their tokens instead of just buying the service directly.
Re: Starting a crypto project
#146Earlier 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.
Honestly you don’t know what you’re talking about. What do you mean better results? What’s your metric? In terms of security it does achieve better result.
Re: Starting a crypto project
#147Earlier quoted context omitted.
Because people here try to understand the technology and its usage before riding the hype train. Most people investing in Ether for example have no idea what it even means. But when you ask them they would spit answers like "it's going to revolutionize finance..". When you ask them how, they have no answer. When you ask them for specific applications that they know of outside of the stupid NFT, they send you to Googl…
There are plenty of useful applications on Ethereum. Maker, Compound, Aave, dYdX, Synthetix, UMA, Uniswap to name very few.
IMO these things are basically driven by speculation as well. From what I can tell, they mainly provide liquidity for financial institutions. Financial institutions are interested in crypto so that they can make money trading it. IMO there is very little actual utility here.
Re: Starting a crypto project
#148Here is a free tip if you want to do it anyway. DON'T CREATE ANOTHER F**ING TOKEN! Build you product on an existing reliable fast and cheap blockchain that fits your needs. Focus on the product not the price of tokens on said DLT. You dont need a token. No, really you dont. Your tokens only use case is likely to transfer value and guess which token can do this better than yours? All of them! Simply because they alrea…
I suspect in the not-so-distant future, every company will have their own token, much like they have their own domain/website today.
Companies already have loyalty points and gift cards and rewards programs long before blockchain.
No consumers want to have to deal with tokens and blockchain to interact with a company.
Consumers will always do what's easiest and cheapest. Blockchain solutions are inherently more difficult, more expensive, and more risky (for the consumer) than just breaking out your credit card and getting paid 2% cashback to spend your money.
Re: Starting a crypto project
#149Earlier quoted context omitted.
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, bu…
The element of controversy isn't whether efficient quantum simulation is possible, but the idea that by running such a simulation one would be able to break cryptography, as if they were using an actual quantum computer. This is a talk where he makes this claim
https://youtu.be/DkUpZkeqhF4?t=3372
If this isn't crackpottery of the highest degree I don't what is.
Re: Starting a crypto project
#150Earlier quoted context omitted.
Sounds like Chainlink
or filecoin
Like the OP Twitter thread said: It's universal across every crypto project that issues their own tokens.
There's no reason to force customers to buy a brand new token invented out of thin air just to pay for a service that could be otherwise purchased with real money or Ethereum.