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Starting a crypto project

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Re: Starting a crypto project

#231

Post by [deleted] »

chrisco255 wrote: post #228
jude- wrote: post #213

Earlier quoted context omitted.

> USDC for example, is literally exchangeable for $1. Thank you for reaffirming my point! The purpose of defi is to re-distribute dollars from people buying in to people cashing out, while providing literally no other goods or services. It's not like people want these tokens for other purposes -- you buy them so you can sell them to subsequent participants. Despite the deceptive machinations of defi, the act of selli…

> The purpose of defi is to re-distribute dollars from people buying in to people cashing out Not at all. You didn't read my post above did you? Let me ask you, if you want to be a market maker for the NASDAQ, can you do so with $1K in capital? Can you do it 24/7 from any country in the world? No? Can you loan money to someone in Thailand in 15 seconds? Can you borrow money from a pool of lenders from 84 different co…

[deleted]

Re: Starting a crypto project

#232

Post by dylkil »

jcpham2 wrote: post #133

It would be super awesome if the personalities attracted to this would realize they are many many years too late to attract anyone else to their scheme. That's my personal opinion but ya'll seem to like that over here on the 'ol HN (aka the new slashdot)

every cycle has a new "trick", e.g. in 2017 ICO's to tokenise everything, in 2020/2021 IDO's, yield farming and NFTs.

Re: Starting a crypto project

#233

Post by dylkil »

ww520 wrote: post #112
golergka wrote: post #35

Reading that twitter thread, and HN discussion here, I am again reminded how the whole startup scene looked before dotcom crash: insane valuations, lots of scammers, and what little utility there is, it's mostly for illegal means. (If you're saying that there's no real utility in Bitcoin, you really should google Hydra). But don't you wish you bought Amazon stock right after IPO?

Good point. But for every Amazon back then there were hundreds of Pets.com.

wasnt it obvious to some people back then who the real companies were, and all it took was everyone else catching up to speed to understand who the real companies were?

Re: Starting a crypto project

#234

Post by marcus_holmes »

noxer wrote: post #164
reedjosh wrote: post #157

Earlier quoted context omitted.

> People already pay to not see ads its just cumbersome because every service needs a subscription or pro app or whatever. People will pay if it's a frictionless payment of a small amount reflective of the value gained. Netflix did this with movies, Spotify with music, `crypto with everything?` if the tech and business models are worked out.

Imagine how awesome it would be if you could search for a movie choose the service that current has the best cost/byte ratio for your location (they can make this variable to manage load). Then you start streaming. No registering needed. Not even a login. After 10 min you notice the film sucks so you stop the stream. You only payed for the first 10 min. Totally friction-less ofc. You could watch on a random TV anywhe…

this sound great. I'd cancel my Netflix sub and go for this in an instant.

Now go pitch it to the 50+ copyright owners that you'd need to convince to make this happen.

Strong hint: it's not going to happen. The people who own the content you want to stream like this have no incentive to make it work like this.

If they could go back in time and say "no" to Spotify, they would.

Re: Starting a crypto project

#235

Post by marcus_holmes »

reedjosh wrote: post #158
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.

> there's not a single blockchain based solution that achieves better results than a classical solution The following > trustlessness, decentralization and permissionlessness Are better results. But I do admit, that they come at _performance_ trade-offs.

but they don't achieve any of those, either.

All of them rely on a centralised authority, as can be seen with the bitcoin & ethereum forks - if something goes bad, the people in control will step in and make it better. That means there are people in control. This is not trustless, decentralised or permissionless.

Re: Starting a crypto project

#236

Post by arberx »

jude- wrote: post #216
arberx wrote: post #198

Earlier quoted context omitted.

Thankfully there are now DEXs which are super cool. uniswap.org

Thank you for reaffirming my point! If you want your token traded on uniswap, you'll write the integration code pro bono , you'll pay a fee (a transaction fee to deploy it), and Ethereum miners (who run uniswap) skim transaction fees off of your token trades in perpetuity.

There's no "integration" code-once your token is on the blockchain if can be traded on uni once there's enough liquidity.

Using the network is not "skimming" transactions.

Re: Starting a crypto project

#237

Post by p4bl0 »

For those who thought this was n interesting link about starting to work on cryptology related project: it's not

This has nothing to do with crypto it is yet another thread about scam energy-wasting fake money.

Re: Starting a crypto project

#238

Post by jude- »

chrisco255 wrote: post #228
jude- wrote: post #213

Earlier quoted context omitted.

> USDC for example, is literally exchangeable for $1. Thank you for reaffirming my point! The purpose of defi is to re-distribute dollars from people buying in to people cashing out, while providing literally no other goods or services. It's not like people want these tokens for other purposes -- you buy them so you can sell them to subsequent participants. Despite the deceptive machinations of defi, the act of selli…

> The purpose of defi is to re-distribute dollars from people buying in to people cashing out Not at all. You didn't read my post above did you? Let me ask you, if you want to be a market maker for the NASDAQ, can you do so with $1K in capital? Can you do it 24/7 from any country in the world? No? Can you loan money to someone in Thailand in 15 seconds? Can you borrow money from a pool of lenders from 84 different co…

Boy, did that touch a nerve!

Hate to break it to you, buddy, but you can't do these things with defi tokens either.

> Let me ask you, if you want to be a market maker for the NASDAQ, can you do so with $1K in capital? Can you do it 24/7 from any country in the world?

If you're implying that NASDAQ won't let me be a market maker with $1k capital, then why should I believe that they'll do it if I offer $1k-equivalent of defi tokens instead?

Also, I can do this today. I'd start a market maker company with my funds and with funds from other like-minded people.

> Can you loan money to someone in Thailand in 15 seconds?

Show me a defi protocol that lends money, and I'll show you a protocol that only permits over-collaterialized loans, backed by other defi tokens that are just as limited.

Also, yes -- I can lend money to people in Thailand in 15 seconds. I simply invest my money in a local bank that will do it for me.

> Can you borrow money from a pool of lenders from 84 different countries?

Absolutely. Do you understand how banking works?

> Can you build an app that plugs into your bank, NASDAQ, and a video game API without paying anyone any service or API fees?

I don't know if you've ever tried to actually write software before, but I can say with 100% confidence that defi isn't going to open up my bank's APIs, NASDAQ's APIs, and video games' APIs to me. That's because these entities make money by charging for API access, and the existence of defi isn't going to change this.

Even if each of these entities were realized as defi contracts, the underlying blockchain miners still charge me a fee to mutate state within them.

> Buddy, I'm not worried about taxes on profits vs. losses. It's no different than stock trading.

Then you clearly do not understand how tax law or finance works. I humbly suggest you get familiar with it, and quickly, lest you end up with completely-avoidable penalty fees (or in a jail cell).

Re: Starting a crypto project

#239

Post by eightysixfour »

Fede_V wrote: post #179
pjc50 wrote: post #99

Earlier quoted context omitted.

> You dont need a token. No, really you dont. Your tokens only use case is likely to transfer value Other way round: transferring value to yourself is the only use case . If you take a second to look in the mirror and see the wreckage of previous startups in this space, you'll see that - as pointed out in the OP thread - 99% of the community is there for the pump and dump. For all the practical purposes, distributed…

That's exactly right. I've seen zero products where the blockchain is a compelling value ad, with the exception of: - it makes it easier to raise capital by claiming that what you are doing involves crypto, because then you get crypto-type valuations - you can get money from people who want to speculate

I, personally, think Handshake is an interesting value add. Decentralized ICANN on a blockchain, mainly because I can't think of a better method to decentralize TLD management.

The negative is a lot of the TLDs sold on Handshake were sold to early interested parties, many of which were speculators. Unfortunately, other than an ICANN run solution, I can't think of a way to solve this since you need critical mass to make it fair, but can't get critical mass without having everything running.

Maybe they should have restricted the character length of the TLDs that were available to be auctioned at any given time based on the number of mined coins so more valuable TLDs wouldn't come available until, ideally, more people were onboarded to the service. Not sure there's a great solution there.

Re: Starting a crypto project

#240

Post by lottin »

kybernetikos wrote: post #208
lottin wrote: post #56

Earlier quoted context omitted.

Vitalik Buterin, the guy who thinks you can do quantum computing by running a quantum computer emulator on an ordinary computer [1]. Doesn't strike me as the sharpest tool to be honest... [1] https://twitter.com/VitalikButerin/status/127395790524347596...

It's interesting that quantum inspired classical algorithms have been discovered that outperform the previously best known algorithms, and reduce the likelihood of useful quantum speedups in those areas. https://www.scottaaronson.com/blog/?p=3880 I take this tweet as Vitalik saying that a similar thing could happen for mining (or general search), and while it would be surprising, it doesn't seem like it is impossible…

Considering his background, I don't think he was talking about algorithms. In the past he became involved in this project:

"Quantum computing (QC) is a flexible model of computation and there are many physical means of implementing it. One obvious means of implementation is by classical simulation. In other words, performing QC by running ‘quantum software’ on conventional hardware."

[1] https://web.archive.org/web/20131005014920/http://noospheer....

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