Decentralized Woo Hoo
stephendiehl.com
Decentralized Woo Hoo
1–10 of 295 posts
Re: Decentralized Woo Hoo
#2This is on point. I've been saying for years that while decentralization is good in many contexts, it's not necessarily good in every context. This is why I'm bullish on Matrix and Mastodon but remain skeptical of cryptocurrency, NFTs, etc. The former seems like real power transfer to the people from centralized platform owners. The latter seems more like a speed run to teach Libertarians why we got all our financial regulations.
Re: Decentralized Woo Hoo
#3OP seems to have no idea about DeFI. You can lend and borrow on compound.finance, aave. You can play no-loss lotteries like PoolTogether. You can bet on your beliefs and hedge your investments on markets platforms like Polymarket. You can gamble. More on: https://ethereum.org/en/dapps/. All of this without any arbitrary restrictions imposed by governments or companies, you just need an internet connection. How can you look at it and not be in awe? Especially if you're into technology.
Re: Decentralized Woo Hoo
#4This is on point. I've been saying for years that while decentralization is good in many contexts, it's not necessarily good in every context. This is why I'm bullish on Matrix and Mastodon but remain skeptical of cryptocurrency, NFTs, etc. The former seems like real power transfer to the people from centralized platform owners. The latter seems more like a speed run to teach Libertarians why we got all our financial…
The libertarians have been going full speed ahead, and their system has not crashed yet. You can regulate the margins and the connections to tradfi but many teams and projects are anonymous, and cannot be stopped easily. The experiment is happening right now.
Re: Decentralized Woo Hoo
#5OP seems to have no idea about DeFI. You can lend and borrow on compound.finance, aave. You can play no-loss lotteries like PoolTogether. You can bet on your beliefs and hedge your investments on markets platforms like Polymarket. You can gamble. More on: https://ethereum.org/en/dapps/ . All of this without any arbitrary restrictions imposed by governments or companies, you just need an internet connection. How can y…
Because that is an ideological argument (government controlling currency is bad) masquerading as a technogical argument: https://www.stephendiehl.com/blog/crypto-absurd.html
Re: Decentralized Woo Hoo
#6OP seems to have no idea about DeFI. You can lend and borrow on compound.finance, aave. You can play no-loss lotteries like PoolTogether. You can bet on your beliefs and hedge your investments on markets platforms like Polymarket. You can gamble. More on: https://ethereum.org/en/dapps/ . All of this without any arbitrary restrictions imposed by governments or companies, you just need an internet connection. How can y…
Because that is an ideological argument (government controlling currency is bad) masquerading as a technogical argument: https://www.stephendiehl.com/blog/crypto-absurd.html
In all of the protocols I mentioned you can use stable coins such as USDC.
Re: Decentralized Woo Hoo
#7Mirrors my feelings on the crypto-craze. As "decentralized" as some may want crypto currency to be, there are some inherently "central" activities (exchanges being one of them) that tend to be skirted around by proponents.
Also, Decentralized Woo Hoo sounds like a great band name. Or something naughty from The Sims.
Re: Decentralized Woo Hoo
#8OP seems to have no idea about DeFI. You can lend and borrow on compound.finance, aave. You can play no-loss lotteries like PoolTogether. You can bet on your beliefs and hedge your investments on markets platforms like Polymarket. You can gamble. More on: https://ethereum.org/en/dapps/ . All of this without any arbitrary restrictions imposed by governments or companies, you just need an internet connection. How can y…
In DeFi, most of the yield comes from speculators who are using your money as leverage to bet which cryptocurrencies will go up.
It's not like a regular loan, whereby a company uses your money to expand, innovate, hire and train new employees, to build and sell something people want.
Re: Decentralized Woo Hoo
#9OP seems to have no idea about DeFI. You can lend and borrow on compound.finance, aave. You can play no-loss lotteries like PoolTogether. You can bet on your beliefs and hedge your investments on markets platforms like Polymarket. You can gamble. More on: https://ethereum.org/en/dapps/ . All of this without any arbitrary restrictions imposed by governments or companies, you just need an internet connection. How can y…
In DeFi, most of the yield comes from speculators who are using your money as leverage to bet which cryptocurrencies will go up. It's not like a regular loan, whereby a company uses your money to expand, innovate, hire and train new employees, to build and sell something people want.
So? You still earn way way more than what banks offer and you can withdraw at any point. It's been working very well for quite some time now.
Re: Decentralized Woo Hoo
#10Maybe the title should be updated. It doesn't have anything to do with decentralization per se, but about cryptocurrencies, which is just a technology that happens to use decentralization as a technology.
I actually thought the article was gonna be about decentralization (as in P2P technology, like BitTorrent), but instead it's about the authors distaste for cryptocurrencies.
Edit: Maybe it's just me, but the article feels less and less honest the more I look into it. "Stephen Diehl" (the author) apparently founded a company that has the following tagline on GitHub "Adjoint digitises cash and settlement processes for multinational corporates." (https://github.com/adjoint-io) but I didn't find this disclosed in the post. There is a clear conflict of interest, but it's not highlighted for some reason.