It’s not still the early days of blockchain • Hacker News Board

Re: It’s not still the early days of blockchain

#91

Post by heurist » Sat, Jan 15, 2022, 6:49 AM UTC

rsanheim wrote: post #52

I'm increasingly seeing "web 3.0" as basically a two headed beast: 1) a way to part greater fools from their money until the hype has died out 2) a hot topic to drive clicks and discussions for nerds and, increasingly, the tech press, from other more pressing issues that exist in terms of tech and culture and finance In other words, its a bullshit scam, can we please move on already?

It's a way to authenticate yourself without a centralized authority. So right now it's being used to create exclusive communities, access to which theoretically has some value. In the future, there may be application ecosystems which operate solely against your wallet information, no need for registration. Maybe that has some value too - time will tell.

I don't follow the details of the web3 market closely, so not speaking in support or against here.

Re: It’s not still the early days of blockchain

#92

Post by Dwolb » Sat, Jan 15, 2022, 6:49 AM UTC

obstacle1 wrote: post #64

Dwolb wrote: post #32

Earlier quoted context omitted.

Curve Finance with $14B locked to its platform. Serves up low slippage stablecoin swaps. Some background on Curve (and Convex): https://medium.com/coinmonks/convex-curve-curve-d7e28cd6c1d9

So this is Yet Another Liquidity Pool? $14B is not the kind of scale I mean. That is frankly trivial especially when transactions are large (or initial funding is high). What I mean is, if blockchain is going to be a revolutionary technology backing all finance, where is the evidence it can handle the kind of transaction volume that, say, major credit card networks generate?

We need more precision in the scale and performance targets you’re seeking prior to discussing blockchain analogs.

It’s tough to respond when “serious financial application” or “revolutionary technology backing all finance” aren’t well-defined.

Re: It’s not still the early days of blockchain

#93

Post by cuteboy19 » Sat, Jan 15, 2022, 6:50 AM UTC

qaq wrote: post #82

If there would be a legal framework in place that can tie a DAO to basically be legally binding bylaws of an actual org. and the smart contract lang. is expressive enough for this to work this would be extremely valuable. Outside of this most of web3 looks like hype.

so if we are depending on a centralized legal framework, why would we need the blockchain (decentralized store)? Wasn't Code supposed to be Law?

Re: It’s not still the early days of blockchain

#94

Post by joosters » Sat, Jan 15, 2022, 6:50 AM UTC

qaq wrote: post #82

If there would be a legal framework in place that can tie a DAO to basically be legally binding bylaws of an actual org. and the smart contract lang. is expressive enough for this to work this would be extremely valuable. Outside of this most of web3 looks like hype.

If there was a legal framework, it wouldn't be decentralised! ...and hence, it's pointless, since you could recreate it at much lower expense without the blockchain and associated speculative coins.

Re: It’s not still the early days of blockchain

#95

Post by zanek » Sat, Jan 15, 2022, 6:50 AM UTC

qaq wrote: post #82

If there would be a legal framework in place that can tie a DAO to basically be legally binding bylaws of an actual org. and the smart contract lang. is expressive enough for this to work this would be extremely valuable. Outside of this most of web3 looks like hype.

Can you elaborate on what you mean by this ? Do you have any examples of what this could look like in practice ?

Re: It’s not still the early days of blockchain

#96

Post by paldepind2 » Sat, Jan 15, 2022, 6:50 AM UTC

mizzao wrote: post #54

How's this any different than the typical technology hype and adoption cycle? Perhaps we are just at the "peak of inflated expectations" right now, and are about to dive into the "trough of disillusionment". https://setandbma.files.wordpress.com/2012/05/technology-ado... This certainly happened with AI at least twice... remember the AI summers of 1970 and 2010 and the AI winters in between...before certain applicatio…

> NFTs minted by your university as proof of your diploma. Or perhaps your academic transcript. No way to forge a fake diploma again.

The problem with this an many similar examples is that there already exists a solution for this sort of authenticity problem: digital signatures. Basically, the university creates a public and secret key pair, makes the public key available on its website, and signs all diplomas with its secret key. This is a much more efficient solution than the one based on blockchain.

Re: It’s not still the early days of blockchain

#97

Post by baby » Sat, Jan 15, 2022, 6:50 AM UTC

deanCommie wrote: post #58

betwixthewires wrote: post #15

> All that to say, a lot has changed in the technology world in the past six to twelve years It sure has. But not really that fundamentally, since 2009. A lot has changed in the blockchain space too. Just because you don't know about it doesn't mean it isn't true. A lot of those changes are on par with some of the tech advancements mentioned before my quote in the article. In 2009, you had bitcoin, so basically a dis…

Do we have proof of stake or do we have a lot of bitcoin folks avoiding criticism about the wasteful nature of most chains by claiming that proof of stake will fix all this. How many coins are actually using proof of stake? Why haven't the biggest including Ethereum done so?

I’d say most of the coins today are proof of stake

Re: It’s not still the early days of blockchain

#98

Post by poof131 » Sat, Jan 15, 2022, 6:50 AM UTC

A few months ago I agreed with her entirely. Tether is an unbacked fraud and NFTs are being front-run [1, 2]. The mid-level marketing Ponzi vibe is crazy. The latency of applications on the blockchain is atrocious. But more recently after learning from and interacting with people building in the space my assessment changed. There is an interesting intersection between tech, communities, and economics. There exists a transparency in the open-source code of smart contracts that will disrupt the current gatekeepers like the internet did.

Certainly, there are problems, but some things will live beyond the crash that is coming and change things in ways no one can be sure of. The internet started in the 1960s and was opened up commercially in 1989.[3] It feels like we are somewhere between 1995 and 2000. The energy feels similar with people trying to shove old paradigms into a new world, vaporware companies, and insane investments. I don’t think we’ve seen the top and it will likely make the crash of 2001 look small by comparison. I may be wrong, but if I’m not, it still is early.

[1] https://bitfinexed.medium.com/tether-is-setting-a-new-standa... [2] https://twitter.com/Foone/status/1457749433844568066 [3] https://en.wikipedia.org/wiki/History_of_the_Internet

Re: It’s not still the early days of blockchain

#99

Post by jorpal » Sat, Jan 15, 2022, 6:51 AM UTC

throwawaylinux wrote: post #26

JohnJamesRambo wrote: post #5

Blockchains exist for a reason completely other than performance. Of course a centralized database would perform better. That’s not the point. I think engineers keep getting hung up on this and don’t zoom out and see the big picture.

What is the big picture then? I've never got anything concrete that doesn't sound like the usual buzz word snake oil. Blockchains solve the wrong problem for a lot of the proposed applications I've seen, like handwaving about "supply chain". The biggest difficulty is not that you don't trust the database, it's that you don't trust the connection between the electronic data and reality. How do you trust a person to ha…

I agree, no problems in the real world are solved. I guess that’s where all the meta verse nonsense comes into play.

Re: It’s not still the early days of blockchain

#100

Post by mikeg8 » Sat, Jan 15, 2022, 6:51 AM UTC

baby wrote: post #68

mikeg8 wrote: post #62

Earlier quoted context omitted.

“Low slippage stable coin swap” is one of the most jargony things I’ve read on here in a while. Can you please ELI5 because I have no clue what this is or how it could be useful.

Have you heard of leverages, margin calls, derivatives, put options, etc.? DeFi is pretty much the same level of complexity but implemented on top of cryptocurrencies.

Ok cool, so basically just fancy ways for traders/investors to gamble and “create value” that doesn’t really benefit anyone besides themselves and others tied to the platforms. Got it.