Earlier quoted context omitted.
Yeah narrow or just on a different layer/level of abstraction. Yup my mental model is we’re either in Arpanet days or multiple-competing-DOS days.
Are there any other examples of recent + long cycle developments? Solar? Electric vehicles? Part of me has come to expect such fast development (Facebook, Uber, Yelp!), but other modern industries must have longer cycles I just am not paying attention.
It’s not still the early days of blockchain
471–480 of 1001 posts
Re: It’s not still the early days of blockchain
#472Earlier quoted context omitted.
Not to say your completely wrong, just that the purpose of car tokens on the blockchain is to replace perhaps your insurance, but not the keys.
But....why. What problem does it solve. How is it better than existing insurance policies that are perfectly fine being bound to my name and address
I believe the promise of having an insurance contract publicly verified by a decentralised system is to reduce the inherent costs of the current regulated system.
In my country,and I assume in most it's the same, in order for you to sign a buy contract for a house, there has to be a notary involved. The whole process costs a significant percentage of your already heavy purchase.
A blockchain won't solve all the problems here, but it may cut a few middlemen. And it doesn't have to be on ethereum or bitcoin. The Estonian (or is it the Finnish?) Government already uses a blockchain for their digital id system.
Re: It’s not still the early days of blockchain
#473"Crypto" shat itself in the area of payments (noone really needs or wants it and it provides 0 value), so now they are trying other angles - NFT, DeFi. The problem is the crypto influencers are losing touch with reality. You could at least bullshit someone clueless about cryptocurrency and payments, but it's really hard to sell the idea of collecting JPEGs or investing into DeFi (which aggressively described in the t…
So the people buying houses with crypto have dirty pants? Or in El Salvador, where BTC is on par with USD, they all have dirty pants? Please re-read your comment before publicly posting, as this is not advancing conversation, nor adding anything, but only exposes your narrowly held (wrong) beliefs.
Re: It’s not still the early days of blockchain
#474Earlier quoted context omitted.
Not to say your completely wrong, just that the purpose of car tokens on the blockchain is to replace perhaps your insurance, but not the keys.
I don't see why something like insurance needs a token on a decentralized blockchain. The Bitcoin blockchain needs a token because the token itself represents the value (BTC) inside the network. The token is also needed because it adds an incentive for nodes (miners) to support the network. Note: this is my current view of it. If someday it turns out it is useful, I am happy to admit that I was wrong.
You're missing the forest for the trees. Bitcoin is broken and will never be more than a speculative asset with no intrinsic value. Blockchains can solve problems. Decentralisation can quickly become federation. Example: a global id system where the "miners" are countries. It removes the need of physical passports and their associated costs and delays.
Re: It’s not still the early days of blockchain
#475It's truly incredible that people still confidently proclaim that there is "no use case" today. Because of the technical nature of the underlying tech, it's hard for the average individual to recognise how and why it's different. However, it's not possible to explain away the particular applications and their properties. Here are 2 use cases which are live and working today: -Taking a collaterised USD loan without pe…
Presumably you’re talking about a loan against an NFT or other crypto asset. But taking a loan against a financial asset is already really easy. Does loaning against a house, car or stock portfolio get any easier with crypto? I don’t see how. The digital object in your second example is just a hyperlink or a hash, because the digital object itself won’t fit on the blockchain. And there is no link between digital and…
>>The immediate response from critics then is to question the validity of the use case. But that requires to admit that the use case is there.
Re: It’s not still the early days of blockchain
#476It's truly incredible that people still confidently proclaim that there is "no use case" today. Because of the technical nature of the underlying tech, it's hard for the average individual to recognise how and why it's different. However, it's not possible to explain away the particular applications and their properties. Here are 2 use cases which are live and working today: -Taking a collaterised USD loan without pe…
I could already easily get uncollaterised loan, just a text message away... And if I have a collateral in form of fungible crypto why do I need to loan against it? Specially when I could just sell it and use the money...
Because you're taking a loan against it, duh. Therefore you want to keep it. Just like taking a line of credit against your house. You don't sell your house immediately.
Re: It’s not still the early days of blockchain
#477Earlier quoted context omitted.
People were asking the same questions when typewriters came out, but why we know how to write already.
That hasn't answered my question though. Name one advantage of using a blockchain for insurance policy management over the systems that we have now.
Not having to speak to anyone to do it. I don't know if blockchain is going to go anywhere but I think there's inherent advantages in not talking to anyone (and being able to do it programatically) to do banking-like things. What you get in exchange is lack of security, no recourse when things go wrong, and possibly being in the same space as criminals. But there's a palpable advantage to not having to interact with any humans in order to do things that historically require a lot of meat space interactions that now can be automated by anyone in their home.
It's like having access to a completely deregulated bank ran by the mafia that has an API anyone can use. I think there's use cases for that, though maybe not the ones the community usually mentions.
Re: It’s not still the early days of blockchain
#478Earlier quoted context omitted.
But....why. What problem does it solve. How is it better than existing insurance policies that are perfectly fine being bound to my name and address
I believe the promise of having an insurance contract publicly verified by a decentralised system is to reduce the inherent costs of the current regulated system. In my country,and I assume in most it's the same, in order for you to sign a buy contract for a house, there has to be a notary involved. The whole process costs a significant percentage of your already heavy purchase. A blockchain won't solve all the probl…
FWIW, I think a notary signature in the US costs like $4. If verification is the only problem that blockchain solves, it's not a very cost-effective solution.
Re: It’s not still the early days of blockchain
#479Earlier quoted context omitted.
Helium network is an example of a successful blockchain project/application in my opinion. They created the biggest decentralized lorawan network in the world that is used by more internet of things companies everyday. Also they are trying the same thing for creating a decentralized 5G network. It’s still early days for them because I think they started in the end of 2020 or the start of 2021, but they have grown to…
The math for Helium just does not make any sense. Looking at forum threads every gateway makes about $50 in rewards / month. That's $294,000,000 per year in rewards paid out to gateway owners. Sending one packet costs $.00001 (100K packets for $1 according to their website). So we need to see 29,400,000,000,000 packets yearly on the Helium network for data fees to cover the gateway rewards. Looking at data from The T…
Ok, I will bite :) The gateway rewards are becoming less and less every month because more gateways join the network. So in a certain way that feels like a pyramid scheme because the people that joined earlier have an advantage (they also took the most risk by backing this project in a early state). It is quite normal to reward the first movers to your platform (PayPal even gave away free money to grow their user base)
There is a twitter account that publishes the DC burn rate hourly/daily/weekly: https://twitter.com/HNT_DC_Burn. Last week they burned $1,064,348 in data fees so the revenue is way higher than the 3 million per year you described, but you make a fair point for the gateway activation fee and not sure how much of the DC burned is because of this. But focusing on growth by giving out rewards for early hotspots is not a weird tactic and the question is indeed if the pricing make sense for the long run. Nowadays most priced stocks or other assets don't make any sense to me as well, so I would have agreed with you 10 years ago, nowadays I'm not so sure. They are also expanding to the decentralized 5G market and the packets send will be way more than the LoRaWan network, so I think that is priced in the helium price as well at the moment.
Your last statement I don't really understand. If you participate in a network by investing/running the hotspot you would want a compensation and nowadays a gateway would earn less than 600 dollars a year because of the increased hotspot amount. There will be an equilibrium that the market decides otherwise people would shutdown their hotspots.
Re: It’s not still the early days of blockchain
#480I'm still very opposed to the idea of taking a technology and then searching a problem for it. Why? Back in 2017 during the first hype cycle, blockchain companies raised hundreds of millions with ICOs. I became very interested in the technology too, and some friends still work in this space. 4 years later in the web3 era, there is not a single product aside from trading/finance that got traction. Use cases like stori…
Issuing tokens is still probably illegal in both countries I live/work in. Regulatory and tax compliance immaturity are holding back a lot of people besides at the wild frontier or offshore operations with the resources to navigate that