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It’s not still the early days of blockchain

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

#561

Post by SanJacobs »

jodrellblank wrote: post #188
Dwolb wrote: post #168

Earlier quoted context omitted.

Personally the reason it blows my mind is because it’s now permissionless to craft a unique structured product or derivatives protocol, deploy it globally, and anyone on the planet can participate in that market. It’s fully customizable and accessible to anyone with an internet connection.

In what way "permissionless"? In the way "the government has agreed that they can be unregulated financial products" or in the way "hopefully it can evade government financial regulation"? or in some other way?

Evasion of regulation. Not just from governments, however. From anybody who wants to control people without consent.

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

#562

Post by Dwolb »

lottin wrote: post #498
Dwolb wrote: post #179

Earlier quoted context omitted.

A cool example of NFT innovation is programmable royalty fees. Those fees can be directed back to the creator, the community, a DAO treasury. Configurations are infinite.

That's not example of something NFTs can do, is it? Royalty fees are not programmable. How does the NFT know whether someone has to pay royalties? And how on earth is an NFT going to make people pay royalties? An NFT can't use coercive force.

It’s marketplace-specific right now but the standards are evolving to support it natively: https://www.gemini.com/blog/exploring-the-nft-royalty-standa...

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

#563

Post by Dwolb »

rileyphone wrote: post #309
Dwolb wrote: post #48

IMO L1 (Ethereum, Solana, Fantom, etc.) development is closer to building out a communications or telco network. From that “hard” technology perspective, it’s very early days. And the apps that run on top of these L1s are fully limited by L1 bandwidth, latency, and blockspace. So, I think we’re in the pre-dial-up days for blockchains and will need a couple more orders of magnitude improvement to be (universally) on p…

The information bandwidth on block based cryptocurrencies is far too low to support these deeper levels of complexity, and I doubt will ever get much better. Blockchains, despite being a distributed phenomenon, still centralize the flow of information into one stream, the chain. Ethereum, by my estimation, operates at around 7 kB/s, and Bitcoin at 2kB/s. These are clearly glacial speeds - think of how limited an inte…

I think we’ll see if bandwidth and latency improvements bring more application development. Solana and Avalanche are orders of magnitude faster than Ethereum and their ecosystems are rapidly evolving.

Btw Solana founder is ex-Qualcomm and worked on embedded distributed (multi-core) systems and Avalanche founder implemented a faster more elegant consensus algorithm. Can hear them discussing technical aspects of development: https://open.spotify.com/episode/632rPGnMZlHag7DJ1SCDUV?si=F...

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

#564

Post by freeone3000 »

yashg wrote: post #308
tomc1985 wrote: post #279

Earlier quoted context omitted.

> My understanding is that a blockchain is supposed to be distributed, trustless, permissionless, immutable and open. A blockchain is just a data structure. That description is more befitting of Decentralized Finance/DeFi

OK so a privately owned and controlled blockchain which only allows trusted users to add blocks is still a blockchain? What would be the advantages of using a private, permissioned blockchain over a MySQL/Oracle/SQL Server database for storing data? Why as an external user would I trust a centralized blockchain more than I would trust a centralized database? They are both private owned and controlled by a company.

You'd use a private, permissioned blockchain over federated SQL databases due to the technical difficulties of synchronizing audit tables across organizational boundaries -- since an enterprise blockchain is append-only, immutable, time-stamped, and each new entry has a hash of the previous view, it overcomes a lot of data integrity issues inherent to a distributed SQL database. None of the companies here will fully trust each other to hold an exclusive copy of the data, so the blockchain here replaces an expensive manual reconciliation step in the event local accounting databases don't match up.

As an external user? Nobody cares, it's not for you, move on.

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

#565

Post by mattdesl »

saalweachter wrote: post #522
poof131 wrote: post #98

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…

I'm sorry, I'm not trying to call you out personally, but this is itching my brain something fierce so I have to blurt it out, and hey, it's the internet. A little derailing never hurt anyone. It's amazing to me how universal the "I used to be a non-believer" line is in evangelism. From the classic "I used to be an atheist but I've been born again" to all the members of political party A claiming to have been a membe…

it goes both ways – "I used to be religious, now I am an atheist"

(I was also against crypto/blockchains when I first learned about them last year)

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

#566

Post by xfz »

waffle_maniac wrote: post #400
hubraumhugo wrote: post #33

I'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…

Brave has micropayments for creators. It achieved 50M MAU last year. In a few years it will surpass Firefox.

That's a very energy-inefficient way of rewarding content creators. Given that most users are going to go through Coinbase et al, it's no different from any of the other similar schemes (anyone remember Flatr?) except that you have a volatile wallet and a payment mechanism that somehow manages to be even more expensive than Amex!

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

#567

Post by mrelectric »

mattdesl wrote: post #565
saalweachter wrote: post #522

Earlier quoted context omitted.

I'm sorry, I'm not trying to call you out personally, but this is itching my brain something fierce so I have to blurt it out, and hey, it's the internet. A little derailing never hurt anyone. It's amazing to me how universal the "I used to be a non-believer" line is in evangelism. From the classic "I used to be an atheist but I've been born again" to all the members of political party A claiming to have been a membe…

it goes both ways – "I used to be religious, now I am an atheist" (I was also against crypto/blockchains when I first learned about them last year)

As usual, truth is somewhere in the middle.

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

#568

Post by xfz »

yashg wrote: post #254
baby wrote: post #74

Earlier quoted context omitted.

People are doing research and deploying cool stuff that others are actively using. You can criticize that as much as you want but it won’t do much.

Is there any cool stuff that doesn't involve speculative trading in some "coin" or "token"? I recently read about a steel maker in India executing a cross border order on blockchain. On further reading it turns out their bank used a third party company for digitizing letter of credit and that company claims to be using an enterprise blockchain R3 Corda. R3 itself is owned by a consortium of banks and on their website…

Talking of R3, their recruiters reached out to me. I wish they'd mentioned Blockchain or crypto hype up front, it would have saved me a few minutes browsing their website.

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

#569

Post by hartator »

disruptalot wrote: post #540
gizmo wrote: post #421

Earlier quoted context omitted.

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…

This is the perfect example of a critic response and exactly the phenomenon I'm describing. On 1, you're somehow conveniently ignoring the "without permission or interference from a third party.". I never mentioned against a car, stock, or house. Nonetheless the functionality still exists. Using ETH or other crypto assets. It gets so much easier. Have you tried it? No talking to advisors, no documents, no discriminat…

> without permission or interference from a third party

Aren’t other nodes the third parties?

If you are talking automated loan, you should look into credit lines backed by assets. Pledge assets lines. Once open, it’s fully automated and you don’t need to interact with a third party either.

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

#570

Post by AnIdiotOnTheNet »

drKarl wrote: post #501
3825 wrote: post #304

Earlier quoted context omitted.

> Using bitcoin I can send money to someone in Chi no a who's social rating was degraded by the CCP and who is forbidden from using banks How will they convert it into something they can use to pay rent and buy groceries? > Crime will exist forever and criminals will find ways to finance themselves anyway, so the use of cryptocurrencies for their operations is not really a factor. Does this make it easier for the wea…

Nano ( https://nano.org/ ) for example has zero fees and transactions are instant

Nano favors early adopters even more than BTC does. The only way to obtain nano is to buy it from someone who already has it.
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