Live data from Hacker News

It’s not still the early days of blockchain

blog.mollywhite.net

871–880 of 1001 posts

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

#871
post #867

Earlier quoted context omitted.

is calling out oversimplifcation is also oversimplifying? i'm not arguing that there is no good reason to be sceptic, i'm calling out against forming a strong opinion strongly held on little understanding

But you haven’t verified little understanding and crypto proponents never do. It’s always “skeptic of crypto = little understanding”. You’re doing that exact thing here.

I build dApps and solidity contracts with hundreds of millions of USD in TVL. But that's besides the point. It's not a contest of who's more knowledgeable, I'm arguing against ignorance through quick judgements and assumptions

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

#872
post #844

Earlier quoted context omitted.

Blockchain and crypto are related yet distinct concepts. I was lining up for a PCR test in Thailand the other day, and it was a huge mess. The lack of streamlined systems between invoicing, identity verification, etc means very long queues, people running back and forth to get their documents printed. The testing scheme is private run but I assume it needs to interface with governmental departments (i.e. Immigration…

> Instead of having different databases and APIs that are hard to integrate with one another, a blockchain could be the central storage and transactions handler that different systems interface to. That's a common refrain that seems to associate blockchains with standards and common APIs, it doesn't resist closer inspection. To take your example, I can easily design two PCR test systems completely incompatible with e…

I agree with you that not everything has to be done a certain way. Programs don't have to be written in C or functional programming for it to work well. But there are places where those excel in terms of performance and/or reducing complexity.

I am also not arguing that incompatible APIs will disappear with blockchain usage. But things like an EVM can be used as a template to build underlying blockchains to provide a common datastore and execution layer for multiple systems to work together. It is harder to achieve with traditional SQL databases, which shouldn't be publicly accessible.

Also an advantage I thought of is it would be harder in this case for corruption to take place in the PCR testing regime since all transactions are immutable, and transparency ensures that the public would be able to check against those if they so wish. A closed system would allow the government or participating platforms to manipulate data records for their benefit, with less chance of scrutiny.

I agree with your points about the vulnerability of smart contracts and private keys. These are challenges that I hope will continue to be addressed as we try to figure out how to make blockchains accessible for mass usage. I think that smart contracts auditing is still far from mature, but the immutable nature of contracts would allow audited contracts to remain secure, as opposed to some code running on some company's server.

In the end as with everything in life, there are trade offs. It's about picking the right tool for the right job, and to continue experimenting with potential improvements that new technologies can bring and to reduce their externalities.

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

#873
post #402

In the same time, India & China got mobile payment revolution. 4b+ transcations per month are done in India. Well which means 3B people dont ever need crypto.

Ah they can send money abroad easily?

As os now it supports upto 10 countries. work on progresss

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

#874

Earlier quoted context omitted.

Sorry to be blunt, but you both demonstrate a poor technical understanding of Bitcoin. Miners are not "intermediaries" and it is possible to send/receive Bitcoin with any regular programming language. The links you posted refer to Ethereum smart contracts which are indeed prone to programming errors. The tooling around them is improving (e.g. debuggers, verifiers) and there are a couple of multi-billion dollar smart…

> Sorry to be blunt, but you both demonstrate a poor technical understanding of Bitcoin. Sorry to be blunt but you are demonstrating your poor reading skills. > Miners are not "intermediaries" I have some bitcoin. How do I send them to you without miners? > it is possible to send/receive Bitcoin with any regular programming language. dmitriid was talking about, what you called, "programmable money" and not about send…

Ah I see the confusion now. By intermediary I meant "trusted intermediary" (e.g. like PayPal, Visa, a bank, etc.).

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

#875

Earlier quoted context omitted.

Sorry to be blunt, but you both demonstrate a poor technical understanding of Bitcoin. Miners are not "intermediaries" and it is possible to send/receive Bitcoin with any regular programming language. The links you posted refer to Ethereum smart contracts which are indeed prone to programming errors. The tooling around them is improving (e.g. debuggers, verifiers) and there are a couple of multi-billion dollar smart…

> but you both demonstrate a poor technical understanding of Bitcoin. No, we don't > smart contracts which are indeed prone to programming errors. Indeed. So. In the context of "potential to be a programmable money without government or central authority" you literally have to depend on an intermediary to write a smart contract and depen on that intermediary to write this contract correctly. > The tooling around them…

If you think those problems cannot be solved, I understand your skepticism. I don't share this pessimism however.

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

#876
post #624

Earlier quoted context omitted.

It is somewhat disruptive to banks. You can invest stable coins and get interest for example which is higher than bank interest. And the operator doesn't need to spend a fortune applying for banking licenses for each country they operate in.

You say this on a thread that confirms Tether to be an unmitigated fraud. How and why are we supposed to trust in USDC, USDP and all the other permutations of USD to not be frauds themselves. It is easy to give a 10% return when all your really doing is offering unbacked IOUs

For USDP you could look at the NY regulatory compliance of it. USDP appears to be the most regulated USD token.

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

#877

Earlier quoted context omitted.

It’s not that hard. When Bitcoin goes down, people like tether because it’s “safe” at $1. So bitfinex makes more tethers and trades them for bitcoins. When Bitcoin goes up, bitfinex sells the Bitcoin and gets dollars. It’s fractional reserve banking swapped around, with no reserve requirements. The market is the bank. And because bitfinex is not obligated to redeems tokens for $1 they have no risk. It’s in their inte…

This is like giving central-bank levels of power to private entities. Which obviously follow from de-centralization. It’s insane. The only way this could be a reliable replacement for our existing financial systems, would be with strong oversight from.. some kind of central entity that acts on behalf of society’s collective best interests.. staffed by people chosen through popular voting..

I stay away from USDT. The sooner it disappears, the better.

We no longer need central authorities to create good trusted products. Centralized can suck (communism, Federal Reserve bailouts of banks they regulate). DAI decisions are decentralized and done by the DAI holders. You may want to check it out.

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

#878

Earlier quoted context omitted.

Sorry to be blunt, but you both demonstrate a poor technical understanding of Bitcoin. Miners are not "intermediaries" and it is possible to send/receive Bitcoin with any regular programming language. The links you posted refer to Ethereum smart contracts which are indeed prone to programming errors. The tooling around them is improving (e.g. debuggers, verifiers) and there are a couple of multi-billion dollar smart…

> but you both demonstrate a poor technical understanding of Bitcoin. No, we don't > smart contracts which are indeed prone to programming errors. Indeed. So. In the context of "potential to be a programmable money without government or central authority" you literally have to depend on an intermediary to write a smart contract and depen on that intermediary to write this contract correctly. > The tooling around them…

' Programmable CARS relies on intermediaries in the form of programmers writing unverifiable undebuggable code in esoteric languages. '

I am also skeptical of the current state of programming in autonomous cars. It's buggy and not perfect today. Even the code in anti-lock brakes is unverifiable and esoteric. /s

Maybe new technologies take time to develop?

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

#879
post #869
post #865

Earlier quoted context omitted.

With the exception of Libya, Western Union supports transfers to all of those countries. Fees look like $3-7 to transfer $400. Using crypto is unlikely to be much cheaper or faster for me - my salary is paid in USD, so if I want to transfer cryptocurrency I will need to convert it from USD first, which is neither free nor instant. The same problem likely applies to whoever I'd be sending money to in the foreign count…

Thank you. This hits at the essence of why “I can send money instantly!” is such an absurd argument. It’s not money. You can’t use it as money. You have to convert it to money, at a loss. If that counts as ‘sending money’, then hell, I can send someone an email saying “I promise to pay $100 to the bearer of this note”, and just hope that they’ll be able to exchange that for money at a reasonable loss.

They are different. And sending a FAX is not sending postal mail. And sending email is not sending a FAX.

Sending money as quickly as sending email is not the same as putting paper checks in envelopes in the postal system. Like free speech, bitcoin can't be censored if you hold your own keys. For some people, PayPal censorship and freezing accounts still works okay for them.

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

#880
post #602

Earlier quoted context omitted.

I'd say with email the application was always crystal clear: It's like sending a letter, but electronically and therefore instantly. This must have been obvious to everyone in that space even 40 years ago. Maybe it wasn't obvious how big email would be one day, but there were definitely no doubts about what it would be used for. As someone who is trying to understand the applications of "crypto", it is very frustrati…

The application of Bitcoin is also crystal clear: distributed, digital money. It’s like gold, but electronic, and therefore much faster/cheaper in certain scenarios (and slower/more expensive in others). Reasonable people disagree on whether this application is actually something we need, or will need in the future. But the application is clear as day.

Except for that you can't take a bar of gold and view a public log of every wallet/transaction it has ever been in. Something like Monero would be better for your analogy.
Post reply on HN