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The Edited Latecomer’s Guide to Crypto

mollywhite.net

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Re: The Edited Latecomer’s Guide to Crypto

#181

Post by [deleted] »

Aunche wrote: post #156
flaque wrote: post #120

The issue with crypto is that reasonable use cases are early, and don’t attract attention except for niche communities. There’s a few big ones, for example, filecoin right now has created a commodity market for storage that is currently 10,000 cheaper than S3 in some instances. (See file.app for stats) But realistically, the interesting projects are very small and hard to find. However, scams and ponzi schemes, by th…

>There’s a few big ones, for example, filecoin right now has created a commodity market for storage that is currently 10,000 cheaper than S3 in some instances. (See file.app for stats) First of all, 63 PB is nothing in terms of cloud storage, so I wouldn't exactly call it a commodity market. Also, I doubt that Amazon is making 99.9% profit margins, so it's more likely that miners are just subsidizing the cost of stor…

[deleted]

Re: The Edited Latecomer’s Guide to Crypto

#182

Post by [deleted] »

flaque wrote: post #120

The issue with crypto is that reasonable use cases are early, and don’t attract attention except for niche communities. There’s a few big ones, for example, filecoin right now has created a commodity market for storage that is currently 10,000 cheaper than S3 in some instances. (See file.app for stats) But realistically, the interesting projects are very small and hard to find. However, scams and ponzi schemes, by th…

[deleted]

Re: The Edited Latecomer’s Guide to Crypto

#183

Post by rattlesnakedave »

eoo wrote: post #158
matheusmoreira wrote: post #122

Earlier quoted context omitted.

Yeah, it sucks. Monero for example is an actual privacy coin that's usable as currency but nobody seems to care. Very demoralizing. Bitcoin is obsolete technology at this point. It's continued existence does more harm than good to the cryptocurrency space because everyone gravitates towards it instead of better projects.

Bitcoin is as obsolete as POSIX. It's ossified, and not changing is a feature.

On the contrary, Bitcoin is the only cryptocurrency innovating right now.

Re: The Edited Latecomer’s Guide to Crypto

#184

Post by Animats »

I read the NYT article and wondered how that got in there.

The article mentions a "Let's Go Brandon" coin, personally promoted by Trump. Here are its current statistics.[1]

There's a huge incentive to hype crypto products. They're mostly zero-sum games, which means you need a growing supply of suckers to keep the thing going.

I'm into 3D virtual worlds, and the NFT clown car is destroying the potential of the metaverse. The 3D NFT worlds range from weak to very poor to nonexistent to total scam. Nobody in the NFT world is even trying to get to Ready Player One level. There is now someone selling virtual land in a 2D sidescroller.

[1] https://coinmarketcap.com/currencies/lets-go-brandon/

Re: The Edited Latecomer’s Guide to Crypto

#185

Post by rattlesnakedave »

matheusmoreira wrote: post #122
flaque wrote: post #120

The issue with crypto is that reasonable use cases are early, and don’t attract attention except for niche communities. There’s a few big ones, for example, filecoin right now has created a commodity market for storage that is currently 10,000 cheaper than S3 in some instances. (See file.app for stats) But realistically, the interesting projects are very small and hard to find. However, scams and ponzi schemes, by th…

Yeah, it sucks. Monero for example is an actual privacy coin that's usable as currency but nobody seems to care. Very demoralizing. Bitcoin is obsolete technology at this point. It's continued existence does more harm than good to the cryptocurrency space because everyone gravitates towards it instead of better projects.

Bitcoin is the only cryptocurrency doing any innovation.

Re: The Edited Latecomer’s Guide to Crypto

#186

Post by Animats »

secabeen wrote: post #49
germanjoey wrote: post #44

The article (or, rather, the commentary in the link above on the article) talks about the fallacious notion of "market cap" in regards to cryptocurrencies. That is to say, e.g., multiplying the number of bitcoins in existence times the current market price is a silly metric because the entire market would never be able to cash-out at that maximum price. What I was wondering was: is there a better number? e.g., is the…

I would extend this concept to all non-cash financial assets. All of what you wrote above applies to Tesla shares, or Ukrainian real estate, or anything that's not currency. It would still be incredibly useful, but it's also based so much on psychology, I don't know if there's a mathematical way to calculate it, like there was Black-Sholes for futures. A concrete calculation for this would revolutionize finance.

There's book value and price/earnings ratio. Valuation of operating companies is well understood. Buffett buys on that basis.

Re: The Edited Latecomer’s Guide to Crypto

#187

Post by robocat »

quickthrowman wrote: post #143
anonporridge wrote: post #93

Earlier quoted context omitted.

Why's that?

A rational actor would never spend a deflationary currency since it would gain value as deflation happens. If everyone was rational, no money would ever change hands. You can’t have a functional monetary system without liquidity or exchanging of currency. Bitcoin is a deflationary currency (for now)

You could equivalently say that a rational actor would never sell any equity or property that was appreciating faster than inflation.

A deflationary currency would only be one of many different investments, and people will buy and sell based on their expected gains and risks of other holdings.

Re: The Edited Latecomer’s Guide to Crypto

#188

Post by [deleted] »

paxys wrote: post #162
lhorie wrote: post #157

Earlier quoted context omitted.

I'm curious if this comment is a usual fare of shallow dismissal or if you are aware of current applications of crypto in the wild and consider them to be useless nonetheless. One example that comes to mind is that Docusign offers a product that uses Ethereum for storing evidence of contracts in a decentralized medium. That seems like a fairly legitimate application for the technology. Another example (albeit possibl…

Every large company (including my own) jumped on the crypto bandwagon when the tech started gaining mainstream popularity, but it was mostly to give their salespeople more content for their pitch decks instead of building features people would actually utilize. For the case you mentioned, is anyone actually using this tech for their contracts? No Docusign (or any other) document I have ever signed was written to any…

[deleted]

Re: The Edited Latecomer’s Guide to Crypto

#189

Post by chockchocschoir »

Aunche wrote: post #156
flaque wrote: post #120

The issue with crypto is that reasonable use cases are early, and don’t attract attention except for niche communities. There’s a few big ones, for example, filecoin right now has created a commodity market for storage that is currently 10,000 cheaper than S3 in some instances. (See file.app for stats) But realistically, the interesting projects are very small and hard to find. However, scams and ponzi schemes, by th…

>There’s a few big ones, for example, filecoin right now has created a commodity market for storage that is currently 10,000 cheaper than S3 in some instances. (See file.app for stats) First of all, 63 PB is nothing in terms of cloud storage, so I wouldn't exactly call it a commodity market. Also, I doubt that Amazon is making 99.9% profit margins, so it's more likely that miners are just subsidizing the cost of stor…

> First of all, 63 PB is nothing in terms of cloud storage

Not sure why you would compare it to cloud storage, because it's not. Storing files in Filecoin is more like making deals with people who offer space on their hard drives (which as far as I know, doesn't exists besides Filecoin). It also doesn't make sense to compare it to something like S3 as again, it is not cloud storage.

Re: The Edited Latecomer’s Guide to Crypto

#190

Post by anonporridge »

quickthrowman wrote: post #143
anonporridge wrote: post #93

Earlier quoted context omitted.

Why's that?

A rational actor would never spend a deflationary currency since it would gain value as deflation happens. If everyone was rational, no money would ever change hands. You can’t have a functional monetary system without liquidity or exchanging of currency. Bitcoin is a deflationary currency (for now)

So that's why retirees who have their money in investments that constantly increase in value over time never spend money?

Come on man. This argument is patently absurd. I expect better from the HN community.

The only thing an inflationary currency does is wipe out the savings of the poor who don't have knowledge or the privilege to invest in harder and/or income generating assets.

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