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The Great Crypto Grift May Be Unwinding

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Re: The Great Crypto Grift May Be Unwinding

#291

Post by UncleMeat »

LightMachine wrote: post #279
sk0g wrote: post #104

Earlier quoted context omitted.

> you’d be an idiot to ignore the realistic and adopted use-cases Ignoring the hostility, what would you list as the realistic and adopted use-cases for crypto?

You can have virtual game worlds (like a MMORPG) that can't ever be turned off, by nobody. That means your items will last forever. 50 years from now, your sword will still be on your backpack. Can't say that for company-hosted MMORPGs like World of Warcraft, because these companies might go bankrupt, close servers, update items, etc. Not a cure-the-cancer colonize-mars hype level, of course, but it is still an inter…

Etherium costs a bunch of money to perform basic computation. How is it going to track the real time position of thousands or millions of avatars?

Re: The Great Crypto Grift May Be Unwinding

#292

Post by sebmellen »

vishnugupta wrote: post #264
arikr wrote: post #18

Earlier quoted context omitted.

Which Neobanks have gone bust or are likely to as a result of Luna?

https://twitter.com/FatManTerra/status/1527153694218797058

And they’re a YCombinator company!!!

https://www.ycombinator.com/companies/stablegains

“EARN HIGH AND STABLE INTEREST FROM DEFI LENDING MARKETS”

Jesus…

Re: The Great Crypto Grift May Be Unwinding

#293

Post by nouveaux »

prepend wrote: post #287
razemio wrote: post #261

Earlier quoted context omitted.

I work with ALOT of documents that have a deadline / need to be finished at a certain time. The blockchain helps me to proof mathematical in front of a curt that the file already existed at a given date. It is the most secure way that I know. A simple example of what I need without a middlemen. A student writes a thesis. The last time he is allowed to modify the file is friday evening. He can now send the file via ma…

It’s accepted in court that a simple email showing the file as an attachment is acceptable. Certainly blockchains are more trustworthy, but acceptableness in court is a pretty low bar. I mean having something signed on paper in front of a notary is acceptable. What cases are you involved with where a notary isn’t acceptable? Or a non-blockchain digital signature? I’m involved in really high dollar amount contracts an…

A good place to look for middleman that can be cut with blockchain is the exchange between two random people that a third party needs to trust.

The example with the email in the court is a bad example because it is not the court's job to prove whether or not an email is fraudulent. It is the opposing counsel. Non digital evidence works the same way. This is why you have expert witnesses to verify or invalidate some evidence.

A better example would be real estate transactions. It would be best for everyone involved to move real estate transactions to the blockchain. I want to know that John Doe is the real owner of a house when I pay him $500k for the house. The government handles this with paper and their databases now but it would be far more efficient to do this on the blockchain.

Re: The Great Crypto Grift May Be Unwinding

#294

Post by roflyear »

DANK_YACHT wrote: post #126
roflyear wrote: post #44

Earlier quoted context omitted.

Yeah. The difference is you don't have people claiming the SPY or Netflix will triple each year for the next ten years. People have literally commented that about BTC and other crypto. The thought process people have regarding crypto is entirely different. It's a completely different beast. Closer to something like GME, but at least with GME GameStop was able to sell stock and pay off their debts...

Cathie Wood has said she expects ARKK to get 50% annual returns[0] despite being down 57% YTD and over 30% since she made the statement (more than BTC). Pointing to what "others" have said as some type of broad argument about an underlying security doesn't make sense. There are charlatans everywhere. [0] https://www.etf.com/sections/features-and-news/cathie-wood-s...

if you're saying the sentiment of the average bitcoin investor isn't that this will make them wildly rich (or their hope, anyway) you're lying.

Re: The Great Crypto Grift May Be Unwinding

#295

Post by notch656a »

datadata wrote: post #162
notch656a wrote: post #93

Earlier quoted context omitted.

>Democratic governments represent the will of the people Such as the will of the people for pot to remain technically illegal throughout the entire nation, or the will of the people for a president to be elected with a minority vote? >Would you for example say that guns are clearly anti-government or pro-government? Neither. Guns are a tool usable by a variety of actors for a variety of purposes. Banning guns (or res…

> Neither. Guns are a tool usable by a variety of actors for a variety of purposes. Agree. Now replace guns with crypto and this is basically my position. There is obviously nuance for this kind of classification for any technology.

Point taken, and agreed.

I do think governments will eventually turn against (at least anonymized like XMR) crypto, the same way they turned against bearer bonds/shares. Governments in the past 50 years have been extremely resistant to bearer-like certificates with extraordinarily high value density.

Re: The Great Crypto Grift May Be Unwinding

#296

Post by nathanaldensr »

nobrains wrote: post #251
dpweb wrote: post #68

Earlier quoted context omitted.

Money is a creation of government, and frankly, the dollar ain’t so bad. If my bank goes under I’m protected by the FDIC. If Coinbase goes under they have the right to use my money to pay their creditors.

> "frankly, the dollar ain’t so bad." It might be not bad. For you. Perhaps you are an American. Whenever your government prints more dollars, because the rest of the world holds dollar reserves, the value of those reserves go down. So everyone else in the world basically finances the US money printing. So, if you are an American, the dollar is not bad. Its actually very, very good. But for the rest of the world (96%…

I say this as an American: Thankfully, this is beginning to unwind.

Re: The Great Crypto Grift May Be Unwinding

#297

Post by MrMan »

jimmydorry wrote: post #206
Nursie wrote: post #87

Earlier quoted context omitted.

> I invite you to sell it short The market can stay irrational longer than you can stay solvent. Shorting for any decent stretch of time is not free, and you more or less have to do it on one of the many rigged casinos operating in the crypto space. It's a fool's game.

Banks and large investment firms are more than happy to create exotic instruments. With enough money at stake, you can definitely find an institution willing to take the other side of a bet against crypto (specifically BTC or ETH). If you want proof, refer to what happened in the lead-up to the 2008 Sub-Prime Mortgage crisis (or check out the movie The Big Short if you want somewhere to begin).

there are BTC futures on CME, but the margin requirements are high because CME knows BTC is garbage.

Re: The Great Crypto Grift May Be Unwinding

#298

Post by oceanghost »

nobrains wrote: post #251
dpweb wrote: post #68

Earlier quoted context omitted.

Money is a creation of government, and frankly, the dollar ain’t so bad. If my bank goes under I’m protected by the FDIC. If Coinbase goes under they have the right to use my money to pay their creditors.

> "frankly, the dollar ain’t so bad." It might be not bad. For you. Perhaps you are an American. Whenever your government prints more dollars, because the rest of the world holds dollar reserves, the value of those reserves go down. So everyone else in the world basically finances the US money printing. So, if you are an American, the dollar is not bad. Its actually very, very good. But for the rest of the world (96%…

* and that transferred wealth is mostly spent on an enormous military budget such that most countries have to spend relatively little on defense.

Re: The Great Crypto Grift May Be Unwinding

#299

Post by gnu8 »

junofan wrote: post #216
dpweb wrote: post #68

Earlier quoted context omitted.

Money is a creation of government, and frankly, the dollar ain’t so bad. If my bank goes under I’m protected by the FDIC. If Coinbase goes under they have the right to use my money to pay their creditors.

When your bank goes under, the FDIC uses your money to pay creditors, same as Coinbase. You get a new account with money funded from the Deposit Insurance Fund. You have already paid for this insurance. You are also free to purchase insurance for your Coinbase deposits. There’s not a difference except one’s compulsory.

Which insurers are writing policies to protect Coinbase deposits?

Re: The Great Crypto Grift May Be Unwinding

#300

Post by prepend »

nouveaux wrote: post #293
prepend wrote: post #287

Earlier quoted context omitted.

It’s accepted in court that a simple email showing the file as an attachment is acceptable. Certainly blockchains are more trustworthy, but acceptableness in court is a pretty low bar. I mean having something signed on paper in front of a notary is acceptable. What cases are you involved with where a notary isn’t acceptable? Or a non-blockchain digital signature? I’m involved in really high dollar amount contracts an…

A good place to look for middleman that can be cut with blockchain is the exchange between two random people that a third party needs to trust. The example with the email in the court is a bad example because it is not the court's job to prove whether or not an email is fraudulent. It is the opposing counsel. Non digital evidence works the same way. This is why you have expert witnesses to verify or invalidate some e…

> The example with the email in the court is a bad example because it is not the court's job to prove whether or not an email is fraudulent.

But it’s good because it is acceptable, predictable, durable, and low cost. Blockchain is solving for a problem that doesn’t exist as there aren’t a ton of fraud cases in this area (accused nor proven). So perhaps there’s an argument for the new uses that would be possible without the risk of fraud but they aren’t brought up.

Blockchain is more expensive than PKI and digital signatures so why propose it over a simple government PKI issuer? If the goal is to be useful in courts then certainly a government issuer is better as it’s trusted.

In this case blockchain is inferior to just including PKI with every drivers license, passport, and government id.

> A better example would be real estate transactions. It would be best for everyone involved to move real estate transactions to the blockchain.

Not better for the consumer who has to pay more for this new feature.

This is already done by closing attorneys and title search companies. Forcing local counties in the US to provide APIs is much more effective than a blockchain because the county deed office is the legal authority. The issue isn’t trust, the issue is assess. In a world where counties aren’t the source of truth for deeds a blockchain would be nice, although having a single, National registrar would be better. But since you have to ask the county if John Doe is the real owner, blockchains don’t help with this. A simple free, http, unencrypted, rest api is needed.

As an engineer this bugs me because these problems are better solved with technologies other than blockchain.

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