161–170 of 532 posts
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"real crypto has never been tried"
I'm still waiting for the actual bitcoin infrastructure or algorithm to break. It's been 10 years and a trillion dollar network. Just because exchanges fail, and there are shitloads of scams, doesn't mean the underlying technology isn't super interesting and can actually grow into something amazing in a few decades.
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Alternatively: Many people will not pass an opportunity of a "risk-free" 20% APY. (Not sure if Binance in particular is paying interest on deposits, but many exchanges do, as far as I know.) Also, how are wallets the same thing as servers? That analogy seems a bit stretched.
Of course they are not. What the author means here is that people create wallets without owning servers, so they are in fact delegating chain verification to thrid parties like Etherscan, rather than by themselves. This is effectively centralizing the crypto on a few entities.
Nobody wants to download the blockchain on a desktop, start up a node, write their keys in a note pad, and configure their phone’s wallet app to point to their new locally hosted node.
God help you if you didn’t even compile your node and wallet app yourself.
Anything less than that involves trust
At least with Fiat if someone running my local Chase Bank branch siphons money out of my account, I can trust that a guy with a shiny badge will walk over with a baton to beat them up.
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This doesn't have much to do with people being stupid. If you want to trade more than once a month, you pretty much have to keep the funds on an exchange. Otherwise transfer fees would kill any profit you made. If you're not trading often, you may still want to take the risk due to free in-exchange transfers.
Once Ethereum goes to PoS, let's hope those transfers become cheap enough to compete with centralised exchanges.
You really cannot make this up. As usual crypto in practice is the opposite of decentralized because people. Will. Not. Run. Their. Servers. Moxie nailed it
Binance is a centralized exchange. There are both centralized and decentralized exchanges.
> people. Will. Not. Run. Their. Servers. Moxie nailed it
People don't need to run their own servers. They just need to use a light client which is even light even for mobile and browser extensions https://eth.wiki/concepts/light-client-protocol Light clients existed before Moxie's post
The only problem is adoption of secure practices by popular publishers, like Metamask.
Side note: Opensea isn't decentralized either, its a centralized NFT exchange.
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Here you go, a whole list of decentralized crypto exchanges: https://www.coingecko.com/en/dex
You mean a list of distributed exchanges. Its like a list of all the small shop money exchanges that exists. But it doesn't mean its decentralized. It also means you always need a trusted third party for the exchange. Wasn't crypto about going rid of those trusted third parties?
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not your keys not your coins. nothing to see here
"real crypto has never been tried"
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meanwhile anybody who has their own keys is able to transact with it as per usual. “not your keys not your coin.” holding keys are not trivial but far simpler than running a server, better analogy might be to do with people not wanting to stake with a validator because it’s easier to use a centralized staking service.
If all the exchanges lock users out, you can “transact” with BTC But can you convert it into US dollars? Where does one spend BTC these days, buy some furniture off overstock?
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Stripe and Moneygram have a business model that can exist outside of crypto. The others you listed enable people to be scammed. I won't go so far as to call them a scam company themselves.
We both know that Stripe are actually fully involved in the crypto scam. They have a crypto division that will be used for crypto payments and NFTs. They also invested into a crypto token called 'Stellar' back in 2014 and said nothing since on the matter. Plus the CEO of Stripe advises Stellar. [0] Moneygram is also working on the scam as well with this Stellar token. I don't know about you but it seems that both Str…
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I'm wondering if it's just going to be 25%. How many investors actually understand the technology? Who (even here at HN) has read a whitepaper? I've read some, and have to say it became a personal running gag of how many pages it would take until the authors completely descend into fogging the reader with a mumbo-jumbo of made up words ("The Tangle"). But more specifically Tether stands at half the marketcap of Ether…
I love how cocksure people are of Tether's decline. Do you believe reading a bitcoin (or IOTA) whitepaper is sufficient to understanding market structure because I get the sense that you do not understand it. If you are so sure, feel free to short Tether.
Stablecoins in principle face the issue of pegging against something that dillutes at will.
But specifically USDT: How is Tether's peg supposed to work if it's alledged backing assets consist of other crypto assets ?! Shouldn't they seek less crypto exposure for stability?
Assets which are BTW unsatisfactory disclosed considering a) comparison with established equity markets and b) that such disclosure only exists at all due to law-enforcement.
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Once Ethereum goes to PoS, let's hope those transfers become cheap enough to compete with centralised exchanges.
PoS has nothing to do with fees being high or low.