601–610 of 843 posts
How likely is this cascade to reach Binance?
Small sample set, but I recently saw a poll on a DeFi fb group that I'm in and the question was: "where are you moving your crypto during this sh*t show?" The majority of the people answered 'binance'.
Can someone actually explain what the intrinsic use of coins is supposed to be (aside from speculating). Their value is so volatile they suck as actual currency, not to mention if you were the guy that spent 10,000 bitcoins on a pizza back in the day you'd feel pretty stupid about your 300 million dollar pizza. They're not even particularly good for illegal purchases -- you have to know what you're doing to keep your…
I can explain seriously and answer follow-up questions. I will simplify and just highlight the most valuable current use case, there might or might not be others now or in the future. The value of ether (ETH) is to be a currency that you need to spend in order to include transactions into Ethereum's distributed ledger. Most useful transactions are transfers of stablecoins like USDT or USDC. USDT and USDC can be excha…
Earlier quoted context omitted.
>The only reason it exists is because smart contracts didn't exist when they first started. Calm down. That is not true. Smart contract based exchanges do not let people exchange real money into crypto. There will always need to be offchain exchanges for trading USD for crypto. Additionally, trading off chain is much cheaper than on chain. Centralized exchanges will always exist because people want on / off ramps, pe…
> Additionally, trading off chain is much cheaper than on chain. How this does not wake up all the idiots, I will never understand. How come your superior technology is inferior in one of the crucial axes of trading technology???
Can someone actually explain what the intrinsic use of coins is supposed to be (aside from speculating). Their value is so volatile they suck as actual currency, not to mention if you were the guy that spent 10,000 bitcoins on a pizza back in the day you'd feel pretty stupid about your 300 million dollar pizza. They're not even particularly good for illegal purchases -- you have to know what you're doing to keep your…
one dude explained that they wanted to make a loan platform that would avoid usual bank management costs since it's automated, so he claimed the higher yields came from that. It seemed a coherent explanation to me (he could be lying too, but at least his talk had some foundations and not moonshots of potential decentralized nirvanian future)
Can someone actually explain what the intrinsic use of coins is supposed to be (aside from speculating). Their value is so volatile they suck as actual currency, not to mention if you were the guy that spent 10,000 bitcoins on a pizza back in the day you'd feel pretty stupid about your 300 million dollar pizza. They're not even particularly good for illegal purchases -- you have to know what you're doing to keep your…
Pull enough cards out, and the house will collapse completely. Ironically, an exchange may not be in actual danger at this moment, but they may recognize the coming (what's a word for worse than a winter?...), and they may decide to close up shop, use the failures of others as an excuse, and walk away with as many marbles as they can liquidate. Yes this is a pessimistic view, but it has already happened many times in…
Can someone actually explain what the intrinsic use of coins is supposed to be (aside from speculating). Their value is so volatile they suck as actual currency, not to mention if you were the guy that spent 10,000 bitcoins on a pizza back in the day you'd feel pretty stupid about your 300 million dollar pizza. They're not even particularly good for illegal purchases -- you have to know what you're doing to keep your…
When Ethereum/ another crypto VM becomes fast enough, decentralised applications will be the new iPhone - stuff we can’t imagine will be built there. As far as NFTs, 90-99% of the activity is nonsense, fraud and money laundering, but there are real artists in the space. Whether that’s satisfactory for you is really a matter of perspective.
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An exchange shouldn't count deposited crypto as their asset. It is an asset of their customer. I do not think the actual problem here is crypto exchanges being unprofitable. Even if a crypto exchange goes under, it could (and frankly should ) still be able to go under gracefully, e.g. letting all customers withdraw their assets for a month (and E-Mailing private keys as a last resort). The issue here is crypto exchan…
> The issue here is crypto exchanges severely mismanaging the assets of their customers. "Severely mismanaging" is a euphemism for fraud and theft, right?
Earlier quoted context omitted.
I can explain seriously and answer follow-up questions. I will simplify and just highlight the most valuable current use case, there might or might not be others now or in the future. The value of ether (ETH) is to be a currency that you need to spend in order to include transactions into Ethereum's distributed ledger. Most useful transactions are transfers of stablecoins like USDT or USDC. USDT and USDC can be excha…
So in order to transact on 'The Blockchain' I'll need a stablecoin for the purchase and ETH in order to submit my transaction?