Bullshit!
In 2022, Web3 went just great
171–180 of 205 posts
Re: In 2022, Web3 went just great
#172Earlier quoted context omitted.
> shoulda seen my broker’s face... That rigamarole could have been easily avoid by converting the crypto to cash, which is trivial to prove is yours. Did they end up accepting the crypto directly, or as cash? Edit: thanks for the clarification, I didn't realize the issue wasn't with possession so much as provenance.
I did convert it to cash. The problem is in the US you can’t suddenly have thousands of unexplained dollars when getting a mortgage or similar. I guess I should have clarified: I didn’t directly give them crypto. I was using it to cash out and pay cash with. But I had to prove ownership.
You can use unexplained cash for mortgage in the US if you let it “season” for 60 days on your bank account.
Re: In 2022, Web3 went just great
#173Earlier quoted context omitted.
You misunderstood what I am saying. I am suggesting that quants and financiers have no special, privileged access to information. You can make spooky suppositions about Tether fraud, but if millions of documents disclosed didn't reveal a fraud after the whole community pored over them - it's at least as good as any other financial product.
> if millions of documents disclosed didn't reveal a fraud after the whole community pored over them - it's at least as good as any other financial product Every time Tether has disclosed anything, it’s been caught lying [1]. That anyone thinks Tether has anything close to standard financial disclosure, or is anything but a fraud, is a testament to the ongoing problem of mainstream American financial illiteracy. [1]…
That is not what I wrote. I wrote that the NY State courts made literal millions of these internal documents public. The community as a whole has had collectively more than a year to pore over them, with billions of dollars of risk including from major real hedge funds.
I did not say that these are "standard financial disclosures". I said that they were forced by the courts to reveal all this documentation and that so far, Tether has for the most part maintained its peg.
This should indicate to you that everyone from Wall St to Main St thinks that Tether is doing things "well enough".
Tether has issued multiple audit reports by independent accountants, and sure- they may be suspect but the way in which they are suspect is the same way every other company's financial are suspect - which, last I checked, didn't stop Lehman Bros.
Re: In 2022, Web3 went just great
#174Earlier quoted context omitted.
So you actually did get benefits of HODLing BTC, no? When it comes to crypto, I see people conflating 3 distinct buckets - a hard asset like BTC, legitimate projects like ETH and scams. Scams outnumber the first 2 buckets, but the first 2 buckets will provide more growth than stocks or bonds over the next 10 years.
Growth is a little bit of a weasel word here though and you'll be well advised to research the difference between multiple expansion and underlying growth. In the world of stock, we don't like multiple expansion as it's a sign that prices go up on grounds that are hard to reason about. Things going up without reason tend to come down for the same reasons. Crypto has _zero_ growth. Crypto companies, however, that's a…
To me, price increase is a good proxy for growth and I believe in both BTC and ETH to appreciate more than S&P500 over the next 10 years.
Re: In 2022, Web3 went just great
#175Earlier quoted context omitted.
There is also an interesting middle ground between a centralized database and a fully distributer blockchain: a transparency log. You can have a central authority operate on a ledger as they please, but provide verifiable proof that they are not rigging the books behind your back and rewriting history
This is an interesting concept. But I'm not sure why a company would want to do this if they didn't have to. Currently even publicly traded companies don't have to completely open their books to an auditor unless they get into trouble, right? Even then is it public? But for this to be a public benefit, wouldn't it have to be mandated? A government requirement to have a cryptographic chain of evidence for your books s…
There’s been some interest for things such as banks balancing transactions with each other or shipping countries validating logs. JP Morgan already developed their own Eth based blockchain to my knowledge and the usecases will be there. You will probably never hear about them, though.
Re: In 2022, Web3 went just great
#176Earlier quoted context omitted.
> I worked in Solana and was surprised to find out that a developer can update a program at will Because it's not a real blockchain. Most chains are centralized. You should really focus your time on Ethereum. It's the only chain researching and innovating and is focused on longevity.
Absolutely not true. Program maintainers can create immutable programs, most just choose not to. It's a user issue more so than a protocol issue.
Ah I see that in the official docs, you are correct! My mistake. I never saw that in the docs when I was working on my project.
Re: In 2022, Web3 went just great
#177Earlier quoted context omitted.
I did convert it to cash. The problem is in the US you can’t suddenly have thousands of unexplained dollars when getting a mortgage or similar. I guess I should have clarified: I didn’t directly give them crypto. I was using it to cash out and pay cash with. But I had to prove ownership.
You can use unexplained cash for mortgage in the US if you let it “season” for 60 days on your bank account.
Yes, but then it’s not considered unexplained anymore :)
Also I didn’t have the luxury of waiting.
Re: In 2022, Web3 went just great
#178Earlier quoted context omitted.
This is an interesting concept. But I'm not sure why a company would want to do this if they didn't have to. Currently even publicly traded companies don't have to completely open their books to an auditor unless they get into trouble, right? Even then is it public? But for this to be a public benefit, wouldn't it have to be mandated? A government requirement to have a cryptographic chain of evidence for your books s…
There’s been some interest for things such as banks balancing transactions with each other or shipping countries validating logs. JP Morgan already developed their own Eth based blockchain to my knowledge and the usecases will be there. You will probably never hear about them, though.
Ah, that makes a lot of sense. Thank you.
Re: In 2022, Web3 went just great
#179Earlier quoted context omitted.
If your point is that oft-cited-never-correct "this is early days / this is like the early dot com era" notion - I want to dispel that myth for you. There has been no real value, product, or worth created here. With the rise of public internet spaces in the 1990s, online shopping, web search, and more - the value was immediate and apparent. Of course there were bad ideas, scams, etc, but the major difference between…
People forget how hyped the internet was circa 1996-2000. During the early days, one of the most popular sites was a web cam pointed at a coffee mug [0] and a webcam pointed at a "lifecaster" showing her everyday life [1]. Email was confusing and misunderstood [2]. Startups were laughed at when they said you would buy pet food online [3] or pay your parking tickets online [4]. Both are so commonplace now as to barely…
The world-wide-web back in the 90s was a very weird place and tons of people thought it would amount to nothing more than a fad, including a Nobel Prize winning economist:
https://i.redd.it/tcwp3xnsewo21.jpg
Back then, it was stuff like AOL that was considered the established and proper networking service, and the web was just a circus of trolls and buffoons.
Also didn't Twitch start off as a site to view a webcam attached to some guy's head 24/7. I also remember a website where you could buy a pixel for a dollar, and the entire website consisted of 1 million pixels.
I'm not saying that cryptocurrency will amount to anything, I'm mostly saying that no one here knows. HN has a kind of reputation for being incredibly dismissive of technology and missing the boat on a lot of things, failing to recognize the big picture, and to be fair it's not even an HN thing; most people fail to see the big picture.
Afterall, who the heck needs Dropbox? Just trivially setup an FTP server mounting it locally with curlftpfs and then use SVN on the mounted file system. Right guys?
Re: In 2022, Web3 went just great
#180Earlier quoted context omitted.
If your point is that oft-cited-never-correct "this is early days / this is like the early dot com era" notion - I want to dispel that myth for you. There has been no real value, product, or worth created here. With the rise of public internet spaces in the 1990s, online shopping, web search, and more - the value was immediate and apparent. Of course there were bad ideas, scams, etc, but the major difference between…
People forget how hyped the internet was circa 1996-2000. During the early days, one of the most popular sites was a web cam pointed at a coffee mug [0] and a webcam pointed at a "lifecaster" showing her everyday life [1]. Email was confusing and misunderstood [2]. Startups were laughed at when they said you would buy pet food online [3] or pay your parking tickets online [4]. Both are so commonplace now as to barely…
[deleted]