71–80 of 106 posts
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Had to scroll 75% of the comments section to find an actual on topic answer and not just inane cryptoskeptic rants
The person you responded to is a bit of a skeptic. They wrote "i don't think it's going anywhere"
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one of the really nice things about SEPA is the 0-fee instant transfer (ime 45-60 seconds). Will FedNow be able to do the same thing?
The Fed will charge banks a fee of $0.045 per transaction.[1] Transactions take a few seconds. They must finish within 20 seconds or they time out, and they're expected to take much less time. Here's a technical overview.[2] The bank to Fed to bank API uses IBM MQ and ISO 20022. These are a bit dated but widely used in the financial sector. Down at the bottom, it's XML. [1] https://www.frbservices.org/resources/fees/…
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Oh, no, someone has opened a hole in the space time continuum to 2021! (Based on the Adidas thing, anyway)
I mean, here's a couple from only the last few days: Louis Vuitton - https://ca.louisvuitton.com/eng-ca/stories/louis-vuitton-via Nike X EA Sports - https://twitter.com/dotSWOOSH/status/1677088133559508993 Mercedes Benz - https://twitter.com/MercedesBenzNXT/status/16635857206892052... I don't doubt that most of the "NFT Drop" things are worthless money grabs, but my point is that the tech is still darling to tons of…
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Crypto is 1-2 seconds for about 0.0025 USD worldwide right now.
Which crypto? Where can I pay with it? What if I don't want to have a hardware wallet everywhere with me? Can I cancel transactions and get my money back? Does it use more energy per year than Argentina?
Solana is the largest of the cheap/fast networks - I’ve worked in Solana for a year - but Aptos and Sui also have solid tech.
You use Safari on your iPhone and unlock your wallet with FaceID.
Right now physical stores that take USDC are generally luxury goods marketplaces, physical art galleries, and PC hardware marketplaces.
No you can’t cancel transactions after you’ve made them, however there are escrow services that provide similar facilities for a small fee.
No it’s proof of stake so the environment is fine.
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Which crypto? Where can I pay with it? What if I don't want to have a hardware wallet everywhere with me? Can I cancel transactions and get my money back? Does it use more energy per year than Argentina?
Good questions. Solana is the largest of the cheap/fast networks - I’ve worked in Solana for a year - but Aptos and Sui also have solid tech. You use Safari on your iPhone and unlock your wallet with FaceID. Right now physical stores that take USDC are generally luxury goods marketplaces, physical art galleries, and PC hardware marketplaces. No you can’t cancel transactions after you’ve made them, however there are e…
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> * No DNS DHT with either bootstrapping or literally just rip through every single IPv4 addr and see if it's a peer lol. > * No identity manager How do you know what your friends' phone numbers or emails are? Ask them. No centralized DB needed. > * No shared server. A server is fine so long as you are the only client that can access it as a server or other clients are currently known and prior authenticated (a peer)…
> What is wrong with a public distributed ledger? It is a highly centralized artifact, which is maximally self-defeating if the goal is not centralizing. When you actually achieve decentralization nobody else is storing or accessing your activity or hoarding your data. There are no public ledgers or anything to crawl or anything to screen scrape, because its on your hardware and you determine who can access it.
"Blockchains are politically decentralized (no one controls them) and architecturally decentralized (no infrastructural central point of failure) but they are logically centralized (there is one commonly agreed state and the system behaves like a single computer)"
https://medium.com/@VitalikButerin/the-meaning-of-decentrali...
The only cash flows into the ecosystem have been from ICOs. The SEC is cracking down on such activities. Besides investment cash flow, I don't think there have been any revenue generating ventures that cater to customers outside the Web3 ecosystem. The true web3 players will be traditional finance companies upgrading their settlement systems. I am curious how people will answer your second question.
https://defillama.com/fees/ethereum
The reason why protocols are able to generate cash flow is precisely because there is demand for blockspace by customers.
The joke of it is that Web3 claims to be the answer to decentralization... but in every case of Web3 there is some reliance upon a block chain. If the block chain is limited to only the client and not on any server, therefore unnecessary and worthless, it would then be not centralized. I get the impression nobody takes the time to actually parse the word decentralization . It only means not centralized, but that appl…
> * No DNS
It extends DNS by mapping naming over DHT, and content addressed data to a corner of the existing DNS system (.btlink is the working example given).
> * No identity manager
Yep
> * No shared server. A server is fine so long as you are the only client that can access it as a server or other clients are currently known and prior authenticated (a peer).
It allows for a level of shared server to suit the user, to ease use. You can run your own "server" (the eventual default), or use a public or shared one to get started. Server here refers to a process that extends DNS and serves resources without having to modify existing software.
> * No root certificate or certificate authority or CRL.
It makes no attempt to modify the existing system in use on the internet. A certificate is required to serve .btlink traffic over https.
> * No blockchain
Yep
> * No shared database or other shared services
Yep (I assume a DHT doesn't count here).