21–30 of 70 posts
nonsense. plenty of chains do this, but all have the same copy-pasted dapps.
ethereum is horrible, cannot die soon enough imo. ETH and BTC maxis are also very toxic community.
"Use DEXes plus stablecoins" The trouble is, neither of those make money if run honestly. A true distributed exchange never has custody of anything. So there's no opportunity to steal or speculate with customer funds. (Front-running remains a possibility). It's just a back-end data service. It has to charge a commission. Most crypto exchanges are free to use; they make money either by stealing or manipulation. Much t…
Earlier quoted context omitted.
> Non-blockchain decentralization projects are often chronically underfunded, blockchain-based projects get a 50-million dollar series B round. It is not from the benevolence of the staker that we get people to put in their ETH to protect the Ethereum network, but rather from their regard to their own self-interest - and we get $20 billion in economic security as a result.
I think time has demonstrated that some form of (possibly itself centralized to some degree) incentive system can be important for a healthy decentralized ecosystem, but it doesn't necessarily have to be directly monetary: private trackers do pretty well with ratio systems, even through they're not wholly decentralized in the classical sense. I think this has a slightly ironic benefit in practice: by paying out in-ki…
Trackers and crypto are popular because they offer utility to users that you don’t find in centralized systems. You can even see the popularity of trackers shift as centralized services like Netflix appeared and then got worse. Crypto is all about ‘degen gamblers’ but as a result has oodles of cash, that in turn they’ve been spending hand over fist on marketing to get in more greater fools. The problem for crypto is how to square the utility they provide with the ideological mission whilst still managing to maintain momentum when arguably moving to the latter cannibalizes the former.
"Use DEXes plus stablecoins" The trouble is, neither of those make money if run honestly. A true distributed exchange never has custody of anything. So there's no opportunity to steal or speculate with customer funds. (Front-running remains a possibility). It's just a back-end data service. It has to charge a commission. Most crypto exchanges are free to use; they make money either by stealing or manipulation. Much t…
How problematic is a 0.3% fee? If the two options were otherwise equal, I think most users would rather pay that than deal with potentially losing their funds altogether due to fraud or insolvency.
"Use DEXes plus stablecoins" The trouble is, neither of those make money if run honestly. A true distributed exchange never has custody of anything. So there's no opportunity to steal or speculate with customer funds. (Front-running remains a possibility). It's just a back-end data service. It has to charge a commission. Most crypto exchanges are free to use; they make money either by stealing or manipulation. Much t…
A truly distributed exchange is a protocol and a protocol doesn't really need to make money though. Atleast not in the same way as an exchange needs to. It's only cost is R&D. The users of the protocol pays the fee for both execution and storage, so there is no cost on the exchange side. Ofcourse there is the cost of running a frontend or providing your powerusers easy access to trading data, but that could be a paid…
"Use DEXes plus stablecoins" The trouble is, neither of those make money if run honestly. A true distributed exchange never has custody of anything. So there's no opportunity to steal or speculate with customer funds. (Front-running remains a possibility). It's just a back-end data service. It has to charge a commission. Most crypto exchanges are free to use; they make money either by stealing or manipulation. Much t…
Tether is audited regularly: https://tether.to/en/transparency/#usdt
It would not have survived multiple bear market cycles with tens of billions in redemptions and drawdowns if it wasn't solvent. The last cycle took out plenty of players who truly were insolvent (Luna, FTX, BlockFi, fo name a few).
Circle's reserves for USDC are listed by Blackrock : https://www.blackrock.com/cash/en-us/products/329365/ and provides monthly accounting reports, the most recent issued by Deloitte: https://www.circle.com/en/transparency#transparency
"Use DEXes plus stablecoins" The trouble is, neither of those make money if run honestly. A true distributed exchange never has custody of anything. So there's no opportunity to steal or speculate with customer funds. (Front-running remains a possibility). It's just a back-end data service. It has to charge a commission. Most crypto exchanges are free to use; they make money either by stealing or manipulation. Much t…
> Having lived through that era, the number one culprit that I would blame as the root cause of this shift is the rise in transaction fees. Haha no, the number one culprit is that 99% of blockchain projects are either scams, bullshit, not actually decentralized, or simply fail despite pulling in vast amounts of funding (sometimes more than one of the above!). However, I do agree that most--if not all--problems in the…
I don't see any possible usecase for crypto if a 100-200$ gas fee during high demand is considered acceptable. You can make anything in the world but if you have transaction fees that high every single time that project will be guaranteed to fail.
Earlier quoted context omitted.
A truly distributed exchange is a protocol and a protocol doesn't really need to make money though. Atleast not in the same way as an exchange needs to. It's only cost is R&D. The users of the protocol pays the fee for both execution and storage, so there is no cost on the exchange side. Ofcourse there is the cost of running a frontend or providing your powerusers easy access to trading data, but that could be a paid…
A distributed exchange is a matching service. The trade execution is distributed. But somebody has to maintain the order book and means for distributing and displaying it. When there's a match, something tells two smart contracts to talk to each other and go. The blockchain itself is not a matching engine.
See:
https://medium.com/coinmonks/uniswap-v3-explained-57e0cdf867...
"Use DEXes plus stablecoins" The trouble is, neither of those make money if run honestly. A true distributed exchange never has custody of anything. So there's no opportunity to steal or speculate with customer funds. (Front-running remains a possibility). It's just a back-end data service. It has to charge a commission. Most crypto exchanges are free to use; they make money either by stealing or manipulation. Much t…
Tether just printed another billion dollars worth of Tether. Wait til you learn how much USD is printed.