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Ethereum has blobs. Where do we go from here?

vitalik.eth.limo

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Re: Ethereum has blobs. Where do we go from here?

#191

Post by searchableguy »

medo-bear wrote: post #114
danpalmer wrote: post #107

Earlier quoted context omitted.

5 cents per transaction is high for many parts of the world, and exceptionally high if every interaction in normal life is turned into a financial transaction.

What parts of the world? In non developed countries bank fees are actually higher than in the West. In Bosnia a most basic bank account costs about $3 per month, or 60 Ethereum transactions (most people usually have 10 - 20 transaction per month). For paying bills banks usually charge a commission fee of 1%. And if you want to send money to someone 50 kms away but across the border the fee is $20 with few days wait f…

Most major developing countries in Asia have p2p instant payments and bank accounts for free or with minimum balance requirement.

UPI (Indian market) launched cross border support with a couple countries starting this year. 118 billion transactions happen via UPI annually.

I do think there is some niche market where ethereum payments will shine but hard to beat free and instant systems already in place at far bigger scale.

Re: Ethereum has blobs. Where do we go from here?

#192

Post by maxcoder4 »

pavlov wrote: post #168
rglullis wrote: post #139

Earlier quoted context omitted.

One of the things that made me less skeptical of Ethereum was that Vitalik has consistently argued based on his view of "Ether as digital oil to power the blockchain", which is to say that the point is not to just hodl, but to create a core technology that can enable different applications. I still think that we should not forget the "I need a censorship-proof way to send money to someone overseas" story, but mostly…

> “Ether as digital oil to power the blockchain” This has made you less skeptical of what he’s peddling? That slogan is a series of red flags in only eight words. He could be selling actual snake oil.

I'll rephrase a bit for the HN crowd: "The Ethereum currency (Ether) value proposition is that it is used to pay for decentralized apps on the Ethereum Blockchain. The more application and users are there, the more Ether is needed and hence it's value goes up". At least that's how I understand it.

OPs point is that most cryptocurrency advocates go for "but my token and hold, it is sure to grow 10x in a few months" and I (like probably OP) consider it misleading baseless hope at best, fraud usually.

Re: Ethereum has blobs. Where do we go from here?

#193

Post by SideburnsOfDoom »

tootie wrote: post #164
Mahn wrote: post #74

Key quote from the article: > Many have argued that the lack of large-scale applications for the past ten years proves that crypto is useless. I have always argued against this: pretty much every crypto application that is not financial speculation depends on low fees - and so while we have high fees, we should not be surprised that we mainly see financial speculation! > Now that we have blobs, this key constraint th…

In the many, many years they have spent building a pile of gibberish tech, traditional finance has begun transitioning to T-0 settlement on centralized platforms. FedNow is going to replace ACH and wires and allow 24/7 real-time transactions.

> FedNow is going to allow 24/7 real-time transactions.

Following in the steps of what EU and UK did few years ago. (1)

And which always made this cryptocurrency fast settlement stuff sound laughable - like they're describing just what a regular bank account does, and it's supposedly their special magic, so what?

People need to look outside of the USA to understand the state of the art.

You can even find these systems in Africa already (2)

1) https://www.ecb.europa.eu/paym/integration/retail/instant_pa...

https://en.wikipedia.org/wiki/Faster_Payments

2) https://www.mfw4a.org/news/instant-payment-transactions-afri...

Re: Ethereum has blobs. Where do we go from here?

#194

Post by earnesti »

Zetaphor wrote: post #179
teekert wrote: post #91

Earlier quoted context omitted.

[flagged]

Just because you're unfamiliar with the technology doesn't mean it's nonsense. The failing is yours in actually looking into these things rather than trying to be funny. If you explain to most people how a TLS handshake works it will sound to them as equally nonsensical. This technology is complicated, this article is targeted at an audience that understands the technology, not one that needs a "My first introduction…

TLS handshake actually makes sense for average programmers who understand basic cryptography.

Ethereums problem is that it is a badly designed clusterfuck. The newer blockchains will likely take over.

Re: Ethereum has blobs. Where do we go from here?

#195

Post by pyaamb »

lxgr wrote: post #9
Havoc wrote: post #2

> proto-danksharding Points for unique naming

Also for transparency: I like how Ethereum doesn't even attempt trying to make any of this appear accessible to curious outsiders.

if you enjoy learning from video, finematics is a great resource: https://www.youtube.com/@Finematics/videos

Re: Ethereum has blobs. Where do we go from here?

#196

Post by scyclow »

ArtTimeInvestor wrote: post #36

All this crpyto technology is fascinating. But is it used for anything? I asked this in an Ask HN today, but got no answer so far: https://news.ycombinator.com/item?id=39852389 It looks like not a single HN reader is using blockchain technology for anything. If nobody is using blockchain technology outside of blockchain projects, what are the reasons we expect that some day we will? What could be a near term use case…

People love shitting on NFTs, but there's still a really good art scene based on NFTs and smart contracts. And once you have digital objects that you actually care about, all the web3 infrastructure is surprisingly useful.

Re: Ethereum has blobs. Where do we go from here?

#197

Post by MichaelZuo »

hot_gril wrote: post #167
root_axis wrote: post #141

Earlier quoted context omitted.

NFTs make absolutely no sense for video games collectables. As it is, video game collectables work just fine, NFTs add nothing except cost and complexity.

If you want there to be a marketplace for your collectibles, NFTs are the most open way of doing that, and a lot is prebuilt.

Counter-strike had a market for collectibles well before?

Re: Ethereum has blobs. Where do we go from here?

#198

Post by evantbyrne »

shuntress wrote: post #173
Version467 wrote: post #127

As far as I can tell, the only cryptocurrency that actually delivers on its name (i.e. being used as a currency) is Monero. Sure, it's all drugs and stolen credit cards, but it does undeniably solve a real world problem for its users instead of just being used as a vehicle for speculative investment. With that said, I think if anyone comes up with a "killer-app" for crypto, then it'll be on the Ethereum chain. They s…

The "Killer App" for a cryptocurrency would be the ability to use it as a currency.

imo this is less of a technical issue and more of a regulatory one in 2024. Sending and receiving large amounts of btc/eth for instance might take a minute. For lower value point of sale transactions you don't really have to wait. And that's money in your pocket at that point not an IOU like a pending transaction at a US bank. Paying capital gains on transactions and constantly changing value dampens adoption quite a bit though

Re: Ethereum has blobs. Where do we go from here?

#199

Post by pyaamb »

orthecreedence wrote: post #6

I'm so out of the loop these days...I've written off blockchain junk almost entirely. Can someone break down what blobs are? Is this some kind of temporary place for transactions to go so they aren't charged fees individually? EDIT: NVM, I RTFMed https://ethereum.org/en/layer-2/ . I wonder what the trade-offs of layer 2 protocols are. Less secure?

a good explainer video https://www.youtube.com/watch?v=HT9PHWloIiU

Re: Ethereum has blobs. Where do we go from here?

#200

Post by bloppe »

pazimzadeh wrote: post #177
pavlov wrote: post #168

Earlier quoted context omitted.

> “Ether as digital oil to power the blockchain” This has made you less skeptical of what he’s peddling? That slogan is a series of red flags in only eight words. He could be selling actual snake oil.

Actual snake oil has actual benefits. It's fake snake oil you want to avoid. Effect of Erabu Sea Snake (Laticauda semifasciata) Lipids on the Swimming Endurance of Mice https://karger.com/anm/article-abstract/51/3/281/41756/Effec...

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