Earlier quoted context omitted.
I mean i have been using bitcoin for the past 6 years to send money to people outside the country with little issue. I know it’s hard to imagine for the west but places exist where working around the local financial system is a huge benefit.
And lots of people pay for lots of things with bitcoin, today. It works fine, even if the confirmation takes 15-20 minutes and it costs five bucks. For some things where you prefer discretion, it's fine. For privacy, just use a coinjoining wallet. It's a solved problem for a long time. Commenters here are sour over bitcoin, for a variety of reasons, and ignorant at the same time.
Ethereum has blobs. Where do we go from here?
381–390 of 515 posts
Re: Ethereum has blobs. Where do we go from here?
#382Earlier quoted context omitted.
You seem to be drawing a distinction here between companies that are building something for blockchain vs building something for people. Alright, I'll bite, here are some projects that use blockchain for things besides trading tokens or improving blockchain technology: - https://sarcophagus.io/ - https://www.gitcoin.co/ - https://docs.kleros.io/ There's many more. Many don't have a lot of adoption, and I don't know i…
> But at the very least it's often interesting to see how traditional systems are reimagined in order to enable decentralized, trustless, computer programs They are not re-imagined. It's a combination of a still on-ongoing gold rush (well, the end tail of it) and people pretending there are purely technical solutions to all problems. Almost every single of those "interesting re-imagining" projects rather quickly redi…
Whatever your feelings on the impact of the technology are, you can't possibly know this
> Almost every single of those "interesting re-imagining" projects rather quickly rediscovers why traditional systems are the way they are, and end up being shittier versions of those.
I pretty much agree with this, though I'd suggest "most" rather than "almost every".
Most scientific studies may fail to support their hypothesis also, that doesn't make them uninteresting.
Re: Ethereum has blobs. Where do we go from here?
#383Earlier quoted context omitted.
> Consensus algorithms have nothing to do with transaction fees. Please don't tell bullshit. Look at Algorand and other protocols, consensus has a relationship with fees because it is linked with the cost of reaching consensus! You can even read that in the Ethereum subreddit [0]. > Source? It is repeated ad nauseam in Internet [1] and you can analyze the blockchain genesis to check it. > Ethereum killer? It is not a…
I asked for "source" because I know that this is "repeated ad nauseam in the Internet" while being provably false. The very first result on your google query is a bitcoin.com page that is 404, but archive.org has this: The Ethereum network started off with a supply of 72 million Ether (ETH). Eighty-three percent of that (60 million) was distributed to people who had purchased ETH in a crowd sale that was conducted in…
I'm not sure what you mean by this. I don't know about Algorand or Cardano transaction volume, but many EVM-based blockchains process a similar number of transactions to ethereum (or more), with lower fees. They do all have different (proof of stake still) consensus models though
For comparison: https://etherscan.io/chart/tx
Polygon: https://polygonscan.com/chart/tx
Polygon is an L2, so arguably not as decentralized.
But then there's Avalanche: https://avascan.info/stats/network-activity
Or Fantom: https://ftmscan.com/chart/tx
Re: Ethereum has blobs. Where do we go from here?
#384Earlier quoted context omitted.
As I always do when someone pops off with a phrase like “blockchain junk” I’ll remind everyone that Barbara Liskov, who is the second female recipient of the Turing Award (and narrowly missed being the first, Frances Allen received the honor in 2006, Professor Liskov did in 2008), the John von Neumann Medal, an honors doctorate from ETH Zurich (received alongside Donald Knuth), countless other honors, and was the doc…
This must be the weirdest call to authority I've ever seen. Consens algorithms are important in both safety and distributed (High Availibility) scenarios. There's no necessary link from research into that, and blockchain in general, and the Proof of X style crypto blockchains specifically. Can you point to some research of Waller? I've tried to find it to see if it's more directly related, but the only somewhat famou…
Re: Ethereum has blobs. Where do we go from here?
#385Earlier quoted context omitted.
What value proposition does crypto offer that existing solutions do not? The only reasonable answer crypto advocates can ever offer is “decentralization” and the lack of trust required. The problem is, most people are perfectly fine trusting their financial institutions. Another commenter was downvoted for saying “No one cares”, but a more precise way of putting this is “the average person doesn’t care about decentra…
If you ascertain some value to the permissionless and self-custodial value of cash. And you see value in the internet's ability to connect the entire world. Then it follows immediately that you see value in cryptocurrency. Because you cannot use cash to transact globally, and you cannot use digital forms of central bank issued currency permissionlessly or have self-custody. Cryptocurrency gives you all those three pr…
Those two separate sentences do not immediately team up to somehow lead to the third sentence.
> After all, most of HN audience lives in developed democratic countries where personal freedoms are considered fundamental pillars and protected.
As do most crypto proponents who imagine the world outside the "enlightened West" as barbaric lawless lands governed by roaming bands Mad Max-style.
Even though than we can take a popular online service that people pay for and see in which countries it's available. For example, Spotify says it's available in 238 countries and territories: https://support.spotify.com/us/article/where-spotify-is-avai.... It does not accept any form of crypto currency as payment. This means that people in these countries have enough financial institutions and methods, and enough security to be able to pay for an international music streaming service [1].
> Maybe one day they will tell you in what you can or cannot spend your money or where you can invest it and how much.
Or some day the Mad Max-style roaming gang will break down your door and steal all your cash. Or break all your fingers until you give them access to all your wallets.
[1] The number of ways people pay in various countries is staggering. See e.g. what Adyen (the payment integrator that companies like Spotify, Uber, eBay etc. use) has integrated with: https://docs.adyen.com/payment-methods/ and https://docs.adyen.com/unified-commerce/pay-by-link/supporte... and https://docs.adyen.com/point-of-sale/what-we-support/payment...
The complete willful ignorance and obliviousness that the absolute various majority of crypto proponents exhibit is no less staggering.
Re: Ethereum has blobs. Where do we go from here?
#386Earlier quoted context omitted.
> 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 system…
> People need to look outside of the USA to understand the state of the art. And yet people need only to look down at their smartphone, no matter where in the world they are located, to understand the state of the art in public ledgers.
The consistently ignorant rhetoric here on HN about this supposedly unserved market for cryptocurrency is discouraging. Again, people need to look outside of the USA to understand the state of the art.
Re: Ethereum has blobs. Where do we go from here?
#387Earlier quoted context omitted.
If their vision is "applications" it feels like any price is too high. Would you sign up for hn if it cost 5 cents? Even though that is nothing in terms of money (for most of us), the friction of money actually being involved in and of itself probably makes it not worth it. Especially when its just a silly internet thing.
It's not just sign up though, it's posting comments, upvoting, etc. Every "write" becomes a transaction, many with their own tokens. > the friction of money actually being involved ... makes it not worth it This is it. There are very few people who live for this level of financialisation.
Re: Ethereum has blobs. Where do we go from here?
#388Earlier quoted context omitted.
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" an…
Should you not want the price to be stable? If an arcade game’s price went from 50 cents per play to 5 dollars per play because more people are using a delivery application on the other side of the world that doesn’t make much sense from a consumer perspective.
From a practical standpoint, I think most people would prefer it if the currency used by their country of residence increased in value relative to other global currencies, rather than just staying stable (though for hyperinflationary countries, even that would be a major improvement).
Although stability relative to another currency (see https://en.wikipedia.org/wiki/Fixed_exchange_rate_system) is considered (by many) disadvantageous for countries with strong economies, because you strip away the central bank's power to manage the supply. This is basically the whole Gold Standard debate.
For blockchain users who want reduced volatility and stability relative to a fiat currency, there are always stablecoins.
Re: Ethereum has blobs. Where do we go from here?
#389Earlier quoted context omitted.
Bitcoin original plan was about "digital cash", it was fully focused on permissionless payments, but that's about it.
The whitepaper's plan wasn't, but that's not true at all for Bitcoin itself. Satoshi included OP_RETURN which allowed smart contracts - mastercoin being the first L2 (on Bitcoin). He also wanted to increase the blocksize to allow scaling. Vitalik started Ethereum because the "core devs" (bank incumbent funded usurpers) refused to cooperate. This is also the reason the original maintainers like Gavin and Mike Hearn sp…
I agree with everything about the bastardization of Bitcoin, but I don't think this is why Vitalik created Ethereum
Re: Ethereum has blobs. Where do we go from here?
#390Earlier quoted context omitted.
The day a network exists where you can reliably send like $0.001 of value with little/no fees is the day the internet changes forever. So many ideas are infeasible right now because CC fees are high, and making any payment is extremely high friction.
Even if you can send $1. Users dislike paying on the web because it is a security risk. Because of this insane system of credit cards, where you give the other party a "secret" which enables them to take the money from you. If you could just send the money, the barrier to pay would be 100x lower. Most websites pay the bills via ads. And make less than $0.001 per visitor. If they could sell a monthly membership for a…
I wonder how small independent sites like Amazon and eBay exist then if people dislike paying on the web because of the security risk.
The reality is that people have literally no problem paying for stuff on the internet.