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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?

#421

Post by zachmu »

evantbyrne wrote: post #198
shuntress wrote: post #173

Earlier quoted context omitted.

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…

The article boasts of ethereum L2 being able to support 500 TPS thanks to blobs.

That's at least two decimal orders of magnitude away from being a global payment solution. It's a joke.

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

#422

Post by mand1575 »

pa7x1 wrote: post #375
mand1575 wrote: post #206

Earlier quoted context omitted.

Given that we are now entering another crypto hype cycle and blockchain technology, discussions often veer towards crypto and the allure of embedded tokens. I’m going to stick to the realty and opportunity: utilizing blockchain in fixed income finance. Having spent two decades navigating the complexities of Wall Street, I know the critical problem plaguing the fixed income market: the overwhelming amount of data gene…

In case you are curious BlackRock launched last week a money market fund on Ethereum. You can see it onchain here: https://etherscan.io/token/0x7712c34205737192402172409a8f7cc... And here the press release: https://securitize.io/learn/press/blackrock-launches-first-t...

Aware - and kudos to them for using Ethereum - It's a word play to confuse the market. Notice they don't say on Public Net. The installation is permissioned. I was involved with the first Yankee CD trade in 2018 with JPM. No investor can buy this without the KYC/AML checks, means if there's a wallet it's just a brokerage account - the underlying security is at a custodian not on-chain and the TA is still involved in registering the ownership of the share.

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

#423

Post by mand1575 »

yieldcrv wrote: post #395
mand1575 wrote: post #206

Earlier quoted context omitted.

Given that we are now entering another crypto hype cycle and blockchain technology, discussions often veer towards crypto and the allure of embedded tokens. I’m going to stick to the realty and opportunity: utilizing blockchain in fixed income finance. Having spent two decades navigating the complexities of Wall Street, I know the critical problem plaguing the fixed income market: the overwhelming amount of data gene…

Great, yeah are you going to move off the permissions blockchain to just permissioned smart contracts on a public blockchain? Capital formation has been occurring this way for at least 12 years on public blockchains. Satoshidice was one of the first companies and its shareholders created a vibrant secondary market onchain. They did dividends daily and it always went out to every shareholder daily. What happens now is…

>yeah are you going to move off the permissions blockchain to just permissioned smart contracts on a public blockchain?

Perhaps for clearing - ownership wise I think it stays permissioned - no investor wants to loose the wallet and not be able to recover their asset.

>One day DTCC and FINRA and the Fed will conform it to their redundant processes so that registered securities can do the same, using the same public utilities as everyone else.

100% - that's the plan but it's a massive regulatory capture to fight. Akin to launching a rocket and you need DoD and hundred other permissions.

One thing to keep in mind - Sec Act of 1933 and 1934 are here to stay - they may get new regs under them but ownership needs to be transferable outside just the normal case of trading i.e. trust, death, divorce, birth blah blah...

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

#424

Post by wslh »

rglullis wrote: post #412
wslh wrote: post #408

Earlier quoted context omitted.

Again you are not following the argument, you cherry picked Solana, Algorand didn't have any issue. Follow logical argumentation please...

I didn't mention Algorand because its overall network is a blip compared with Ethereum and Solana in any metric, and it can barely be considered as Battle-Tester in a "real world" scenario.

Do you have a paper for that?

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

#425

Post by shuntress »

arandomusername wrote: post #256
shuntress wrote: post #201

Earlier quoted context omitted.

"Bitcoin but its anonymous" does not make Monero a real currency. I guess it helps that its value is relatively stable. But I still can't realistically use it. I can't walk in a store, buy something, then pay with Monero which is obviously disqualifying on it's own. But in addition to that, if I want to give a friend some Monero I would have to walk them through making a new account with some new app which they won't…

"I can't realistically use credit cards. I can't walk in a store and pay using my credit card. And if I want to send some money to my friend, I have to walk them through of opening a bank account which they won't do because it's pointless anyway and I can just hand them the $50 dollar bill" - Someone years ago. Do you expect every store to start accepting it instantly? Your argument does not disqualify Monero as a re…

This is not an appropriate comparison.

> I can't realistically use credit cards. I can't walk in a store and pay using my credit card

That was true at some point and I would agree that as long as it remained true "Why should I carry a credit card that I can't use anywhere?" would be a perfectly reasonable thing to say.

> And if I want to send some money to my friend, I have to walk them through of opening a bank account which they won't do because it's pointless anyway and I can just hand them the $50 dollar bill"

This is completely disconnected from reality. People very commonly use bank accounts and checks. I know they must exist but I cant think of a single person in my life who would need my help dealing with a check.

> It is a real currency, it's used every day for transactions. Just because you don't find use for it in your life does not disqualify it.

You could say the same thing about V Bucks but that doesn't make it a real currency.

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

#426

Post by godelski »

evantbyrne wrote: post #410
godelski wrote: post #358

Earlier quoted context omitted.

I don't want instant transactions. Clawbacks are very useful. Now the trick is to get that decentralized which means things like smart contracts? But still I haven't seen a good solution.

Well everyone pays an extra ~3% on all of their transactions for that privilege, plus whatever costs retailers factor in for rampant credit card fraud. I wouldn't consider Visa the gold standard of how financial transactions should work the whole system is very clunky and prone to abuse.

> Well everyone pays an extra ~3%

You do realize crypto currencies have transaction fees, right?

Yes, I'm willing to pay for goods and services.

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

#427

Post by kjkjadksj »

reaperman wrote: post #364
idlewords wrote: post #347

Earlier quoted context omitted.

The risk is not just 'stabbed by a tweaker' but 'surprise fentanyl'. And police are very unlikely to come after some random online buyer who is not distributing/reselling.

https://energycontrol-international.org/drug-testing-service... You can get quantitative GC/MS tests in addition to fentanyl / nitazene test strips.

If your sample is cross contaminated with fentanyl e.g. from a scale there is a chance the portion of the sample you sent for testing doesn’t have any fentanyl. These aren’t homogeneously mixed substances its someone loading a dime bag in a bedroom.

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

#428

Post by angry_albatross »

maxcoder4 wrote: post #180
angry_albatross wrote: post #35

Earlier quoted context omitted.

I was just repeating the quoted comment from the post I was replying to. Wasn't intending to say that the article was about tokens. More generally, I would say that Etherium itself is mostly nonsense. I will admit I don't understand very well what the purpose of the "blobs" are that are being discussed in the article, but from my perspective the entire idea of blockchain technology is not useful. I have yet to be con…

>More generally, I would say that Etherium itself is mostly nonsense. It's "Ethereum". You can't even write the name of the project correctly, so how can I trust you expertise on that? >I will admit I don't understand very well what the purpose of the "blobs" are But we're talking under a link to a post about blobs? Sounds like an important context. >from my perspective the entire idea of blockchain technology is not…

> Instead of trying to discuss that (and I could) - on HN there are plenty links to thinks I don't consider useful, like retrocomputing, programming in AGDA or yet another rust rewrite of some tool. I don't go around and leave nonproductive comments there, i just don't click them. Why do you feel a need to do so?

Mostly because unlike those other examples, cryptocurrency is actively doing harm to society by accelerating climate change, enabling various forms of crime, and doing financial damage to many people who have been convinced to put their savings into various ponzi schemes. So I view it as a sort of moral obligation to be a dissenting voice in these conversations.

I don't intent to be actively nonproductive with things I say though, and you might be right that it would be better to not engage with my original comment. The parent comment I replied to was not very productive either though. Mostly just "this is good". So my intention was just to represent the opposition and say something like "I disagree, and think this is part of something that is harmful."

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

#429

Post by kjkjadksj »

govg wrote: post #354
threeseed wrote: post #343

Earlier quoted context omitted.

> And that's money in your pocket at that point not an IOU like a pending transaction at a US bank In Australia, we have instant transfers between bank accounts. I imagine the US will get to that point soon in which case there is no benefit to crypto for this use case.

It exists in the US as well (Zelle), except due to the super high number of banks, not all will have feature parity / have it enabled. The major banks like Chase support QR code scanning for instant transfers, smaller ones might require a phone number or email input via keyboard.

Venmo is probably even more popular than zelle

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

#430

Post by kjkjadksj »

SergeAx wrote: post #331
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…

Does moving funds between compartmentalized economies count as "currency" use? I know quite a few cases of using it to move money from Russia or China.

I think thats only a subset of people offshoring money. Many more who might have more means and therefore more pressure to offshore that means would probably opt to offshore that money by buying a vancouver condo they will never see.
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