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I think this is successful in its goals
Liquidity providing on concentrated liquidity pools is something I would like to see in the high volume US equities market
But will realistically only exist on tokenized platforms that trade their surrogates
It’s extremely lucrative and was only in the domain of market making firms before this technology
I feel like at this point there isn't anybody defending stablecoins who isn't using them primarily speculative investment/trading. There has yet to be a usecase for distributed ledger that isn't solved better by a centralised ledger other than niche counter-culture solutions whose users are typically blinkered to the fact that they are already a self-selected techno-elite who can't bring their utopia to the commons. That ended a bit more nasty sounding that I intended, apologies.
I was in relatively early in the web as a developer, I was in early on the crypto movement, also as a developer. These technologies didn't fix the problems. There is too much regulation, you can't do anything without a license. The only solutions are political, not technological. Everything feels like a scam within a scam. I feel dizzy just thinking about it. I'm completely demoralised. Everything related to career f…
The regulation is there to reduce the amount of scamming and con artists. It's the same reason we have Blue Sky Laws.
Earlier quoted context omitted.
How do you define “cryptocurrency” and “P2P digital currency”?
US dollar derivative that will lower government tax collection in long term with all negative consequences... Despite all talks around - financial blow up in next up to 3-6 months is inevitable so brace for impact
The funniest thing is why crypto bros talk about the Venezuelan taxi driver who has to pay Western Union $10 to send money home, and that is most of the justification for minting trillions of dollars of riches. Yeah OK Visa/MC have a monopoly but even they are worth less than most bros think.
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> Home ownership and the rest of the American dream seem out of reach for many people, and there’s very little safety net available when it comes to healthcare expenses, retirement, or just bad luck. I empathize with the author, I really do, but you can't care about someone more than they care about themselves. If anyone has had the supremely unpleasant experience of trying to get loved ones to work out, they know. T…
Earlier quoted context omitted.
> These technologies didn't fix the problems. There is too much regulation, you can't do anything without a license. The only solutions are political, not technological. > Everything feels like a scam within a scam. I feel dizzy just thinking about it. I'm completely demoralised. Everything related to career feels pointless, sisyphean because of the bureaucracy. Any work that pays well is useless at best, harmful at…
Sure, I agree that greed is the root of all problems. Regulations are a symptom of greed; people want to protect their interests and are willing to incrementally corrupt the system to achieve it; that's what a lot of regulations are. But it's hard to fix greed. The solution to fix greed is way more radical, it's violent. The greedy will defend their interests with violence when confronted. The only non-violent soluti…
> people are either still too afraid of looking like they don’t understand, still too deferential to Silicon Valley’s supposed technological expertise, or still too busy doing other things, to voice any skepticism about blockchain-based solutions I'm not afraid of looking like I don't understand - I simply don't understand. I've tried reading a few "yellow papers" for crypto projects and they are so abstract and full…
> I've tried reading a few "yellow papers" for crypto projects and they are so abstract and full of jargon that I never come away knowing more than when I started reading. In some cases, this is by design. The project is nonsensical and/or a scam, and the white paper is an obfuscatory smokescreen to provide an illusion of sophistication.
A lot of what we do might be sophisticated in some far corners, but at the end of the day the end results can be trivially explained.
"Taxi ordered from a phone app, "Sleep in other people's homes", "Restaurant delivery service with GPS tracking", "Exercise bike with a screen showing workout videos", "Someone else shops for you", etc.
Unfortunately with crypto, a lot of it is trivially explained as "obfuscated scam"
> people are either still too afraid of looking like they don’t understand, still too deferential to Silicon Valley’s supposed technological expertise, or still too busy doing other things, to voice any skepticism about blockchain-based solutions I'm not afraid of looking like I don't understand - I simply don't understand. I've tried reading a few "yellow papers" for crypto projects and they are so abstract and full…
Fundamentally, we've been making digital versions of everything. We have digital phone calls, television, bookkeeping, document writing, drawing, etc.
One thing we didn't have digitally was a currency.
Why would we want a digital currency? For similar reasons to all the other stuff above. It's more convenient. When you "transfer money" from your bank account to another, your bank has to physically move the associated cash from it's vault to the other banks vault, by hiring secure trucks, people, and so on. If the money has to cross a border, that's even more of a hassle, now you have to physically cross a border with a truck full of cash. When a bank "holds onto your money", they need a big vault full of cash, they have to count it, account for every dollar, physically safeguard it, etc.
This is a huge cost, inefficiency, and a big challenge of banking, and it's one reason transaction fees and banking fees are so high.
Now we have an idea of why we might want to make a digital currency. The biggest issue with making one is how do you solve the "double spend problem". That is, if I have 1 unit of a currency and I give it to you, how do we guarantee I no longer have that unit after it was given to you? In a physical world, I'm giving you the actual unit of currency, but in the digital world I'm giving you a copy of it, it would be easy for me to keep my copy as well and have an infinite money glitch.
The solution to that is simple, you have a source of truth that processes the transaction. That source of truth records that I had 10$ and you had 10$, I gave you 1$, and now I have 9$ and you have 11$.
That's easy enough. Here comes the second problem, who would trust owning that source of truth? Would you trust me keeping the official source of truth log of how much money everyone has? I could easily add myself a few 0s to my account, or remove some from yours.
Would you trust the government of your country? Of another country? A big corporation? A US charity?
This is where crypto comes in. Crypto says, nobody would ever trust a single entity, but what if everyone could join a network of nodes that together form the source of truth? Not owned by any single person, but the union of everyone who wants to join the network, and you could join the network, I could join it, anyone is free to join it, and we can all validate and check each other's work to make sure no one else on the network is fudging the numbers.
And now a lot of complex cryptographic math comes in to from this network.