101–110 of 188 posts
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How come? There are many people in crypto who aren't fond of companies like Coinbase or OpenSea. The helped to make things a bit more mainstream, but they aren't paragons of decentralization.
Yeah, but de-fi had already been done successfully in the early 2000's well before Bitcoin and still didn't pan out in the end.
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I do have a great analysis framework for crypto projects: "is crypto project?" -> "stay away"
Sure I get that, but I'm old enough to remember the .com crash carnage and people saying that the web was a total waste of time etc and look how wrong they were. I think that the future is a probability distribution, and there is a non-zero probability that crypto doesn't die but keeps growing. Therefore, I'm not all in, but I'm not all out.
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Still Ponzi schemes, but yes they probably will continue unabated.
So companies like Checkout.com, Stripe, etc using a cryptocurrency in their crypto product means that they are also part of the so called 'Ponzi scheme' and they are currently out there scamming?
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Still Ponzi schemes, but yes they probably will continue unabated.
So companies like Checkout.com, Stripe, etc using a cryptocurrency in their crypto product means that they are also part of the so called 'Ponzi scheme' and they are currently out there scamming?
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Sure I get that, but I'm old enough to remember the .com crash carnage and people saying that the web was a total waste of time etc and look how wrong they were. I think that the future is a probability distribution, and there is a non-zero probability that crypto doesn't die but keeps growing. Therefore, I'm not all in, but I'm not all out.
I was there too and basically nobody said that. Crypto being "like the early internet" and "people said that the web was a waste of time too!" are the biggest crypto lies ever told and repeated. Absolute whoppers.
Probably the smart money knew that the builders who kept going had a chance to run up when the market came back on the excitement of what they built, but my social circle were not privy to those conversations.
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Sure I get that, but I'm old enough to remember the .com crash carnage and people saying that the web was a total waste of time etc and look how wrong they were. I think that the future is a probability distribution, and there is a non-zero probability that crypto doesn't die but keeps growing. Therefore, I'm not all in, but I'm not all out.
I was there too and basically nobody said that. Crypto being "like the early internet" and "people said that the web was a waste of time too!" are the biggest crypto lies ever told and repeated. Absolute whoppers.
Personally, I was working with computers back then too, and most people who also didn't work with computers at that point always asked me "When are you gonna get a real job?" and told me "the Internet is just a fad".
But again, your experience could very well have been different.
This article gives some context, including this: > At the end of 2021, Babel Finance had an outstanding loan balance of over $3 billion, up from $2 billion the previous February. It averaged $800 million in monthly derivatives trading volume and had structured and traded over $20 billion in options products. https://www.coindesk.com/business/2022/06/17/babel-finance-s... The ripple effects here are going to be substa…
Banks are forced to abide by regulations and laws dictating how fractional-reserve organizations are allowed to operate. In return, peoples' deposits are backed by the government up to $250k (in the US).
Ponzi schemes ignore regulations and laws, and their customers' deposits are not insured or backed by any organization.
The laws that banks are forced to follow may be woefully insufficient, but the government is incentivized to prevent serious collapses because they would be on the hook for a lot of money. Retail customers are also less likely to start a run if they trust that someone will be there ready to hand over their cash when the dust settles.
Question for the crypto skeptics of HN. Do you think this cycle the whole crypto space goes down the drain never to be heard of again? Do you think the whole space is a fad or do you think there are patches of values underneath the froth? How do you see the space evolving? Thanks!
My approach is to stay away until the fad dies, and then look to see if any part of it is useful to me. The last time I made a serious evaluation of something in that space was Bitcoin; it didn't serve any use case I had; but maybe there's been some innovation in the space that is hard to find behind the fad hype.
Question for the crypto skeptics of HN. Do you think this cycle the whole crypto space goes down the drain never to be heard of again? Do you think the whole space is a fad or do you think there are patches of values underneath the froth? How do you see the space evolving? Thanks!
As far as underlying value goes: one thing we've learned from the constant scamming is that a protocol designed for trustless interactions will inevitably devolve into purely adversial interactions. Consider it a social application of Gresham's law. Central banks, multinational corporations, and others who can marshal the resources to perform extensive audits will probably use smart contracts on a proof-of-stake chain for large, adversarial transactions that occur outside of any one nation's jurisdiction. Everything else will continue to be based on trust, just like it always has been.
This article gives some context, including this: > At the end of 2021, Babel Finance had an outstanding loan balance of over $3 billion, up from $2 billion the previous February. It averaged $800 million in monthly derivatives trading volume and had structured and traded over $20 billion in options products. https://www.coindesk.com/business/2022/06/17/babel-finance-s... The ripple effects here are going to be substa…
The story of the 3 little pigs comes to mind. "The first pig made his house out of straw...".