141–150 of 273 posts
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That's your personal opinion, but you're not helping the discourse by answering 'why' it isn't required or even help. Let's step outside of the box for a moment. If I'm in some other country and I don't have easy access to a credit card and I want to build out the next cool idea, how do I get access to scalable compute?
If you are a starter, how do you buy crypto without credit card, bank account or similar?
The entire thesis of this article is nonsense. He sets up a strawman to knock down. When people say “there are no use cases for crypto,” they’re actually saying “there are no use cases that aren’t solved better elsewhere.” This is the question he needs to answer and he doesn’t do so. Looking at the money example, he says he’ll sell his laptop for Etherium. That’s fine but if nobody is willing to buy it with Etherium,…
Uniswap as the author mentioned is a good example, in that it provides an exchange that allows users to trade tokens without reliance on a central company like Coinbase. This allows users to hold and exchange USD pegged assets like USDC and DAI in a non custodial fashion, and also take part in defining, improving, and even forking the Uniswap protocol if they want to, as it is not privately owned.
If these are powerful use cases, you probably won't need to inform us about them; we'll all be using Filecoin instead of S3, or Radicle instead of Gitlab. Instead of "here are some popular use cases", you'll say "you rely on crypto every day, in order to access this structured knowledge graph thing everyone uses". If replacing S3 and Github are the strongest cases you can make, I'm dubious: I don't doubt there are pe…
Darknet markets. Lots of drugs and lots of illegal materials are bought and sold using crypto, like stolen cards and child porn.
So, “if you are child porn enthusiast, you are maybe using cryptocurrency” might be a valid usecase.
However I don’t know how prevalent crypto is in any of these. I haven’t read any studies on it, and they might be hard to do.
I don’t think any of the big drug cartels actually use cryptocurrency, for example, but I might be wrong.
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> Also there’s significant cost converting to and from fiat to take it out No there's not. Trades on exchanges are under 0.1% [1]. ERC20 tokens have some fees because of gas but it's a flat amount [2], which is negligible for any operation over a thousand dollars. Fiat withdrawals are generally free [3]. The most expensive part usually is the gas to interact with the DeFi smart contract, but it's also a flat fee. [1]…
> Trades on exchanges are under 0.1% Let's say I am the type of person who needs a cheap loan, and I decide to use Coinbase. My understanding is that money into Coinbase and money out of Coinbase is going to cost me 1.49% (at least) in each direction, and that's before the additional $1-$10 gas fees in each direction. So 3% + currency risks + whatever other fees + the risk of fat-fingering my crypto and losing it to…
I already provided sources for the fees with another exchange.
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>You can't use these "DeFi loans" to buy a house in the real world. Sure you can. Take out a loan, convert it to USD at an exchange, withdraw into your bank account, buy a house.
This is typical of DeFi people. "Technically correct is the best kind of correct." Your collateral would be other crypto. So it would: - Be worth more than the house. - Be completely virtual, so you can't use it to do anything in the real world. - Be fairly liquid, as if it were already money. - Be as difficult to obtain in the first place as the cash needed to buy a house without a loan. [EDIT: More difficult becaus…
Isn't all money completely virtual? Yes, of course there are physical notes, but those just represent the money
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If you want to read my article, you can pay me 0.001 Nano (sub-second, 0 fee transaction), or you can pay me $0.001. Oh no wait, you can't pay me $0.001!
And paying you 0.001 in ETH or BTC will cost many orders of magnitude more than that in payment fees alone, and take massive amounts of time to vetify. Meanwhile the actual solution to this problem is micropayments, which can (and allegedly are) better implemented using traditional texhnologies
Like I said: sub-second, 0 fee transactions (using Nano). Would love to see any of your traditional systems do better. Can you name one?
If these are powerful use cases, you probably won't need to inform us about them; we'll all be using Filecoin instead of S3, or Radicle instead of Gitlab. Instead of "here are some popular use cases", you'll say "you rely on crypto every day, in order to access this structured knowledge graph thing everyone uses". If replacing S3 and Github are the strongest cases you can make, I'm dubious: I don't doubt there are pe…
Just because something isn't AWS doesn't mean that it's useless. I think that's part of the point the OP was making: people keep moving the goal post and because of that, their argument is not falsifiable.
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Accepting tokens isn't the issue. The issue is you can't put up the house you're going to buy as collateral for a DeFi loan. You need to have other crypto assets worth 1.5x or more than the house you're going to buy.
> The issue is you can't put up the house you're going to buy as collateral for a DeFi loan. Of course not, you don't own it.