201–210 of 373 posts
Sounds like he's talking about tokens, rather than an honest blockchain built from scratch with no rewards for the developers other than creating innovative technology. Without a premine/instamine/devtax, there's no need to shill the coins, or care much about the price.
There is just as massive of a graveyard of dead chains because the dev teams could not exchange time for food and shelter.
Earlier quoted context omitted.
> People already pay to not see ads its just cumbersome because every service needs a subscription or pro app or whatever. People will pay if it's a frictionless payment of a small amount reflective of the value gained. Netflix did this with movies, Spotify with music, `crypto with everything?` if the tech and business models are worked out.
Spotify and Netflix do the exact opposite: fixed cost. People hate having a taxi meter running.
Having been part of launching Helium HNT token (which is honestly a real-world utility use case), here is my personal experience related to his points... Helium started as a traditional centralized IoT project, realized that centralization was a limiting factor, then joked about turning it into a blockchain application. Now it is over $1.5bn market cap and provides a real-world utility. Exchanges are pay-to-play. It…
I'm still wondering how no impactful hacking occured to this day at major exchanges or even the major blockchains. By now it's probably a top-level target worldwide.
Having been part of launching Helium HNT token (which is honestly a real-world utility use case), here is my personal experience related to his points... Helium started as a traditional centralized IoT project, realized that centralization was a limiting factor, then joked about turning it into a blockchain application. Now it is over $1.5bn market cap and provides a real-world utility. Exchanges are pay-to-play. It…
And the exchanges really are a problem and are still a racket.
It is so great that Uniswap and their style of autonomous liquidity pool creating has taken over, the market was tired of that other bullshit.
Even the most reputable custodial exchanges are a total racket! See Coinbase’s settlement with the CFTC a few weeks back for an example.
The challenges to fixing it are very high, I agree with Gary Gensler’s (SEC chair, former CFTC chair) comments to Congress today about a new regulatory framework for custodial crypto exchanges.
For one: Projects cant talk about exchanges because one part of being considered an unregistered security is by providing an expectation of liquidity!
But communities do have an expectation of liquidity and so does everyone. Otherwise they will attack the founders personally, forever!
The exchanges know this and create extremely toxic relationships, that any complaint from a founder will cause the exchange to completely ruin and slander the project and also delist it, validating any detractors existing beliefs!
Complete racket because the regulators are already taking an adversarial stance and cant even get any insider to talk to them because they’ll go after the insider!
If you arent aware, uniswap (AMMs) and yield fixes this, as communities are providing all of the liquidity and listing of the token for exchange. So honestly the impossible regulatory environment is really being a catalyst for innovation.
Earlier quoted context omitted.
> You dont need a token. No, really you dont. Your tokens only use case is likely to transfer value Other way round: transferring value to yourself is the only use case . If you take a second to look in the mirror and see the wreckage of previous startups in this space, you'll see that - as pointed out in the OP thread - 99% of the community is there for the pump and dump. For all the practical purposes, distributed…
HN's hypocrisy: constantly complaining about centralisation but dismissing attempts of freeing people from said centralisation at the same time.
Here is a free tip if you want to do it anyway. DON'T CREATE ANOTHER F**ING TOKEN! Build you product on an existing reliable fast and cheap blockchain that fits your needs. Focus on the product not the price of tokens on said DLT. You dont need a token. No, really you dont. Your tokens only use case is likely to transfer value and guess which token can do this better than yours? All of them! Simply because they alrea…
Isn't XRP centralized?
Earlier quoted context omitted.
I suspect in the not-so-distant future, every company will have their own token, much like they have their own domain/website today.
And why would a company need to have a decentralized token?
I started a crypto startup once (don't do it unless you're Vitalik-tier intelligent) and this is pretty damn accurate. lol
Vitalik Buterin, the guy who thinks you can do quantum computing by running a quantum computer emulator on an ordinary computer [1]. Doesn't strike me as the sharpest tool to be honest... [1] https://twitter.com/VitalikButerin/status/127395790524347596...
I take this tweet as Vitalik saying that a similar thing could happen for mining (or general search), and while it would be surprising, it doesn't seem like it is impossible.
Sounds like he's talking about tokens, rather than an honest blockchain built from scratch with no rewards for the developers other than creating innovative technology. Without a premine/instamine/devtax, there's no need to shill the coins, or care much about the price.
These arbitrary distinctions don't help the asset class either. There is just as massive of a graveyard of dead chains because the dev teams could not exchange time for food and shelter.