221–230 of 344 posts
Helium isn't your typical crypto company. Their vision is actually very lofty - build a distributed low data wireless network completely independent of phone providers and cable companies. And pay the people who own nodes a percentage of the $ earned thru the traffic flow of their node. The payment just uses crypto because the ecosystem is a nice fit. Everybody knows what miners are and that they make money. The prob…
The conventional wisdom suggests that governments should not be in the business of 'picking winners' when it comes to subsidizing industries. Private funds can do whatever they want I suppose, but I wonder if there's a term for VCs that spend government-scale funds on things that look like long-term losers. Crypto and 'web3' are just the latest examples of this, and they're coming after a decade of equally uninspirin…
Government scale funds are about 1,000x this amount. For example the US "defense" spending for 2022 is 778 Billion - billion with a B. And defense spending is less than 10% of overall government spending in the US when you include state and local spending.
Helium isn't your typical crypto company. Their vision is actually very lofty - build a distributed low data wireless network completely independent of phone providers and cable companies. And pay the people who own nodes a percentage of the $ earned thru the traffic flow of their node. The payment just uses crypto because the ecosystem is a nice fit. Everybody knows what miners are and that they make money. The prob…
Earlier quoted context omitted.
Every single one of these web3 companies is going bust. They could all be built without tokens or a blockchain if they wanted to. There are only two things propping up the entire crypto economy, VC funding and fraud. Once the VC money leaves the ecosystem the dominoes will fall.
> They could all be built without tokens or a blockchain if they wanted to. How would you build a decentralized, cross-chain asset exchange without a blockchain? I agree there are far too many superfluous tokens. But there are plenty of real projects that are based on blockchain.
There are plenty of real projects based on blockchain, where if you take the blockchain out or just replace it with tech we've had for 40+ years, nothing of value is lost.
That's the real blockchain problem.
The conventional wisdom suggests that governments should not be in the business of 'picking winners' when it comes to subsidizing industries. Private funds can do whatever they want I suppose, but I wonder if there's a term for VCs that spend government-scale funds on things that look like long-term losers. Crypto and 'web3' are just the latest examples of this, and they're coming after a decade of equally uninspirin…
It is called the effects of holding interest rates at 0% and constant QE. Too much money looking for returns with no way to get them.
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The ones who made fortunes during the American gold rush were the people selling shovels, not the ones panning for gold.
Correction: all of those selling shovels, a few of those who found gold. It’s different distributions.
So now with 900k hotspots installed Helium is pushing aside the lorawan network with less mining payouts in hopes/dreams people will flock to buying 5G cbrs implementations costing over $3k per site. Not sure what customers or applications will use this network, something helium still has to signup customers to create value. The network like 5G has range limitations, so you'll have to spend more to go further. If I recall amazon has a competitive cbrs product also. All I know is it's no simple plug/play.
Early adopters really made a lot of $$ with Helium but it's been decline since late last year. It's truly one of the simplest miners to deploy in 5 minutes, but to get value you need a good antenna setup. I'm sure the Helium creators have a huge stash of HNT coins and not really worried.
Earlier quoted context omitted.
Every single one of these web3 companies is going bust. They could all be built without tokens or a blockchain if they wanted to. There are only two things propping up the entire crypto economy, VC funding and fraud. Once the VC money leaves the ecosystem the dominoes will fall.
The older protocols that were built in the depth of 2018-19 bear markets will survive. Many of them are also doing wonderfully well in terms of revenue. COMP, MKR, AAVE, CRV all make a ton in revenue and have a well-defined product-market fit. Crypto projects are tough to value. Their sheer global scale means that they can ramp up revenue and even profits extremely fast. StepN, a move-to-earn app reportedly made $120…
StepN is literally a classic ponzi scheme. You buy in by paying out earlier investors in the hope that a greater fool will in turn buy you out.
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> A recent IMF admitted that DeFi is 10x efficient than TradFi.I am sure once DeFi get a bit regulated and has better risk management principal embedded into code the system will become more efficient Do you have the source for this?
https://twitter.com/jackchong_jc/status/1521603629580533763?... For the efficiency part. To be fair, traditional finance as an industry operates as a super inefficient, regulatory-captured pyramid scheme. Shouldn’t be too hard to beat.
They're dense. They don't get it at all.
The "super inefficient, regulatory-captured" part is a feature, not a bug. We want transactions to be reasonably slow and checked by a human somewhere along the way. We want a myriad legal protections.
"pyramid scheme", that's rich, coming from cryptocurrency companies.