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Starting a crypto project

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Re: Starting a crypto project

#241

Post by jude- »

arberx wrote: post #236
jude- wrote: post #216

Earlier quoted context omitted.

Thank you for reaffirming my point! If you want your token traded on uniswap, you'll write the integration code pro bono , you'll pay a fee (a transaction fee to deploy it), and Ethereum miners (who run uniswap) skim transaction fees off of your token trades in perpetuity.

There's no "integration" code-once your token is on the blockchain if can be traded on uni once there's enough liquidity. Using the network is not "skimming" transactions.

My code must conform to whatever programmatic interfaces that the exchange provides, even if they are not a good fit for the token's intended purpose. So yes, there is integration legwork that I the developer have to do.

> Using the network is not "skimming" transactions.

Sure it is. Users are paying a different token to miners (not me) to use my app's token. Tell me, if users are given the choice between transacting in both ETH and the ERC-20, or transacting only in an ERC-20, would they ever willingly do the former?

Re: Starting a crypto project

#242

Post by atweiden »

dylkil wrote: post #227
christiansakai wrote: post #141

So he is a Bitcoin shill? lol. Nothing to see here boys. You get all you know already. Ironically this post happens near top as well lol http://paulgraham.com/newideas.html

yes hes a bitcoin maximalist. Everything but bitcoin is bad according to him.

“Bitcoin maximalist” is a pejorative invented by Vitalik Buterin circa the Ethereum ICO. It’s best understood as a laxative for one’s disposable income, prescribed by the Ethereum doctors to be imbibed by would-be altcoin investors.

Altcoin promoters quickly attached themselves to the term for financially motivated reasons, unsurprisingly. Notably it has little to no meme/entertainment value: its value is strictly limited to psychological warfare, and is rooted in sophistry.

Re: Starting a crypto project

#243

Post by steveEnix »

fumblebee wrote: post #18

> 2. You aim to build a community, but in reality 90% of your telegram/discord are scammers and people asking why price is going down/accusations that you and your entire team should go to jail. I'm consistently repulsed by the lack of thoughtful discussion in crypto communities. For a space littered with intriguing technology it's endlessly frustrating that there's no HN-like forum. Instead, any community that start…

There's no discussion, but the Rekt News feed is consistently interesting content. Seems HN inspired: https://feed.rekt.news/day

Re: Starting a crypto project

#244

Post by reedjosh »

marcus_holmes wrote: post #235
reedjosh wrote: post #158

Earlier quoted context omitted.

> there's not a single blockchain based solution that achieves better results than a classical solution The following > trustlessness, decentralization and permissionlessness Are better results. But I do admit, that they come at _performance_ trade-offs.

but they don't achieve any of those, either. All of them rely on a centralised authority, as can be seen with the bitcoin & ethereum forks - if something goes bad, the people in control will step in and make it better. That means there are people in control. This is not trustless, decentralised or permissionless.

There's degrees in everything.

Permissionless--nobody can stop a transaction from taking place because of ideology.

Decentralised--the miners and the software devs have to agree on something to make a hard change. This has happened so rarely as to be a non-issue. When it does happen, the currency forks and those that want to use it can do so as they please.

BTC became LiteCoin, BCH, and BSV from hard protocol forks.

Ethereum forked from Ethereum Classic.

Hive forked from Steamit as Tron tried a hostile takeover.

Trustless -- Here trustless really mean visibility. I can verify everything is correct in the chain myself. I don't have to believe there are gold bars in a vault somewhere, but to a degree it also means I can trust there's no central authority that may be ponzi-ing or ready to abuse the protocol.

Re: Starting a crypto project

#245

Post by dogecoinbase »

eightysixfour wrote: post #239
Fede_V wrote: post #179

Earlier quoted context omitted.

That's exactly right. I've seen zero products where the blockchain is a compelling value ad, with the exception of: - it makes it easier to raise capital by claiming that what you are doing involves crypto, because then you get crypto-type valuations - you can get money from people who want to speculate

I, personally, think Handshake is an interesting value add. Decentralized ICANN on a blockchain, mainly because I can't think of a better method to decentralize TLD management. The negative is a lot of the TLDs sold on Handshake were sold to early interested parties, many of which were speculators. Unfortunately, other than an ICANN run solution, I can't think of a way to solve this since you need critical mass to ma…

I've never been able to get over Handshake basing their domain-claiming system on DNSSEC -- and when they launched they couldn't even claim their _own domain_ because .org was still signed with a RSASHA1-NSEC3-SHA1 key: https://github.com/handshake-org/hsd/issues/399

It, uh, didn't inspire a lot of confidence.

Re: Starting a crypto project

#246

Post by arberx »

wmf wrote: post #211
Kiro wrote: post #188

Earlier quoted context omitted.

HN's hypocrisy: constantly complaining about centralisation but dismissing attempts of freeing people from said centralisation at the same time.

In practice, crypto does not free people from centralization. That's one of the problems highlighted by this thread.

Centralization is a spectrum.

Re: Starting a crypto project

#247

Post by dylkil »

atweiden wrote: post #242
dylkil wrote: post #227

Earlier quoted context omitted.

yes hes a bitcoin maximalist. Everything but bitcoin is bad according to him.

“Bitcoin maximalist” is a pejorative invented by Vitalik Buterin circa the Ethereum ICO. It’s best understood as a laxative for one’s disposable income, prescribed by the Ethereum doctors to be imbibed by would-be altcoin investors. Altcoin promoters quickly attached themselves to the term for financially motivated reasons, unsurprisingly. Notably it has little to no meme/entertainment value: its value is strictly li…

are you being serious

Re: Starting a crypto project

#248

Post by chrisco255 »

jude- wrote: post #238
chrisco255 wrote: post #228

Earlier quoted context omitted.

> The purpose of defi is to re-distribute dollars from people buying in to people cashing out Not at all. You didn't read my post above did you? Let me ask you, if you want to be a market maker for the NASDAQ, can you do so with $1K in capital? Can you do it 24/7 from any country in the world? No? Can you loan money to someone in Thailand in 15 seconds? Can you borrow money from a pool of lenders from 84 different co…

Boy, did that touch a nerve! Hate to break it to you, buddy, but you can't do these things with defi tokens either. > Let me ask you, if you want to be a market maker for the NASDAQ, can you do so with $1K in capital? Can you do it 24/7 from any country in the world? If you're implying that NASDAQ won't let me be a market maker with $1k capital, then why should I believe that they'll do it if I offer $1k-equivalent o…

Some research for you:

https://en.cryptonomist.ch/2020/11/09/uniswap-liquidity-pool...

https://docs.aave.com/faq/borrowing

https://defirate.com/synthetix/

https://defi.cx/makerdao-how-does-it-work/

As for collateralized loans, they are the norm in traditional finance, too. When you take out a mortgage, it's collateralized by the house. When you borrow for a car, guess what happens if you don't pay? Unsecured, revolving loans are usually credit cards, with very high interest rates.

If you're snarking about the $30B in lending activity on crypto (up from less than $1B a year ago, on pace to 10x over the next 12 months), because it's collateralized, you don't understand what percentage of lending is collateralized and how big that market is worldwide (hint: its hundreds of trillions).

> That's because these entities make money by charging for API access, and the existence of defi isn't going to change this.

The point, for your intentional ignorance, is that the DeFi system is completely open. Open source, open access, pluggable, and composable. In that sense DeFi follows the Unix philosophy. And that is just one reason why DeFi will take over ever greater portions of the existing system. It is going to eat traditional finance.

https://en.m.wikipedia.org/wiki/Unix_philosophy

> Then you clearly do not understand how tax law or finance works. I humbly suggest you get familiar with it, and quickly, lest you end up with completely-avoidable penalty fees (or in a jail cell).

You clearly don't understand that Coinbase just went public as a company and that many more legal entities exist fully legally in the crypto ecosystem such as Gemini, Avanti, Greyscale, Galaxy, Kraken, etc not to mention overseas entities in Europe and Asia. There's nothing illegal about participating in crypto.

I understand how to do addition and subtraction and how to do FIFO and LIFO. In fact, there's software programs to automate it. Who woulda thunk it.

Re: Starting a crypto project

#249

Post by swensel »

arcticbull wrote: post #118
noxer wrote: post #109

Earlier quoted context omitted.

Sounds to me as if you dont have any "blockchain project" ideas. That's fine do something else. If whatever you every wished to crate does not profit form this tech, it probably really just does not profit form it. Nothing wrong with that. It would be a shame to slap blockchain on a cool project that doesn't need it.

No it's not that, there's not a single blockchain based solution that achieves better results than a classical solution. Not a single one. Never has been. Not in 14 years. I'm open to one showing up! But, well, it hasn't. And that's because there's a huge fundamental cost to trustlessness, decentralization and permissionlessness that substantially no project actually benefits from.

Bitcoin is a worldwide network storing $1 trillion in value without a central party or government. That has never happened before. Are you sure you're just not open to considering the technology at all?

Ethereum is another one to look more into. Smart contracts are doing things that no classical solution has ever done. Have you done a deep dive on how the technology of Bitcoin or Ethereum actually work?

FWIW, I think plenty of the altcoin tokens are garbage, but some of the top players, like Bitcoin and Ethereum, are doing things that classical solutions simply do not allow today.

Re: Starting a crypto project

#250

Post by steveEnix »

Luker88 wrote: post #91

As someone interested in all of cryptography, I cringe every single time when we call blockchain "crypto". Sure, there's cryptography in it. But you don't call a mail or http server "crypto". There's similar tech in git, we don't call it "crypto", we call it VCS. Calling this "crypto" is just trying to add a mystic aura for stuff people don't understand, to further muddy the waters. We have a word for this technology…

This is a very prescriptive approach to language, as in prescribing meaning to words. It's a philosophy of fixed meaning that does not allow language to evolve. The alternative camp would be descriptive, as in allow language to evolve and define its rules based on how people actually use it. At the end of the day it's not one or the other, but a balance... your objection seems rather attached to the usage you know.

Recognizing this dichotomy is useful when thinking about shared values, such as programming styles, ethics, and money. DFW's Consider the Lobster has an essay called "Authority and American Usage" that covers it well, originally printed here: https://harpers.org/wp-content/uploads/HarpersMagazine-2001-...

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