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Starting a crypto project

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Re: Starting a crypto project

#251

Post by arberx »

notJim wrote: post #147
intotheabyss wrote: post #107

Earlier quoted context omitted.

There are plenty of useful applications on Ethereum. Maker, Compound, Aave, dYdX, Synthetix, UMA, Uniswap to name very few.

IMO these things are basically driven by speculation as well. From what I can tell, they mainly provide liquidity for financial institutions. Financial institutions are interested in crypto so that they can make money trading it. IMO there is very little actual utility here.

Very actual real utility here?

What's utility to you? Is buying a in-game COD skin utility? Or how about roblox bucks? How about the trillion dollar derivatives market?

All those things easily disrupted by DeFi.

Re: Starting a crypto project

#252

Post by knorker »

vmception wrote: post #184
knorker wrote: post #181

Earlier quoted context omitted.

You seem to be describing exactly what I said. They are trying to get around the law, and trying to get around the intent of the law. So the aim is to break the intent of the law. Laws that were put there on purpose. So I really don't understand what you mean by "nah". It's exactly that. Company sees the law, says "that's dumb, I'm going to break that but in a complicated way" and then does breaks it using what they…

Lets focus on securities laws because as I said tax is solved and not that hard. I’m not talking about tax fraud so lets focus instead of being all over the place: So basically crypto projects dont mind securities laws, they do mind that the securities laws have lots of unnecessary contigencies added to them that makes it impossible to couple with utility. If a crypto token actually was a registered security, then no…

Tax is not even remotely solved, thanks to anonymity on these currencies. How can tax be solved if tax fraud is not solved?

> they do mind that the securities laws have lots of unnecessary contigencies added to them

Specifically what? What laws have what aspects, and more importantly why were they put in place, and why should they not apply to cryptocurrencies (but to other things?).

You're talking as if laws sprung from nature, somehow.

Re: Starting a crypto project

#253

Post by arberx »

jude- wrote: post #241
arberx wrote: post #236

Earlier quoted context omitted.

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…

Your argument is: don't use the internet because electric utility providers are profiting off you.

Re: Starting a crypto project

#254

Post by [deleted] »

zaphar wrote: post #224
wmf wrote: post #217

Earlier quoted context omitted.

Few people are buying the utility tokens to pay for the service. They’re buying them to hoard so they can resell to other speculators That's not a utility token. If you want to create a true utility token, make it stable and you won't have to worry about speculation.

This is impossible. If it can be traded it can be speculated. The value of any tradable asset is determined by how much someone is willing to trade for it and by nothing else. There is no way to make it stable other than to make it impossible to trade.

[deleted]

Re: Starting a crypto project

#255

Post by yunusabd »

Most of the comments here seem to revolve around "traditional" crytocurrencies that are more or less copycats of Bitcoin with no real value-add.

I think what most people don't realize is how much crypto has changed since 2017, mainly through Ethereum and the concept of smart contracts. The idea of running (immutable) functions on a decentralized network combined with transaction of value has so many interesting applications, that I believe we haven't even scratched the surface of what's possible.

Shameless plug: We're in the middle of validating/refining an idea for a tokenized e-commerce platform. The main idea is that a tokenized platform can shift the incentives for all actors to produce drastically different outcomes. So we're more about embracing the game-theoretical side of crypto than the technical side.

https://shopla.shop

Curious what you guys think, any feedback is welcome.

Re: Starting a crypto project

#256

Post by maxwell »

zaphar wrote: post #224
wmf wrote: post #217

Earlier quoted context omitted.

Few people are buying the utility tokens to pay for the service. They’re buying them to hoard so they can resell to other speculators That's not a utility token. If you want to create a true utility token, make it stable and you won't have to worry about speculation.

This is impossible. If it can be traded it can be speculated. The value of any tradable asset is determined by how much someone is willing to trade for it and by nothing else. There is no way to make it stable other than to make it impossible to trade.

What if asset issuers ("crypto manufacturers") imposed contractual price ceilings/floors?

Probably more realistic with exchanges ("authorized resellers") than individual traders.

https://www.ftc.gov/tips-advice/competition-guidance/guide-a...

Re: Starting a crypto project

#257

Post by asdev »

yunusabd wrote: post #255

Most of the comments here seem to revolve around "traditional" crytocurrencies that are more or less copycats of Bitcoin with no real value-add. I think what most people don't realize is how much crypto has changed since 2017, mainly through Ethereum and the concept of smart contracts. The idea of running (immutable) functions on a decentralized network combined with transaction of value has so many interesting appli…

unless your platform is better than shopify or your fees are 90% less, I don't see how you can compete

Re: Starting a crypto project

#258

Post by fuzzybear3965 »

PragmaticPulp wrote: post #2

Can confirm. I’m friends with a group of very smart distributed systems engineers who were excited to launch an actually useful crypto project that gets talked about here from time to time. As much as they’re excited about the technology itself, very few people are actually interested in using it. Instead, their business seems to revolve around the value of the utility tokens for their project. Few people are buying…

SkyNet/SiaSky?

Re: Starting a crypto project

#259

Post by jude- »

chrisco255 wrote: post #248
jude- wrote: post #238

Earlier quoted context omitted.

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, revolvi…

Then I guess you don't really understand UNIX either. Software modularity is a necessary part of the UNIX philosophy, but it's far from the only part. If it was that simple, then Windows would be UNIX thanks to COM.

But that's not really the topic at hand.

> It is going to eat traditional finance.

Why should I believe this? Even if high transaction fees, bad UX, and non-existent scalability weren't significant barriers to adoption, why should I believe that traditional finance won't simply co-opt successful defi projects?

The fact that traditional finance does not do some things that defi does has nothing to do with technical capabilities, and everything to do with legality and market sizes. There's no grand conspiracy afoot -- traditional finance would let you do a lot more with your money than you can right now if it was profitable and legal.

If you're telling me that defi is going to "eat traditional finance" because traditional finance won't touch unprofitable or illegal activities, then what are you really saying about defi's prospects?

> There's nothing illegal about participating in crypto.

No one said that crypto is illegal. Tax evasion, on the other hand...

Re: Starting a crypto project

#260

Post by mrtksn »

koalala wrote: post #68
mosselman wrote: post #65

I see lots of people in the thread, including the author, that have avatars with glowing eyes. Can someone explain what this is about? Is this some sub cultural thing?

It's the 'laser eyes' meme. https://knowyourmeme.com/memes/laser-eyes-bitcoin-trend-lase...

How do you read the content of this website? Everything jumps around as you scroll.

https://streamable.com/ymqe1c

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