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Starting a crypto project

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Re: Starting a crypto project

#281

Post by xur17 »

smaryjerry wrote: post #271
chrisco255 wrote: post #166

Earlier quoted context omitted.

I do. I can take out a 6 figure loan in 15 seconds and send it to anywhere in the world ( https://aave.com/ ). I can deploy capital, I can participate in liquidity pooling on decentralized exchanges in a completely permissionless manner ( https://uniswap.org/ ) (impossible unless you're a Wall Street insider in the current system), I can lend out currency at higher market rates to day traders participating in leverag…

The defi thing really gets me confused as someone who works with loans and finance. What I have seen in defi is basically a borrower provides 100% collateral for the privilege of paying interest on it. That’s something no business would ever touch in the real world, unless they thought their “investment” in the collateral would exceed their interest rate. That works for borrowers as long as token prices keep going up…

You provide 100% collateral (really > 100% collateral) for the privilege of borrowing a different asset. For example, I could deposit ETH and borrow USDC against it to go buy something, or go make trades with. Or, I could deposit USDC and borrow ETH against it.

And people do this in traditional markets - it's known as "asset backed lending" or margin trading. Both things that my investment account allow me to do.

Re: Starting a crypto project

#282

Post by xur17 »

mikeodds wrote: post #42
henvic wrote: post #25

Earlier quoted context omitted.

10% over something that is pure speculation and has no value whatsoever seems like really high. If anything, this just makes me feel confident about my prediction.

You could reach out to the polymarket team on discord and they might be happy to setup a prediction market for this https://polymarket.com/ They’re crypto based but unfortunately (/s) no token

Yes, please make this market so I can take the other side of the bet.

Re: Starting a crypto project

#283

Post by hanklazard »

baby wrote: post #189
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…

I’ve been thinking about forking HN to have crypto discussions, I really wish there was a board like this which only talked about technical stuff of crypto

you should do it! and make sure to post a "Show HN" if you do ...

Re: Starting a crypto project

#284

Post by hanklazard »

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…

The Epicenter Podcast is also an excellent source for technical content that I don't see mentioned in any of the children comments.

Re: Starting a crypto project

#285

Post by aero- »

notJim wrote: post #143
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…

> They’re buying them to horde so they can resell to other speculators when the price goes up. It's almost like all interest in cryptocurrency is driven by greed and speculation. I've been learning more about it, and I'm pretty convinced this is the case. Go into any crypto space, and all people are talking about is yield, price action, how much their tokens have grown etc. I think the only thing I've seen that isn't…

EXACTLY.

Name one crypto project making any sort of impact.

Re: Starting a crypto project

#286

Post by thegreatpeter »

arberx wrote: post #273
notJim wrote: post #267

Earlier quoted context omitted.

I think it's a fair question, but these are not great examples, IMO. COD skins and Roblox bucks can only be produced and sold by one company, so I don't see why you would need a decentralized protocol for them. CS:GO doesn't use DeFi, and apparently the market was active enough to be used almost entirely for money laundering. For other financial markets, I can definitely see more of a case to be made, but it remains…

The difference with COD skins being in-game vs on a blockchain is not only can you associate a universal identity to them (your wallet address), but anyone can see and trade for them anywhere. Maybe not the best example, but if you generalize to artwork/digital content it really makes sense.

why would COD allow that to happen

Re: Starting a crypto project

#287

Post by thegreatpeter »

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.

i agree, but there are stable coins...

Re: Starting a crypto project

#288

Post by aero- »

arberx wrote: post #273
notJim wrote: post #267

Earlier quoted context omitted.

I think it's a fair question, but these are not great examples, IMO. COD skins and Roblox bucks can only be produced and sold by one company, so I don't see why you would need a decentralized protocol for them. CS:GO doesn't use DeFi, and apparently the market was active enough to be used almost entirely for money laundering. For other financial markets, I can definitely see more of a case to be made, but it remains…

The difference with COD skins being in-game vs on a blockchain is not only can you associate a universal identity to them (your wallet address), but anyone can see and trade for them anywhere. Maybe not the best example, but if you generalize to artwork/digital content it really makes sense.

Why would you need to trade your COD skin through a decentralized distributed network if that skin is only usable through a specific centralized game?

The use cases for CRYPTO and NFT are extremely small.

Its a solution that's been looking for a problem for over 10 years.

Re: Starting a crypto project

#289

Post by knocknock »

Legogris wrote: post #66
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…

> Take your pick for where to source your news [actual answers]: 1. Newsletters. One basic example is Bitcoin Optech. I've always been the kind of person who looks at any newsletter just about long enough to put it in Trash. But I've come to understand there are plenty of greatly curated and/or written ones out there. 2. Podcasts. I can recommend Unconfirmed and Zero Knowledge, for example. 3. Discord (I know I miss…

I recommend Kevin Rose's podcast MoFi (Modern Finance). He has some great interviews and seems very knowledgeable on the topic.

Re: Starting a crypto project

#290

Post by aero- »

Still waiting for someone to name one singular measurable impact of a crypto project.

It's a solution that's been searching for a problem for over 10 years.

Decentralized, distributed, blah blah, stop drinking the koolaid.

Is a network controlled primarily by 4 mining companies decentralized?

Do you need a distributed network to sell NFTS that are only useable within the world of a specific video game company? (game nfts)

Name a project that can't be accomplished traditionally with the cloud and some code?

Name a reason why you should leave your FDIC insured government backed bank for a 3rd party wallet and incur transaction fees, gas fees, fraud, hacks ect that are equivalent to wire transfer fees cbx fees ect.

The crypto community has been spewing advantages that don't exist and solutions for problems that do. not. exist.

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