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Cloudflare Introduces NET Dollar

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Re: Cloudflare Introduces NET Dollar

#41

Post by wmf »

JumpCrisscross wrote: post #26
jsheard wrote: post #21

They're calling this a stablecoin but AFAICT there's no direct mention of blockchains or decentralization or anything else along those lines, have we wrapped all the way around to using crypto nomenclature to talk about plain old centralized ledgers? Not that I'd complain about one less pointless blockchain in the world, it's just funny.

The product page [1] is the most vaporware-y that I’ve seen in a while. That said, they’re emphasising speed. (“Instant.”) That seems to preclude using a major, public blockchain. (On the other hand, they don’t talk up privacy.) [1] https://netdollar.cloudflare.com/

If you define instant as less than half a second then Solana, Avalanche, and various L2s are instant.

Re: Cloudflare Introduces NET Dollar

#43

Post by paxys »

JumpCrisscross wrote: post #32
paxys wrote: post #31

I have found that grand announcements like these that aren't accompanied by "you can use this for starting today" are likely not going to amount to much.

Does Cloudflare have a history of bullshit announcements? (Serious question.)

It doesn't have to be "bullshit", in the sense that it can be working tech. The question is - who will use it, and why? Being such a large company and major player in the space why don't they have launch partners lined up and ready to go?

Re: Cloudflare Introduces NET Dollar

#44

Post by JumpCrisscross »

wmf wrote: post #41
JumpCrisscross wrote: post #26

Earlier quoted context omitted.

The product page [1] is the most vaporware-y that I’ve seen in a while. That said, they’re emphasising speed. (“Instant.”) That seems to preclude using a major, public blockchain. (On the other hand, they don’t talk up privacy.) [1] https://netdollar.cloudflare.com/

If you define instant as less than half a second then Solana, Avalanche, and various L2s are instant.

> If you define instant as less than half a second then Solana, Avalanche, and various L2s are instant

I suppose. I don’t see why Cloudflare would want to give up that sort of control. The advantage they bring to the table is they’re a trusted brand per se.

Re: Cloudflare Introduces NET Dollar

#45

Post by IgorPartola »

JumpCrisscross wrote: post #30
IgorPartola wrote: post #24

Holy buzzwords Batman. But I am sure this will really be the crypto coin to power the internet’s transactions. All the previous ones got it wrong, this is the solution. /s Instead of this, we need a central bank that can provide everyone with a direct account to stop all the banking speculation. That’s the instant transactions I want.

> we need a central bank that can provide everyone with a direct account to stop all the banking speculation. That’s the instant transactions I want Hard nope from me post Trump. We don’t need the President having potentially unregulated and direct visibility into and access to every American’s bank account. (And no, it’s not currently the case. The FBI still has to e.g. request records, a process which creates frict…

I hear you on Trump but note that POTUS has full access to the IRS records. Except he doesn’t and that is an official executive branch agency, unlike the Fed. Besides, ideally you’d be able to get a foreign central bank account too.

Re: Cloudflare Introduces NET Dollar

#46

Post by paxys »

neilv wrote: post #33

Anyone know whether they already have approval of the current US executive administration? (Which might smooth the regulatory challenges.)

Stablecoins are already a thing. Hundreds of them are circulating legally in the US. So I doubt this will need new approval.

Re: Cloudflare Introduces NET Dollar

#48

Post by nickysielicki »

Dear whiners: the reason the internet sucks today is because this didn’t already exist. Do you know why Reddit did their horrible redesign and locked down their apps? It wasn’t because you didn’t complain loudly enough, it was because their shareholders were concerned about losing out on profits from data scraping AI companies. Do you know why Twitter can’t be read without logging in? It’s because their shareholders were concerned about losing out on profits from data scraping AI companies. Do you know why you don’t click Quora links? Because they don’t serve you useful results, because they’re concerned about losing profits from data scraping AI companies. Do you see the pattern here?

The open internet died a very long time ago. It’s been dead for years. It’s not coming back unless we figure out a way to make shareholders happy. Paying these companies for the content they host is how that happens.

Re: Cloudflare Introduces NET Dollar

#49

Post by JumpCrisscross »

IgorPartola wrote: post #45
JumpCrisscross wrote: post #30

Earlier quoted context omitted.

> we need a central bank that can provide everyone with a direct account to stop all the banking speculation. That’s the instant transactions I want Hard nope from me post Trump. We don’t need the President having potentially unregulated and direct visibility into and access to every American’s bank account. (And no, it’s not currently the case. The FBI still has to e.g. request records, a process which creates frict…

I hear you on Trump but note that POTUS has full access to the IRS records. Except he doesn’t and that is an official executive branch agency, unlike the Fed. Besides, ideally you’d be able to get a foreign central bank account too.

> note that POTUS has full access to the IRS records. Except he doesn’t

He hasn’t asked for it. I strongly doubt if he can control the Fed and FTC that the IRS will somehow be a red line.

> ideally you’d be able to get a foreign central bank account too

Oh goodie, what I need in my life is the CCP being able to blackmail me.

Re: Cloudflare Introduces NET Dollar

#50

Post by wmf »

JumpCrisscross wrote: post #44
wmf wrote: post #41

Earlier quoted context omitted.

If you define instant as less than half a second then Solana, Avalanche, and various L2s are instant.

> If you define instant as less than half a second then Solana, Avalanche, and various L2s are instant I suppose. I don’t see why Cloudflare would want to give up that sort of control. The advantage they bring to the table is they’re a trusted brand per se .

Since most existing blockchains are open source they can just create their own Flarechain™ based on existing code. This would give them de facto control but also the appearance of decentralization at the same time. My point is that it's technologically possible.
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