Ethereum Isn't Fun Anymore

Post by akudha » Mon, Feb 22, 2021, 6:40 PM UTC

splintercell wrote: post #472

akudha wrote: post #393

Earlier quoted context omitted.

I have the same question too. Beyond speculation/greed, what are real world use cases of blockchain that can't be done with existing/mature tech? Nano seems nice for instant fee-less transfer. Other than that?

Take for instance, my cousin's husband in India, who currently holds a bunch of black money in either INR or in gold, can buy stablecoins such as DAI, then park it in various DeFi solutions to earn a nice return on it. So not only he is gaining an exposure in Dollar instead of a highly inflationary currency like INR, he is also able to make it work instead of burying it in a bag until he needs it. Before you start wi…

Post by teus » Mon, Feb 22, 2021, 6:41 PM UTC

gh55 wrote: post #168

martin_a wrote: post #114

Earlier quoted context omitted.

After all those years, there's still not a single useful blockchain application around. These days I see lots companies telling me, they put their "supply chain on blockchain" and while I understand what they probably want to tell me ("you can't tamper with where our stuff comes from") I don't see the point in that. If you've got trust issues with your subcontractors you should fix those and not "seal" the willingly…

Putting supply chain on a blockchain isn't about verifying the authenticity of the goods. Its about being able to buy and sell the goods at any time, hedge out price risk, etc.

Post by skybrian » Mon, Feb 22, 2021, 6:49 PM UTC

langitbiru wrote: post #467

rawtxapp wrote: post #410

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It's over-collaterized, so you put more crypto than the loan value. You might say "why the hell would I do that?", in order of importance: 1) you hold on to your asset's appreciation, 2) access the liquidity, 3) avoid capital gains tax.

I think in the past someone mentioned about under-collaterized loan. It's based on your reputation. The idea is you use your Ethereum account to do activities. Based on these activities, people could give you a loan. Such activities can be something like answering questions (imagine Stackoverflow but the authentication runs on Ethereum).

Post by chowells » Mon, Feb 22, 2021, 6:54 PM UTC

chaostheory wrote: post #496

chowells wrote: post #448

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Maybe somehow they simultaneously have plenty of knowledge and don't agree with you. So in the spirit of education - what amazing things are there about ethereum or Bitcoin that will change my mind about their intrinsic value that I don't already know? (My current opinion is that the intrinsic value of PoW systems is negative due to low actual utility and very high cost.)

I like seeing things that have deep criticism of crypto and not just cheerleader blog posts. There are few on HN, the only notable ones aside from this post is the Tether fiasco. Most commenters did not seem very familiar with either subject vs others on HN. Maybe it's my imagination?

Post by ccortes » Mon, Feb 22, 2021, 6:55 PM UTC

Karunamon wrote: post #288

ccortes wrote: post #209

Earlier quoted context omitted.

I don't know if you'd count it as a blockchain solution but I constantly use crypto to send money to my family and it's the best solution that I've found. And yes, I now about transferwise, paypal, swift, etc. And using crypto is faster and cheaper.

I call maximum shenanigans on "cheaper" unless you're sending large amounts of money. Bitcoin: ~$25 Ethereum (and all tokens): ~$17 For comparison, to burn that much in fees on Paypal (2.5% + 30c), I'd need to send around 10K. Crypto is currently pointless for anything other than big transactions, and the unpredictability of the transaction fees, let alone the coin's value, is a big problem.