561–570 of 688 posts
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There are undercollaterized / no collateral loans on Ethereum. You can build a credit score using decentralized identities. But yeah, keep dismissing it. You'll eventually use Ethereum or something like it whether you want to or not.
Ok, if that's the case why should we start using it now? What's the advantage other than fomo-driven speculatory gambling?
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Bitcoin & Ether are both down -40% from a week to a month ago. Both of those are, in theory, large enough that investors "letting off some steam" shouldn't move them that much. If $SPY dropped 40% we'd all call it a crash. This isn't that different. Also unlike the stock market, crypto is under the delusion of being a viable currency. If USD or Euro dropped even 20% we'd start questioning if it's a recession, much le…
It doesn't seem like anyone believes cryptos are supposed to be currencies any more. All the talk around them is around them being a new, exciting, and potentially very lucrative investment class. If you go to Coinbase's front page, you see that you can buy and sell them, like you can with Robinhood. It's not trying to be a PayPal. The currency-ness does serve an important purpose. It helps bring in investment for th…
Dropping "currency of the future" does come with the challenge of coming up with a new supposed benefit, which is where "store of value" comes in. Problem is: there is no inherent value in bitcoin.
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I can buy a car on credit using DeFi right now, is that what you're saying?
No, what I'm saying is that right now if you have a product on Ethereum with consistent cashflows, you can borrow money on credit from DAOs with large treasuries willing to lend them out using OpenLaw contracts as arbitration. The goal for these protocols is to expand this using decentralized identities and onchain credit scores.
tia.
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A fair opinion to have. I feel every HN thread on crypto now though dissolves to negativity (without any substance) + toxicity really quickly.
It is hard not to be negative about something with such a huge environmental impact that doesn't seem to do anything but let gamblers gamble.
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> hey arent currencies, they are assets The irony here of course is that the only way that Crypto currencies would meet any standard definition of an asset would be if they were functioning currencies. Going with Investopedia's straightforward definition "An asset is a resource with economic value", how is a non-currency crypto coin in any way a resource or possess economic value?
Simple. Gold is an asset that is not used as currency but provides the holder with certain desired benefits and the asset can be liquidated if needed. Crypto is similar in that it prodives a financial vehicle that posesses certain properties. Im not saying they should all be thought of as digital gold but that lile gold, they provide value not only in thier price tag but in some inherent property that provides value…
Simple. Bitcoin is an asset that is not used as currency but provides the holder with certain desired benefits and the asset can be liquidated if needed. Skepticoin is similar in that it provides a financial vehicle that possesses certain properties. I'm not saying it should be thought of as digital bitcoin but that it's like bitcoin, it provides value not only in its price tag but in some inherent property that provides value to the user.
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It wouldn't disappear, money is just changing hands. Bitcoin doesn't add or destroy any value, it's just a speculative way of zero-sum trade. When you buy bitcoin, someone else gets your money.
Except it's not zero sum. It's turning out to be one of the most leveraged assets out there. If I borrow money (or print tether) to buy BTC at $50k and then the price drops to $35k that money is gone.
Nope, not a fraud.
Print, lol. They are just a prime money market fund, setup exactly the same way the funds your parents kept in their 401k.
Surprise, commercial banks that lend to you, like mortgage or car lease are actually creating money out of thin air. Unlike tether which is fully backed.
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Silly comparison. Crypto holds value for its utility. Why do you seem to think that its utility will just vanish?
Cryptocurrencies do have a couple of extra utilities: - they can be pumped and dumped without state oversight - with the use of a tumbler, you can launder money pretty effectively (in fact we should stop calling them tumblers and start calling them money launderers, that's exactly what they are) It's pretty obvious that this is bad for society. In addition, the transactions are extremely slow and wildly expensive--ev…
BTC seems a lot more accessible than the great and amazing US or EU banks, who have nearly failed and had to be bailed out barely a decade ago. Doesn't inspire confidence, tbh.
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The supply is infinite if you take the whole crypto space: You can create as many BTC#3 EGold-plus ... as you wish, and future generations will.
The later-created coins are similar to bitcoin but they're not "the bitcoin". In this way, the supply of bitcoin is still limited
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No, what I'm saying is that right now if you have a product on Ethereum with consistent cashflows, you can borrow money on credit from DAOs with large treasuries willing to lend them out using OpenLaw contracts as arbitration. The goal for these protocols is to expand this using decentralized identities and onchain credit scores.
can you point to these OpenLaw contracts? Curious to read. tia.
Even though I'm very bullish on crypto longterm and even though this crash caused me large loses on paper, I'm happy about it. I think a lot of people got very greedy and way overleveraged themselves which is not sustainable in the long-term. For example, almost 9B$ worth of crypto got liquidated in the last 24hr, that's insane. People chasing quick money get burned. 1: https://www.bybt.com/LiquidationData