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Web3? I have my DAOts

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Re: Web3? I have my DAOts

#581

Post by iskander »

canjobear wrote: post #172
iskander wrote: post #63

Earlier quoted context omitted.

>I own several crypto-currencies and there hasn't been a single moment in which I thought of buying something with a crypto-currency. This is entirely personal and subjective, but I prefer the user experience of Aave and Yearn to traditional banking with e.g. Chase. I also would way rather make large purchases with crypto (e.g. down payment on a house) compared with wiring money.

Have you actually sent large amounts of money through crypto? My experience is that it is incredibly nerve wracking.

Yep, it's hard/stressful for beginners but then you get used to it. I prefer it to any other method I've seen for large transfers.

Re: Web3? I have my DAOts

#582

Post by iskander »

Daishiman wrote: post #80
iskander wrote: post #63

Earlier quoted context omitted.

>I own several crypto-currencies and there hasn't been a single moment in which I thought of buying something with a crypto-currency. This is entirely personal and subjective, but I prefer the user experience of Aave and Yearn to traditional banking with e.g. Chase. I also would way rather make large purchases with crypto (e.g. down payment on a house) compared with wiring money.

I have no idea who would accept crypto as payment given the gigantic price swings.

I treat the underlying "currencies" (ETH, Avax, Sol, &c) as speculative assets and do actual payments and other financial transactions in USD pegged stable coins.

Re: Web3? I have my DAOts

#583

Post by iskander »

diveanon wrote: post #562
ElKrist wrote: post #398

Earlier quoted context omitted.

Do you mind sharing the details like amount of crypto(s) / USD, interest rates, repayment terms etc. You could scale all money numbers (not durations please) by a factor if you prefer. I'm interested to see a real-life example

It was on Aave polygon. There are no repayment terms per say, just interest charged on the loaned amount. Aave has variable interest on stables that varies between 7-4% and they offer an incentive bonus of about 3% MATIC, making the effective rate 1-4%. My loan to value rate is around 35%, which gives me a very healthy liquidation buffer in case the market gets even more volatile. My collateral is mostly BTC and ETH,…

Clarification for confused outsiders: crypto loans are over-collaterized using crypto assets. In case of non-payment, Aave won't come try to collect your house, instead they'll just keep some other crypto that you put up as collateral.

Re: Web3? I have my DAOts

#584

Post by iskander »

mplewis wrote: post #74
iskander wrote: post #63

Earlier quoted context omitted.

>I own several crypto-currencies and there hasn't been a single moment in which I thought of buying something with a crypto-currency. This is entirely personal and subjective, but I prefer the user experience of Aave and Yearn to traditional banking with e.g. Chase. I also would way rather make large purchases with crypto (e.g. down payment on a house) compared with wiring money.

I wouldn't. The Bitcoin might not cover the down payment when it arrives ten minutes later.

Trying to pay in Bitcoin or any other non-stable crypto asset sounds like a nightmare. I think that people rightfully don't do this anymore but instead use stable coins like USDC (https://www.circle.com/en/usdc).

Re: Web3? I have my DAOts

#585

Post by iskander »

zepto wrote: post #72
iskander wrote: post #63

Earlier quoted context omitted.

>I own several crypto-currencies and there hasn't been a single moment in which I thought of buying something with a crypto-currency. This is entirely personal and subjective, but I prefer the user experience of Aave and Yearn to traditional banking with e.g. Chase. I also would way rather make large purchases with crypto (e.g. down payment on a house) compared with wiring money.

Why is ‘ wiring ’ so bad from your point of view?

I'm in the US and it's a very messy and archaic system that involves paperwork, multiple human intermediaries and days to clear.

Re: Web3? I have my DAOts

#586

Post by iskander »

brandonmenc wrote: post #221
arcticbull wrote: post #189

Earlier quoted context omitted.

Checks are converted to ACH payments.

True, but handing over a check in person ensures you “got the payment in” at a specific time if you’re trying to beat another buyer. But I guess you can do a wire transfer in person.

...or a wallet to wallet transfer of USDC...

Re: Web3? I have my DAOts

#587

Post by narrator »

grey-area wrote: post #428
ThomPete wrote: post #401

Earlier quoted context omitted.

Everything can be manipulated, but bitcoin compared to any other asset we know, is the only thing that cant be changed. You can create a new bitcoin but you cant create the same bitcoin and thats makes all the difference in the world.

1. The rules can (and have) been changed by whoever has commit permissions on the repo, they are not immutable. 2. The rules can also be changed with a simple fork if enough users are persuaded to move (Bitcoin Cash) - and somehow the price of both is preserved (how? why? who benefits?). 3. The price is provided by unaudited exchanges and can be manipulated by manipulating linked assets and collusion with exchanges,…

The most bizarre economic occurrence of the last decade is Bitcoin forking and the copy and the original both maintaining value.

Re: Web3? I have my DAOts

#588

Post by serverholic »

lekevicius wrote: post #457
benreesman wrote: post #446

I find both the evangelism of and the hostility towards “Web 3” kind of silly. Obviously there’s some amount of interesting stuff and obviously there’s some amount of tech bro assholes getting rich who “shouldn’t”. Just like ~2008-2012, ~1999-2002, ~1994-1996, ~1982-1986, etc. On the technology side: distributed Byzantine consensus is an open problem with some promising prototypes. It would have very cool use cases:…

This is the best take I've seen on HN. It's unfair to judge tech by its scummiest users, just as it is unfair to present future potential as if it's already here. There is remarkable amount of technological innovation being created, if you care to dig deep. I think Web3 will be a thing… we just don't know what and how exactly. It's like going to a very misty field, hoping to find something there. We'll find _somethin…

By HN standards email is a scam because of phishing.

Re: Web3? I have my DAOts

#589

Post by serverholic »

benreesman wrote: post #446

I find both the evangelism of and the hostility towards “Web 3” kind of silly. Obviously there’s some amount of interesting stuff and obviously there’s some amount of tech bro assholes getting rich who “shouldn’t”. Just like ~2008-2012, ~1999-2002, ~1994-1996, ~1982-1986, etc. On the technology side: distributed Byzantine consensus is an open problem with some promising prototypes. It would have very cool use cases:…

Curious why you think L2 rollups and sharding are "kick-the-can". Both pieces of tech have enormous scaling potential.

Re: Web3? I have my DAOts

#590

Post by serverholic »

ipaddr wrote: post #277
apatters wrote: post #262

Earlier quoted context omitted.

Let's say everyone on the planet is Ethereum enabled tomorrow. What is the business case for the winery to use it in your example? I get that Ethereum or any other crypto can be another payment option for their customers. Beyond that what use does a winery have for a programmable substrate underlying its transactions with customers or suppliers? I'm not saying there is none but if you're going to rip on HN users, fra…

What does facebook give it? A free marketing page and limited discussion board and the ability for anyone to find it. Ethereum would give it another payment option for customers. But also another payment option for suppliers. Could open a new hidden supply chain where a middlemen is not required. It doesn't solve physically shipping but it does resolve one problem. Prompt payment resolution. A check can take 7 years…

> A check can take 7 years to bounce.

The longer I live the more insane the current system feels. I really don't understand why we put up with this stuff.

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