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What do you see as the killer use case for crypto currency/blockchain/smart contracts, etc.? I mined a few Eth in the very early days, and hung onto it until se

What do you see as the killer use case for crypto currency/blockchain/smart contracts, etc.? I mined a few Eth in the very early days, and hung onto it until selling recently. I sold because I couldn't convince myself they had any value not based on the "greater fool theory". Was I wrong?

pacoWebConsult 6y ago
One, IMO, is a provably fair casino (Blackjack, Poker, etc.) that is decentralized and unregulatable.
akudha 6y ago
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?
- splintercell 6y ago
  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 with the morality of the situation, just ignore that. You wanted to see a real use case, and I am telling you about it. As it turns out, not everyone shares your moral code, or lives in the similar legal system which allows them the similar property rights. Replace that person with a Venezuelan whose currency is completely destroyed and Venezuelan Americans are trying to provide their families with money.
  - akudha 6y ago
    Ok, that makes sense. I need to read up on DeFi, don't know much about it.
rawtxapp 6y ago
Borrowing, lending, decentralized exchanges, innovations like flash loans that are just not possible in current financial system. The sky is the limit in terms of innovations possible, it's literally some code running on the global computer that is Ethereum.
- humaniania 6y ago
  Not only are all those things possible (other than decentralized, because that has a high cost and no tangible benefit) in the normal banking system but there's apps for them already. And they are from regulated companies and you have legal protections.
  - nostrademons 6y ago
    Flash loans aren't really; nobody will lend you money against zero collateral that you pay back instantaneously after a transaction, because in the traditional banking system there's always a risk of default and a transaction cost for enforcing your rights in case of default. With a flash loan the whole transaction fails if at the end of the transaction you don't have sufficient funds to pay it back, while you're guaranteed payback if it succeeds.
    - gamblor956 6y ago
      A flash loan is a loan you pay back immediately... So you're right, this isn't a thing that exists today outside of crypto because it's not needed outside of crypto. Someone who can pay a loan back as part of the same transaction in which the loan is issued is not a default risk, and in the real world you just don't bother with the loan: you just pay for the underlying transaction directly.
  - trident5000 6y ago
    Maybe people are tired of getting an anal probe just to open an account and move money/ complete financial transactions today?
- skybrian 6y ago

pacoWebConsult 6y ago

One, IMO, is a provably fair casino (Blackjack, Poker, etc.) that is decentralized and unregulatable.

akudha 6y ago

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?

splintercell 6y ago
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 with the morality of the situation, just ignore that. You wanted to see a real use case, and I am telling you about it. As it turns out, not everyone shares your moral code, or lives in the similar legal system which allows them the similar property rights. Replace that person with a Venezuelan whose currency is completely destroyed and Venezuelan Americans are trying to provide their families with money.
- akudha 6y ago
  Ok, that makes sense. I need to read up on DeFi, don't know much about it.

rawtxapp 6y ago

Borrowing, lending, decentralized exchanges, innovations like flash loans that are just not possible in current financial system. The sky is the limit in terms of innovations possible, it's literally some code running on the global computer that is Ethereum.

humaniania 6y ago
Not only are all those things possible (other than decentralized, because that has a high cost and no tangible benefit) in the normal banking system but there's apps for them already. And they are from regulated companies and you have legal protections.
- nostrademons 6y ago
  Flash loans aren't really; nobody will lend you money against zero collateral that you pay back instantaneously after a transaction, because in the traditional banking system there's always a risk of default and a transaction cost for enforcing your rights in case of default. With a flash loan the whole transaction fails if at the end of the transaction you don't have sufficient funds to pay it back, while you're guaranteed payback if it succeeds.
  - gamblor956 6y ago
    A flash loan is a loan you pay back immediately... So you're right, this isn't a thing that exists today outside of crypto because it's not needed outside of crypto. Someone who can pay a loan back as part of the same transaction in which the loan is issued is not a default risk, and in the real world you just don't bother with the loan: you just pay for the underlying transaction directly.
- trident5000 6y ago
  Maybe people are tired of getting an anal probe just to open an account and move money/ complete financial transactions today?
skybrian 6y ago