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Uniswap is one of the most useful and interesting projects in blockchain. Interested to hear why blockchain skeptics on HN think this project is totally worthle

Uniswap is one of the most useful and interesting projects in blockchain. Interested to hear why blockchain skeptics on HN think this project is totally worthless (as they claim everything in crypto is) given how much they have accomplished and how much value is traded on Uniswap every day. Huge proof and validation that blockchain / crypto is developing into something extremely useful. Here is a top-thread on HN from 7 months ago (before latest bull run) about how Blockchain is totally worthless, and my responses. Look at the hate! HN is absurd https://news.ycombinator.com/item?id=24182334 https://news.ycombinator.com/item?id=24182334

wmf 6y ago
There has been amazing technical progress in DEXex/AMMs but ultimately they're used for 100% gambling.
- arberx 6y ago
  While that might be the case currently, the capital efficency of DeFi is miles ahead of any traditional system.
- phyalow 6y ago
  Not totally true, one can use them to yield farm. (*which I concede is gambling on credit risk, but only tangently)
- chrisco255 6y ago
  From a cynical perspective that's true of any market.
  - vmception 6y ago
    there's nothing cynical about that, it is purely cultural for people to create a distinction that requires gambling and speculation being something lesser than other activities all markets function this way and it drives innovation and service providers. people choose not to respect crypto, while working for an ad retargeting conglomerate to pat themselves on the back saying "at least I'm doing something useful with my life", and thats all there is to it.
exdsq 6y ago
I'm going to play devils advocate here, but I don't think the value traded on Uniswap really proves blockchain or crypto is 'useful'. We need use cases outside of DeFi to have any chance of getting HN to accept blockchain isn't a waste of time.
- arberx 6y ago
  ENS and NFTs are what come to mind.
- chrisco255 6y ago
  Finance is a multi hundred trillion dollar industry. Whether you like it or not, money makes the world go 'round. If all blockchain ever did was disrupt traditional finance (as it is currently doing), it would have firmly established itself as a useful technology. Software is eating the world. DeFi is eating traditional finance.

wmf 6y ago

There has been amazing technical progress in DEXex/AMMs but ultimately they're used for 100% gambling.

arberx 6y ago
While that might be the case currently, the capital efficency of DeFi is miles ahead of any traditional system.
phyalow 6y ago
Not totally true, one can use them to yield farm. (*which I concede is gambling on credit risk, but only tangently)
chrisco255 6y ago
From a cynical perspective that's true of any market.
- vmception 6y ago
  there's nothing cynical about that, it is purely cultural for people to create a distinction that requires gambling and speculation being something lesser than other activities all markets function this way and it drives innovation and service providers. people choose not to respect crypto, while working for an ad retargeting conglomerate to pat themselves on the back saying "at least I'm doing something useful with my life", and thats all there is to it.

exdsq 6y ago

I'm going to play devils advocate here, but I don't think the value traded on Uniswap really proves blockchain or crypto is 'useful'. We need use cases outside of DeFi to have any chance of getting HN to accept blockchain isn't a waste of time.

arberx 6y ago
ENS and NFTs are what come to mind.
chrisco255 6y ago
Finance is a multi hundred trillion dollar industry. Whether you like it or not, money makes the world go 'round. If all blockchain ever did was disrupt traditional finance (as it is currently doing), it would have firmly established itself as a useful technology. Software is eating the world. DeFi is eating traditional finance.