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Is there anything you would like to do that you need ETH for? Are you looking for inspiration or are you looking to talk about use cases that you will never be

Is there anything you would like to do that you need ETH for? Are you looking for inspiration or are you looking to talk about use cases that you will never be in the market for?

anotha1 6y ago
I mean, I've learned enough to have plenty of ideas for "how to use ETH" but nothing makes the cut. NFTs are **. DAO is too grandiose, especially to be hosted on ETH. And that leads to my comment.
- vmception 6y ago
  okay, there is a robust repurchase agreement (repo) market on the Ethereum network that allows for anyone to enter the repo market to settle trades of practically unlimited sizes. before last year this was exclusively the domain of investments banks given the privilege of using the Federal Reserve's overnight repo market. Where the Federal Reserve would provide hundreds of billions of liquidity and destroy it at the end of the trade, allowing the banks to use credit to finish deals overnight. in the Ethereum network anyone is allowed to use this, it is called "flash loans" in that market, and as always, writing any transaction on the Ethereum network requires the use of ETH, the native fuel necessary to commit transaction to the state machine and save the state. flash loans = repo market the difference being that on the Ethereum network, people borrow from liquidity pools, instead of newly created dollars like when a central bank is involved. this has much greater accountability and confidence. the transactions are executed in one block, if it is not possible for the operation to return capital to the liquidity pool then the transaction fails and it was never executed, but the person that attempted it still pays the transaction fee in ETH as the nodes still did use compute time. Ether is just necessary to access compute nodes on the Ethereum network - specifically to write, as reading is free - no different than dollars are necessary to access compute nodes on the AWS Lambda network. Its not that complicated. If you don't need to write to compute nodes, and you are also not providing collateral to liquidity pools, then you don't need Ether.
  - anotha1 6y ago
    In this perfect new world do bad decisions also haunt you forever? Like student loan debt, your ETH reputation will follow you through bankruptcy (but obviously crypto-vestors are all too financially savvy to worry about that).
    - vmception 6y ago
      "much greater accountability" not equal "perfect new world" my response to you was completely devoid of ideology and you keep trying to shoehorn snarky versions of enthusiast ideology into it any way regardless of if you were actually asking a question or if you had already made an answer to it, the answer to that question is no, they don't haunt you forever and if the observable nature of blockchain transactions bothers you there are plenty of projects reducing that as well, which some segment of the market might find valuable
      - anotha1 6y ago
        "We don't trust each other so we need immutable ledgers" sounds like "we need more horsepower so we need stronger horses!" Works in theory... Edit: @vmception: If something leads everyone and their grandmothers to "invest" then it deserves scrutiny. And there is nothing to respond to. I mean "yes sir, that's right, you have knowledge of financial instruments and speculation, very good, now I'd like to ask why you're OK with people mistaking this as a serious investment instead of the quant-level speculation you are referring to, sir, thanks."
        vmception 6y ago
        you never respond to anything I say and that's annoying and to the things you do randomly say - as if procedurally generated - so what? stop trolling, do you want or need to commit state to compute nodes on that network or not? do you want or need to provide liquidity or not? do you like to speculate on other people doing those things more in the future or not? if the answer to all is "no" then move on
        6y ago
Igelau 6y ago
How do they know what they need ETH for if they don't know what it's actually useful for? I'd be curious what a few of your top "you need ETH for this" cases are.
- anotha1 6y ago
  So are you fishing for ideas now? I'm not going to "prove myself" here so that you can give me the blessing to ask a valid question. In sibling comment I mentioned DAO, but those are a bit out of reach for more than just the technology are far to immature. Everything else sounds like the next new future fallacy [1]. But no, your "libertarian" ideals won't flourish when you sprinkle in a little crypto and run your servers out of china. [1] https://andrewchen.com/the-next-feature-fallacy-the-fallacy-that-the-next-new-feature-will-suddenly-make-people-use-your-product/ https://andrewchen.com/the-next-feature-fallacy-the-fallacy-...
  - Igelau 6y ago
    Well, aren't you a sensitive one? I wasn't even arguing with you. GP was being handwavy so I wanted them to put up. Mostly so I could have a steelman to dunk on.

Is there anything you would like to do that you need ETH for? Are you looking for inspiration or are you looking to talk about use cases that you will never be in the market for?

anotha1 6y ago

I mean, I've learned enough to have plenty of ideas for "how to use ETH" but nothing makes the cut. NFTs are **. DAO is too grandiose, especially to be hosted on ETH. And that leads to my comment.

vmception 6y ago
okay, there is a robust repurchase agreement (repo) market on the Ethereum network that allows for anyone to enter the repo market to settle trades of practically unlimited sizes. before last year this was exclusively the domain of investments banks given the privilege of using the Federal Reserve's overnight repo market. Where the Federal Reserve would provide hundreds of billions of liquidity and destroy it at the end of the trade, allowing the banks to use credit to finish deals overnight. in the Ethereum network anyone is allowed to use this, it is called "flash loans" in that market, and as always, writing any transaction on the Ethereum network requires the use of ETH, the native fuel necessary to commit transaction to the state machine and save the state. flash loans = repo market the difference being that on the Ethereum network, people borrow from liquidity pools, instead of newly created dollars like when a central bank is involved. this has much greater accountability and confidence. the transactions are executed in one block, if it is not possible for the operation to return capital to the liquidity pool then the transaction fails and it was never executed, but the person that attempted it still pays the transaction fee in ETH as the nodes still did use compute time. Ether is just necessary to access compute nodes on the Ethereum network - specifically to write, as reading is free - no different than dollars are necessary to access compute nodes on the AWS Lambda network. Its not that complicated. If you don't need to write to compute nodes, and you are also not providing collateral to liquidity pools, then you don't need Ether.
- anotha1 6y ago
  In this perfect new world do bad decisions also haunt you forever? Like student loan debt, your ETH reputation will follow you through bankruptcy (but obviously crypto-vestors are all too financially savvy to worry about that).
  - vmception 6y ago
    "much greater accountability" not equal "perfect new world" my response to you was completely devoid of ideology and you keep trying to shoehorn snarky versions of enthusiast ideology into it any way regardless of if you were actually asking a question or if you had already made an answer to it, the answer to that question is no, they don't haunt you forever and if the observable nature of blockchain transactions bothers you there are plenty of projects reducing that as well, which some segment of the market might find valuable
    - anotha1 6y ago
      "We don't trust each other so we need immutable ledgers" sounds like "we need more horsepower so we need stronger horses!" Works in theory... Edit: @vmception: If something leads everyone and their grandmothers to "invest" then it deserves scrutiny. And there is nothing to respond to. I mean "yes sir, that's right, you have knowledge of financial instruments and speculation, very good, now I'd like to ask why you're OK with people mistaking this as a serious investment instead of the quant-level speculation you are referring to, sir, thanks."
      - vmception 6y ago
        you never respond to anything I say and that's annoying and to the things you do randomly say - as if procedurally generated - so what? stop trolling, do you want or need to commit state to compute nodes on that network or not? do you want or need to provide liquidity or not? do you like to speculate on other people doing those things more in the future or not? if the answer to all is "no" then move on
      - 6y ago

Igelau 6y ago

How do they know what they need ETH for if they don't know what it's actually useful for? I'd be curious what a few of your top "you need ETH for this" cases are.

anotha1 6y ago
So are you fishing for ideas now? I'm not going to "prove myself" here so that you can give me the blessing to ask a valid question. In sibling comment I mentioned DAO, but those are a bit out of reach for more than just the technology are far to immature. Everything else sounds like the next new future fallacy [1]. But no, your "libertarian" ideals won't flourish when you sprinkle in a little crypto and run your servers out of china. [1] https://andrewchen.com/the-next-feature-fallacy-the-fallacy-that-the-next-new-feature-will-suddenly-make-people-use-your-product/ https://andrewchen.com/the-next-feature-fallacy-the-fallacy-...
- Igelau 6y ago
  Well, aren't you a sensitive one? I wasn't even arguing with you. GP was being handwavy so I wanted them to put up. Mostly so I could have a steelman to dunk on.