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He forgot a point: exchanges are the house, and the house always wins. Want your token to be traded on an exchange? You'll pay a fee, you'll do all the integr
by jude- 5y ago
He forgot a point: exchanges are the house, and the house always wins.
Want your token to be traded on an exchange? You'll pay a fee, you'll do all the integration legwork for them pro bono, and then they'll skim money off of all the trades on your token in perpetuity.
- arberx 5y agoThankfully there are now DEXs which are super cool. uniswap.org
- jude- 5y agoThank you for reaffirming my point! If you want your token traded on uniswap, you'll write the integration code pro bono, you'll pay a fee (a transaction fee to deploy it), and Ethereum miners (who run uniswap) skim transaction fees off of your token trades in perpetuity.
- wmf 5y agoSo clearly every token should have its own exchange.
- jude- 5y agoI didn't say that. I'm saying that it's another unanticipated burden of building out a crypto project, which is what this twitter thread is going on about. EDIT: Also, sure, why not own the exchange too if you can swing it? Less middlemen taking a cut from your revenue.
- arberx 5y agoThere's no "integration" code-once your token is on the blockchain if can be traded on uni once there's enough liquidity. Using the network is not "skimming" transactions.
- jude- 5y agoMy code must conform to whatever programmatic interfaces that the exchange provides, even if they are not a good fit for the token's intended purpose. So yes, there is integration legwork that I the developer have to do. > Using the network is not "skimming" transactions. Sure it is. Users are paying a different token to miners (not me) to use my app's token. Tell me, if users are given the choice between transacting in both ETH and the ERC-20, or transacting only in an ERC-20, would they ever willingly do the former?
- arberx 5y agoYour argument is: don't use the internet because electric utility providers are profiting off you.
- jude- 5y agoUnlike electric utility companies and ISPs, users don't have a choice in the underlying blockchain. This is more like Microsoft forcing people to pay for Windows when they buy a PC, even if they will install Linux.
- gge 5y agoDont reply to jude-. Hes an idiot who has no clue what hes talking about.
- dang 5y agoWe've banned this account for repeatedly breaking the site guidelines. Whether or not you feel you owe $commenter better, you owe this community much better if you're participating in it. If you don't want to be banned, you're welcome to email hn@ycombinator.com and give us reason to believe that you'll follow the rules in the future. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html