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People have been saying this for over a decade now. Mainstream applications are just around the corner, wait and see! We have waited, and all we've seen is base

by magila 5y ago

People have been saying this for over a decade now. Mainstream applications are just around the corner, wait and see! We have waited, and all we've seen is baseless speculation (which you call "wealth savings/growth") and scams. I see no reason to think this is going to change any time soon.

throwaway743 5y ago
I mean, it is being adopted by pay processors like Square, PayPal, and Cash App, and is being accepted by some large retailers like Newegg and Overstock. Wouldn't discredit that as not being progress :/
- loceng 5y ago
  Cash App is Square.
- magila 5y ago
  This is another thing cryptocurrency enthusiasts have been doing for a long time: name dropping some companies who are supposedly embracing bitcoin but without any evidence of actual user adoption. Newegg and Overstock don't even take payment in bitcoin. They allow you to use a third party processor to exchange bitcoin for USD then immediately transfer the funds to the retailer. There's no evidence that these payment mechanisms have ever been more than a rounding error in these retailer's sales.
  - colesantiago 5y ago
    > ...without any evidence of actual user adoption. For example of Square: > Its mobile payment service Cash App has been its flagship product. However, in recent times, while Square reported that cash transactions at its U.S. merchants as a percentage of overall transactions fell from more than 50% in 2015 to around 30% today, the bulk of the company’s revenue this past year – around 56% – came from Bitcoin transactions. Over the past year, revenue from bitcoin was $1.8 billion – a whopping 10X increase over 2019’s revenues in this category. [0] So this 10X increase isn't an indicator of adoption then, they just made up this figure? [0] https://leverageshares.com/en/insights/square-paypal-catalysing-crypto-adoption/ https://leverageshares.com/en/insights/square-paypal-catalys...
    - rainjackets 5y ago
      It's an illusion of accounting [0]. Due to the accounting standards, they book the total dollar value of the bitcoin they sell as revenue, not just the fees they get. [0] https://www.nasdaq.com/articles/beneath-the-surface-of-square-incs-nyse%3Asq-huge-revenue-beat-2020-11-19 https://www.nasdaq.com/articles/beneath-the-surface-of-squar...
      - colesantiago 5y ago
        even then are you telling me there is NO user adoption?
  - bduerst 5y ago
    It's a form of survivor bias, because companies drop bitcoin support as fast as they get it. I remember when Wordpress dropped Bitcoin because it there was more fraud than actual legit transactions.
Sargos 5y ago
>People have been saying this for over a decade now. Mainstream applications are just around the corner, wait and see! We have waited, and all we've seen is baseless speculation DeFi isn't even 2 years old yet. This whole space really only started building applications in the last few years. Ethereum itself isn't even 6 years old yet.
- bduerst 5y ago
  DeFi is just a rebranding of smart contracts, which are still a hammer looking for a nail. If anything, it's just more baseless speculation like GP said.
  - TimJRobinson 5y ago
    It's the open sourcing and decentralizing of wall street. What do you think they do all day with futures, options, etc? It's speculation. All that is being replicated in DeFi but permissionless and open to the world.
swiley 5y ago
You could say the same thing about Wayland.

by magila 5y ago

throwaway743 5y ago

I mean, it is being adopted by pay processors like Square, PayPal, and Cash App, and is being accepted by some large retailers like Newegg and Overstock. Wouldn't discredit that as not being progress :/

loceng 5y ago
Cash App is Square.
magila 5y ago
This is another thing cryptocurrency enthusiasts have been doing for a long time: name dropping some companies who are supposedly embracing bitcoin but without any evidence of actual user adoption. Newegg and Overstock don't even take payment in bitcoin. They allow you to use a third party processor to exchange bitcoin for USD then immediately transfer the funds to the retailer. There's no evidence that these payment mechanisms have ever been more than a rounding error in these retailer's sales.
- colesantiago 5y ago
  > ...without any evidence of actual user adoption. For example of Square: > Its mobile payment service Cash App has been its flagship product. However, in recent times, while Square reported that cash transactions at its U.S. merchants as a percentage of overall transactions fell from more than 50% in 2015 to around 30% today, the bulk of the company’s revenue this past year – around 56% – came from Bitcoin transactions. Over the past year, revenue from bitcoin was $1.8 billion – a whopping 10X increase over 2019’s revenues in this category. [0] So this 10X increase isn't an indicator of adoption then, they just made up this figure? [0] https://leverageshares.com/en/insights/square-paypal-catalysing-crypto-adoption/ https://leverageshares.com/en/insights/square-paypal-catalys...
  - rainjackets 5y ago
    It's an illusion of accounting [0]. Due to the accounting standards, they book the total dollar value of the bitcoin they sell as revenue, not just the fees they get. [0] https://www.nasdaq.com/articles/beneath-the-surface-of-square-incs-nyse%3Asq-huge-revenue-beat-2020-11-19 https://www.nasdaq.com/articles/beneath-the-surface-of-squar...
    - colesantiago 5y ago
      even then are you telling me there is NO user adoption?
- bduerst 5y ago
  It's a form of survivor bias, because companies drop bitcoin support as fast as they get it. I remember when Wordpress dropped Bitcoin because it there was more fraud than actual legit transactions.

Sargos 5y ago

>People have been saying this for over a decade now. Mainstream applications are just around the corner, wait and see! We have waited, and all we've seen is baseless speculation DeFi isn't even 2 years old yet. This whole space really only started building applications in the last few years. Ethereum itself isn't even 6 years old yet.

bduerst 5y ago
DeFi is just a rebranding of smart contracts, which are still a hammer looking for a nail. If anything, it's just more baseless speculation like GP said.
- TimJRobinson 5y ago
  It's the open sourcing and decentralizing of wall street. What do you think they do all day with futures, options, etc? It's speculation. All that is being replicated in DeFi but permissionless and open to the world.

swiley 5y ago

You could say the same thing about Wayland.