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Crypto has evolved far beyond buying and holding digital gold. Decentralized Finance is here and it's about replacing the slow, opaque existing financial system

Crypto has evolved far beyond buying and holding digital gold. Decentralized Finance is here and it's about replacing the slow, opaque existing financial system with open, transparent, internet-native protocols. Not to mention DAO's, NFT's etc. This is what a16z is so excited about.

beefield 5y ago
Could you point me to a defi project that lets me borrow some crypto even if I have none in the first place?
- cinquemb 5y ago
  if you are a (lending) business in an emerging market (and make near $500k in loans now), you can reach out to https://goldfinch.finance/ https://goldfinch.finance/ if you are run crypto trading company you can reach out to https://truefi.io/ https://truefi.io/ and https://www.maple.finance/ https://www.maple.finance/ https://www.l2p.finance/ https://www.l2p.finance/ is seeking to aggregate all the uncollateralized lending platforms in defi now.
MatekCopatek 5y ago
Has it, really, though? What percentage of worldwide crypto traffic represents paying for goods and services (or doing some kind of meaningful product interaction for non-financial applications) and how much of it is just trading?
- bouncycastle 5y ago
  This is kind of like being on the internet in 1996 and asking what percentage of the internet is used for e-commerce and how much of it is just hobbyists making their "under construction" Geocities websites. We are still in very early stages. What most likely will happen is that crypto will start to become the "backend" of the financial systems and the regular people will be using it without even knowing it, similar to the way they use Linux powered phones now. Crypto has applications beyond finance too, some things that may end up being disrupted are art and DNS (for example)
  - imtringued 5y ago
    Or someone wakes up and fixes the current fiat system. People thought of solutions 80 years ago.
    - bouncycastle 5y ago
      We can't even know the exact total amount of USD in circulation and we cannot verify ourselves how much is being printed unless we trust the few people in power. I think if we fixed that, we would already be making great strides! On the blockchain, these trivial questions are resolved with a simple database query.
  - hocuspocus 5y ago
    > We are still in very early stages. Bitcoin is 12 years old. Comparing cryptocurrencies to the early days of internet and the web is beyond ridiculous. There's still zero evidence of what will most likely happen, except for more of what we've seen so far: speculation, extortion, money laundering.
    - bouncycastle 5y ago
      Did I say bitcoin? Forget about bitcoin! It's going to be a tiny part of crypto in the future. Bitcoin is 12 years old, but that's the reason why things haven't progressed as much in the last decade. We're slowly getting over speculation & wild-west phaze and moving to the next phase, and discovering many new uses along the way, which I've listed in my parent post. Why I say it's still early? Currently most of the projects are infrastructure and protocol development - kind of like when the internet was still developing. We're still on something like HTTP 1.0 and HTML 2.0 when it comes to crypto. The internet wasn't built in a single decade. It took multiple decades to get to where it is now, this is exactly the same thing playing out now. The amount of building and development is only intensifying. I'd urge you to take a look at what a16a has been investing in https://a16z.com/crypto/ https://a16z.com/crypto/
      - cinquemb 5y ago
BenoitEssiambre 5y ago
I kinda like NFT's actually, they're not dangerous to the economy like crypto tokens used as currencies. They're more like digitally autographed pieces, a nice way to reward artists. They do seem to sometimes be weirdly overpriced for autographs though. De-Fi is dangerous nonsense.
jcpham2 5y ago
-----BEGIN PGP SIGNED MESSAGE----- Hash: SHA256 Hi Tim, I'm a nobody who has been "investing" in and around the crypto ecosystem officially since the date on this gpg sig. Just saying thanks. Long before these markets existed and trust was difficult to define, reputation on internet relay chat was where this ecosystem was birthed. -----BEGIN PGP SIGNATURE----- iQGzBAEBCAAdFiEE9ymb1zh56GZhPqskxx+17WrOBK8FAmDUkPIACgkQxx+17WrO BK/TnwwAqKtRJFrIH5Fo/WgyYFuqG2Kkr4mhrrUbGePIpKm8BawYUeW10TOXVWhB FMPMzMMYFVG2+ZrNR2/CZlJIBFCIq/O+WWnViehxzU1JvwBz4j0zftgd7lMhk8d1 4ZElAhF2825SYJgC4KHfgWqGZ2DsvW5BbX5wnEQJBcNoIjzNv6CvUyoGiVWetNE1 HYY+rJ+H+MnC12dLLXNWcO34KTlOwCOav5Fd6TWdG8SXzxACvOn+osmD33QgzsJm z30C1sjQWWOgORwtrya9e+Ava11ZRnC0p9ajJTQDMLoPtqOof09ORCc+7srjaXb+ Y5VI8fsAD2TsinHVuqCvcfz16vZ3oO2FOWG6XVmMfb4TN80S8QACqIfifokxUy9C 8G8Rnjyu4bLMW4cynqpAnX4hZprh3myJpXKwt5WD2AbZPUXUbSMV9LT5jzftyp9U ng25A+3KToYPx5RbVtdQ/SNGq3XJaiUWC9vzWHBGWy4FH4mV6DP44FJfbtDP4nJL 5ZZM7Pay =q2p1 -----END PGP SIGNATURE-----

beefield 5y ago

Could you point me to a defi project that lets me borrow some crypto even if I have none in the first place?

cinquemb 5y ago
if you are a (lending) business in an emerging market (and make near $500k in loans now), you can reach out to https://goldfinch.finance/ https://goldfinch.finance/ if you are run crypto trading company you can reach out to https://truefi.io/ https://truefi.io/ and https://www.maple.finance/ https://www.maple.finance/ https://www.l2p.finance/ https://www.l2p.finance/ is seeking to aggregate all the uncollateralized lending platforms in defi now.

MatekCopatek 5y ago

Has it, really, though? What percentage of worldwide crypto traffic represents paying for goods and services (or doing some kind of meaningful product interaction for non-financial applications) and how much of it is just trading?

bouncycastle 5y ago
This is kind of like being on the internet in 1996 and asking what percentage of the internet is used for e-commerce and how much of it is just hobbyists making their "under construction" Geocities websites. We are still in very early stages. What most likely will happen is that crypto will start to become the "backend" of the financial systems and the regular people will be using it without even knowing it, similar to the way they use Linux powered phones now. Crypto has applications beyond finance too, some things that may end up being disrupted are art and DNS (for example)
- imtringued 5y ago
  Or someone wakes up and fixes the current fiat system. People thought of solutions 80 years ago.
  - bouncycastle 5y ago
    We can't even know the exact total amount of USD in circulation and we cannot verify ourselves how much is being printed unless we trust the few people in power. I think if we fixed that, we would already be making great strides! On the blockchain, these trivial questions are resolved with a simple database query.
- hocuspocus 5y ago
  > We are still in very early stages. Bitcoin is 12 years old. Comparing cryptocurrencies to the early days of internet and the web is beyond ridiculous. There's still zero evidence of what will most likely happen, except for more of what we've seen so far: speculation, extortion, money laundering.
  - bouncycastle 5y ago
    Did I say bitcoin? Forget about bitcoin! It's going to be a tiny part of crypto in the future. Bitcoin is 12 years old, but that's the reason why things haven't progressed as much in the last decade. We're slowly getting over speculation & wild-west phaze and moving to the next phase, and discovering many new uses along the way, which I've listed in my parent post. Why I say it's still early? Currently most of the projects are infrastructure and protocol development - kind of like when the internet was still developing. We're still on something like HTTP 1.0 and HTML 2.0 when it comes to crypto. The internet wasn't built in a single decade. It took multiple decades to get to where it is now, this is exactly the same thing playing out now. The amount of building and development is only intensifying. I'd urge you to take a look at what a16a has been investing in https://a16z.com/crypto/ https://a16z.com/crypto/
    - cinquemb 5y ago

BenoitEssiambre 5y ago

I kinda like NFT's actually, they're not dangerous to the economy like crypto tokens used as currencies. They're more like digitally autographed pieces, a nice way to reward artists. They do seem to sometimes be weirdly overpriced for autographs though. De-Fi is dangerous nonsense.

jcpham2 5y ago

-----BEGIN PGP SIGNED MESSAGE----- Hash: SHA256 Hi Tim, I'm a nobody who has been "investing" in and around the crypto ecosystem officially since the date on this gpg sig. Just saying thanks. Long before these markets existed and trust was difficult to define, reputation on internet relay chat was where this ecosystem was birthed. -----BEGIN PGP SIGNATURE----- iQGzBAEBCAAdFiEE9ymb1zh56GZhPqskxx+17WrOBK8FAmDUkPIACgkQxx+17WrO BK/TnwwAqKtRJFrIH5Fo/WgyYFuqG2Kkr4mhrrUbGePIpKm8BawYUeW10TOXVWhB FMPMzMMYFVG2+ZrNR2/CZlJIBFCIq/O+WWnViehxzU1JvwBz4j0zftgd7lMhk8d1 4ZElAhF2825SYJgC4KHfgWqGZ2DsvW5BbX5wnEQJBcNoIjzNv6CvUyoGiVWetNE1 HYY+rJ+H+MnC12dLLXNWcO34KTlOwCOav5Fd6TWdG8SXzxACvOn+osmD33QgzsJm z30C1sjQWWOgORwtrya9e+Ava11ZRnC0p9ajJTQDMLoPtqOof09ORCc+7srjaXb+ Y5VI8fsAD2TsinHVuqCvcfz16vZ3oO2FOWG6XVmMfb4TN80S8QACqIfifokxUy9C 8G8Rnjyu4bLMW4cynqpAnX4hZprh3myJpXKwt5WD2AbZPUXUbSMV9LT5jzftyp9U ng25A+3KToYPx5RbVtdQ/SNGq3XJaiUWC9vzWHBGWy4FH4mV6DP44FJfbtDP4nJL 5ZZM7Pay =q2p1 -----END PGP SIGNATURE-----