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HN has had many bad consensus calls on a lot of successful ideas. One of the most famous examples is Dropbox, when the original founder posted his idea here 13
by chrisco255 5y ago
HN has had many bad consensus calls on a lot of successful ideas. One of the most famous examples is Dropbox, when the original founder posted his idea here 13 years ago or so and people just didn't get it or get what value add there was there. And he was heavily criticized. Ultimately, you gotta take the peanut gallery with a grain of salt. And use the criticism as fuel for innovation.
HN's take on crypto will be one of the most comical examples in a few years. Decentralized finance alone is already a 100 billion plus dollar industry and growing at 5-10x a year.
- sprafa 5y agoyep pretty much. I'm saddened by this, and I wonder how many people are accepting of HN take and not DYOR enough to realise there's real opportunity there. I mean there are kids becoming mil/billionaires on blockchain dApps overnight, building real value. But HN is dead set on ignoring them.
- smt88 5y ago> I mean there are kids becoming mil/billionaires on blockchain dApps overnight Which dApps? How many users are there? And why can't that dApp be built on traditional stacks? > building real value Haven't seen any of this yet. I've seen speculation on coins, and then there are many layers of financial products built on top. The application space is essentially non-existent as a use-case.
- sprafa 5y agoGetting a loan on DeFi is a real use case.
- chrisco255 5y agohttps://defipulse.com/ https://defipulse.com/ This site shows the top DeFi protocols and their locked value in their smart contracts. It's hardly exhaustive but just visiting and researching the top 10 or 15 will be instructive for you. Axie Infinity the game has hundreds of thousands of users and growing like crazy. Tens of millions at least own some cryptocurrency. Ethereum has more than 1 million active wallet addresses and it's growing on an exponential curve. https://www.benzinga.com/markets/cryptocurrency/21/07/21824042/number-of-active-ethereum-wallets-now-surpasses-bitcoin-data-shows https://www.benzinga.com/markets/cryptocurrency/21/07/218240... You probably haven't seen it because you are following HN and mainstream news and expect to be informed on it through their filter. The main success stories I would point out are Uniswap, Sushi, Aave, Compound, Maker, Synthetix, Liquity, OpenSea, Rarible, Sandbox, Decentraland, Aavegotchi, Audius, Matcha, Zapper, and more than I can list to be honest. It's a bit like trying to explain all the interesting use cases of the internet to an early dot com skeptic.
- sprafa 5y agoThank you. Thank you. The Hn filter is brutal. It might be costing people the opportunity of their lifetime.
- smt88 5y ago> Ultimately, you gotta take the peanut gallery with a grain of salt. The difference is that Dropbox was a prediction about a business model, while the anti-blockchain comments are assessments of a technology. A lot of the bullish claims about crypto are based on badly misunderstanding the underlying technology. HN is not predicting anything in that case, just debunking misinformation. > Decentralized finance alone is already a 100 billion plus dollar industry and growing at 5-10x a year. You're changing the topic. This thread was about decentralized, blockchain-based apps, not about decentralized finance.
- sprafa 5y agoDecentralised finance is a blockchain based app. He’s talking about Compound, Balancer. They are that.
- chrisco255 5y agohttps://defipulse.com/ https://defipulse.com/ take a look, that's just Ethereum and not an exhaustive list at that.