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So PayPal, WorldRemit, M-Pesa, Paytm and Transferwise doesn't fix this already? 13 years and still no progress. I see no coin that is accepted widely that does

So PayPal, WorldRemit, M-Pesa, Paytm and Transferwise doesn't fix this already? 13 years and still no progress. I see no coin that is accepted widely that does anything you just proposed that is decentralised. Your argument is still at cost to the planet and other people's money in this MLM scheme that we cannot deny exists. Proof of Stake is pointless and defeats the point of decentralisation as many of these coins claim to be with venture capitalists and whales holding most of the coins. Also most of these blockchains are pretty much beta, just don't work and scale at all. You might as well use the current system instead. We both can see that DeFi applications are mostly scams [0] leading to people losing their money or having an expensive and pointless refund process when it all goes wrong. [1] [0] https://rekt.news/ https://rekt.news/ [1] https://www.theverge.com/2021/11/24/22800995/constitutiondao-refund-progress-steep-gas-fees-cryptocurrency https://www.theverge.com/2021/11/24/22800995/constitutiondao...

yellowapple 5y ago
> So PayPal, WorldRemit, M-Pesa, Paytm and Transferwise doesn't fix this already? These are by and large wrappers around the existing systems; they "fix" it the same way things like Lightning fix Bitcoin's transaction speed (for example): by offloading off the main network. > 13 years and still no progress. Credit cards have had a 20-or-so year head start, and they only recently (i.e. around the same time as the advent of cryptocurrency) started to significantly evolve beyond magnetic stripes. Wire transfers are even worse off in terms of evolutionary speed. 13 years is still young. > Your argument is still at cost to the planet Not with proof of stake. > and other people's money in this MLM scheme By this logic literally every asset bought and sold in a market is an "MLM scheme". > Proof of Stake is pointless It only seems that way if you're deliberately ignorant of its vast advantages over both proof of work and centralized systems - particularly, the sheer lack of a "cost to the planet" and the ability to scale without ever needing to incur such an externalized cost. > and defeats the point of decentralisation as many of these coins claim to be with venture capitalists and whales holding most of the coins There are proof-of-stake blockchains like Cardano that actively penalize centralization and encourage decentralization (specifically by adjusting stake rewards such that any stake pool above some equilibrium becomes unprofitable). > Also most of these blockchains are pretty much beta But not all; again, 3 of the top 10 are already proof-of-stake, with billions of dollars' worth of currency being transacted every day. Some are still being actively developed; that doesn't make them "beta", just like how Linux is both production-ready and still actively developed. > just don't work and scale at all The users of them - and the billions of dollars transacted through them - beg to differ. And we're still in the early stages; there is still plenty of room for scalability to improve: https://iohk.io/en/blog/posts/2021/09/17/hydra-cardano-s-solution-for-ultimate-scalability/ https://iohk.io/en/blog/posts/2021/09/17/hydra-cardano-s-sol...

yellowapple 5y ago

> So PayPal, WorldRemit, M-Pesa, Paytm and Transferwise doesn't fix this already? These are by and large wrappers around the existing systems; they "fix" it the same way things like Lightning fix Bitcoin's transaction speed (for example): by offloading off the main network. > 13 years and still no progress. Credit cards have had a 20-or-so year head start, and they only recently (i.e. around the same time as the advent of cryptocurrency) started to significantly evolve beyond magnetic stripes. Wire transfers are even worse off in terms of evolutionary speed. 13 years is still young. > Your argument is still at cost to the planet Not with proof of stake. > and other people's money in this MLM scheme By this logic literally every asset bought and sold in a market is an "MLM scheme". > Proof of Stake is pointless It only seems that way if you're deliberately ignorant of its vast advantages over both proof of work and centralized systems - particularly, the sheer lack of a "cost to the planet" and the ability to scale without ever needing to incur such an externalized cost. > and defeats the point of decentralisation as many of these coins claim to be with venture capitalists and whales holding most of the coins There are proof-of-stake blockchains like Cardano that actively penalize centralization and encourage decentralization (specifically by adjusting stake rewards such that any stake pool above some equilibrium becomes unprofitable). > Also most of these blockchains are pretty much beta But not all; again, 3 of the top 10 are already proof-of-stake, with billions of dollars' worth of currency being transacted every day. Some are still being actively developed; that doesn't make them "beta", just like how Linux is both production-ready and still actively developed. > just don't work and scale at all The users of them - and the billions of dollars transacted through them - beg to differ. And we're still in the early stages; there is still plenty of room for scalability to improve: https://iohk.io/en/blog/posts/2021/09/17/hydra-cardano-s-solution-for-ultimate-scalability/ https://iohk.io/en/blog/posts/2021/09/17/hydra-cardano-s-sol...