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The current monetary system has absurd levels of hand wavy magic. Are you familiar with what is being done on these systems? Uniswap alone did $1 billion in f

The current monetary system has absurd levels of hand wavy magic. Are you familiar with what is being done on these systems? Uniswap alone did $1 billion in fees last year, a distributed, permissionless, unstoppable exchange. Ethereum did $10 billion in fees last year. I know someone who bought their house with a loan from Dai, which is far less hand wavy magic than Wells Fargo. It took them 30 minutes and no permission for the powers that be was needed.

acdha 5y ago
> Are you familiar with what is being done on these systems? Uniswap alone did $1 billion in fees last year, a distributed, permissionless, unstoppable exchange. Ethereum did $10 billion in fees last year. Consider whether bragging about the overhead fees for a system which statistically nobody uses is a great way to sell people on it. > I know someone who bought their house with a loan from Dai, which is far less hand wavy magic than Wells Fargo. It took them 30 minutes and no permission for the powers that be was needed. How often do you buy houses that giving up protections is an important selling point? Someone is going to be left holding the bag if they're not scrutinizing the borrower's ability to afford the property and its value.
- Zamicol 5y ago
  Fees show obvious usage. "Statistically nobody uses" isn't fair. The fact that someone is paying interested on their house, a physical asset, to a blockchain application instead of Wells Fargo is a huge deal.
  - acdha 5y ago
    Fees show transactions in the system, not real-world impact — smart contracts, anonymization, pump-and-dump, etc. generate a ton of activity for what most people would think of as a single logical operation. What you really want to see are real-world impacts: how many people use the network? How many real business transactions occur daily? and, especially, how much real value is entering or leaving the system? If a bunch of early adopters are churning an NFT back and forth boosting its value, they're definitely paying fees but that's neither economically-useful activity nor popular adoption.
    - Zamicol 5y ago
      Fees are a hard cost making gaming systems far harder and costly. $10 billion isn't anything to shake a stick at. That's real business that's having enormous real world impact. https://cryptofees.info/2021 https://cryptofees.info/2021 Other stats are well known and easily googlable. People in the industry are constantly looking at those statistics, just like any other business or industry. Just for starters, Coinbase has 73 million users. Ethereum is doing 1.2 billion transactions a month. https://www.statista.com/statistics/730818/average-number-of-ethereum-transactions/ https://www.statista.com/statistics/730818/average-number-of... https://www.coinbase.com/about#:~:text=Coinbase%20powers%20the%20cryptoeconomy,%2C%20earn%2C%20and%20use%20crypto https://www.coinbase.com/about#:~:text=Coinbase%20powers%20t....

acdha 5y ago

> Are you familiar with what is being done on these systems? Uniswap alone did $1 billion in fees last year, a distributed, permissionless, unstoppable exchange. Ethereum did $10 billion in fees last year. Consider whether bragging about the overhead fees for a system which statistically nobody uses is a great way to sell people on it. > I know someone who bought their house with a loan from Dai, which is far less hand wavy magic than Wells Fargo. It took them 30 minutes and no permission for the powers that be was needed. How often do you buy houses that giving up protections is an important selling point? Someone is going to be left holding the bag if they're not scrutinizing the borrower's ability to afford the property and its value.

Zamicol 5y ago
Fees show obvious usage. "Statistically nobody uses" isn't fair. The fact that someone is paying interested on their house, a physical asset, to a blockchain application instead of Wells Fargo is a huge deal.
- acdha 5y ago
  Fees show transactions in the system, not real-world impact — smart contracts, anonymization, pump-and-dump, etc. generate a ton of activity for what most people would think of as a single logical operation. What you really want to see are real-world impacts: how many people use the network? How many real business transactions occur daily? and, especially, how much real value is entering or leaving the system? If a bunch of early adopters are churning an NFT back and forth boosting its value, they're definitely paying fees but that's neither economically-useful activity nor popular adoption.
  - Zamicol 5y ago
    Fees are a hard cost making gaming systems far harder and costly. $10 billion isn't anything to shake a stick at. That's real business that's having enormous real world impact. https://cryptofees.info/2021 https://cryptofees.info/2021 Other stats are well known and easily googlable. People in the industry are constantly looking at those statistics, just like any other business or industry. Just for starters, Coinbase has 73 million users. Ethereum is doing 1.2 billion transactions a month. https://www.statista.com/statistics/730818/average-number-of-ethereum-transactions/ https://www.statista.com/statistics/730818/average-number-of... https://www.coinbase.com/about#:~:text=Coinbase%20powers%20the%20cryptoeconomy,%2C%20earn%2C%20and%20use%20crypto https://www.coinbase.com/about#:~:text=Coinbase%20powers%20t....