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> Trust is the most important thing in crypto That’s not what the crypto shills have been saying for years. It’s supposed to solve everything because it’s trus

by sumeno 5y ago

> Trust is the most important thing in crypto That’s not what the crypto shills have been saying for years. It’s supposed to solve everything because it’s trustless.

Boritanian 5y ago
crypto shills will say anything to get people to buy into crypto and thus inflating their holdings
spelunker 5y ago
It is an amusing dichotomy IMO.
waprin 5y ago
- theptip 5y ago
  I think you’re both right. Vitalik is not a shill; his clarification is useful. And there are, objectively, lots of crypto shills around, engaging in pump and dump etc. I don’t think the GP was necessarily saying that all crypto people are shills.
- mbesto 5y ago
  > From the creator of ethereum. Who happens to be just one actor in the whole thing. > Maybe if you spent an hour learning about cryptocurrency and it’s culture instead of calling people shills, You mean like this culture? https://old.reddit.com/r/CryptoCurrency/search?q=trustless&restrict_sr=on&sort=relevance&t=all https://old.reddit.com/r/CryptoCurrency/search?q=trustless&r... > as an aside: hacker news comments become a dumpster on cryptocurrency And replies like this make it no better. Comments like this > the whole thread isn’t calling anyone who works for Google “shills” but that decorum is totally acceptable on these threads are basically not true. This whole thread isn't saying everyone is a shill, there is ONE comment that said that. Crypto is full of scams, just like traditional banking. Yes there are people who absolutely shit on crypto here, but there's also crypto enthusiasts who can't take ANY constructive criticism. Both extremes aren't warranted. Stop pretending that crypto advocates are being victimized here...they aren't.
X6S1x6Okd1st 5y ago
Cryptocurrency removes two pieces that you previously needed to trust: Validity of execution and order of execution. Without considering smart contracts that's basically enough. With smart contracts there are many valid states that are very undesirable (e.g. pegs breaking, manipulation of prices to liquidate positions) this one would be a peg breaking that subsequently would trigger a cascade of liquidations, at the current state of solana that would also flood the network in people racing to try and grab the liquidation fees[1] [1]: (a quirk of all of the smart contract platforms I know is that there is no way to ensure that X happens under Y conditions, so instead what people do is set up there systems such that if Y there exists riskless profit for anyone who can make X happen. So once collateralized positions become undercollateralized (e.g. backed by 1.1x) anyone that can return the lended assets (which need to be liquid & fungible) gets the collateral)

by sumeno 5y ago

> Trust is the most important thing in crypto That’s not what the crypto shills have been saying for years. It’s supposed to solve everything because it’s trustless.

Boritanian 5y ago

crypto shills will say anything to get people to buy into crypto and thus inflating their holdings

spelunker 5y ago

It is an amusing dichotomy IMO.

waprin 5y ago

theptip 5y ago
I think you’re both right. Vitalik is not a shill; his clarification is useful. And there are, objectively, lots of crypto shills around, engaging in pump and dump etc. I don’t think the GP was necessarily saying that all crypto people are shills.
mbesto 5y ago
> From the creator of ethereum. Who happens to be just one actor in the whole thing. > Maybe if you spent an hour learning about cryptocurrency and it’s culture instead of calling people shills, You mean like this culture? https://old.reddit.com/r/CryptoCurrency/search?q=trustless&restrict_sr=on&sort=relevance&t=all https://old.reddit.com/r/CryptoCurrency/search?q=trustless&r... > as an aside: hacker news comments become a dumpster on cryptocurrency And replies like this make it no better. Comments like this > the whole thread isn’t calling anyone who works for Google “shills” but that decorum is totally acceptable on these threads are basically not true. This whole thread isn't saying everyone is a shill, there is ONE comment that said that. Crypto is full of scams, just like traditional banking. Yes there are people who absolutely shit on crypto here, but there's also crypto enthusiasts who can't take ANY constructive criticism. Both extremes aren't warranted. Stop pretending that crypto advocates are being victimized here...they aren't.

X6S1x6Okd1st 5y ago

Cryptocurrency removes two pieces that you previously needed to trust: Validity of execution and order of execution. Without considering smart contracts that's basically enough. With smart contracts there are many valid states that are very undesirable (e.g. pegs breaking, manipulation of prices to liquidate positions) this one would be a peg breaking that subsequently would trigger a cascade of liquidations, at the current state of solana that would also flood the network in people racing to try and grab the liquidation fees[1] [1]: (a quirk of all of the smart contract platforms I know is that there is no way to ensure that X happens under Y conditions, so instead what people do is set up there systems such that if Y there exists riskless profit for anyone who can make X happen. So once collateralized positions become undercollateralized (e.g. backed by 1.1x) anyone that can return the lended assets (which need to be liquid & fungible) gets the collateral)