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> defi at its best. zero upside of centralized finance with all the downsides, after all. DeFi definitely over promised, and under delivered: the part that I

> defi at its best. zero upside of centralized finance with all the downsides, after all. DeFi definitely over promised, and under delivered: the part that I take issue with is why build these tools on centralized alt currencies? I mean if you think NFTs are the extent of DeFi (much of which is what web3 hinged on) than this was predictably going to fail just like the ICO craze did. Smart contracts based on oracles are likely to be the real big advent, and I foresee it to be what Dorsey is proposing with now the absurd titled 'web5.' I just can't see why anyone would place this much trust in a PoS coin with a central governance and with major stake by VC in SV. The whole point was to get away from these gate-keepers, not allow them to have a major share of the coins in existence where they can, likely have, cornered the entire market. Whatever, a purging was necessary: I hope this makes CONbase fold once and for all. I just wish I had kept my cash and been able to take advantage of this major dip in BTC: I made major purchases back when we hit mid 30s (~50% of ATH) after liquidating some positions in late Nov.

scrlk 4y ago
>I just can't see why anyone would place this much trust in a PoS coin with a central governance and with major stake by VC in SV. In a bullrun, no one cares about "decentralisation" or "fundamentals", they just want to make as much money as possible, even if it means interacting with CEXs/CeFi/centralised L1 scamchains etc. Only when things go south do people understand why "decentralisation" is important.
- Melting_Harps 4y ago
  > Only when things go south do people understand why "decentralisation" is important. So the greater fool theory isn't a feature of the platform as it's often portrayed as by it's detractors, but rather a self-imposed one by the new cohorts? I guess that while the tech matures the fomo aspect never seems to go away regardless of time. > because the decentralized cryptocurrencies are expensive to transact with — because many people, like you, strongly prefer to use the decentralized ones and so pay a premium to do so. It's currently .20 to do a 10 min tx on BTC layer 1, and near free and instant on layer 2. How is this expensive?
  - scrlk 4y ago
    >I guess that while the tech matures the fomo aspect never seems to go away regardless of time. As long as cryptocurrencies are far out on the risk curve, this will never disappear.
colinsane 4y ago
> the part that I take issue with is why build these tools on centralized alt currencies? because the decentralized cryptocurrencies are expensive to transact with — because many people, like you, strongly prefer to use the decentralized ones and so pay a premium to do so.

scrlk 4y ago

>I just can't see why anyone would place this much trust in a PoS coin with a central governance and with major stake by VC in SV. In a bullrun, no one cares about "decentralisation" or "fundamentals", they just want to make as much money as possible, even if it means interacting with CEXs/CeFi/centralised L1 scamchains etc. Only when things go south do people understand why "decentralisation" is important.

Melting_Harps 4y ago
> Only when things go south do people understand why "decentralisation" is important. So the greater fool theory isn't a feature of the platform as it's often portrayed as by it's detractors, but rather a self-imposed one by the new cohorts? I guess that while the tech matures the fomo aspect never seems to go away regardless of time. > because the decentralized cryptocurrencies are expensive to transact with — because many people, like you, strongly prefer to use the decentralized ones and so pay a premium to do so. It's currently .20 to do a 10 min tx on BTC layer 1, and near free and instant on layer 2. How is this expensive?
- scrlk 4y ago
  >I guess that while the tech matures the fomo aspect never seems to go away regardless of time. As long as cryptocurrencies are far out on the risk curve, this will never disappear.

colinsane 4y ago

> the part that I take issue with is why build these tools on centralized alt currencies? because the decentralized cryptocurrencies are expensive to transact with — because many people, like you, strongly prefer to use the decentralized ones and so pay a premium to do so.