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>>Celsius Network – an experimental cryptocurrency bank with more than one million customers that has emerged as a leader in the murky world of decentralized fi

>>Celsius Network – an experimental cryptocurrency bank with more than one million customers that has emerged as a leader in the murky world of decentralized finance, Celsius Network is a centralized entity with the traditional model of opaque operations relying on the integrity of its functionaries, not a decentralized finance application. All of the reputable DeFi apps - Uniswap, MakerDAO, Compound, Aave - have operated without any problems during the crypto crash. As for the crash itself, crypto is a giant emerging technology sector, and such sectors frequently suffer crashes. That doesn't mean they don't offer long term value or are ponzis.

vkou 4y ago
How many more decades is it going to take for something useful to emerge from it? The commercial applications of emerging technologies like the printing press, the self-propelled steam engine, the automobile, the airplane, the telegraph, the telephone, the cellphone, and the internet were immediately obvious, despite those technologies emerging with many, many, many rough edges. How many more decades will it take for crypto to figure out a use case that it didn't have on day 1, and that isn't a scam?
- ETH_start 4y ago
  Bitcoin launched in 2009, 13 years ago. Ethereum launched in 2015, 7 years ago. We're still early days. Crypto is the first sector where rampant speculation began before mass-market consumer applications were on the horizon, and that's owing to the initial prototype having its own self-enclosed and permissionless financial system and token that could be speculated on by the general public. So the gulf between when the tokens accrued significant speculative value, and when the sector produces broadly useful applications, is exceptionally large. That means a lot of malinvestment in nonsense projects, but also significant capital to accelerate the building out of the useful parts of the technology that will get us to broadly useful applications. I provided a list of what I believe are the necessary building blocks for mass-adoption that are being worked on right now: https://news.ycombinator.com/item?id=31797395 https://news.ycombinator.com/item?id=31797395 Optimistically, I'd say we're two years away from production quality Rollups, which will be able to host mass-consumer applications. More cautiously/conservatively, I'd say we're four to five years away, and with emerging technology, I think it's better to go with the cautious/conservative estimates.

vkou 4y ago

How many more decades is it going to take for something useful to emerge from it? The commercial applications of emerging technologies like the printing press, the self-propelled steam engine, the automobile, the airplane, the telegraph, the telephone, the cellphone, and the internet were immediately obvious, despite those technologies emerging with many, many, many rough edges. How many more decades will it take for crypto to figure out a use case that it didn't have on day 1, and that isn't a scam?

ETH_start 4y ago
Bitcoin launched in 2009, 13 years ago. Ethereum launched in 2015, 7 years ago. We're still early days. Crypto is the first sector where rampant speculation began before mass-market consumer applications were on the horizon, and that's owing to the initial prototype having its own self-enclosed and permissionless financial system and token that could be speculated on by the general public. So the gulf between when the tokens accrued significant speculative value, and when the sector produces broadly useful applications, is exceptionally large. That means a lot of malinvestment in nonsense projects, but also significant capital to accelerate the building out of the useful parts of the technology that will get us to broadly useful applications. I provided a list of what I believe are the necessary building blocks for mass-adoption that are being worked on right now: https://news.ycombinator.com/item?id=31797395 https://news.ycombinator.com/item?id=31797395 Optimistically, I'd say we're two years away from production quality Rollups, which will be able to host mass-consumer applications. More cautiously/conservatively, I'd say we're four to five years away, and with emerging technology, I think it's better to go with the cautious/conservative estimates.