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Another way to put it is that crypto, being specified as a protocol, is likely not to be the product(which is how it's promoted speculatively) but a feature of

Another way to put it is that crypto, being specified as a protocol, is likely not to be the product(which is how it's promoted speculatively) but a feature of a product. Like, HTTP isn't a product; but a web browser uses HTTP as a feature, and so do web servers. But they aren't the whole product either. And the categorical error is that traditional finance sees its protocols as products, but they're actually on the road to commodified features. It's easy to "print new money" now, so that's not the part of the value chain that matters.

Nursie 4y ago
> Another way to put it is that crypto, being specified as a protocol, is likely not to be the product I used to say to proponents of blockchain as an enabling tech, "show me a product that relies on blockchain tech but sells itself on its amazing problem-solving features, not on the word blockchain and not on the alleged value of its attached tokens" I don't know that I've really seen such a thing yet. I stopped asking a couple of years ago I think. The few times I got a response I'd follow a link and go to a page singing the praises of a token and using the word blockchain liberally.
- tornato7 4y ago
  Here's a couple: Figure[0] provides financial services by abstracting blockchain in the backend. Koala[1] provides travel reinsurance products funded by crypto loans in the backend. 0. https://www.figure.com/ https://www.figure.com/ 1. https://hikoala.co/ https://hikoala.co/
  - Nursie 4y ago
    That is interesting. But neither is anything particularly new at the consumer end, the only difference between Koala and any other company is that they're reliant on defi lending for their funding. And the only thing blockchainy I can find about Figure is their crypto mortgage, which is an(other) collateralised loan scheme, and it's not in action yet. I notice it was supposed to launch in April with a 100% crypto-to-loan amount. I wonder if they've had to rethink it in light of the recent crash? If their other products are somehow blockchain (and they might be, I can see they have some sort of proprietary blockchain going on) then firstly, yes, we’ll done to them for not crowing about it and putting the product first! But secondly, again I’m not really seeing a novelty here. And I wonder what happens to companies like Koala in the current situation, a lot of DeFi lending platforms seem to have either collapsed or be on the brink. But I guess “crowd-funded finance”

Nursie 4y ago

> Another way to put it is that crypto, being specified as a protocol, is likely not to be the product I used to say to proponents of blockchain as an enabling tech, "show me a product that relies on blockchain tech but sells itself on its amazing problem-solving features, not on the word blockchain and not on the alleged value of its attached tokens" I don't know that I've really seen such a thing yet. I stopped asking a couple of years ago I think. The few times I got a response I'd follow a link and go to a page singing the praises of a token and using the word blockchain liberally.

tornato7 4y ago
Here's a couple: Figure[0] provides financial services by abstracting blockchain in the backend. Koala[1] provides travel reinsurance products funded by crypto loans in the backend. 0. https://www.figure.com/ https://www.figure.com/ 1. https://hikoala.co/ https://hikoala.co/
- Nursie 4y ago
  That is interesting. But neither is anything particularly new at the consumer end, the only difference between Koala and any other company is that they're reliant on defi lending for their funding. And the only thing blockchainy I can find about Figure is their crypto mortgage, which is an(other) collateralised loan scheme, and it's not in action yet. I notice it was supposed to launch in April with a 100% crypto-to-loan amount. I wonder if they've had to rethink it in light of the recent crash? If their other products are somehow blockchain (and they might be, I can see they have some sort of proprietary blockchain going on) then firstly, yes, we’ll done to them for not crowing about it and putting the product first! But secondly, again I’m not really seeing a novelty here. And I wonder what happens to companies like Koala in the current situation, a lot of DeFi lending platforms seem to have either collapsed or be on the brink. But I guess “crowd-funded finance”