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A single counter-example is Uniswap. I can swap one currency or token into any other currency or token, in seconds, with a very modest fee of 30 basis points. A
by jsutton 4y ago
A single counter-example is Uniswap. I can swap one currency or token into any other currency or token, in seconds, with a very modest fee of 30 basis points. And I can do this anytime, 24/7. Fiat-denominated, bitcoin, altcoin, whatever. I don't have to pick up the phone and talk to anyone, don't have to worry about my money being locked up for days while it gets cleared by the ACH process.
Another example is Aave, or Compound. I can take fiat-denominated crypto or bitcoin/ethereum/etc and Lend it in return for a modest interest rate. I can also borrow up to 80% of my collateral in fiat-denominated or other cryptocurrency and leverage that in a trading market. Again, I don't have to talk to anyone or get permission to do so. And I can borrow/lend indefinitely, and withdraw whenever I'd like.
It's alright if this is not valuable to you or your clients. But to say this is not a valuable and novel application is demonstrably false, as > $50 Billion in value is currently held in these applications.
- mjburgess 4y ago> The protocol facilitates automated transactions between cryptocurrency tokens on the Ethereum blockchain through the use of smart contracts. ETH, BTC, etc. -- it's all a pyramidal ponzi scheme. Inside the pyramid scheme, "products" have a value. Outside, they dont. This is all going to zero. It's just beanie babies for tech bros. It's kinda amazing your use case is to simplify problems people inside the system have. Do your research into MLMs. Hopefully this collapses inside of 6mo, it'll be a disaster if it survives long enough to impoverish large numbers of people.
- jsutton 4y agoIt seems you don't realize that ETH products like USDC are redeemed 1:1 with their fiat counterpart USD through regulated banks. Again, your view is demonstrably wrong, as products "inside" the system have value outside the system. Unfortunately your view seems to be the majority in HN. Quite disappointing from a supposedly forward thinking community. I'll be hearing the lazy beanie babies or tulips comparison for the next decade.
- mjburgess 4y agoIf you think the stablecoins are actually 1:1 backed, I've a bridge to sell you. They are leveraged like crazy, and rabid market manipulators.
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