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Yes. And this is precisely it’s benefit. This is by design. Safe guards are artificial, and ultimately distort markets. Extremely volatility is present right no

Yes. And this is precisely it’s benefit. This is by design. Safe guards are artificial, and ultimately distort markets. Extremely volatility is present right now, because this asset class is so new and poorly understood. Some of us want to play with the safety off. Life is a dark forest. We pretend it isn’t with “safeguards” but they only mask its true nature.

klyrs 4y ago
And a user accidentally and irrevocably getting 5 trillion coins won't "distort" the market?
- randomhodler84 4y ago
  The market would respond to the existence of the extra coins, inflating them to zero. Those with long LP positions in pools with exposure will take a large loss. No bail out, some win, some lose.
  - jankyxenon 4y ago
    And should I want to play this stupid game with real money?
    - randomhodler84 4y ago
      That is a decision only you can make for yourself. Some people collect plates and spoons. Some Collect stamps. Others like unusual coins. Me, I’m all about the sats.
  - klyrs 4y ago
    Stands to reason you wouldn't be upset by a stranger taking the tires off your car, because they were merely bolted on and that's how unregulated markets are supposed to work?
    - randomhodler84 4y ago
      I don’t own a car, and I don’t leave things out in public that can be stolen by removing bolts. That’s how unregulated markets work.
      - deleted 4y ago
        [deleted]
      - noSyncCloud 4y ago
        > I don’t own a car, and I don’t leave things out in public that can be stolen by removing bolts. That’s how unregulated markets work. Wonderful bit, great job lol
mint2 4y ago
If only there was an equivalent unregulated food space. Wonder how many crypto enthusiasts would put their money where their mouth is. Or maybe crypto enthusiasts like regulations selectively.
- stevekemp 4y ago
  Isn't that what people were doing with Soylent?
  - tadfisher 4y ago
    Soylent is regulated and uses an established manufacturer to make the product.
    - randomhodler84 4y ago
      Now. It was always an open food project and spawned many other unregulated powered food makers. Some of these are regulated today. I was into it years ago in the food hacking days and also when I was vegan. I want a world where I can buy weird powered food from hackers without the man regulating it’s contents.
      - tadfisher 4y ago
        All of them are regulated. That some "food hackers" break the plethora of local, state, and federal laws governing the manufacture and sale of food products does not falsify this fact. Frankly, what you want is insane. The reason we have laws and regulations for food content is to avoid killing people with botulism, salmonella, E. coli, lead, mercury, arsenic, cyanide... — basically all the things people used to die of before they got sick of dealing with food-borne illnesses and poisoning and demanded regulations. The regulations aren't even that onerous. I helped my wife start a food business, and the costs are not anything exorbitant; commercial kitchen space, testing for shelf-stability, and some local certifications. It was profitable enough for someone who is selling as a hobby, but anyone serious would buy or build a kitchen to reduce ongoing costs and boost profit.
deleted 4y ago
[deleted]
Mo3 4y ago
Why does the "Decentral Bank" have safeguards and ways to modify "immutable" constructs just like any other web3/DeFi project then? The financial system is the way it is for a reason, and crypto is not some sort of revolutionary unicorn that noone has ever thought of before teenagers wanted to buy ape pictures. Yeah, proof of ownership is cool and stuff. Meanwhile almost the whole of DeFi and Web3 is even running counter to the very core philosophy of cryptocurrency and/or decentralisation… and this comes from an early Bitcoin evangelist. I’m truly starting to believe that the crypto “investors” nowadays are the only ones not understanding this “new asset class” that for some reason is 14 years old and has CME futures. You’re not even playing with safety off, you just strapped a black stock market to a blockchain, handed the safety to amateurs and criminals and are playing with regulation off. But yeah, the stupid nonbelievers, that’s why volatility must be present. First of all, what’s happening to DeFi isn’t volatility, and secondly I’ve heard that kind of reasoning before and it never ends well.

klyrs 4y ago

And a user accidentally and irrevocably getting 5 trillion coins won't "distort" the market?

randomhodler84 4y ago
The market would respond to the existence of the extra coins, inflating them to zero. Those with long LP positions in pools with exposure will take a large loss. No bail out, some win, some lose.
- jankyxenon 4y ago
  And should I want to play this stupid game with real money?
  - randomhodler84 4y ago
    That is a decision only you can make for yourself. Some people collect plates and spoons. Some Collect stamps. Others like unusual coins. Me, I’m all about the sats.
- klyrs 4y ago
  Stands to reason you wouldn't be upset by a stranger taking the tires off your car, because they were merely bolted on and that's how unregulated markets are supposed to work?
  - randomhodler84 4y ago
    I don’t own a car, and I don’t leave things out in public that can be stolen by removing bolts. That’s how unregulated markets work.
    - deleted 4y ago
      [deleted]
    - noSyncCloud 4y ago
      > I don’t own a car, and I don’t leave things out in public that can be stolen by removing bolts. That’s how unregulated markets work. Wonderful bit, great job lol

mint2 4y ago

If only there was an equivalent unregulated food space. Wonder how many crypto enthusiasts would put their money where their mouth is. Or maybe crypto enthusiasts like regulations selectively.

stevekemp 4y ago
Isn't that what people were doing with Soylent?
- tadfisher 4y ago
  Soylent is regulated and uses an established manufacturer to make the product.
  - randomhodler84 4y ago
    Now. It was always an open food project and spawned many other unregulated powered food makers. Some of these are regulated today. I was into it years ago in the food hacking days and also when I was vegan. I want a world where I can buy weird powered food from hackers without the man regulating it’s contents.
    - tadfisher 4y ago
      All of them are regulated. That some "food hackers" break the plethora of local, state, and federal laws governing the manufacture and sale of food products does not falsify this fact. Frankly, what you want is insane. The reason we have laws and regulations for food content is to avoid killing people with botulism, salmonella, E. coli, lead, mercury, arsenic, cyanide... — basically all the things people used to die of before they got sick of dealing with food-borne illnesses and poisoning and demanded regulations. The regulations aren't even that onerous. I helped my wife start a food business, and the costs are not anything exorbitant; commercial kitchen space, testing for shelf-stability, and some local certifications. It was profitable enough for someone who is selling as a hobby, but anyone serious would buy or build a kitchen to reduce ongoing costs and boost profit.

deleted 4y ago

[deleted]

Mo3 4y ago

Why does the "Decentral Bank" have safeguards and ways to modify "immutable" constructs just like any other web3/DeFi project then? The financial system is the way it is for a reason, and crypto is not some sort of revolutionary unicorn that noone has ever thought of before teenagers wanted to buy ape pictures. Yeah, proof of ownership is cool and stuff. Meanwhile almost the whole of DeFi and Web3 is even running counter to the very core philosophy of cryptocurrency and/or decentralisation… and this comes from an early Bitcoin evangelist. I’m truly starting to believe that the crypto “investors” nowadays are the only ones not understanding this “new asset class” that for some reason is 14 years old and has CME futures. You’re not even playing with safety off, you just strapped a black stock market to a blockchain, handed the safety to amateurs and criminals and are playing with regulation off. But yeah, the stupid nonbelievers, that’s why volatility must be present. First of all, what’s happening to DeFi isn’t volatility, and secondly I’ve heard that kind of reasoning before and it never ends well.