6 ms·

It's been over 10 years and we still don't have a decent usecase for blockchain outside of crypto.

medo-bear 4y ago
there has been a huge use-case the whole time: decentralized accounting / banking some people see value in this some people perhaps not
- kranke155 4y ago
  Not to mention NFTs, but it seems impossible to convince the HN crowd that there is a real art market in them, with real buyers and real artists using it. Any attempt to demonstrate this is met with wild leaps of logic - it's wash trading, it's not big enough, it's all a scam. I point to Beeple, Wes Cockx, DeeWay sales and all they tell me is it must all be a fraud. I show them markets with vibrant activity - Versum, FXhash, Foundation - and all I get is repetitions of memes around how NFTs are dead.
  - DrScientist 4y ago
    Successful scams have customers - the presence of people putting in money isn't a defining trait. However I do think it's a bit harsh to call these things a scam - I mean take the art market itself - value is entirely subjective - doesn't mean it's a scam ( though scamming things happen in the normal art market to try and inflation prices ). The question you have to ask yourself is: Are you buying the NFT as an investment - because you think other people will value it, or are you spending the money because you are quite happy to own that thing forever and never sell - ie the value is to you. I'd argue if you are doing the former you are more likely to be 'scammed' than the latter.
    - kranke155 4y ago
      I buy art for my art collection. They happen to be NFTs. I also purchase physical art.
    - ShamelessC 4y ago
      NFT’s are fungible in practice, is the root of the issue.
- DrScientist 4y ago
  For most people this has little value. The centralised banking model is cost efficient and for most people trust isn't an issue. The modern world runs on trust. Also if I want to trade anonymously there is always cash ( as least for now ), which is a simple, well understood, near universally accepted mechanism. There are niches where decentralized banking is useful - but they are niches - and many of them are associated with dubious activity. On top of that the current tech plaforms simply don't scale - the cost of replacing simple trusted parties with technology is huge.
  - medo-bear 4y ago
    > For most people this has little value for most people in the US or the world? i think everywhere banks rank amongst the most disliked institutions
    - idontpost 4y ago
      That doesn't make being "not a bank" valuable.
    - 8note 4y ago
      Blockchain asks the question: what if you couldn't regulate the banks through democracy? Which would imply that people love banks and want them to be even more powerful.
      - medo-bear 4y ago
        ok
throwaway98797 4y ago
the global username by ethereum name service (ENS) see fallon.eth

there has been a huge use-case the whole time: decentralized accounting / banking some people see value in this some people perhaps not

kranke155 4y ago
Not to mention NFTs, but it seems impossible to convince the HN crowd that there is a real art market in them, with real buyers and real artists using it. Any attempt to demonstrate this is met with wild leaps of logic - it's wash trading, it's not big enough, it's all a scam. I point to Beeple, Wes Cockx, DeeWay sales and all they tell me is it must all be a fraud. I show them markets with vibrant activity - Versum, FXhash, Foundation - and all I get is repetitions of memes around how NFTs are dead.
- DrScientist 4y ago
  Successful scams have customers - the presence of people putting in money isn't a defining trait. However I do think it's a bit harsh to call these things a scam - I mean take the art market itself - value is entirely subjective - doesn't mean it's a scam ( though scamming things happen in the normal art market to try and inflation prices ). The question you have to ask yourself is: Are you buying the NFT as an investment - because you think other people will value it, or are you spending the money because you are quite happy to own that thing forever and never sell - ie the value is to you. I'd argue if you are doing the former you are more likely to be 'scammed' than the latter.
  - kranke155 4y ago
    I buy art for my art collection. They happen to be NFTs. I also purchase physical art.
  - ShamelessC 4y ago
    NFT’s are fungible in practice, is the root of the issue.
DrScientist 4y ago
For most people this has little value. The centralised banking model is cost efficient and for most people trust isn't an issue. The modern world runs on trust. Also if I want to trade anonymously there is always cash ( as least for now ), which is a simple, well understood, near universally accepted mechanism. There are niches where decentralized banking is useful - but they are niches - and many of them are associated with dubious activity. On top of that the current tech plaforms simply don't scale - the cost of replacing simple trusted parties with technology is huge.
- medo-bear 4y ago
  > For most people this has little value for most people in the US or the world? i think everywhere banks rank amongst the most disliked institutions
  - idontpost 4y ago
    That doesn't make being "not a bank" valuable.
  - 8note 4y ago
    Blockchain asks the question: what if you couldn't regulate the banks through democracy? Which would imply that people love banks and want them to be even more powerful.
    - medo-bear 4y ago
      ok

throwaway98797 4y ago

the global username by ethereum name service (ENS) see fallon.eth