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> If Binance goes, crypto isn't coming back Interesting statement for a decentralized asset

by melenaboija 4y ago

mrtksn 4y ago
What decentralised asset?
- melenaboija 4y ago
  Sorry, crypto. I don’t know much about the topic and sometimes I get confused with the concepts crypto, currency, non fungible, token and I call it asset asset to generalize. So, what makes a crypto to be a crypto?
  - mrtksn 4y ago
    That's just the label, nothing decentralised is left. See, as it turns out, to trade you need to find people and people are found in central locations. Okay, there are still many exchanges but this is mostly incidental and it makes sense to end up with single exchange eventually.
    - TheOtherHobbes 4y ago
      I'm enjoying the irony that practical crypto could not possibly be less like an decentralised peer-to-peer system for exchanging value if it tried to be. As you soon as someone creates an exchange - and especially as soon as they start packaging funds into absolutely any kind of financial instrument/service - they've effectively reinvented deregulated banking with no deposit protection and extra risk.
      - ausudhz 4y ago
        and additionally who run these exchange has no economical background whatsoever. Like an ignorant trying to reinvent the wheel into a squared one and poaching it as a new invention. But is "decentralized"...
      - pa7x1 4y ago
        Don't let the schadenfreude and confirmation bias get to you. Centralized exchanges never had anything to do with the value proposition of cryptocurrency. And trading on them is just speculation with no relation to crypto. It's what gets views in the press, though. Whenever news like these occur there is always a bunch of "I knew it would all fall down" self-validation comments in HN. Yet it really doesn't fall down, after over a decade. Perhaps it's time to consider that you are looking at the wrong thing and barking at the wrong tree. Of all these collapses there is 0 decentralized exchanges (i.e. on-chain) involved. Pretty much because they can't, by design. That's the value proposition. Unstoppable exchanges, transparent, publicly verifiable, highest availability. What you have seen all this year is more and more validation that centralized finance is problematic by design (3AC, Celsius, BlockFi, FTX...) while decentralized finance comes unscathed (Uniswap, Aave, Curve, MakerDAO...).
netheril96 4y ago
It’s interesting because it is wrong. MtGox had far larger dominance in crypto trading than Binance, flopped significantly, and it didn’t prevent crypto from coming back.
- coffeebeqn 4y ago
  In dollar amounts it was a tiny tiny exchange though

> If Binance goes, crypto isn't coming back Interesting statement for a decentralized asset

mrtksn 4y ago

What decentralised asset?

melenaboija 4y ago
Sorry, crypto. I don’t know much about the topic and sometimes I get confused with the concepts crypto, currency, non fungible, token and I call it asset asset to generalize. So, what makes a crypto to be a crypto?
- mrtksn 4y ago
  That's just the label, nothing decentralised is left. See, as it turns out, to trade you need to find people and people are found in central locations. Okay, there are still many exchanges but this is mostly incidental and it makes sense to end up with single exchange eventually.
  - TheOtherHobbes 4y ago
    I'm enjoying the irony that practical crypto could not possibly be less like an decentralised peer-to-peer system for exchanging value if it tried to be. As you soon as someone creates an exchange - and especially as soon as they start packaging funds into absolutely any kind of financial instrument/service - they've effectively reinvented deregulated banking with no deposit protection and extra risk.
    - ausudhz 4y ago
      and additionally who run these exchange has no economical background whatsoever. Like an ignorant trying to reinvent the wheel into a squared one and poaching it as a new invention. But is "decentralized"...
    - pa7x1 4y ago
      Don't let the schadenfreude and confirmation bias get to you. Centralized exchanges never had anything to do with the value proposition of cryptocurrency. And trading on them is just speculation with no relation to crypto. It's what gets views in the press, though. Whenever news like these occur there is always a bunch of "I knew it would all fall down" self-validation comments in HN. Yet it really doesn't fall down, after over a decade. Perhaps it's time to consider that you are looking at the wrong thing and barking at the wrong tree. Of all these collapses there is 0 decentralized exchanges (i.e. on-chain) involved. Pretty much because they can't, by design. That's the value proposition. Unstoppable exchanges, transparent, publicly verifiable, highest availability. What you have seen all this year is more and more validation that centralized finance is problematic by design (3AC, Celsius, BlockFi, FTX...) while decentralized finance comes unscathed (Uniswap, Aave, Curve, MakerDAO...).

netheril96 4y ago

It’s interesting because it is wrong. MtGox had far larger dominance in crypto trading than Binance, flopped significantly, and it didn’t prevent crypto from coming back.

coffeebeqn 4y ago
In dollar amounts it was a tiny tiny exchange though