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>> Fried, after all, was supposed to be crypto’s good-guy wunderkind, the pro-regulation prophet who would finally lead crypto into the mainstream. That's rule
by themihai 4y ago
>> Fried, after all, was supposed to be crypto’s good-guy wunderkind, the pro-regulation prophet who would finally lead crypto into the mainstream.
That's rule number one in crypto and the very reason it motivates its existence: You shouldn't trust a 3rd party with your money.
Let the "crypto investors" learn this lesson first hand.
- otikik 4y agoWhich is also what makes it impossible. Trust is a prerequisite to any commercial exchange, since it requires at least two different parties. Big centralized systems use a third party for “scam protection”. Math alone can’t replace trust.
- popol12 4y agoDEX are working nicely and constantly improving. Today, CEX are only useful for on/off ramp of fiat.
- ForHackernews 4y agoCool. On the day when you can actually buy real products with cryptocurrency directly, maybe that will matter.
- Scoundreller 4y agoI mean, people definitely have. Even the sketchy product marketplaces are moving toward inevitably decentralized “n of m” payments where the buyer and seller can approve the payment in case the marketplace disappears.
- themihai 4y agoThe high fees made DEX impractical
- pas 4y agothere are cheap networks. Solana seems nice (except their developer documentation is so godfuckingly shitful, that I haven't seen anything this bad and I'm doing this shit for 10+ years, and even OpenStack, early Kubernetes and whatnot was easier to understand and better documented).
- zeroclip 4y agoNot on L2.
- jqpabc123 4y agoWho are you gonna trust? Government or a crypto exchange? As you point out, trusting no one is not an option if you want to transact. Right now, trusting government looks like the better option. And crypto has done nothing but provide proof.
- gonzo41 4y agoAlways trust a government for money related stuff. Take the USA. The US government doesn't tax much, protects the wealthy and is able to project it's sovereignty all over the world. Billionaires love living and banking in America and don't find the regulatory environment too tough to navigate. Crypto kids love to think that btc and other 'asset' classes are like some prepper version of money. When really nothing beats have a stack of cash in a good bank. Seriously, some generic S&P tracking ETF reinvesting dividends is a better store of wealth than most of the crypto assets. And that whole trustless banking shtick is totally overblown. If you;re going to do business or crime, people are going to want to establish trust first.
- jqpabc123 4y agoThe "trustless" aspect of crypto only covered the accounting. Naive people extrapolated this to include the actors exercising inluence over the marketplace without transparency or accountability. And therein lies the basic ingredients for a scam of epic proportions.