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Let it burn indeed - it's a hands-on history lesson for GenZ tech bros why every single cumbersome, expensive regulation exists in the financial sector currentl

Let it burn indeed - it's a hands-on history lesson for GenZ tech bros why every single cumbersome, expensive regulation exists in the financial sector currently. Besides, why should there be a need for regulation in a trustless system at all? If you think this is a beneficial setup, live (and die) by it.

DennisP 4y ago
FTX was not a trustless system. It was trusted, centralized exchange that happened to be trading crypto. Uniswap is a good example of a trustless exchange. It runs on chain and doesn't have admin keys. If you have assets in uniswap, the only person who can move them is you. We should regulate trusted actors that hold other people's money, and avoid interfering with trustless systems.
- baxtr 4y ago
  How many people got sick rich through the rise of Uniswap?
  - DennisP 4y ago
    Not sure what bearing that has on my argument but probably not many, other than its developer (who collects fees). There's a governance token but even if you bought at the bottom and sold at the very top it was only a 13X gain (and if you held until now, a 2X gain overall). It's just a simple system that does its job with extreme reliability. Lots more people have made some money on Uniswap, either by trading well, or by providing liquidity and collecting a portion of fees.
    - baxtr 4y ago
      You’re arguing that a trustless will serve the many, whereas in reality only a few people got really rich. That doesn’t rhyme well.
      - DennisP 4y ago
        Um, I'm saying just the founder of Uniswap got rich. I think you'll find that the founders of traditional exchanges, banks, and other businesses in legacy finance also tend to get quite rich. They also provide essential services to the rest of us. (And Hacker News is a forum run by ycombinator, whose whole point is the founding of new companies, with the goal of making a few people rich and, hopefully, providing valuable services to lots more people.)
        spopejoy 4y ago
        I don't know how Uniswap founders got rich before UNI, as all the fees went straight to liquidity providers. UNI probably did get them rich through the usual insider-y mechanisms, but as I recall they were almost forced into it by SUSHI and friends. I found it a little sad as before it looked 100% trustless/0% insider-rewarding.

DennisP 4y ago

FTX was not a trustless system. It was trusted, centralized exchange that happened to be trading crypto. Uniswap is a good example of a trustless exchange. It runs on chain and doesn't have admin keys. If you have assets in uniswap, the only person who can move them is you. We should regulate trusted actors that hold other people's money, and avoid interfering with trustless systems.

baxtr 4y ago
How many people got sick rich through the rise of Uniswap?
- DennisP 4y ago
  Not sure what bearing that has on my argument but probably not many, other than its developer (who collects fees). There's a governance token but even if you bought at the bottom and sold at the very top it was only a 13X gain (and if you held until now, a 2X gain overall). It's just a simple system that does its job with extreme reliability. Lots more people have made some money on Uniswap, either by trading well, or by providing liquidity and collecting a portion of fees.
  - baxtr 4y ago
    You’re arguing that a trustless will serve the many, whereas in reality only a few people got really rich. That doesn’t rhyme well.
    - DennisP 4y ago
      Um, I'm saying just the founder of Uniswap got rich. I think you'll find that the founders of traditional exchanges, banks, and other businesses in legacy finance also tend to get quite rich. They also provide essential services to the rest of us. (And Hacker News is a forum run by ycombinator, whose whole point is the founding of new companies, with the goal of making a few people rich and, hopefully, providing valuable services to lots more people.)
      - spopejoy 4y ago
        I don't know how Uniswap founders got rich before UNI, as all the fees went straight to liquidity providers. UNI probably did get them rich through the usual insider-y mechanisms, but as I recall they were almost forced into it by SUSHI and friends. I found it a little sad as before it looked 100% trustless/0% insider-rewarding.