6 ms·

> You are grasping as straws. I am not. I am describing the absolute vast majority of cases on Uniswap. > Speculation in markets are always going to exist. We

> You are grasping as straws. I am not. I am describing the absolute vast majority of cases on Uniswap. > Speculation in markets are always going to exist. We have people making a living by speculating on the price of commodities, forex, company stock and event insurance policies. Yes, but you're effusing that currency speculation and flash loans (majority of Uniswap) is this some new grand thing that never existed before. Reality disagrees. > such systems could not work on a worldwide scale as easily as they work now Forex was (and probably still is) a huge global market. I know because my friends spent a lot of time on it in early 2000s. Global market works easily, and at scale. For much longer and at much larger scale than anything crypto maximalists can even dream of. > Most people are getting into the network not because of the $5/month they get from seeing ads, but because of the possibility of the received tokens going up in value. Yup. Pure speculation. You're pretending it's something new, novel, and hasn't ever existed before.

rglullis 4y ago
> You're pretending it's something new, novel, and hasn't ever existed before. At no point I said that what makes Uniswap (or crypto in general) valuable is the speculation in itself. The value of crypto is in the ability of doing things permissionlessly. The value of Uniswap is not to that it is "better" than Forex. The value of Uniswap is that it lets people exchange value permissionlessly. The value of ENS is not that it is "better" than the ICANN. The value of ENS is that it lets people control a stable, unique, global identity permissionlessly. The value of crypto payment networks is not that it is "better" than Visa. The value of crypto payment networks is that it lets people make transactions around the world permissionlessly. The value of Storj > my friends spent a lot of time on (Forex) in early 2000s. After jumping through all the required hoops, putting together minimum deposit requirements, passing KYC to show their legal standing with who-knows how many financial authorities... but what about those people who wanted to do Forex, but failed to pass any type of requirement? What about, e.g, people in Argentina who are forced to buy and sell dollars at the totally artificial rate imposed by the government? > Global market works easily, and at scale. If it works for you, great! Plenty of people who don't have the same luck. > For much longer and at much larger scale than anything crypto maximalists can even dream of. Nice strawman you got here. Where in this conversation was there any type of "maximalist" proclamation?

rglullis 4y ago

> You're pretending it's something new, novel, and hasn't ever existed before. At no point I said that what makes Uniswap (or crypto in general) valuable is the speculation in itself. The value of crypto is in the ability of doing things permissionlessly. The value of Uniswap is not to that it is "better" than Forex. The value of Uniswap is that it lets people exchange value permissionlessly. The value of ENS is not that it is "better" than the ICANN. The value of ENS is that it lets people control a stable, unique, global identity permissionlessly. The value of crypto payment networks is not that it is "better" than Visa. The value of crypto payment networks is that it lets people make transactions around the world permissionlessly. The value of Storj > my friends spent a lot of time on (Forex) in early 2000s. After jumping through all the required hoops, putting together minimum deposit requirements, passing KYC to show their legal standing with who-knows how many financial authorities... but what about those people who wanted to do Forex, but failed to pass any type of requirement? What about, e.g, people in Argentina who are forced to buy and sell dollars at the totally artificial rate imposed by the government? > Global market works easily, and at scale. If it works for you, great! Plenty of people who don't have the same luck. > For much longer and at much larger scale than anything crypto maximalists can even dream of. Nice strawman you got here. Where in this conversation was there any type of "maximalist" proclamation?