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> the major innovations You mean the overhyped extremely niche technologies?

by stephenr 1y ago

nailer 1y ago
The idea that a technology that challenges Google search, and digital money are ‘niche’ is… odd.
- lern_too_spel 1y ago
  AI is not niche. Blockchain ledgers are because centralized ledgers are cheaper, faster, and controllable by law; which is what most people want if they spend a few seconds thinking about it.
  - nailer 1y ago
    This is the typical HN 2015 crypto knowledge. It was accurate a decade ago but isn’t any more. - Centralised ledgers are multiple orders of magnitude more expensive (2.5% to 6%, a typical blue and white square checkout is 3.5%) versus something like $0.000025 on the most active blockchain) - At their best (2-3 second confirmation) as fast as current gen blockchain networks and an order of magnitude slower than next generation (150 milliseconds block time so expected subsecond confirmations). - Tokens have techniques like permanent delegate for OFAC compliance. This isn’t meant to be a personal attack, it’s just that this view of crypto is akin to saying that ‘AI is customer service chatbots that don’t work’ - correct ten years ago but not anymore. Axiom, YC W25 is the fastest growing company in YC history hitting 100 million in revenue in five months.
    - lern_too_spel 1y ago
      You're comparing different things to try to prove something that is obviously wrong to anyone who spends a few seconds thinking about it. > Centralised ledgers are multiple orders of magnitude more expensive (2.5% to 6%, a typical blue and white square checkout is 3.5%) versus something like $0.000025 on the most active blockchain) I was comparing cost of recording the transaction. Think for 2 seconds. Obviously, a centralized ledger is going to be cheaper. You are comparing the cost for completing a transaction on one side with the cost of completing a transaction plus fraud fraud mitigation, chargebacks, etc. on the other. > At their best (2-3 second confirmation) as fast as current gen blockchain networks and an order of magnitude slower than next generation (150 milliseconds block time so expected subsecond confirmations). Same mistake. Think for two seconds. Obviously, the speed of recording a transaction on a centralized ledger is going to be faster. Whatever you build on a blockchain ledger you can build faster and cheaper on a centralized ledger. People fooled by crypto grifters don't have enough economics education to understand "ceteris paribus" let alone everything that comes after in an introductory course.
      - nailer 1y ago
        I’d like to start by saying “think for two seconds” is not a respectful way to communicate. Do I need fraud mitigation and insurance to buy a coffee or groceries? Regardless of the capabilities of centralised networks when you last bought something using a Visa card was it hundreds of milliseconds or was it two or three seconds to confirm? > People fooled by crypto grifters don't have enough economics education That’s a very broad statement about a lot of people highly regarded in traditional finance.
        hobs 1y ago
        Do you think not engaging with the actual content of the poster and purposefully misinterpreting them disingenuously is a respectful way to communicate?
        nailer 1y ago
        > Do you think not engaging with the actual content of the poster and purposefully misinterpreting them disingenuously No. But nobody did that.
        lern_too_spel 1y ago
        > I’d like to start by saying “think for two seconds” is not a respectful way to communicate. I'm assuming the readers here have enough technological sophistication to understand the problem in two seconds. This is not the case among general YouTube audiences being fooled by crypto grifters. > Do I need fraud mitigation and insurance to buy a coffee or groceries? Do you want to be on the hook for somebody else buying coffee and groceries on your dime? Most people don't. Thus, fraud mitigation. > That’s a very broad statement about a lot of people highly regarded in traditional finance. That's assuming that those "highly regarded" people are fooled by crypto grifters instead of profiting off the fools.

> the major innovations You mean the overhyped extremely niche technologies?

nailer 1y ago

The idea that a technology that challenges Google search, and digital money are ‘niche’ is… odd.

lern_too_spel 1y ago
AI is not niche. Blockchain ledgers are because centralized ledgers are cheaper, faster, and controllable by law; which is what most people want if they spend a few seconds thinking about it.
- nailer 1y ago
  This is the typical HN 2015 crypto knowledge. It was accurate a decade ago but isn’t any more. - Centralised ledgers are multiple orders of magnitude more expensive (2.5% to 6%, a typical blue and white square checkout is 3.5%) versus something like $0.000025 on the most active blockchain) - At their best (2-3 second confirmation) as fast as current gen blockchain networks and an order of magnitude slower than next generation (150 milliseconds block time so expected subsecond confirmations). - Tokens have techniques like permanent delegate for OFAC compliance. This isn’t meant to be a personal attack, it’s just that this view of crypto is akin to saying that ‘AI is customer service chatbots that don’t work’ - correct ten years ago but not anymore. Axiom, YC W25 is the fastest growing company in YC history hitting 100 million in revenue in five months.
  - lern_too_spel 1y ago
    You're comparing different things to try to prove something that is obviously wrong to anyone who spends a few seconds thinking about it. > Centralised ledgers are multiple orders of magnitude more expensive (2.5% to 6%, a typical blue and white square checkout is 3.5%) versus something like $0.000025 on the most active blockchain) I was comparing cost of recording the transaction. Think for 2 seconds. Obviously, a centralized ledger is going to be cheaper. You are comparing the cost for completing a transaction on one side with the cost of completing a transaction plus fraud fraud mitigation, chargebacks, etc. on the other. > At their best (2-3 second confirmation) as fast as current gen blockchain networks and an order of magnitude slower than next generation (150 milliseconds block time so expected subsecond confirmations). Same mistake. Think for two seconds. Obviously, the speed of recording a transaction on a centralized ledger is going to be faster. Whatever you build on a blockchain ledger you can build faster and cheaper on a centralized ledger. People fooled by crypto grifters don't have enough economics education to understand "ceteris paribus" let alone everything that comes after in an introductory course.
    - nailer 1y ago
      I’d like to start by saying “think for two seconds” is not a respectful way to communicate. Do I need fraud mitigation and insurance to buy a coffee or groceries? Regardless of the capabilities of centralised networks when you last bought something using a Visa card was it hundreds of milliseconds or was it two or three seconds to confirm? > People fooled by crypto grifters don't have enough economics education That’s a very broad statement about a lot of people highly regarded in traditional finance.
      - hobs 1y ago
        Do you think not engaging with the actual content of the poster and purposefully misinterpreting them disingenuously is a respectful way to communicate?
        nailer 1y ago
        > Do you think not engaging with the actual content of the poster and purposefully misinterpreting them disingenuously No. But nobody did that.
      - lern_too_spel 1y ago
        > I’d like to start by saying “think for two seconds” is not a respectful way to communicate. I'm assuming the readers here have enough technological sophistication to understand the problem in two seconds. This is not the case among general YouTube audiences being fooled by crypto grifters. > Do I need fraud mitigation and insurance to buy a coffee or groceries? Do you want to be on the hook for somebody else buying coffee and groceries on your dime? Most people don't. Thus, fraud mitigation. > That’s a very broad statement about a lot of people highly regarded in traditional finance. That's assuming that those "highly regarded" people are fooled by crypto grifters instead of profiting off the fools.