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They're calling this a stablecoin but AFAICT there's no direct mention of blockchains or decentralization or anything else along those lines, have we wrapped al

They're calling this a stablecoin but AFAICT there's no direct mention of blockchains or decentralization or anything else along those lines, have we wrapped all the way around to using crypto nomenclature to talk about plain old centralized ledgers? Not that I'd complain about one less pointless blockchain in the world, it's just funny.

lomase 1y ago
Blockchain is not hype anymore, I bet they talk about AI or LLMs. Edit: I was not wrong.
JumpCrisscross 1y ago
The product page [1] is the most vaporware-y that I’ve seen in a while. That said, they’re emphasising speed. (“Instant.”) That seems to preclude using a major, public blockchain. (On the other hand, they don’t talk up privacy.) [1] https://netdollar.cloudflare.com/ https://netdollar.cloudflare.com/
- wmf 1y ago
  If you define instant as less than half a second then Solana, Avalanche, and various L2s are instant.
  - JumpCrisscross 1y ago
    > If you define instant as less than half a second then Solana, Avalanche, and various L2s are instant I suppose. I don’t see why Cloudflare would want to give up that sort of control. The advantage they bring to the table is they’re a trusted brand per se.
    - wmf 1y ago
      Since most existing blockchains are open source they can just create their own Flarechain™ based on existing code. This would give them de facto control but also the appearance of decentralization at the same time. My point is that it's technologically possible.
      - JumpCrisscross 1y ago
        > My point is that it's technologically possible Oh totally, that’s why I qualified blockchain with major and public.
  - Yizahi 1y ago
    L2 are by design a centralized crutch to "fix" slow L1. They usually work like "oh, let's do all transactions virtually on a side, managed by some centralized pseudo-bank, and then only write sum total on L1". Lightning works like that, likely others too. I don't understand how tokenbros ignore this issue, a least people who claim that tokens are currency replacement.
    - bigyabai 1y ago
      Yup. Centralized crypto arbitration is generally where you separate the decentralized die-hards from the centralized chaff. The funny part is how cryptobros insist that it's an actual solution, but companies universally ignore it to make an L1 chain (because there's no point wasting your time making an L2).
    - wmf 1y ago
      Coincidentally Vitalik just wrote about this (which was helpful to me since I haven't followed L2s closely): "an L2 on top of Ethereum, that uses its centralized features to provide stronger UX features, while still being tied into Ethereum's decentralized base layer for security. ... The security that L2s provide ... reflects concrete properties that protect you as a user from being rugged. ...if an L2 shuts down, users are automatically able to withdraw funds even without that L2's involvement" https://xcancel.com/VitalikButerin/status/1970258498996048247 https://xcancel.com/VitalikButerin/status/197025849899604824... I still prefer well-designed L1s because they are simpler.

lomase 1y ago

Blockchain is not hype anymore, I bet they talk about AI or LLMs. Edit: I was not wrong.

JumpCrisscross 1y ago

The product page [1] is the most vaporware-y that I’ve seen in a while. That said, they’re emphasising speed. (“Instant.”) That seems to preclude using a major, public blockchain. (On the other hand, they don’t talk up privacy.) [1] https://netdollar.cloudflare.com/ https://netdollar.cloudflare.com/

wmf 1y ago
If you define instant as less than half a second then Solana, Avalanche, and various L2s are instant.
- JumpCrisscross 1y ago
  > If you define instant as less than half a second then Solana, Avalanche, and various L2s are instant I suppose. I don’t see why Cloudflare would want to give up that sort of control. The advantage they bring to the table is they’re a trusted brand per se.
  - wmf 1y ago
    Since most existing blockchains are open source they can just create their own Flarechain™ based on existing code. This would give them de facto control but also the appearance of decentralization at the same time. My point is that it's technologically possible.
    - JumpCrisscross 1y ago
      > My point is that it's technologically possible Oh totally, that’s why I qualified blockchain with major and public.
- Yizahi 1y ago
  L2 are by design a centralized crutch to "fix" slow L1. They usually work like "oh, let's do all transactions virtually on a side, managed by some centralized pseudo-bank, and then only write sum total on L1". Lightning works like that, likely others too. I don't understand how tokenbros ignore this issue, a least people who claim that tokens are currency replacement.
  - bigyabai 1y ago
    Yup. Centralized crypto arbitration is generally where you separate the decentralized die-hards from the centralized chaff. The funny part is how cryptobros insist that it's an actual solution, but companies universally ignore it to make an L1 chain (because there's no point wasting your time making an L2).
  - wmf 1y ago
    Coincidentally Vitalik just wrote about this (which was helpful to me since I haven't followed L2s closely): "an L2 on top of Ethereum, that uses its centralized features to provide stronger UX features, while still being tied into Ethereum's decentralized base layer for security. ... The security that L2s provide ... reflects concrete properties that protect you as a user from being rugged. ...if an L2 shuts down, users are automatically able to withdraw funds even without that L2's involvement" https://xcancel.com/VitalikButerin/status/1970258498996048247 https://xcancel.com/VitalikButerin/status/197025849899604824... I still prefer well-designed L1s because they are simpler.