intotheabyss

10 ms·

61.
by intotheabyss 5y ago
The advantage eventually will be easier ways to get funding for startups or businesses of all kinds. You need highly liquid markets in order to facilitate global finance at scale so that's where it's starting today. Rebuilding all
62.
by intotheabyss 5y ago
No, what I'm saying is that right now if you have a product on Ethereum with consistent cashflows, you can borrow money on credit from DAOs with large treasuries willing to lend them out using OpenLaw contracts as arbitration. The goal
63.
by intotheabyss 5y ago
Uh no, Aave has credit delegation for no collateral loans and it uses OpenLaw contracts to secure a credit line. And there's also TrueFi https://truefi.io/ . And a bunch of others. You can get loans based on credit on E
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by intotheabyss 5y ago
That's strange. I own crypto assets that are also capital assets and I receive fees based on transaction volumes and loans. Seems like there's real value there.
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by intotheabyss 5y ago
There are undercollaterized / no collateral loans on Ethereum. You can build a credit score using decentralized identities. But yeah, keep dismissing it. You'll eventually use Ethereum or something like it whether you want to or n
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by intotheabyss 5y ago
Cryptocurrency is a misnomer. Most cryptos aren't trying to be currencies in the traditional sense. For example, RAI is a stablecoin on Ethereum that's not pegged to any fiat currencies. You can think of RAI as a stable form of ET
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by intotheabyss 5y ago
This might be shocking to people, but there are people in crypto that own zero Bitcoin. You can dislike Bitcoin and still be bullish on crypto.
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by intotheabyss 5y ago
I hate the arrogant stupidity of people that dismiss crypto as a cult.
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by intotheabyss 5y ago
Huge advantages for both. For example, something that's only possible on a blockchain is a flashloan. This is where you can get a loan for any amount (liquidity provided) as long as you repay the full loan amount in the same block. Thi
70.
by intotheabyss 5y ago
I can't believe this blatant denialism still exists on HN despite the fact that Ethereum has a thriving defi ecosystem. I can get a loan peer to peer today with my ETH in a stablecoin and yet you say there's no there there? Right.
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by intotheabyss 5y ago
Not OP, but I literally use Ethereum every day and have been for like 2 years now. I started using dapps in 2016, but in 2019 is when the network had a sufficient amount of things to do that I found myself using it daily.
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by intotheabyss 5y ago
Except it's not at all. You can take synthetic TSLA shares and deposit those as collateral to mint stablecoins as a loan. Where else can you do that from your web browser at 10am on a Sunday and confirmed in 30 seconds?
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by intotheabyss 5y ago
It wont be 5-10% for long. At steady state, it'll be a tug of war between staking Ether in the beaconchain, or depositing Ether into defi protocols. While it might seem like your ETH are just passively earning, actually staking 32 ETH
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by intotheabyss 5y ago
You could even send ETH to the Secret Network and perform token swaps and then send it back to a clean address.
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by intotheabyss 5y ago
Well you could take the ETH and stake in the beaconchain and get 8% more ETH per year (depending on staking rates). Or you could use the ETH to get a loan in DAI on Compound or Maker. Or you cn buy synthetic assets like stocks on Synthetix.
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by intotheabyss 5y ago
You don't need to. You can send the ETH to tornado.cash. Their anonymity set is such that 100 million would take a long time, but on the order of months to withdraw. Tornado.cash has millions in total locked value in different ETH deno
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by intotheabyss 5y ago
ETH can be sent through tornado.cash or through zkDAI. Both of these use zero knowledge proofs to break the link in the chain.
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by intotheabyss 5y ago
I'd also note that SpaceX wouldn't be where it is today without Gwynne Shotwell.
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by intotheabyss 5y ago
Except of course for the number 2 crypto by mcap which is months away from proof of stake.
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by intotheabyss 5y ago
It's also one of its biggest strengths. People with real value at stake in an ecosystem will do anything possible to increase the value of their holdings, which means making the overall ecosystem more valuable through individual and te
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by intotheabyss 5y ago
There are plenty of useful applications on Ethereum. Maker, Compound, Aave, dYdX, Synthetix, UMA, Uniswap to name very few.
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by intotheabyss 5y ago
It's a governance token today, but it will likely become a capital asset earning revenue from the Uniswap protocol at some point.
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by intotheabyss 5y ago
The ENS (Ethereum Name Service) technically loans out the domain names and they are put up again on the market if the owner of the domain doesn't renew it before expiry.
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by intotheabyss 5y ago
Want better drainage? Get adequate sleep.
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by intotheabyss 5y ago
Chainlink and some Ethereum dapps have proven that you can get decentralized 'real-world' truth into smart contracts, at least from world market data. You can debate at how decentralized Chainlink's architecture might be, but
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by intotheabyss 5y ago
Or you can visit uniswap.eth if you have metamask installed since it resolves ENS domains.
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by intotheabyss 6y ago
Well, yeah, it's a centralized stablecoin. The advantage is that it can be used in Ethereum contracts in DeFi. If you want a stablecoin with no trust assumptions (other than the protocol and governance), there's MakerDAO's DA
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by intotheabyss 6y ago
That's easy for you to say, but there's plenty of people on this planet that don't have access to any financial markets. Now with a smartphone, browser and internet connection, they can buy exposure to US equities without a b
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by intotheabyss 6y ago
The asset won't be the bulldozer, but ownership of the bulldozer. How did the natives of the Yap islands know who owned which Rai stones? Through social contracts. The same would be the case for bulldozer ownerships on Ethereum. It&#x2
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by intotheabyss 6y ago
You can use zero knowledge proofs if you really want to conceal the information in a contract, but still prove to the world that you've fulfilled that contract. If you're using public Ethereum, then presumably you want your contra

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