puranjay

29 ms·

271.
by puranjay 5y ago
Blockchain is what makes it freely accessible to anyone from anywhere without requiring a sign up or kyc or local presence. For instance, I can’t sign up for a US trading account without a certain amount of capital, going through a speciali
272.
by puranjay 5y ago
Because its accessible from anyone from anywhere without requiring a sign up or kyc or any of the other hurdles that stop the flow of money and information between legal jurisdictions. A banking and trading account where I can access multip
273.
by puranjay 5y ago
1. P2P exchanges can happen in cold hard cash. No bank account necessary. 2. Bitcoin is barely a decade old. Ethereum was launched in 2015. Most of the DeFi core projects were launched in 2019-2020. This is extremely early stage and compari
274.
by puranjay 5y ago
By that standard, majority of Wall Street has no use case either, since much of the money is made entirely on speculation. Is betting on whether oil price will go up or down really that much of a use case? Unless you count making money as n
275.
by puranjay 5y ago
You don’t have to use an exchange at all. Decentralized exchanges have been around for quite a while and have massive volume. And their governance is entirely controlled by DAOs
276.
by puranjay 5y ago
man even if you're not a believer in the utility of it all, simply participating in crypto right now is loads of fun. Its a weird space where finance and culture and tech and design come together. For every fraudster, there are 10 peop
277.
by puranjay 5y ago
The price isn't manipulated - the price was overheated and we're closer to bear than most realize. Which is good because crypto is a lot more fun in bear markets.
278.
by puranjay 5y ago
1. Transfer to your bank account via an exchange (KYC applies) 2. Turn it into cold hard cash or a bank transfer via P2P (no KYC ) 3. Withdraw cash directly from a Bitcoin ATM (KYC may apply depending on the exchange issuing the card) 4. Tr
279.
by puranjay 5y ago
You're being disingenuous if you're trying to compare the mature foreign exchange market with a technology that's barely half a decade old and still obscure by most standards. Curve.fi, the example I shared, was launched in J
280.
by puranjay 5y ago
Speaking as someone from the third world, absolutely. I just implore anyone here to approach this with an open mind. There's lots of fraud, but that's also leading people to come up with newer, more exciting solutions. Like on-cha
281.
by puranjay 5y ago
All real and legit concerns. Fraud remains a big problem which is why returns are so high right now - we're all early adopters. But there are new developments constantly. On-chain insurance against smart contract failure and hacks is a
282.
by puranjay 5y ago
Much of HN is stuck in 2017 Blockchain era. Most haven't looked it serious since that crash. Many still think of Blockchain and can only think of BTC, LTC, Doge and ETH. DeFi is so new that it even caught HN off guard.
283.
by puranjay 5y ago
It essentially means that the Code is the product. Everything is visible and public. Every smart contract can be publicly viewed and verified. If the code isn't up to scratch, you can review it. If it has an exploit, you can detect it.
284.
by puranjay 5y ago
Bad UX in early technology is kind of expected, isn't it? I'm sure lots of first-world, college-educated people were equally bewildered by email in 1995.
285.
by puranjay 5y ago
Shouldn't the fact that central bankers want to ban crypto make you think that maybe there's something here more than ponzis and scams? If the eye of sauron wants to destroy something, surely it can't be all bad?
286.
by puranjay 5y ago
Money transfer is impossible to stop as long as P2P exchange exists. My country banned crypto a few years back. I just bought in-person. Nigerian central bank banned crypto recently. Nigerians just exchanged it over Whatsapp The fact that c
287.
by puranjay 5y ago
People did bid up the price of domain names at least in a speculative frenzy instead of actually using them
288.
by puranjay 5y ago
> I tell you that I'm totally going to follow what a program tells me and you should give me your money to earn interest. Are you excited about the possible interest from this uninsured, pinky-swear promise exchange? It's a sma
289.
by puranjay 5y ago
I think money transfer was Blockhain Era 1.0 use case. The use case has advanced - very rapidly - to money automation. This is all really new stuff, much of it barely a year old, and it has come so fast that even I've been surprised. A
290.
by puranjay 5y ago
Nothing stopping you from using a P2P exchange to turn that Euro into hard cash if you don't want to go through the KYC/AML. In fact that's exactly how I bought my BTC after the government here banned it.
291.
by puranjay 5y ago
Please see some of these sites I shared earlier: https://curve.fi/ - for exchanging different tokenized stable coins (such as USDC > EURO). Already has over $300M in daily volume exchange. https://yearn.financ
292.
by puranjay 5y ago
I can buy any amount of an asset that I think is more stable than my local currency. Say, switching my Venezuelan Bolivar for USD, without restrictions.
293.
by puranjay 5y ago
I see it as a global, decentralized market anyone can participate in without restrictions. For instance, if I feel my country's currency is heading towards hyperinflation, I can buy up tokenized USD as a hedge. There is no limit to how
294.
by puranjay 5y ago
Please see my comment here: https://news.ycombinator.com/item?id=27258671 some links to complement the comment: https://curve.fi/ - for exchanging different tokenized stable coins (such as USDC > EURO).
295.
by puranjay 5y ago
If HN was around in 1997, I bet half the comments would be about "internet is just scams and porn. Where's the use case apart from checking the weather?"
296.
by puranjay 5y ago
I literally gave a real world example: Curve.fi that's used to swap between stablecoins. You can literally go right now to swap between tokenized USD and EURO. Or you can go to the bank and pay their exchange rate. Maybe they'll a
297.
by puranjay 5y ago
Maybe I'm wrong but I see this perspective so often on HN. And I can't help but feel that this is because so many people on HN are already privileged - living in the first world, making software salaries, and generally have a worl
298.
by puranjay 5y ago
All true. But it also shows how complicated and slow the traditional method can be, especially for international wire transfers. BTC might not be the final solution, but that doesn’t mean the problem doesn’t exist.
299.
by puranjay 5y ago
I sold a website a while back and had a chance to be paid in either BTC or a wire transfer. I opted for a 50-50 split. The wire transfer involved going to the bank and filling out a form to fulfil some regulatory requirements. The transfer
300.
by puranjay 5y ago
Non custodial, trustless loans mean I can get a loan against my existing assets without ever interacting with any individual or being subject to scrutiny. A single smart contract can do the job of entire banks.

More ›