puranjay

33 ms·

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by puranjay 6y ago
I see the downside as well, but all the same, I'd be happy if I can own the rewards and the risk. If I go broke because of experimenting with this stuff, I'll be okay with it - it's my money, my mistakes. Lots of people went
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by puranjay 6y ago
History has shown that when the potential rewards are large enough, the players will literally move jurisdictions to tap into the rewards. All that happens is forgone tax revenues for nations. Because unless you have a one world government
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by puranjay 6y ago
At this point, I don't even care about Bitcoin anymore. It serves no purpose. I don't even care about cryptocurrencies as such. But the ideas popping out from these fields are just so darn exciting. DeFi makes all these complex fi
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by puranjay 6y ago
I'll give you an example. The most "mainstream" revolutionary idea in crypto right now is automated market makers (AMMs) like Uniswap. These essentially allow anyone to create a "pool" to trade between two assets an
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by puranjay 6y ago
Let me introduce you to the wonderful world of Hawala: https://en.wikipedia.org/wiki/Hawala The idea that cash can't be laundered because it is tangible is laughable.
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by puranjay 6y ago
The second largest is issued by a soon-to-be-public $100B company. I'm sure the backing assets will have to be disclosed to the public.
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by puranjay 6y ago
It will only prove Bitoin holders right.
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by puranjay 6y ago
Crypto maximalists - and I know a LOT of them - are drawn to crypto because of ideology, not just the money. The idea that a person should own his/her own assets, be able to share and use them whenever they want, and be free from gover
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by puranjay 6y ago
DeFi's main value proposition is the automation of money. NFTs main value proposition is fractional ownership and assertion of ownership rights in a transparent manner. Imagine owning 1% of a Drake song - and getting paid 1% of the roy
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by puranjay 6y ago
Have you looked into newer consensus mechanisms that consume vastly less energy - like Proof of History - that blockchains like Solana use? The whitepaper should make for an interesting read: https://solana.com/solana-whitep
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by puranjay 6y ago
What I'm describing is free trade.
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by puranjay 6y ago
I find it incredible that someone can code up a strategy for deploying an investment vault, the community, which operates as a Decentralized Autonomous Organization (DAO), can decide to vote on it, and two days later, people can start inves
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by puranjay 6y ago
HN is boomer central when it comes to crypto. Haven't had a single enlightening discussion about it here. I see a lot of misconceptions about scams and pump and dump schemes carried over from the 2017 run, and complete neglect of the i
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by puranjay 6y ago
Nigeria banned banks from trading in crypto, killing off the fiat. Nigerians just started making telegram and whatsapp groups, made codenames for different coins and traded them for cash or bank transfers. Unless you decide to bank commerce
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by puranjay 6y ago
All this will do is compel companies to move to crypto friendly countries. China squeezed down on crypto. Chinese exchanges just moved their headquarters to Malta. When you start getting into DAOs and their legal status and everything start
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by puranjay 6y ago
DeFi has a legitimate use case and NFTs have an astonishing number of use cases. Smart Contracts are an incredible, incredible innovation. We are at the tip of the iceberg and nothing has been more disappointing than seeing the traditional
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by puranjay 6y ago
In Uzbekistan, I saw a disproportionately large number of people with gold teeth. When I asked my host about it, he said that that was the older Soviet-era generation that would get gold teeth so that they could carry some useful wealth wit
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by puranjay 6y ago
Cooking. Always enjoyed it but over the pandemic, I got serious about it. Watched more YouTube videos than I can count, even took some online live classes. Cooking is great because it not only gives you joy, but it also gives joy to those y
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by puranjay 6y ago
The dex world is thriving and centralized exchanges are the last place innovation happens in the crypto world
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by puranjay 6y ago
I can't think of a single individual who held bitcoin and lost money in the long run
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by puranjay 6y ago
People owning their own money outside of autocratic state control is now a bad thing?
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by puranjay 6y ago
Crypto is breaking the financial establishment and ruining Wall Street's never ending party. DeFi is bringing the same synthetic assets that Wall Street creates out of thin air to everyone. If you're not bullish on crypto, you hav
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by puranjay 6y ago
Really disappointed at HN's recent stance on both crypto and GME. Far too many calls for regulation and control. This is not the free market proponents platform I used to know.
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by puranjay 6y ago
See this comment: https://news.ycombinator.com/item?id=25972501
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by puranjay 6y ago
You have to start by decoupling crypto and bitcoin. I don't know what use Bitcoin is anymore except as a reserve of value. Some of the more interesting crypto projects are even using BTC as a "peg" currency. The most interest
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by puranjay 6y ago
I used to be very bearish on crypto because all I saw was scam after scam and an unstable "currency" (Bitcoin) that no one used. But as I've been getting more and more into crypto, especially DeFi, it's clear to me that
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by puranjay 6y ago
To be honest, you'd have some mental health issues too if you woke up every morning to some man screaming some random bs at the world for four years.
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by puranjay 6y ago
Rockstar is smart in that it they don't hype up their games at all. You won't even know GTA6 is going to be released until the product is 6 months from finishing.
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by puranjay 6y ago
I, for one, get terrible nausea and motion sickness if I look at screens while sitting in a cab. I suspect this is a fairly big issue among commuters who aren't taking the subway (which, in America, is practically no one outside of NYC
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by puranjay 6y ago
Privacy coins are far more suited for skirting regulations. If that's the killer app, you would see mass adoption of Monero, not BTC

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