puranjay

13 ms·

91.
by puranjay 4y ago
Man, I've been in the crypto hole for two years straight. There's not a protocol that I haven't tried yet. And there's not a protocol that I now use outside of speculation. Even ENS domain usage has been going up because
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by puranjay 4y ago
Don't disagree with that, but does banking the unbanked require hundreds of billions of dollars in funding? Do the unbanked need algostables, five-figure APY yield farming, sophisticated options protocols like Ribbon, and memecoins val
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by puranjay 4y ago
No crypto project has managed to solve the trilemma problem so far. Decentralized chains are way too expensive and the cheap chains are heavily centralized.
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by puranjay 4y ago
I'm in this rationalization camp since I actually did make insane returns from cryptocurrency. Even then, I can't bring myself to defend this space because of the sheer a) amount of scams, and b) lack of utility. The scams wouldn&
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by puranjay 4y ago
> and real utility is commonplace I'm not trolling, but I really don't know what this real utility is. I've been extremely active in crypto for two years (as a user, not a trader) and I still don't know if there is a
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by puranjay 4y ago
Crypto usage is entirely tied to the market. If the market is doing well, dApp usage collapses. Google search volume doesn't collapse if the stock market isn't doing well. You still send emails even in a recession. No one uses cry
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by puranjay 4y ago
if the iPhone was released in 2007 but in 2022, you couldn't use it to make calls, browse the web, and chat with friends. Instead, it could only run a bunch of Candy Crush clones, but with real money. Would you call that a successful p
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by puranjay 4y ago
In crypto, they just call insider trading "Alpha" and get away with it.
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by puranjay 4y ago
Interestingly, AAVE, Curve, Maker, and Compound - all old school, plain vanilla DeFi projects - still have the highest value locked by a big margin. Once you go beyond these functional but boring DeFi projects, you run into a ton of scams,
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by puranjay 4y ago
if every single crypto dApp was erased from the world overnight, absolutely nothing about how you live your life would change. That's how much impact crypto has had on the world in 15 years.
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by puranjay 4y ago
I understand and appreciate the philosophy behind crypto. Self-ownership and privacy are core values to me. But I've spent two years in this space and I've come out thoroughly disillusioned. The vast majority don't even care
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by puranjay 4y ago
Haven't been to one in nearly three years now, but when they launched in Delhi, they had a really weird ambience. The lighting was dark and dingy, not bright and inviting like most fast food restaurants. And the kicker: they served bee
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by puranjay 4y ago
How many months ago was it that they were predicting a 1920s style gilded age?
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by puranjay 4y ago
Boy would they get mad when they learn about the gulags
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by puranjay 4y ago
Aren't most mortgages in the US fixed rate?
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by puranjay 4y ago
I'm sure CPI calculations include the frequency of consumption too. You eat a kebab every day, but buy glasses maybe once in two years.
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by puranjay 4y ago
A lot of it had to do with the really weird demand patterns that developed over the last two years. We went from 100 demand to 20 as lockdowns happened, then 200 demand as economies opened, then back to 20 again as a new wave of lockdowns t
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by puranjay 4y ago
Most institutions are very slow to react by and large since there is a big lag between on-ground reality and financial data. This is why you'll often see experienced investors and fund managers often defer to their "gut instincts&
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by puranjay 4y ago
I'm also seeing very bloated headcounts for startups. Startups that haven't even hit product-market fit now have 500+ people. I've been out of touch with the startup world the last few years, but something seems to have chang
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by puranjay 4y ago
Two years deep in the web3 hole and after using practically every single protocol, I can't think of any "need to have" use cases either. Everything is either completely unnecessary or a "nice to have". Like, say, tr
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by puranjay 4y ago
Seeing layoffs like these everywhere, including from companies that were hiring as recently as two weeks ago. How did these companies overestimate demand so much? Surely they could have seen that the demand from the pandemic years was an an
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by puranjay 4y ago
its very rare that I find Airbnbs cheaper than hotel rooms. Airbnbs are now exclusively for the rare trip that lasts longer than a week where I largely intend to stay inside. In tourist places, I've also found that hotels are much bett
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by puranjay 4y ago
To be fair, you're not meant to denominate the value of your Bitcoin in dollar terms. 1 BTC is always equal to 1 BTC.
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by puranjay 4y ago
One of the highlights of 2021 for me was watching him lose millions as one of the "stablecoins" he promoted dumped from $1 to 0, and then going on Twitter to rant about crypto.
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by puranjay 4y ago
Small things add up. Freezing a track in Ableton, for instance, is substantially faster. This makes a huge difference to the workflow. When you're in a creative state of flow, stopping several seconds just for a track to freeze can tak
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by puranjay 4y ago
Half the traders I know who were sitting on 3000% gains in 2021 are down to 300-500% gains by 2022. Crypto markets fall apart as quickly as they go up. Most who entered the market in late 2021 are down and will be down for years ( forever
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by puranjay 4y ago
Hard to root for the fiat system though when you're dealing with near double digit inflation.
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by puranjay 4y ago
Really unhelpful and not pertinent to the question OP asked at all HN is better than this.
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by puranjay 4y ago
I don’t disagree with you at all about the scammy nature of the industry at large. But the philosophical underpinnings of the crypto movement, especially the “hard money” idea at the heart of Bitcoin, feels very pertinent at a time when cen
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by puranjay 4y ago
This. The total market size of crypto is actually fairly small and nowhere in the trillions. The actual float of most tokens is tiny - a ton of tokens are locked up in staking and various smart contracts. You just have to spend a few weeks

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