randomran01234

9 ms·

31.
by randomran01234 4y ago
The sanctions are not targeting a human or a group of humans, they target an open source project and its autonomous smart contracts. Look up the sanctions and project source code yourself. The only fees taken are relay fees, which can be an
32.
by randomran01234 4y ago
Huh? It does execute on Ethereum, and the contracts are still accessible at the same addresses if you run your own node. This is where it was first deployed. It also runs on other EVM chains and L2s including Optimism, Avalanche and other
33.
by randomran01234 4y ago
Legally yes, with legal precedent set in court. Morally depends on your perspective. Some people advocate for privacy, others advocate for surveillance.
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by randomran01234 4y ago
Very familiar with the situation, the tornado cash code, and the details of the case that are public so far. I appreciate your optimism about freedom of speech being unaffected but this is not as cut and dry as an individual running a money
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by randomran01234 4y ago
Code is free speech though. The rules and expectations the western world has set around speech doesn’t align with sanctions that target code and open source software. The sanctions are not against an individual person, and it isn’t clear ye
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by randomran01234 4y ago
If you view all crypto activity as only imaginary or fraudulent, I doubt either of us will be able to change each other’s minds. The NFTs that artists minted in the boom in early 2021 are still being traded across different platforms, curat
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by randomran01234 4y ago
This is why Tornado Cash was built, to provide privacy. But oops, government does not want you to have that freedom. Users are now forced to mix with a centralized service at cost of giving up privacy to them.
38.
by randomran01234 4y ago
Considering they still make up a significant portion of Ethereum’s daily activity, I would say pretty well! The NFTs are “here to stay” as long as Ethereum continues to fill blocks, which might be years or decades.
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by randomran01234 4y ago
DeFi is holding up just fine.
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by randomran01234 4y ago
“without bothering to understand how this works I will assume it doesn’t.” > And yeah "there's no one controlling this" except, you know, the people who program the protocol. Which can be anybody as there is no single grou
41.
by randomran01234 4y ago
> "Except there isn’t a centralized actor manipulating the supply and issuance" and "distributed to block producers as a reward" are mutually exclusive No. The protocol defines the supply, issuance and inflation rate,
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by randomran01234 4y ago
> So, no different than any current currency Except there isn’t a centralized actor manipulating the supply and issuance, and it’s distributed to block producers as a reward for securing the network. > It's not a thesis. It'
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by randomran01234 4y ago
They didn’t remove blockchain, they moved to their own blockchain with a proof of authority mechanism. It turns out it was a terrible idea as it didn’t meet the security of Ethereum, and was pretty quickly hacked for $600 million. A rollup
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by randomran01234 4y ago
Files are free in web3 too.. lots of NFTs are using Creative Commons and you can just right click save. the “assets” in web3 are not files but things like domains and records of purchase and ownership , which are not free in web2 and usuall
45.
by randomran01234 4y ago
Ethereum and DOGE unlike Bitcoin have no fixed supply cap. Many other cryptocurrencies like Cosmos and Tezos are inflationary and have adaptive inflation rates built into the protocol. > It means that if I get as much as a single coin no
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by randomran01234 4y ago
Only if they need to exchange to fiat, as I said previously. > Depending on the use case, there may not be a fiat exchange. Another user might be happy to receive 1000 DAI, in which case there is no centralized exchange needed. It’s true
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by randomran01234 4y ago
> The protocol isn't promising anything. The people promoting it are, however. Anchor's whitepaper and protocol promises ridiculous yield on USD pegged assets, and it is the basis for the entire Terra/Luna crash.[1] Nobody
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by randomran01234 4y ago
20% returns as you see in Terra is probably ponzi-like, but ETH protocol is not promising free yield for doing nothing, or doubling or tripling your investments. > You do in fact have to deal with legal requirements - it’s a requirement
49.
by randomran01234 4y ago
Is it really a good way to evade taxes? Each transaction is recorded publicly on-chain forever. User would have to be very careful with their on-chain privacy and very determined to skirt the legal system. The average crypto user will begru
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by randomran01234 4y ago
So we can establish that Terra's ridiculously high 20% yield was only sustainable so long as investors continued to put massive amounts of money into the protocol, but if a de-peg ever occurred it would create a death spiral that would
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by randomran01234 4y ago
They are both volatile and unpredictable, any investment could easily be wiped out in a day or week, and there is the added challenge of having to maintain and secure one’s own keys and use privacy preserving tools and techniques. But if yo
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by randomran01234 4y ago
> There's no fundamental belief in blockchain technology. For skeptics, sure. But there are many investors who hold crypto precisely because they believe in the technology. > Put your money in a broad index fund and don't lo
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Some ways to use zero knowledge proofs for privacy(vitalik.ca)
5 points by randomran01234 4y ago|1 comments
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by randomran01234 4y ago
That is true. Probably by pure volume of trades the CEX order books will always be able to facilitate an order of magnitude more than DEX as they can fulfill orders instantly with almost no fees at all, and many beginners and casual traders
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by randomran01234 4y ago
The goal of modern crypto like Ethereum is to provide a secure, predictable, open source , and decentralized network that many higher-level applications can flourish on top of and co-exist within. USDC exists with reversibility but not all
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by randomran01234 4y ago
It probably is not solved without a central authority that distributes and revoked identity tokens, like we have with passports. Decentralized proof of personhood is a pipe dream.
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by randomran01234 4y ago
ZK Rollups effectively solve this problem by moving computation and data storage off chain without sacrificing security. These protocols include on-chain exit mechanisms so that tokens are never at risk of being taken by the sequencer.
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by randomran01234 4y ago
There can be multiple VISA protocols running in L2 on top of a permissionless DLT like ethereum. Users can exit one protocol and enter another, like zkSync or Optimism which are not at all like VISA. Or they can use a not-so-centralized L1
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by randomran01234 4y ago
Crypto attempts to solve the problem in the same way that web protocols and web standards do. Define a single shared spec that spans all geographic borders, rather than a spec that is reinvented at each jurisdiction.
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by randomran01234 4y ago
Your statement isn’t really accurate. https://blog.chainalysis.com/reports/defi-dexs-web3/

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