scyclow

14 ms·

121.
by scyclow 4y ago
I feel like this article, among others, kind of misses the point on why blockchains are useful. Decentralization, IMO, is incredibly overrated. What makes blockchains useful is that you can build highly interoperable applications that won&#
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by scyclow 4y ago
When I read the title of this post, Jon Bois was the first thing that came to mind. 17776 is one of my all time favorite websites, and my goto example of amazing hypertext fiction. https://www.sbnation.com/a/17776-footb
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by scyclow 4y ago
I've found that all the smart crypto people congregate on twitter and discord, which is sort of a shame because it results in a lot of the conversation being ephemeral.
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by scyclow 4y ago
As someone who sells and genuinely enjoys collecting NFTs, it always boggles my mind when I find people who genuinely believe that they're good "investments".
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by scyclow 5y ago
Even if it is an oversimplified story to explain a more difficult concept, it's often used as a moral justification. And really, I'd say Debt is more about the moral justifications of capitalism than it is an economic argument one
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by scyclow 5y ago
Aave's documentation [1] is pretty good if you're interested in doing a deeper dive. But yeah, it's a collateralized loan where the borrower stakes some ETH. So the idea is that I can take $100 worth of ETH and put that up as
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by scyclow 5y ago
They're basically receipts for putting money into a lending pool. In this case he's lending about $130 million, on which he's earning interest, and can get his money back by redeeming those tokens.
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by scyclow 5y ago
He had $130 million wrapped up in an ERC20 token called Aave wETH (aWETH). ERC20 tokens let you approve another address to spend those tokens on your behalf. Basically, the scammers tried to trick him into approving all of his Aave wETH by
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by scyclow 5y ago
Again, I think the act of "owning" it creates a much different relationship between the collector and that art than simply looking at it. They have skin in the game because they either spent money on the piece, or were able to min
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by scyclow 5y ago
With respect to point 1, I'm sympathetic to your response, but I don't see things quite as bleakly for a few reasons: - NFTs create a scarcity of ownership, but they don't create a scarcity of enjoyment or experience. In fact
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How to Cut Through the Web3 Hype and Anti-Hype(steviep.xyz)
2 points by scyclow 5y ago|0 comments
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by scyclow 5y ago
I wouldn't think so. BTC uses an unspent transaction output model, which is like breaking up a plot of land into smaller pieces, and treating each square inch as fungible. ERC20 tokens are based on an accounting model, so you're j
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by scyclow 5y ago
Amazing website! I think it also (inadvertently) paints a very clear value proposition as to why NFTs make more sense on a blockchain than on a central service.
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by scyclow 5y ago
Oh my god, this video is incredible. Truly a work of art.
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by scyclow 5y ago
This is a really good and well=researched article. I think it highlights a lot of current problems with the existing web3 ecosystem. A few thoughts after reading it: - For NFTs in particular, I agree that the ecosystem is way too centered a
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by scyclow 5y ago
In my opinion the best starter book is Generative Design, hands down. If there was a generative art 101 textbook, this would be it. https://www.amazon.com/Generative-Design-Visualize-Program-J...
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by scyclow 5y ago
p5 is great! Very easy to learn and has an amazing online editor to get you started immediately. Such a good tool for prototyping ideas quickly. https://editor.p5js.org/
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by scyclow 5y ago
It provides value to people who want to compute things on a public network that no single party controls. We can argue about whether or not that's a worthwhile thing for people to value until the cows come home, but I think it's b
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by scyclow 5y ago
What's gibberish about the implication? That's all a blockchain is. It takes cryptographic signatures (or more specifically, transactions that are cryptographically signed), and puts them in order. As pointed out, the cryptography
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by scyclow 5y ago
I don't really care about upvotes, I just think that it's an important point to understand the technology. I'm not saying anything positive or negative about it. I'm just that blockchains are about more than logging cryp
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by scyclow 5y ago
I mean, if you don't know what byzantine fault tolerance [1] is, then that's fine. It's not gibberish to people who are into distributed systems. And I'm not claiming it's a silver bullet or trying to persuade anyon
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by scyclow 5y ago
The critical innovation of blockchain is that it takes your digital signatures and orders them in a way that's byzantine fault tolerant .
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by scyclow 5y ago
I tried to sell pictures of discarded ketchup packets as NFTs [1]. They didn't sell very well. I guess the market for ketchup packets isn't as hot as I thought it was. I learned that flashy websites can't quite sell everythin
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by scyclow 5y ago
I think the valuation of most NFTs is insane, but underlying all that I think they just tap into the desire to collect things. Personally, I've collected much dumber things than NFTs in the past. I don't think collecting NFTs is a
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Shell Money isn't commodity currency. It's cere-money(alteredstatesof.money)
1 points by scyclow 5y ago|0 comments
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by scyclow 5y ago
I'm inclined to say that the Fed keeps interest rates low _and_ crypto undergoes a major correction, but I feel like these are almost mutually exclusive scenarios. This isn't to say that crypto is inherently a good inflation hedge
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by scyclow 5y ago
This is true! But it's also hard to think of a situation in which you would need to store that encrypted data on chain. Why not store it on a central server? Or, encrypted on a p2p network? And if order of events is important, you coul
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by scyclow 5y ago
I think we're on the same page. That's kind of what I was saying about how you're essentially open sourcing the "read" on data. Also, I'm not trying to sell the write side short! Owning writes is the major valu
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by scyclow 5y ago
I think the best examples of Decentralized Woo Hoo is the phrase "ownership over your data". When most people hear this they think of facebook selling their data to third parties, using it for targeted advertising, etc. But in the
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Imagine Coin: A token backed by your imagination(steviep.xyz)
1 points by scyclow 5y ago|0 comments

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