zeroclip

8 ms·

31.
by zeroclip 4y ago
Bit higher than expected but not that surprising. Deploying a new token costs almost nothing, but may lead to outsized rewards for scammer. It can be easily automated. Reminder that 85%+ of all email sent is spam.
32.
by zeroclip 4y ago
See social recovery wallets, paper wallet isn’t only solution. Masses might prefer a custody on exchange but with that comes risk like in Celsius, FTX. Regulation needed to curb this risk so that those services feel just like the other “saf
33.
by zeroclip 4y ago
Restating my comment from Celsius unwinding one month ago: Three clear and obvious outcomes of this unwinding: 1. The crypto mantra "not your keys, not your coins" rings true. 2. Entrusting your personal financial data with a priv
34.
by zeroclip 4y ago
Hopeful thinking: people realize that FTX is a CEX and the true value of crypto is in DeFi and DEXes. Reality: contagion will spread next week and everything will probably crash, even if DeFi remains unaffected.
35.
by zeroclip 4y ago
The wallets are speaking clearly, DeFi volume is through the roof right now. https://defillama.com/dexs A lot of people put money on CEX because they are ignorant, or willing to take on some risk for slightly cheaper and fa
36.
by zeroclip 4y ago
Crypto is about a lot of things. A new asset class appears and people will assign different stories to it. Totally possible that blockchain tech is used for payment infra in future. Ethereum and PoS is no longer energy intensive.
37.
by zeroclip 4y ago
Lazy and shallow take. But at least those using the “scam” DeFi protocols still have custody of their assets, which is not the case with FTX depositors.
38.
by zeroclip 4y ago
These things already exist. Uniswap, Aave. Both pretty easy to use and can not just go insolvent on you.
39.
by zeroclip 4y ago
What? FTX is a centralized custodian. It is in competition with DeFi protocols.
40.
by zeroclip 4y ago
It doesn’t take a genius to understand how CEX and DEX handle your coins and withdrawals differently. It might take some years to educate the masses, even much of tech crowd on HN is not well informed on these differences. And trusting expe
41.
by zeroclip 4y ago
Under load it might take a few minutes to execute a trade, which is better than just losing your asset because the exchange went insolvent. This is why L2 is actively being developed on Ethereum, and already processing a lot of volume. Same
42.
by zeroclip 4y ago
See Uniswap. Working fine.
43.
by zeroclip 4y ago
> Would you mind sharing positive events occurring thanks to crypto? DeFi continuing to issue user withdrawals regardless of market conditions and the greed of centralized financial custodians? This is the whole reason why Satoshi create
44.
by zeroclip 4y ago
Phishing is a different issue than a fraudulent custodian going insolvent and pausing all withdrawals, though.
45.
by zeroclip 4y ago
How does a centralized custodian like FTX or BlockFi failing change the fundamentals of Ethereum and DeFi? The promise of these systems is decentralization and removing counterparty risk. Everything is still going pretty smoothly in Uniswap
46.
by zeroclip 4y ago
Decentralized exchanges exist that process about the same volume as centralized exchanges, without centralizing trust to a single entity.
47.
by zeroclip 4y ago
Remember the whole reason Bitcoin and blockchain was made was to remove the need to trust a centralized counterparty who could succumb to greed, like a bank. Crypto banks are no different than regular banks, but with less regulations and in
48.
by zeroclip 4y ago
Aave withdrawals of DAI stablecoin has been unaffected by the greed of SBF, and unaffected by the speculative price swings of Eth or Bitcoin. You personally may not consider these assets, but many do.
49.
by zeroclip 4y ago
Indeed, ironic. But this also laid the path for DeFi, which processes similar volumes per day as centralized exchanges, without the single counterparty risk.
50.
by zeroclip 4y ago
Did the blockchain fail here? Blockchain and DeFi was created to solve these very problems of centralized trust and human financial fraud. Uniswap and Aave withdrawals are working just fine. Leaving your coins on a centralized exchange kill
51.
by zeroclip 4y ago
The lack of transparency in financial services - banks - was the whole reason Satoshi created Bitcoin. The people who choose to use FTX over a blockchain are either ignorant, not understanding their coins are insecure, or willing to take on
52.
by zeroclip 4y ago
The birth of the stock market also created new avenues for fraud that did not exist prior. This is a new asset class, poorly understood and poorly regulated, and still ripe for abuse. DeFi would solve some of these problems by shifting the
53.
by zeroclip 4y ago
Very informative and clearly written, kudos to Molly! The irony is that DeFi and blockchain protocols fixes this.
54.
by zeroclip 4y ago
Monero, zcash, aztec, tornado cash all work pretty well. Could you link to Monero's current vulnerabilities? There have been some known and theoretical issues with the privacy of Monero and Tornado Cash but it isn't a monthly occu
55.
by zeroclip 4y ago
I can't tell at this point whether you are trolling, or one of the HN hivemind that actually believes sending cash in an envelope is somehow faster and more secure than using a blockchain and cryptography for payments.
56.
by zeroclip 4y ago
Have you tried sending money across the world in 10 seconds, to somebody outside of the EU? Most answers to this are PayPal, Wise, or another multibillion dollar private enterprise.
57.
by zeroclip 4y ago
OpenSea already does tag NFTs as having "Centralized" or "Frozen" metadata, verifying the URI as you say. ERC721 spec only deals with EVM and Solidity, where it would not make sense to try and force the token contract UR
58.
by zeroclip 4y ago
In most countries, banks can freeze your funds or kick you out for any reason, unlike crypto where you can’t have assets frozen if you are holding Bitcoin or DAI non custodially. Many banks have monthly fees, charge for international transf
59.
by zeroclip 4y ago
“Better” is relative, depends on your frame of reference. Anything crypto will be better in some ways, and worse in others. Like self custody: the idea of owning a valuable and transferable asset by only holding a private key was not possib
60.
by zeroclip 4y ago
ERC721 is not designed to solve permanent media storage or force usage toward a certain storage network. Better the ERC721 spec does not try to solve for this. totally disagree with your assessment and would hate to be forced to rely on ora

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