"Decentralized Finance" Ahh, so it's the thing Bitcoin proved to be impossible. Any decentralized system with untrusted nodes needs a way to regulate the influence of individual nodes. This may not matter in some systems as nothing of value will be gained. When influence in the system allows you to extract value from it which allows you to have more influence, the system will always re-centralize itself as we are seeing with crypto currencies now.
Blockchain based systems use distributed hashing to solve the byzantine generals problem. The "way to regulate the influence of individual nodes" is provided by building a blockchain of transactions. There is no central control like you imply.
Only when you imply that every participant has roughly the same amount of computing power to mine. This became untrue when people started to buy computers in order to mine currencies. This causes people who invested more to gain more from mining. Effectively this causes most mining to be done by a hand full of entities today.
Yes, this is no central control, but no it's not really distributed. We are now at roughly the same point as traditional currencies are.
by Anonymous Coward writes:
on Thursday February 04, 2021 @01:15PM (#61027864)
What you're describing is Bitcoin. There are plenty of other DeFi platforms and currencies and distributed computing blockchains that have nothing to do with bitcoin.
I can't think of a single blockchain I would call "relevant" other than Bitcoin and Etherium, unless you intend to stretch the definition of a blockchain to include every git repo.
Monero is pretty relevant - the main selling point being that it eliminates the downsides of Bitcoin and Ethereum (IE, being able to follow chains of transactions)
But as the saying goes (often attributed to Yogi Berra): In theory, practice and theory are the same. In practice, they aren't.
Blockchains for instance allow for anonymous but verified transactions as long as the individual transactions within a chain are distributed between different nodes operated by different entities. But if you are operating a sizeable amount of nodes within a blockchain network, your nodes might appear several times within the same blockchain, and with the b
If there are people that still don't know about DeFi, it means that it's a great time to invest.
There is no future without DeFi. It will change every financial industry worldwide
[x] Yes,this Shashvertisement poll. [ ] No, I've used the keyboard, like a proper geek. [ ] I drank too much, and don't know how I got here. [ ] I drank too much, and CowboyNeal got me here.
A lot of these defi coins are just designed to separate investors from their money. at buy buds online we accept only bitcoin. to buy Lemon Sour Diesel [buybudsonline.store] on but buds online with bitcoin is pretty easy
Slashdot isn't for nerds, any more.
Remember thinkgeek?
Remember when they had actually really cool shit, before they became a hollywood toy shop of shite.
Back in the day there wasn't the volume of tech there is now.
When/. started there were less programming langues than there are cryptocurrencies today.
We had how many hardware manufacturers then? And now?
Saying that all nerds need to know all of the various cryptocurrencies or/. has failed is asinine. Plenty of us don't give a shit about cryptocurrencies because they haven't proved themselves worth paying attention to. They're not solving a problem, and they don't have the sort of stability needed to build
Even if he is serious, his argument is not much different than saying that he found a golden nugget that a fool dropped while walking down the street... so he set up a gold mine there.
Last I heard there was a fundamental issue with blockchain mechanisms in that they cost more to run than they earned. Like most Ponzi schemes it is sustainable only if people continue to invest in it. As soon as the early investors pull out and the big clearing houses have to shutdown causing transactions to delay in clearing, it's over.
by Anonymous Coward writes:
on Monday February 08, 2021 @01:28PM (#61040946)
Clearly it has been a long time since you heard anything at all about blockchains. But no worries, it really isn't for people who don't understand how to capitalize on market evaluations which is what leads to evolutions which drive the country in general. Just leave it to the willing investors to actually drive technology forward and reep the rewards. There is no shortage of cash from those willing to take the risk.
Bitcoin already consumes the same amount of electricity than is generated by renewables around the planet.
In other words, we've done tons of renewable energy - but our planet is not any better for it because of cockheads looking for the next big earner...
At some point, it'll start becoming a criminal offense due to the resource usage, and it'll all crash and burn.... And then we'll actually get to a point where that energy can be used for reducing emissions and not running ponzi schemes...
You are just using words without understanding the meaning of them, how they go together, or what real context lies behind them. I hope that makes you feel justified. it's the same logic as those who invested in Madoff or Ponzi had too.
Operating at a loss, hoping to generate revenue some time in the future...
I'm pretty sure that is the entire reasoning behind why there is such a thing as investments, market potential, evaluations, venture capitalists, stocks, etc. Pretty much all of capitalism is built around earnings potential. At least in the corporate world (unsure about the mom and pop style businesses).
While I haven't touched DeFi with a 10ft pole, I have no clue why there is so much hate and distrust for it (bitcoin I can understand due to the energy problem but most crypto don't have that issue). Seems l
If decentralized finance had practical application at an market exchange / clearing house, I would get behind that. The research and development of shitcoins though with instrinsic value of beanie babies I don't think so. Screw Robinhood.
Everyone I talk to who has a legit career and actual savings knows the value of crypto ($0). Then thereâ(TM)s you people, who have no savings, no legit career and no financial future. And most of you live at your parents house. Go figure.
There is nothing decentralized about ETH, BTC, etc. In all of these cases it's a small group of people who make protocol changes just like that. How is that decentralized? It's not!
DeFi is where ETH has an advantage over BTC and it can be a currency like USD; whereas BTC will act as a storage of value like gold.
I invested a bit in AAVE and Compound - both are ETH based DeFi tokens.
I've dabbled a little bit in cryptocurrencies, until coinbase charged me a whopping 85% in conversion fees. They basically stole most of my money....thank gods it was actually only 90 dollars that I actually got as free cryptocoins for signing up with a few related services. Still, annoying as f*ck. They come by their abysmal BBB rating wholly deserved.
What's DeFi? (Score:1, Funny)
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Decentralized Finance
In other words, another shitcoin?
Re: What's DeFi? (Score:2)
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Lolcoin indeed exists, but that's just one example.
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"Decentralized Finance"
Ahh, so it's the thing Bitcoin proved to be impossible. Any decentralized system with untrusted nodes needs a way to regulate the influence of individual nodes. This may not matter in some systems as nothing of value will be gained. When influence in the system allows you to extract value from it which allows you to have more influence, the system will always re-centralize itself as we are seeing with crypto currencies now.
Re: (Score:2)
Blockchain based systems use distributed hashing to solve the byzantine generals problem. The "way to regulate the influence of individual nodes" is provided by building a blockchain of transactions. There is no central control like you imply.
Re: (Score:2)
"There is no central control like you imply."
Only when you imply that every participant has roughly the same amount of computing power to mine. This became untrue when people started to buy computers in order to mine currencies. This causes people who invested more to gain more from mining. Effectively this causes most mining to be done by a hand full of entities today.
Yes, this is no central control, but no it's not really distributed. We are now at roughly the same point as traditional currencies are.
Re:What's DeFi? (Score:5, Interesting)
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Not many newer, relevant blockchains depend on PoW. In fact, I can't think of a single one. Can you?
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Re: (Score:1)
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But as the saying goes (often attributed to Yogi Berra): In theory, practice and theory are the same. In practice, they aren't.
Blockchains for instance allow for anonymous but verified transactions as long as the individual transactions within a chain are distributed between different nodes operated by different entities. But if you are operating a sizeable amount of nodes within a blockchain network, your nodes might appear several times within the same blockchain, and with the b
Re: (Score:2)
Why can't they just say "blockchain" instead of inventing a business speak totally unclear term for the same thing?
missing quotes (Score:2)
"finance"
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ALL THE SHITCOINS!
Re: What's DeFi? (Score:1)
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What's DeFi? Another shitcoin?
All this DeFication is giving me a sore butthole.
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I remember when I used to call Bitcoin 'Buttcoin'...
Fun times, wish I had kept a few...
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> Then it turns out there's a bug ( "bug" ) in one of the contracts and someone who is not you ends up owning all the shitcoins.
Where do I sign up?
Have you clicked on any ads in the last few second (Score:5, Insightful)
[x] Yes,this Shashvertisement poll.
[ ] No, I've used the keyboard, like a proper geek.
[ ] I drank too much, and don't know how I got here.
[ ] I drank too much, and CowboyNeal got me here.
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Nothing.
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Mod parent funny. This is a kind of push poll with teasing.
And BitCoin is still a clever scam with no intrinsic 'scarcity value' above FP--and there's no limit to FPs because stuff happens.
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I can tell because it lacks the Cowboy Neal option of "Are you fucking kidding me with this shit?"
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Criminal coin (Score:2)
74% Answered "HUH" (Score:1, Flamebait)
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/. used to have slightly smarter than average people participating. No longer. The comment section is almost indistinguishable from Facebook.
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Back in the day there wasn't the volume of tech there is now.
When /. started there were less programming langues than there are cryptocurrencies today.
We had how many hardware manufacturers then? And now?
Saying that all nerds need to know all of the various cryptocurrencies or /. has failed is asinine. Plenty of us don't give a shit about cryptocurrencies because they haven't proved themselves worth paying attention to. They're not solving a problem, and they don't have the sort of stability needed to build
Not a criminal, so no, no 'cryptocurrency' crap (Score:3)
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My portfolio would like to have a word with you about the almost 1000% gain on the etherium I bought back in April of last year.
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He has a history of posting completely stupid shit. Don't take him seriously.
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Says the guy who does nothing better with this time... I'm sorry my posts are not up to your requirements. Stop gate keeping
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I'm talking about rick, not you.
Re: Not a criminal, so no, no 'cryptocurrency' cra (Score:1)
Re: Not a criminal, so no, no 'cryptocurrency' cra (Score:1)
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Unlike equities like GME? That kind of "real"?
Blockchain is doomed to fail (Score:5, Insightful)
Re:Blockchain is doomed to fail (Score:5, Interesting)
Clearly it has been a long time since you heard anything at all about blockchains. But no worries, it really isn't for people who don't understand how to capitalize on market evaluations which is what leads to evolutions which drive the country in general. Just leave it to the willing investors to actually drive technology forward and reep the rewards. There is no shortage of cash from those willing to take the risk.
Re: Blockchain is doomed to fail (Score:1)
Re:Blockchain is doomed to fail (Score:5, Insightful)
Bitcoin already consumes the same amount of electricity than is generated by renewables around the planet.
In other words, we've done tons of renewable energy - but our planet is not any better for it because of cockheads looking for the next big earner...
At some point, it'll start becoming a criminal offense due to the resource usage, and it'll all crash and burn.... And then we'll actually get to a point where that energy can be used for reducing emissions and not running ponzi schemes...
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most likely that point won't come until it's too late to turn things around.
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Same is true for most challenger banks / startups (Score:1)
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Operating at a loss, hoping to generate revenue some time in the future...
I'm pretty sure that is the entire reasoning behind why there is such a thing as investments, market potential, evaluations, venture capitalists, stocks, etc. Pretty much all of capitalism is built around earnings potential. At least in the corporate world (unsure about the mom and pop style businesses).
While I haven't touched DeFi with a 10ft pole, I have no clue why there is so much hate and distrust for it (bitcoin I can understand due to the energy problem but most crypto don't have that issue). Seems l
Practical Application (Score:1)
No (Score:1)
How many of you have a legit career and life? (Score:1)
LIES (Score:1)
In its infancy (Score:1)
Coinbase (Score:2)
I've dabbled a little bit in cryptocurrencies, until coinbase charged me a whopping 85% in conversion fees. They basically stole most of my money. ...thank gods it was actually only 90 dollars that I actually got as free cryptocoins for signing up with a few related services. Still, annoying as f*ck. They come by their abysmal BBB rating wholly deserved.
TL;DR: People, stay away from coinbase.