The Metaverse

[Clinamenic]

I'd say the bulk of innovation in distributed database tech is pure innovation, but I expect applications to follow, seeing as we are only progressing into an increasingly digital world.

And this is a matter of belief, which one can reasonably disagree with.

 

[toko]

To be more concrete, we can think of loans in defi. CDP's and loans can all be transparently verified as having sufficient collateral and and in good standing. In grad fi this infor is locked away, it's much more opaque.

 

[vimothy]

but the entire market is a massive scam

 

[toko]

You are not wrong

 

[Clinamenic]

you guys are true believers and I dont fault you for that, but you are effectively useful idiots in a space which is designed for fraud, fraud is its raison detre

Yeah I don't entirely disagree with this. I do think genuine believers in this tech, and talented developers of it, are, whether they like it or not, complicit in an emerging technical regime that, as it is, fosters extensive fraudulent activity.

 

[vimothy]

I do think you are misunderstanding my general line of argument here. I'm not advocating specific usages of decentralized database tech, I'm just saying it renders possible new fields of possibilities wherein better solutions may be found. I see it as unlocking new capabilities that may or may not prove suitable for an amazingly wide variety of potential applications.

such as what?

 

[Clinamenic]

such as what?

Like how user incentives can be aligned with the intentions of developers, to dissuade malicious activity by having something at stake. In the case of Chainlink, relaying false data is disincentivized by requiring data relayers to have assets at stake, which would be "slashed" if the data is found to be wrong.

 

[vimothy]

it's all predicated on being on chain tho

 

[Clinamenic]

but the entire market is a massive scam

Yeah the bulk of the hype is certainly not about the technology, its about getting rich overnight. And that sets an awful tone, and people get devastated.

 

[toko]

you guys are true believers and I dont fault you for that, but you are effectively useful idiots in a space which is designed for fraud, fraud is its raison detre

This is wrong however.there are really smart people working in the space. People who want to do good things, "slay moloch" etc etc.

 

[Clinamenic]

it's all predicated on being on chain tho

Well chainlink specifically is about moving off-chain data on-chain, and that incentive mechanism is designed to aid in doing so.

 

[Clinamenic]

This is wrong however.there are really smart people working in the space. People who want to do good things, "slay moloch" etc etc.

Yeah there is a massive influx of talent into the space, across the world, but yeah its not enough to offset the rampant grifting, i.e. set a better, more responsible tone.

 

[toko]

Yeah there is a massive influx of talent into the space, across the world, but yeah its not enough to offset the rampant grifting, i.e. set a better, more responsible tone.

regulators dropped the ball on this one. Celebrities running pumps and dumps abusing their followers lack of IQ is disgusting to see

 

[Clinamenic]

To be more concrete, we can think of loans in defi. CDP's and loans can all be transparently verified as having sufficient collateral and and in good standing. In grad fi this infor is locked away, it's much more opaque.

Yeah this is a great example of a concrete solution. And these overcollateralized lending services can be entirely programmatic, i.e. not dependent on the case-by-case arbitration of human officers.

 

[Clinamenic]

regulators dropped the ball on this one. Celebrities running pumps and dumps abusing their followers lack of IQ is disgusting to see

Lack of IQ, and also how FOMO can override basic reasoning.

This is a situation where I actually think the SEC's mandate to protect investors (from themselves!) is largely warranted.

 

[Clinamenic]

Another big thing with blockchain is that anyone can develop some new, innovative application. This is the upside to the permissionless aspect of, say, Ethereum. The downside being that anyone can launch a scam project.

 

[Clinamenic]

But the barriers to entry for the financial cutting edge are incredibly low, relative to precedent. Again, the other side of this coin is that there are less measures in place to screen out malicious developers.

 

[toko]

Unfortunately, they try to apply skeumorphic regulation principles to defi and are antagonist to the whole space in general. calling everything a security etc instead of setting up some kind of sensible framework for the shilling of tokens

 

[Clinamenic]

To my knowledge, launching smart contracts on Ethereum is free, right @toko? Minting tokens isn't but anyone can launch code to the Ethereum virtual machine, for free, without permission.

edit: not free, actually.

 

[toko]

But the barriers to entry for the financial cutting edge are incredibly low, relative to precedent. Again, the other side of this coin is that there are less measures in place to screen out malicious developers.

Yeah. Rari capital was founded by some 16 years old I think