The Metaverse

[vimothy]

it will never be "programatical"

 

[toko]

but that's literally the point of banks, the only diff is (for now) they dont accept your crypto asset as collateral

yes! but the point is that if you cant make the full stack have the same desirable properties then whats the point?

 

[vimothy]

it's political

 

[vimothy]

a "social construction"

 

[Clinamenic]

Thats why in crypto, credit scores aren't even a thing, at least from what I've seen. Reputation as a borrower is moot when the loan is overcollateralized.

I've earned more interest, and quite liquidly at my scale, in a year that I would likely have earned in decades at any of the big retail banks in US.

 

[toko]

liquidity has to come from somewhere

wdym, ofc it does. also what is political and a social construction

 

[vimothy]

yes! but the point is that if you cant make the full stack have the same desirable properties then whats the point?

well ...

 

[toko]

liquidity comes from those looking to make a profit, i.e like mm in trad markets.

 

[Clinamenic]

it will never be "programatical"

This gets at the utopian M.O. of web3, to make as much of it programmatic as possible.

 

[vimothy]

wdym, ofc it does. also what is political and a social construction

you can't step outside the financial system, it isn't a property of the tech involved

 

[vimothy]

it literally does not matter

 

[Clinamenic]

liquidity comes from those looking to make a profit, i.e like mm in trad markets.

Yeah and in this case market makers can make a killing with fees (like Coinbase), and automated market makers can provide these profits to anyone who contributes liquidity. Anyone can make money being a "liquidity provider" in DeFi, and such a position can even be tokenized into LP tokens.

 

[vimothy]

liquidity comes from those looking to make a profit, i.e like mm in trad markets.

no it does not

 

[toko]

yes. i see your point now, so are your objections fundamentally political? the way the financial system is constructed a by product of political considerations yes, but 1) they are bad ones 2) the construction is unsustainable and more fragile.

 

[vimothy]

yes

 

[Clinamenic]

Arguably one of the more interestinginnovations within web3. Automated market makers, i.e. protocols that facilitate the depositing of liquidity across an array of trade pairs, the imposition of fees on anyone making trades, and the allocation of the proceeds to those providing the liquidity.

 

[vimothy]

crypto is impossible, imo

 

[vimothy]

to put it in dramatic terms

 

[Clinamenic]

crypto is impossible, imo

Well I don't think it can bootstrap itself into a closed system free from the avarice and bias of humanity, but it can definitely move us in that direction, provided things don't get irreparably botched.

 

[Clinamenic]

It doesn't have to be an all or nothing thing.