LogFAQs > #964980327

Zeeak4444 posted...

because it breaks down to this excites me, and I think it should excite other people.

which is speculative bulls***.

I just highlighted a technical issue developers in the space currently deal with where we've had hacks that total up to over a billion dollars worth of losses due to faulty bridges (bridging blockchains to blockchains). Layer zero protocols is going to be a critical player in the space.

Tell me why you consider this speculative bullshit.

chrono625 posted...

I've yet to see anyone explain what crypto is good for and to break down how blockchains work and what they do for the every day world or how they will help.

and by break down I mean laymens terms and pretty much tldr that anyone with half a brain can digest.

every article Ive ever read keeps saying but the block chain as if people know what that is and what it does.

@chrono625 alright. Sincerely answer this question, whether in your mind or in a post; have you ever been in a situation where you made a deal with a person and one of you did not fulfill your obligations?

Everyone has had a story like this. For me, I put in overtime hours in my last few weeks working as a line cook and my manager procrastinate and procrastinated and procrastinated on processing my last paycheque. When she finally made the time to do so, she gave me my usual paycheque amount, stiffing me by $100.

In my story, there are tools presently available to prevent this from happening. The problem is they're not ubiquitous. The whole purpose of blockchain tech is to create a new environment where people commit to their obligations. ALL BUSINESS INTERACTIONS would be conducted in this environment and reduce or damn near eliminate the need to trust the counterparty to commit to their obligations.

This is the ultimate goal of blockchain tech, to render the "gentlemen's agreement" obsolete. This doesn't seem like a big deal, but it only really hits you when you get burned in real life and see how this would have protected you. This is similar to how a lot of people don't understand the value in the bitcoin as they use the US dollar, the most powerful currency in the world but have no clue how the US dollar has caused so much destruction across the world and aren't even aware of how the US central bank has stripped the dollar of its value and ultimately stole people's savings without them even noticing.

This video will basically rephrase what I'm saying but with other examples of deals made that were devastating across a larger scope.

https://www.youtube.com/watch?v=_JeRq7Gwj5Y

Mind you, this is a very, very, very difficult concept to grasp, to understand the need for this before someone creates a product for you to use in your hands. But once you get this, then you see the value in the field and can see the value in individual projects working to achieve this goal and ignore projects like Terra that are detriments to the field.