Current Events > Blockchain and Cryptocurrency General: All things from development to investing

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GeraldDarko
07/22/23 9:05:01 AM
#51:


GranolaPanic posted...
I noticed that the few people on this board that invest into cryptocurrencies are also QAnon believers. Coincidence?
I don't trust banks, I think they're a scam. Lemme just put all my money into an unregulated market, no one there would scam me.

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#52
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Euripides
07/22/23 9:10:27 AM
#53:


There was a former coworker of mine who would talk all day on Facebook about how crypto was going to make him rich because, and I quote, "it will never go down in value, it always goes up."

He blocked me after I told him he was full of shit.

I wonder what alley he lives in now

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Sad_Face
07/23/23 2:55:37 AM
#54:


TheMikh posted...
not fond of gatekeeping, but the sector would be well-served by a metaregulatory apparatus, with or without state regulation. basically taking advantage of the verifiability and transparency inherent to the sector to roll out services assisting users in vetting protocols, contracts, addresses for reputability and safety. custodial services should be completely and utterly rebuked except as on/offramps and providers of liquidity towards that ends, with all facets of onchain ux being further refined towards the ends of ending reliance on custodial services. much easier said than done, but important.


Agreed. But I don't see custodial services going away until we get to the point where managing wallets is dummy proof. Well, that's the goal for smart contract wallets I hear.

it seems unlikely that zk chains will be spearheading crosschain since the zkevm is a challenge they've been consumed by for a couple years at this point, but there's a burgeoning subsector of expressive zk communications and data protocols that seem posed to nibble on the oracle market share. if chainlink/ccip consumes less gas relative to traditional communications protocols, zk eliminates that gas completely - or at least sends it offchain to the end user or whoever's generating the proof of computation or data.


To my knowledge CCIP doesn't consume less gas (I suppose not directly directly), it purely allows you to program transactions you want on each blockchain. So the gas reduction would come from you utilizing a low gas costing blockchain for the bulk of your transactions.

But the examples you give definitely prove to be a competitor to CCIP. What I do see as an obstacle in stealing marketshare from Chainlink is Chainlink currently having a strong network effect where they already have tools integrated in everyone's tech stacks already. In addition, banks have their own private blockchains they use that are gas free since they control the network, the nodes and know and permit who's making the transactions on there. They would need a reason to upgrade their private blockchains to ZK chains.

I'm not too arrogant to ignore the threat of ZK chains, it is something to pay attention to in the future.

whitelytning posted...
TC, isnt DOT a bridge that was supposed to allow different chains to communicate? What does this announcement mean for that?


Polkadot honestly is way overengineered. You have parachains and a relay chain, and have to auction chains, and there is the Kusama network and the Polkadot network overall and in the end, everyone is busy working on the chain the creator of Polkadot originally created, Ethereum and its EVM counterparts. I don't understand the chain at all. The thing is, the impression I got from the Polkadot's interoperability functionality is that it's limited to within the Polkadot network. I do recall hearing about some develop work to connect to Ethereum, but that's Polkadot to Ethereum. Not Ethereum to some other chain using Polkadot as an interface.

But since Chainlink announced CCIP from back in 2021, I've seen people clowning on Polkadot with CCIP for doing what Polkadot intended to solve.

Doom_Art posted...
Also, it's very telling that in almost no cases is the goal ever to "stay" in crypto. The goal is to buy it "low" then when the value gets high enough, trade it for real currency.

Refer to my post #34. People who understand the value of smart contracts get the end goal of crypto and stay in crypto because they want to usher in the next evolution of the internet. People who don't understand this (virtually 80% of the participants) are just in it for the profits.

If you want to truly understand the point of this industry and why it has persisted for over a decade you have to understand the value of a smart contract. Read #34 over and/or watch that video I posted.

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Tanthalas
07/23/23 4:52:14 AM
#55:


You act like the blockchain (the good) cant exist without crypto (the scam).

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BunkerBoy
07/23/23 6:24:37 AM
#56:


Crypto aside isn't TC a literal Pizzagater?
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flussence
07/23/23 6:27:10 AM
#57:


BunkerBoy posted...
Crypto aside isn't TC a literal Pizzagater?

I've always wondered why they all gish gallop so much. What they're trying to obfuscate. What a complete lack of surprise

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TheMikh
07/23/23 12:17:40 PM
#58:


Sad_Face posted...
Agreed. But I don't see custodial services going away until we get to the point where managing wallets is dummy proof. Well, that's the goal for smart contract wallets I hear.
wallet ux is critical, and smart contract wallets are a big step in the right direction. if the problem of private key security without hardware wallets is ever solved, it will be a massive leap forward.

But the examples you give definitely prove to be a competitor to CCIP. What I do see as an obstacle in stealing marketshare from Chainlink is Chainlink currently having a strong network effect where they already have tools integrated in everyone's tech stacks already. In addition, banks have their own private blockchains they use that are gas free since they control the network, the nodes and know and permit who's making the transactions on there. They would need a reason to upgrade their private blockchains to ZK chains.
from my observations in the field, networks don't need to upgrade to zk blockchains for their data to be provided in a zk context. while traditional evm architecture isn't 100% zk friendly, its data is sufficiently verifiable where you can generate proofs of network contents as-is. it's just more computationally expensive, a concern which is mitigated by ongoing acceleration in hardware performance.

you do raise a good point about chainlink's staying power coming from it being embedded in a large number of smart contracts. migrating contracts onchain, nodes offchain, and data schemas across the board to reflect these migrations are a rather complicated undertaking even for seasoned developers. in a way, then, it's a question of whether it's more economical to migrate away from chainlink or hold out for protocol updates.

Tanthalas posted...

if you're building a private network that is not intended to be interoperable with blockchains whatsoever, you need neither a blockchain nor incentives to validate, maintain, or participate in it, and quite frankly a traditional database system is far more performant for this.

public and permissionless networks are a different beast, as they suffer from the tragedy of the commons without incentives. what you basically have is a 24/7 network where you're expected to store data and perform computation for free. iota learned the hard way back in 2018 that this opens the door to denial-of-service attacks: if it costs nothing to transact or store data, hostile players can flood your network with garbage and cripple it. developing a public mutual credit network without a token a few years back, i also found firsthand that without incentives, there is also no draw for participation, and the little draw that occurs is not persistent.

most protocols without tokens are running on venture capitalist money, which is not sustainable, especially as interest rates rise. others render services in return for arbitrary currencies (e.g., the native token of the network they're based on), though this inherently provides less funding for r&d, resulting in a number of them giving in and releasing their own token to fund development and offchain infrastructure.

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Sad_Face
07/23/23 2:57:10 PM
#59:


TheMikh posted...
from my observations in the field, networks don't need to upgrade to zk blockchains for their data to be provided in a zk context. while traditional evm architecture isn't 100% zk friendly, its data is sufficiently verifiable where you can generate proofs of network contents as-is. it's just more computationally expensive, a concern which is mitigated by ongoing acceleration in hardware performance.


Wording it this way reminds me of Chainlink's DECO, though it's purely for creating black boxes for sensitive API data to be used for blockchains. But what got my attention here is that you're just proving the data, and not needing any adjustments of the infrastructure providing the data. But here's a lecture on DECO if you're interested.

https://www.youtube.com/watch?v=eJqZQ2_VBzo

(I saw this live, sitting all the way in the back of the room!)

Tanthalas posted...
You act like the blockchain (the good) cant exist without crypto (the scam).


To add to Mikh's articulated points (in my own less clear and more muddy wording), the blockchain field is a capitalist world. People don't do shit for free. If you want someone to act in your favor, you have to incentivize them to do so, and more importantly, make it prohibitively more expensive for them to act against your best interest.

If there is an opportunity, people will exploit it, then they'll abuse it, and if the abuse of the opportunity has negative consequences, the consequences will be ignored in the name of scoring the benefits and ultimately they make it worse for everyone else involved. Therefore you have to build guard rails to ensure those opportunities cannot be exploited or if that's not feasible, just remove those opportunities entirely at the expense of everyone.

That being said, developers are now recognizing the tangible and explicit benefits of certain socialist protocols and functions and such tooling and features are being built as a result. Chainlink started a SCALE program where blockchains have pledged to tune their networks to give Chainlink nodes either discounts on gas or make oracle zones where they limit the costs of gas considerably, if not entirely because they recognize that a blockchain with oracle functionality allows far more opportunity for development, meaning more protocols, leading to more activity and a healthier and more profitable ecosystem for all on that network. One of the Ethereum's EIPs (Ethereum Improvement Proposal) talked about making oracle transactions cheaper since they're a necessity for a healthier network since so many developers rely on it.

So yeah, the industry is starting from square one and learning the value of socialism from a capitalistic standpoint.

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ellis123
07/23/23 3:01:40 PM
#60:


Wild to have a crypto topic post karma bump and thus no SMAL.

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Zero_Destroyer
07/23/23 3:02:47 PM
#61:


I-I-I-I JUST BOUGHT MORE LAND IN THE METAVEEEeerrrse

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Zero_Destroyer
07/23/23 3:03:05 PM
#62:


across the gloooobe

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ellis123
07/23/23 3:03:09 PM
#63:


Zero_Destroyer posted...
I-I-I-I JUST BOUGHT MORE LAND IN THE METAVEEEeerrrse
God that song was so funny.

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#64
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Sad_Face
07/25/23 10:38:41 AM
#65:


https://www.forbes.com/sites/digital-assets/2023/07/23/the-skys-the-limit-crypto-now-braced-for-a-multi-trillion-wall-street-earthquake -after-bitcoin-ethereum-bnb-xrp-cardano-dogecoin-litecoin-solana-tron-and-polygon-price-boom/?sh=467b0155b1b0

Heh, Chainlink is hiding in plain sight. Despite half the article detailing a discussion with the CEO Sergey Nazarov, they lowercased Chainlink, mislabeled it as a blockchain network (it's not a blockchain, it's an oracle network, a network that transmits info to and from blockchains), and omitted the ticker symbol for Chainlink despite naming XRP and ETH.

They really don't want people to know about CCIP.

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#66
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#67
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apocalyptic_4
07/25/23 3:17:39 PM
#68:


This will be a fun topic to look back on in the future good luck TC.

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masterpug53
07/25/23 4:00:16 PM
#69:


BunkerBoy posted...
Crypto aside isn't TC a literal Pizzagater?

Yes. On occasion he'll still go full bore into defending it when called out on it.

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ooger
07/25/23 7:54:35 PM
#70:


masterpug53 posted...
Yes. On occasion he'll still go full bore into defending it when called out on it.
Yikes.

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Sad_Face
07/26/23 10:33:49 PM
#71:


apocalyptic_4 posted...
This will be a fun topic to look back on in the future good luck TC.


Indeed it will. One of the reasons why I am not marking posts for derailing.

And I did mention in the topic title programming so I'll post Patrick Collin's newest Solidity course.

https://www.youtube.com/watch?v=umepbfKp5rI

Patrick Collins is probably the biggest Web3 educator at this point. He has done multiple Solidity courses (solidity is the language of Ethereum and other EVM chains), his first in a Python environment, last year was Javascript with the Hardhat libraries, and now this one with Foundry, which I believe is still javascript (haven't started it yet). If you haven't done any programming, you can code along with his videos, but you'll probably be lost as to why he implements X functionality in Y way. It's always better to have background info, but if you have to start somewhere, you can start with this and learn Javascript and other basic programming basics along the way.

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TheMikh
07/27/23 2:27:13 AM
#72:


foundry scripting is a pain in the ass

all the convenience, expressiveness, and debuggability of solidity (see: awful), but for scripts that unit test and deploy codebases, despite such use cases being far better supported and documented with nodejs

why does it exist

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andel
07/27/23 2:45:30 AM
#74:


crypto isn't inherently a scam but it is filled with scammers and shitbags due to lack of oversight or regulation. when a space is like 99% pump and dump schemes there is a major issue.

now nft's are definitely a scam as a whole and people spending tons of money in that space are the ultimate suckers

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loafy013
07/27/23 2:50:44 AM
#75:


If one of the big benefits touted by crypto is that is free of government oversight, why do cryptobros scream about wanting government regulation when somebody takes the money and runs?

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Sad_Face
07/27/23 10:27:07 AM
#76:


TheMikh posted...
foundry scripting is a pain in the ass

all the convenience, expressiveness, and debuggability of solidity (see: awful), but for scripts that unit test and deploy codebases, despite such use cases being far better supported and documented with nodejs

why does it exist

You tell me. I started learning it a little bit back in march, but I haven't gotten into the nitty gritty to see why everyone is using it over hardhat. I went from Brownie to Hardhat, now I gotta learn a new environment? Aaaahhhhhhhhh

andel posted...
crypto isn't inherently a scam but it is filled with scammers and s***bags due to lack of oversight or regulation. when a space is like 99% pump and dump schemes there is a major issue.
loafy013 posted...
If one of the big benefits touted by crypto is that is free of government oversight, why do cryptobros scream about wanting government regulation when somebody takes the money and runs?

Because it's the quickest solution when people play foul. The fact that the industry didn't do any kind of gatekeeping or self-regulation blew up in our face with Terra Luna blockchain, Celsius Network, and the FTX exchange collapse and did a massive blow to the reputation of the industry.

While you can't stop people from throwing their money at the next degenerate scam, what we should have done was not give people who clearly aren't upholding the values of crypto the time of day.

That being said, because of 2022's fiascos, the age of shitcoin domination is basically over. The next bull run will revolve around real world uses cases...

Actually I can see the BTC having a run when the BTC network gets connected to Ethereum. (Powered by Chainlink's CCIP of course)

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apocalyptic_4
07/27/23 3:00:08 PM
#77:


What's your thoughts on ISO coins?

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Kuuko
07/27/23 3:16:00 PM
#78:


Sad_Face posted...
That being said, because of 2022's fiascos, the age of shitcoin domination is basically over. The next bull run will revolve around real world uses cases...
True. Any day now we will figure out what the real usecase for bitcoin is. Then we will all be rich. We simply need to find this one small final piece of the puzzle.

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Sad_Face
07/28/23 12:20:01 AM
#79:


apocalyptic_4 posted...
What's your thoughts on ISO coins?

Never heard of it. Sorry bro.

Kuuko posted...
True. Any day now we will figure out what the real usecase for bitcoin is. Then we will all be rich. We simply need to find this one small final piece of the puzzle.

My sarcasm detector is blinking, but in case it's faulty, the bitcoin already has served its purpose and is doing what it was intended to do, be an alternate banking system from the traditional banking world with a currency completely removed of influence from the US dollar (mainly the US government's and military's interference).

With this next bull run, right now the focus is on tokenizing assets.

https://gamefaqs.gamespot.com/a/user_image/3/2/1/AAWh3OAAEs3B.jpg

Full Bank of America report here:

https://twitter.com/chainlink/status/1680700585648201729?s=20

But ideally, a vision for a lot of Web3 developers is to replace Web2 services. Basically everything is up for grabs. To give an example, Uber can be recreated in the Web3 space and it'll be could appealing as it could be reconstructed with a more transparent and potentially profitable wage calculation for individual drivers via smart contracts (which reduce administrative overhead already) and also give them a voice in the direction of the company through a DAO (decentralized autonomous organization) where whatever currency of this Web3 version of Uber they use could double as governance votes.

The reason why they want to use Smart contracts is because it's basically a coded obligation that you essentially can't change once it has been deployed. "If X event happens, then Y is executed." This gives people guarantees unlike in Web2 and this has created more profitable opportunities as people can collaborate together without the fear of getting screwed over (aside from hackers and fundamentally flawed protocols).

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ooger
07/28/23 8:53:04 AM
#80:


What about web 4 or 5?

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apocalyptic_4
07/28/23 9:19:00 AM
#81:


ISO coins will be the future of that industry I'm sorry TC you still believe in bitcoin and eth those will be gone along with the others that don't have a use case and arnt clean energy. I'd invest in other assets.

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[deleted]
07/28/23 9:22:33 AM
#73:


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Sad_Face
07/28/23 10:49:46 AM
#82:


apocalyptic_4 posted...
ISO coins will be the future of that industry I'm sorry TC you still believe in bitcoin and eth those will be gone along with the others that don't have a use case and arnt clean energy. I'd invest in other assets.

@apocalyptic_4 got any links or articles I can read up on regarding ISO coins? I'm not interested in investing in it but I'd like stay abreast of the current happenings, especially my knowledge is fairly limited to the Ethereum ecosystem.

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TheMikh
07/28/23 11:24:45 AM
#83:


ISO coins are like a who's who list of historically overhyped and underdelivering projects with the most vocal and bitter bagholders imaginable

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apocalyptic_4
07/29/23 10:49:29 AM
#84:


https://www.cnbc.com/2023/07/17/ripple-hopes-judge-ruling-in-sec-case-will-lead-to-us-banks-using-xrp.html

https://financialpost.com/pmn/business-wire-news-releases-pmn/republic-of-palau-launches-us-dollar-backed-palau-stablecoin-in-the-next-phase-of-collaboration-with-ripple-on-the-xrp-ledger

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Sad_Face
07/31/23 10:06:18 AM
#85:


apocalyptic_4 posted...
https://www.cnbc.com/2023/07/17/ripple-hopes-judge-ruling-in-sec-case-will-lead-to-us-banks-using-xrp.html

https://financialpost.com/pmn/business-wire-news-releases-pmn/republic-of-palau-launches-us-dollar-backed-palau-stablecoin-in-the-next-phase-of-collaboration-with-ripple-on-the-xrp-ledger

Best of luck. Ripple is competing with SWIFT that has kickstarted their own blockchain projects, mentioned before in the topic. In addition, Binance has opened up a lot of avenues for people to be paid in stablecoins. I went looking for a tweet of someone doing a survey on it, and I can't find it again...

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Sad_Face
08/02/23 2:19:20 PM
#86:


Well, so much for learning Vyper language. The Curve protocol nearly collapse because of the language version they used had an exploit for re-entrancy attacks.

https://rekt.news/curve-vyper-rekt/

The protocol was saved because it used Chainlink price oracles to maintain the CRV prices as it weighted by volume the prices of onchain DEX (Uniswap, sushiswap) prices and off chain Centralized exchange (Binance, Coinbase) prices.

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#87
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indica
08/04/23 12:42:58 AM
#88:


BunkerBoy posted...
Crypto aside isn't TC a literal Pizzagater?

masterpug53 posted...
Yes. On occasion he'll still go full bore into defending it when called out on it.

GranolaPanic posted...
Sad Face is suspended. Someone should take a picture of their account status and make it into an NFT. Youll make a fortune!

Hmmmm...


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