The Crypto Thread

Politics & News
4523

As usual, Matt Levine cuts to the heart of the matter:

I sometimes come across claims that crypto will somehow disintermediate finance, that the decentralization of crypto puts the power, and all of the economic benefits, of crypto in the hands of ordinary people and gets rid of the need for big middlemen like Citadel Securities. These claims are crazy . Look around! There are endless profiles of people who have become billionaires by starting crypto exchanges, trading platforms, market makers, derivatives businesses, etc. (Meanwhile I have never read a profile of someone who became a billionaire by using crypto to solve any problem other than trading more crypto but never mind!)

Weā€™re gonna democratize finance! With the help of (checks notes) Ken Griffin and Citadel. Get the fuck out of here.

4526

who would do such a thing

1 Like
4527

Is the $75 transaction fee legit? Like, if I wanted to buy a $1,000 pudgy, how much would I pay in fees?

4529

The fee is determined by the Divine, the law of supply and demand, free from government interference. Your fee for processing a $75 transaction could be 7 cents or it could be $7500. Just depends on what the market for facilitating transactions is at the time.

4531

$75 for a $6k purchase doesnā€™t seem so crazy, I pay more than that when I buy index funds.

Too bad they donā€™t have cheaper entry-level pudgys. Theyā€™re kind of cute.

4532

Fees are only that absurd on lolEthereum. Theyā€™re usually under a dollar on most networks, sometimes under a penny.

4533

Who pockets the transaction fee?

4534

Whoever records the transaction to the blockchain. Miners or validators.

4535

are they only that way because eth is shitty or because the other networks arenā€™t popular and the fees will go up there as well once/if they are?

4536

Being a pudgy broker sounds like where the smart action is.

4538

Most of them claim they can handle numbers that are several orders of magnitude higher than what Etheruem can. Some have temporarily choked on high traffic but afaik nobody disputes that they are fundamentally superior to (current version) Ethereum.

4540

Iā€™ve never done anything with Cardano and only use Solana because of Star Atlas. I use Avalanche, Harmony and Celo a bit, but mostly BSC, and I think thatā€™s the important one to look at. There is a ton of volume on that network and itā€™s EVM compatible, but itā€™s PoS, fast, and cheap. I donā€™t think Iā€™ve ever paid more than $1 for a transaction, including complicated auto-compounding defi contracts.

1 Like
4541

Ask and you shall receive

https://opensea.io/collection/lilpudgys?search[sortAscending]=true&search[sortBy]=PRICE

1 Like
4542

Speaking of, interesting news today related to network congestion and the viability of sidechains:

https://www.coindesk.com/tech/2022/01/11/axie-infinitys-gaming-sidechain-is-bigger-than-many-major-l1s-by-volume-nansen-report/

4543

Wait. These things are randomly generated? They arent even customized art?

Lol

2 Likes
4544

In the (near) future, every person will have a parallel digital identity. Avatars, crypto wallets, digital goods will be the norm. Are you planning for this?

Serious question, since I have not been planning for this as Reese suggests. What happens if I ignore this for the next few years and someone buys the Non-Fuckable Token representing my online internet posting. Will they own my posting? Will I have to stop posting? Will I have toā€¦log off? Because, I will never.

4545

I am pretty sure metaverse is going to be a stop trying to make fetch happen situation. Who actually wants this and what problem does it solve?

1 Like
4547

That seems fine, I donā€™t care if that happens.

4548

People arenā€™t engaged with screens enough?

4549

Like sure, my kid spends $5 to have a Spider-Man skin in Fortnite. The idea that grown adults are going to do this seems laughable to me. Maybe Iā€™m a clueless stupid old, certainly possible, but man does it seem like nerd techbro spectrum people trying to force it.