It was on this thread on [email protected]. I'm guessing it's a community dedicated to pooping on the Internet of Things, so when something like this comes along they really really want it to be true. I wasn't paying attention to the communities when I was posting, though, just clicking through all the repost references and giving a cursory glance to see if someone had already pointed out the fakeitude.
FaceDeer
joined 1 year ago
Does your grocery store or gas station accept Qatari riyals?
Different transactions use different amounts of space so it's always going to be a rough estimate.
Yup, more insults, and rejection of another example. You even explicitly state you don't know what the example is, you're just convinced it's useless because it involves cryptocurrency. Nicely circular reasoning.
How about Golem? It's a decentralized cloud computing marketplace. And I should note preemptively, just because you don't use it doesn't mean nobody does.
Yeah, it's a social media thing not just a Reddit thing. Hasn't been as common here yet but I've certainly encountered some miserable people here.
Wow, big surprise. Insult me, demand I provide a use, then immediately claim that use isn't valid and throw more insults. It's almost like it's not worth engaging with you.
How about Gnosis? It's a prediction market.
Heh. I bet if I had been suggesting particular uses you'd be calling me a shill for those particular uses. "Shill" is such a lazy accusation to throw about, you can sling it at anyone who's interested in anything.
How about ENS? It's a decentralized version of the Domain Name System.
Alright, so let's call them cryptotokens instead. I've always preferred that myself, it's a much more general description of what they do. It doesn't change what they are but if that term makes you happier we can go with that.
It renders it useless outside of as a bit of gambling on the side.
Hardly, there are lots of things you can do with these things. A ledger is more than just for tracking money, it's a database. You really can't think of useful things that could be done with a completely decentralized and permissionless database?
Ok, so a stablecoin means, that the holder gives an unsecured, zero-interest loan to a company with unknown credit worthiness.
No. Neither of the approaches I described means that. You can check the credit-worthiness of Tether and other such companies (Tether was just an example, there are many others) and decide whether you want to use their token based on what you learn if you wish. As I said, you only need the token to last for as long as you're using it for, so if you're running a storefront for example you can be paid in those tokens and immediately trade them for something you trust more.
And you can’t actually redeem the stablecoin for money, you can only get crypto that trades for $1, allegedly.
The stablecoin is worth $1, yes. That's the point of the stablecoin. The "allegedly" part is not actually allegedly, it's part of how the smart contract backing the token operates.
Are you for real?
Yes. I get the impression that you're arguing in bad faith, though. I'm happy to discuss the details of how these things work but you're calling this "insane" and that's not a particularly useful mindset for learning.
It varies, there are a bunch of different types of stabletokens. The two main approaches I'm aware of are:
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Tokens that are issued and backed by a trusted third party. Tether, for example, issues one USDT token for every USD that is deposited with Tether Inc. and you can redeem USDTs for USD again any time. I'm not particularly fond of this approach, but it's simple and popular and as long as you're not holding USDT long-term I don't see a big problem with it as a day-to-day currency. Just make sure the issuing company is audited and you're prepared for the possibility that they could turn out to be lying.
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Tokens that are issued by on-chain smart contracts, backed by other digital assets. DAI and Liquity are examples of these. They are more complicated but IMO the better choice because you don't have to trust anyone - you can see the token's backing right on the blockchain itself and know whether it's actually worth what the stabletoken needs for support.
One of the nice things about the on-chain smart contract stabletokens is that they can be backed by less-stable tokens, such as Ether itself, so you can get the best of both worlds out of them.
Ah, so now the absence of shilling is the problem? What a wonderful catch-22 you've got there.
How about Filecoin, a decentralized cloud storage system to go with Golem's cloud computing? I can keep on listing non-currency uses for blockchains for quite a while, you know.