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0 sats \ 18 replies \ @grayruby 6 Oct 2024 \ on: Coinbase's Talks With TradFi Firms Pick Up as Crypto Becomes More Bipartisan Politics_And_Law
TradFi highly disappointed they haven't been able to participate in the fleecing of retail investors by the crypto industry. I am sure they can't wait to participate in the "innovation".
There are some ideas in the industry that seem to be moving forward others that are just memecoins/pump and dumps. I think it just depends on the project and the people behind it. Some projects don't address anything but others do and so they have a unique and interesting case
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I don't necessarily disagree but I think the incentives in crypto are so rotten that any good idea is inevitably wasted or used solely to enrich founders/insiders. What ideas do you think viably become mainstream and what project is successfully and ethically pursuing those ideas?
Keeping in mind I completely separate Bitcoin and crypto in my thinking. There is a lot going on in Bitcoin that is net positive for humanity.
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Easily The Graph stands out as something with a place that isn't expensive and allows the masses to participate. Since it moved to ARB One as well it significantly lowered their barrier to entry with transaction prices falling.
DePIN seems to be a rather interesting space I have been looking more and more into because some of them are actually much more successful than any company right now. Others like Brave's BAT is honestly free crypto you can convert into BTC or whatever you want and it adds up over time.
Eth L2 are also lowering the barrier so much that we might see additional use cases emerge that would be cost effective.
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What does The Graph even do. Never heard of it so I I can't assess whether is it successful or ethical. Eth L2s are all centralized. So if we are just building centralized databases why do we need a blockchain?
BAT was a neat idea but better accomplished with sats over lightning so completely unnecessary.
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The Graph is an indexing protocol for organizing and accessing data from blockchains and storage networks. They did do some $$ raising which I don't think anyone should be surprised with. Coinbase actually has given away a ton of theirs through their Earn Program over the last few years. I would definitely check them out as they have an area that is not clearly addressed and have perfectly executed addressing it. When it got to expensive for smaller holders like myself that is when they moved to Arbitrum One from Eth lowering the transaction costs.
BAT when it was developed and even since then I think need an already closed distribution token cap. That is what makes it work as the Brave Team does the public buyback of tokens it then redistributes. I am not sure how you would change that idea for sats even though I like the idea just because BAT needs that closed loop that I don't feel sats allows.
L2's do have an issue with centralization for sure. I side with the 3 stage idea and I think only a couple of them will ever make it to stage 3. For instance Base will ALWAYS be a stage 0 in my mind because of US laws that wont allow Coinbase to fully release it. Given laws could change to allow it but I am not sure I see that happening. OP I think has the best change to end up decentralized followed by Arbitrum others like Polygon I think are long shots to pulling it off if they ever try to.
More or less I think we will be dealing with a spectrum of L2's and decentralization that seems to be the same thing with AI and why I see a ton of similarities in the two spaces.
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If 99.9% of blockchains are completely useless then it seems the Graph isn't really necessary either.
I think some tradeoffs of centralization on L2s is reasonable. Lightning is not fully decentralized but I think it is highly unethical that they all market themselves as decentralized when they aren't even close. Again, the incentives of crypto are so broken that it almost precludes anyone from making an honest product. You also have to factor that ethereum as a protocol is not really decentralized either so you are building centralized on top of centralized and it makes me wonder why any of it is necessary.
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Indexing is critical to the blockchains and blockchains are here to stay. Companies use them, governments are using them so blockchains are here to stay. No one else is in the indexing space. Hence The Graph's importance. Goes beyond DeFi as well with applications across the board including in the AI space.
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Yeah I will take the under on that. Agree to disagree.
How long have you been in the space?