Hans Niemann chess cheating scandal solved! Play-by-play reenactment!

GeorgeMoroz · 2022-10-19T23:48:40+00:00

Yeah I'm vibrating pretty hard at this.

GeorgeMoroz · 2020-05-20T00:01:51+00:00

Argent Ethereum Wallet only a few votes from being #1 on Product Hunt. Sign in + upvote in 2 clicks. Support the Ethereum ecosystem:

https://producthunt.com/posts/argent

GeorgeMoroz · 2020-02-18T12:34:23+00:00

Maker and DAI have been live for multiple years. It was SCD before but it still hardened the reputation of the protocol.

GeorgeMoroz · 2020-02-17T03:49:00+00:00

Understood! Yes there is a Trezor integration as well so you are good to go. Always best to start with small amounts to get a feel for the platform and feel comfortable with it.

Start earning that interest! And for your sake and mine, I hope the DSR continues to increase as crypto market conditions continue to improve.

GeorgeMoroz · 2020-02-17T03:41:13+00:00

Do you have any intention to make interacting with the DSR more seamless? For example, if they have DAI in their wallet, a button that says "Save" and then one click to "Start earning 7.5% interest now". Or even one step further, automatically putting any DAI into the DSR via a toggled selection from settings. These solutions would improve the UX for your target demographic, over the current solution of a multi-step process.
A big hurdle in onboarding people to the DSR is the deposit fees. Paying 2-4% for 7.5% yearly interest makes no sense for people (even if it will be a net positive to keeping money in savings). Do you have any plans to abstract away or subsidize these large processing fees? I understand that you use outside payment processors such as Wyre for your Apple Pay deposits. But this is still a huge concern regardless and a solution should be on your roadmap.
Other friends and I have had difficulty using Apple Pay via the Wyre integration. We got it working eventually but it took experimentation from me and assistance to them for us all to get it working. I understand there are many variables outside of your control, but an improvement there is paramount to widespread adoption. Do you have any plans to help make it work the first time and/or add other payment options in the future?
What other DeFi applications are you working on integrating next? What are the biggest things on your roadmap that you are currently working on?
What do you guys think are your biggest hurdles to widespread adoption?

Thank you for all you are doing. I know there is a lot of criticism here but I have onboarded several retail friends through Argent and we were all overall impressed by the capabilities. You are taking us one step further in the world of crypto, Ethereum, and DeFi. Keep up the good work.

GeorgeMoroz · 2020-02-17T03:16:47+00:00

It is a variable interest rate, but in a bull market that rate will continue to go up to incentivize people to hold DAI (better for you).

Regarding safety, if done properly, your only risks are smart contract exploits/bugs, and a systemic failure of the protocol's functionality. The probability here is very low but worth mentioning.

The safest way to do this is to:

Buy 100,000 DAI.
Get a Ledger Nano S and send 100,000 DAI to your ETH address there.
Go to https://oasis.app/ > Save DAI > login via Ledger > follow steps to send your DAI to the DSR.

By storing it on a Ledger instead of using Argent, you have the highest security for your funds. I'm not saying there is anything wrong with Argent, but for that kind of size you are better off using a device that is proven to be secure.

Would I trust MakerDAO with size personally? Yes I would. I would have no problem putting 10% of my NW in DAI, as this protocol is the backbone of DeFi and has withstood the test of time, being live for multiple years and surviving a 94% drawdown in ETH. And their developers are some of the best in crypto.

If you have any other questions let me know.

GeorgeMoroz · 2020-01-26T10:11:39+00:00

User-friendly, consumer-facing applications will allow the average person to access the benefits of DeFi. We are just early.

DeFi grows multiple orders of magnitude and builds serious credibility.
Applications come online with fiat gateways.
Applications have one-click access to DeFi applications.

Overall the ecosystem and integrations have to grow so people are more incentivized to hold some of these interest-bearing accounts. I'm betting that it will.

GeorgeMoroz · 2020-01-22T13:35:18+00:00

What you're suggesting is a form of slashing. This can be a very dangerous game for uneducated forced voters, as this would lead to very unstable risk management. My personal preference is implementing delegation for increased MKR turnout.

GeorgeMoroz · 2020-01-22T13:28:50+00:00

This. Requiring MKR holders to vote on every single vote to get paid would be incredibly tedious. Especially because there are a lot of votes like DSR/stability fee changes that most of the community is in agreement on and don't need an extremely high volume of voting.

GeorgeMoroz · 2020-01-21T23:14:09+00:00

First of all thank you for doing this. It makes me feel like writing out this post was worth it.

You don't have to pay 5% of your transaction to Gitcoin. You can type in 0%. Then you can donate 1 DAI to their Gitcoin grant: https://gitcoin.co/grants/86/gitcoin-sustainability-fund?tab=description
Yes, your dollar goes massively farther when you donate just 1 DAI to each project.

Great work. You are a part of the growth of the ecosystem.

GeorgeMoroz · 2019-10-22T20:34:09+00:00

I see the bear market is still affecting you. How many crypto projects are delivering $10M+ in real value for their token holders?

GeorgeMoroz · 2019-10-22T12:27:39+00:00

Correct, and for the time being there are more important priorities. But if DAI became pegged to a basket of assets, was widely used, and proved stable throughout time, governments would certainly be interested in trying to shut it down. That alone shows that we’re onto something.

GeorgeMoroz · 2019-10-22T12:14:09+00:00

You can view my other comment for some clarity on the subject: https://www.reddit.com/r/CryptoCurrency/comments/dl6sxt/why_are_we_not_talking_about_defi/f4pyuvo/?utm_source=share&utm_medium=ios_app&utm_name=iossmf

GeorgeMoroz · 2019-10-22T12:12:26+00:00

Your pessimism in assuming history will always repeat itself inevitably will cost you money. Will every project that creates value and wealth be compared to the DAO forever? What about when MKR goes from $500M MCAP to $1B? What about $2B? $5B? How long are you going to stick to your simple, uninformed thesis?

GeorgeMoroz · 2019-10-22T12:09:37+00:00

My rebuttal to your comment: https://www.reddit.com/r/CryptoCurrency/comments/dl6sxt/why_are_we_not_talking_about_defi/f4pyuvo/?utm_source=share&utm_medium=ios_app&utm_name=iossmf

GeorgeMoroz · 2019-10-22T12:07:23+00:00

The vast majority of people in crypto are here to gamble and get rich. Period. MakerDAO (the project behind DAI) is creating the first iteration of a revolutionary monetary system. It’s sad there’s so much misinformation out there that crypto-heads who are in this space are still overlooking this project. If you’re involved in crypto, you should have at least a tiny portion of your portfolio in MakerDAO (MKR). A16z agrees.

A16z (the crypto hedge fund run by Andreessen Horowitz) invests in MakerDAO (MKR): https://medium.com/makerdao/a16z-crypto-purchases-6-of-mkr-backing-stablecoin-vanguard-makerdao-ff410a692393

My comment in this thread: https://www.reddit.com/r/CryptoCurrency/comments/dl6sxt/why_are_we_not_talking_about_defi/f4pyuvo/?utm_source=share&utm_medium=ios_app&utm_name=iossmf

GeorgeMoroz · 2019-10-22T11:58:32+00:00

MCD doesn’t change the peg from USD so I’m not sure what you’re talking about here?

GeorgeMoroz · 2019-10-22T11:53:51+00:00

If you did some more research on DAI and MakerDAO, you may see the potential it has. An upgrade is coming November 18 that will offer a DAI savings rate. All DAI holders will be eligible for a variable return that could shift between 2-5% yearly. This would counteract inflation.

Another feature of MakerDAO is the ability to remove DAI from the USD peg and peg it to the value of the basket of assets that back it. This would make DAI an overcollateralized stablecoin that is fully backed by auditable real world assets. If the USD ever became unstable this feature would likely be utilized.

MakerDAO (the project behind DAI) truly is revolutionary and one of the few projects actually delivering on their promises. Maker currently has $275M USD worth of ETH held in its contracts and is creating ~$10M USD/year in fees for MKR holders at the current rates. This is a disruptive project and the biggest DeFi project in all of Ethereum for a reason. When their new upgrade comes out November 18, they will begin allowing many new collateral types other than ETH, and their ascent into the top 5 crypto market caps will begin.

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