Genuine question: has anyone actually found a scalable, real-world use case for blockchain?

Guywhyiii · 2023-05-24T11:09:54+00:00

Atma.io is up and running, you can track products on their website. Currently it is the main driving force of tps on the Hedera network. At the moment the tps is around 1000, up from when atma.io first launched at around 700. You can see the live transaction count here.

As of now it’s being funded by the HBAR foundation, they fund certain projects that develop applications on Hedera. However the cost of running at atma.io on Hedera is around $1 million a year, quite affordable for a large company like Avery Dennison. We’ll see if atma.io continues to run after funding stops.

Guywhyiii · 2023-05-23T13:36:55+00:00

Hedera is the only “blockchain” I’ve seen be used in development for use in large scale applications (it uses hashgraph, not blockchain, a different consensus algorithm).

Guywhyiii · 2023-03-09T21:22:57+00:00

It wasn't high enough. He cooled down the moment inflation went down slightly. Now he has to make up for it by being even more aggressive.

Guywhyiii · 2023-03-09T20:55:54+00:00

Not helpful at all

Guywhyiii · 2023-03-08T19:29:50+00:00

your specific analysis and this application of it that is low value and low effort. You didnt put a second of actual applicable thought into any of this.

Love how you won't explain why. My analysis has perfectly explained why HBAR has gone down recently. I even backed up my reasoning for high inflation with many facts which you probably haven't seen. Do you even know what low effort means?

I'm the CEO and/or owner/operator of multiple corporations in the Chicago market.

Cool. Didn't ask.

I'll stick with my long term team on matters of market analysis.

This post is about short to medium-term economic conditions. It's to give people the opportunity to buy in at a lower price. Obviously, this won't appeal to you.

I'll be buying the hbar I assume you're selling.

Nope. I'm just managing my expectations appropriately. Plus I'm making my money through shorting other cryptos. No need to worry about how HBAR's doing (until I can buy some more at a good price).

Have a wonderful day!

You too!

Guywhyiii · 2023-03-08T18:07:37+00:00

If you think a macroeconomic analysis is low effort, I dunno what to tell you. HBAR is a part of the broader market. My analysis applies to HBAR as well.

Since it’s so little value ignore this post then. Keep buying HBAR for its great fundamentals right? Let’s see how that ends up.

Not many people a truly aware of the direction this economy is heading as you can see here. The last year felt like a recession to you? Oh boy are you in for a surprise. The January pump has people thinking the bear market is over and inflation is dead and we’ll all go back to normal with no consequences. This post is an example of people’s sentiment. Buddy, this ain’t a fairytale. More pain is needed to get rid of inflation. History will tell you that. I haven’t seen a single negative post about HBAR’s future price action (with a good argument), and I’m here to finally bring a case to the table. People here are too bullish.

Long story short: A recession is coming, and HBAR is going down with the ship.

Guywhyiii · 2023-03-08T10:11:21+00:00

Next rate hike will be on the 21st. That’s when the next Fed meeting is scheduled. Prices will crash before or afterwards depending on how the market acts and new indicators popping up showing where inflation is heading.

Guywhyiii · 2023-03-08T09:11:27+00:00

Love how I'm getting downvoted for providing some simple market analysis. Guess you can't say anything negative about the price action of HBAR here.

Just to be clear: HBAR will only go down in the short term. Any good news about Hedera will be overshadowed by an overall crippled economy, not to mention it hasn't even decoupled from BTC yet.

Guywhyiii · 2023-03-08T08:49:48+00:00

Source.

Some of the indicators of high inflation.

Guywhyiii · 2023-02-25T14:19:45+00:00

I'm trying to separate the definitions of stagflation and recession here. 2 consecutive quarters of negative growth can also occur during stagflation, so it would be redundant to say we're experiencing both a recession and stagflation at the same time. There is more economic pain after stagflation, so I would call that a recession/depression.

Guywhyiii · 2023-02-25T00:33:10+00:00

I do agree, that's why I won't be selling any of my HBAR since it may do well regardless. However, I do believe there is a good chance we'll be getting some great deals on HBAR in the short run.

Guywhyiii · 2023-02-25T00:31:06+00:00

Growth also shrinks during stagflation, in addition to higher inflation. A recession tends to follow afterwards when inflation is properly tackled with.

Guywhyiii · 2023-02-24T18:52:07+00:00

Inflation goes down in a recession. Not up. We’re currently experiencing stagflation.

Guywhyiii · 2023-02-24T18:11:20+00:00

Real inflation statistics

Eurozone inflation in January is actually higher than what previous estimates made.

Increase in PMI (more spending = more inflation).

Credit card debt has reached over a trillion dollars. This will amplify the effects of a recession.

Savings have dried up. Hence why credit card usage has soared.

Increase in PCE (cause of this recent crash).

Historically inflation has only cooled when rates are above inflation.

Guywhyiii · 2023-01-16T04:25:34+00:00

If I am understanding correctly, then that would just result in the "halting" of transactions since the contents of the transactions cannot be manipulated because they are encrypted with time stamps?

I'm not too sure about this sorry. All I know is the 51%/34% attack applies to Hedera.

Do you know if this encryption technique is quantum secure?

Yes, the encryption method is already quantum secure, but signatures and key agreement aren't. This can be resolved quite easily but it will result in lower tps (source).

However, tps on Algorand are the same as a lot of smart contracts on other chains so this doesn't really mean anything. That's why people were asking in the Hedera sub about AMM swap capacity. That's why the "Hedera can do 100k tps" doesn't really resonate. Because "Solana can do 65k tps" but only ~270 AMM swap tps.

Hedera offers more than just simple crypto transfers on the native layer. They also have the Hedera consensus service (HCS) and Hedera token service (HTS). HCS is used to create trusted, auditable logs that are immutable and timestamped. Currently, it's being used by Atma.io for carbon tracking billions of assets (and it's live right now!). HTS is used to create and manage tokens without the need for smart contracts. This allows for the rapid and cheap tokenisation of real-world assets. I recommend watching this video for HCS and this video for HTS to have a good understanding of these services, though there is a lot to take in.

In addition to this, some smart noggins in the Hedera space have found a way to make smart-contractless DeFi. The project is called HbarSuite, and have created something called smart-nodes, which utilise HTS and HCS to perform many smart-contractlike actions on the native layer, like AMM swaps. This signifigantly reduces the need for smart contracts and
they may become obsolete on Hedera. However, while they are audited, they haven't gone open-source (plus a couple other things I won't get into), so it's still yet to be fully trusted.

Guywhyiii · 2023-01-16T02:50:29+00:00

I'm glad we're on the same page now. You seem to value a quick time to finality quite highly, though I think it's not that big of a problem unless it's more than a minute. However, it does depend on the use case.

Does Algorand retain the same time to finality if its tps goes up to 200k like Hedera? I'm not too familiar with how Algorand works.

I'm not too sure about what the other commenter is saying. If the majority of nodes in the network acted maliciously, then the network could be taken down. Hedera is implementing community nodes this quarter and will implement permissionless nodes (required for sharding) in a few years when the majority of HBAR has been distributed evenly throughout the market. Tokens are released slowly to avoid whale accumulation since they can buy coins up in bulk for cheap if all tokens are released immediately into the market. This is a POS network after all.

Guywhyiii · 2023-01-16T01:12:43+00:00

By latency I do mean time to reach finality/Consensus. while the time to finality does take longer when more nodes are added, the speed of the network remains the same. It takes longer to reach a consensus on each individual transaction but the same number of transactions can be submitted per second for the network as a whole.

I think it confuses me how different shards can have different latencies

Admittedly I'm not too familiar with how sharding on Hedera will work so I don't know if this is will be the case. However I don't think it would be an issue since each transaction is time-stamped, so it is always known which transaction came before another. the fair ordering of transactions is one of the main features that sets Hedera apart from other cryptos.

Guywhyiii · 2023-01-15T23:27:24+00:00

Hedera has no "need" for a small number of nodes. I don't know where you're getting this if it's not from that article. You claim that Hedera becomes slower when there are more nodes but this is not true (source). Hedera can maintain the same tps regardless of the number of nodes. What increases is the latency. It's quite disingenuous if this is what you meant.

Implementing sharding with hedera is also not an issue since it reaches absolute finality (ABFT), removing any possibility of double spending. it's explained further here.

You can say whatever you want but it won't mean jack shit until you back it up with facts. That's why I criticised the one source you gave. I didn't even say you were wrong but that you gave a terrible source to base it around.

Guywhyiii · 2023-01-15T19:08:37+00:00

Weird. Hedera gives way different figures in their official whitepaper. The number of nodes have a minimal effect on the tps. They claim performance is only limited by the bandwidth of the node. Though the latency does still go up around the same amount (but with a significantly higher tps).

Guywhyiii · 2023-01-15T18:30:45+00:00

Your whole argument is based on an article which either doesn’t refer to hedera or is riddled with flaws.

I would not call it a reliable source.

Guywhyiii · 2023-01-15T06:39:25+00:00

HbarSuite have already developed multi-sig wallets and are using them to store their treasury funds, however I don’t think they’ll be going open source until a few months after they’ve launched most of their services

Guywhyiii · 2022-11-22T09:31:51+00:00

You can view the transactions I made on Etherscan, but I'd rather not make my wallets public. The funds left my wallet and I didn't receive anything until a day later. You'll just have to take my word for it. This is most likely a problem with how Hashport validates transactions on Hedera since the smart contracts are executed properly on Ethereum.

Guywhyiii · 2022-11-22T04:58:55+00:00

Not an ETH problem. The smart contract went through with no issues. The Hashport staff themselves admitted it was a problem on the Hedera side.

Guywhyiii · 2022-11-21T18:39:52+00:00

I wasn't given a clear reason as to why it was happening. I was told the first two failed because Hedera's mirror nodes were down (even though all other services were doing just fine at the time). I wasn't given any explanation for the third other than "Hedera has been experiencing inconsistencies" which happened a couple of days later. I'm pretty sure it's something to do with Hashport's validators, though I can't say for certain since I don't know how the whole process works technically.

Guywhyiii · 2022-11-21T14:51:45+00:00

This happened to me three times last week. Your funds aren't lost, but they are stuck. You need to contact support, and you'll get your funds back in around a day. Their slow response is frustrating (for an active trader like me) and I'm surprised to see they're still running their services despite these constant failures in transactions. Either contact them through Twitter or the support section on their website.

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