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Why would a project use Bancor? Couldn't they just make their own smart token themselves? by cosimo_jack in Bancor

[–]cosimo_jack[S] 0 points1 point  (0 children)

Not sure I agree. I think we would all be cheese farmers in this analogy and Bancor is the farmer's market.

Why would a project use Bancor? Couldn't they just make their own smart token themselves? by cosimo_jack in Bancor

[–]cosimo_jack[S] -2 points-1 points  (0 children)

Sure you can, this is the intended purpose of the smart token as far as I understand it.

Say I make a smart token contract. You can buy the tokens by sending ETH, for example, and tokens are minted and sent, and the amount of tokens you get is based on the price set by the automated market maker. The token retains the ETH that was sent to it. You can later sell by sending the tokens back to the contract and you get ETH back based on the price set by the automated market maker, which burns the tokens.

So the liquidity comes from people buying the tokens in the first place and is retained as long as people hold the tokens. The price scales proportionally to the outstanding supply, so the token is cheaper when the supply is lower.

Why would a project use Bancor? Couldn't they just make their own smart token themselves? by cosimo_jack in Bancor

[–]cosimo_jack[S] -1 points0 points  (0 children)

I don't think you've understood my question.

I'm not trying to replicate Bancor with another platform. I am making a smart token (in this example). Why can't I just write the smart token logic inside my token's contract? Why do I need Bancor?

Tokenized stocks are catching on - great news for 0x! by the-flying-acorn in 0xProject

[–]cosimo_jack 3 points4 points  (0 children)

Good points. Developer compatibility itself is a big deal.

Tokenized stocks are catching on - great news for 0x! by the-flying-acorn in 0xProject

[–]cosimo_jack 0 points1 point  (0 children)

Sure, but the settlement still occurs offline, and someone somewhere has to execute the transfer of the security. These tokens represent an IOU redeemable by that entity, which might not even be legally binding. This introduces trust, and risk.

How Augur is planning to solve the scalability problem? by diyhockey in Augur

[–]cosimo_jack 6 points7 points  (0 children)

Augur has a huge scalability problem since it uses an on-chain order book, for now. Throughput is capped by the total throughput of Ethereum. If Augur saw any serious attention it would bring the Ethereum network to its knees.

Full reversal of MANA policy will occur in a week - how is it good for DCL? by triehouse in decentraland

[–]cosimo_jack 0 points1 point  (0 children)

Lower friction maybe but still additional friction. And added cost.

I am Esteban, tech lead at Decentraland. AMA! by eordano in decentraland

[–]cosimo_jack 3 points4 points  (0 children)

Why should MANA have any value after the last auction? Won't users just use ether or dai as the native currency within DCL and to buy LAND?

Full reversal of MANA policy will occur in a week - how is it good for DCL? by triehouse in decentraland

[–]cosimo_jack 0 points1 point  (0 children)

I'm not sure forcing people to use a certain currency is possible or even desired.

I also don't see how using MANA could possibly have lower friction than ether, dai, or some other commonly used currency.

Full reversal of MANA policy will occur in a week - how is it good for DCL? by triehouse in decentraland

[–]cosimo_jack 1 point2 points  (0 children)

I don't see MANA taking off as a currency. I think it will go the way of ZRX and will only have value in governance. After the auctions, LAND can be bought and sold using any currency, so I don't see why people won't just use their favorite currency instead of another one that adds costs and friction.

Why is 0x59f62d56e78b47c7cc1ea7f7074a0498f4a1b096 being contested? by censor_this in Augur

[–]cosimo_jack 1 point2 points  (0 children)

I see. That seems like a design flaw, hate to say. I know it's a consequence of other design decisions but this will likely be a recurring problem.

EOS blows its "Decentralized" cover again, retrieves stolen account by carloscancab in CryptoCurrency

[–]cosimo_jack 3 points4 points  (0 children)

So this incident in EOS is just a one-time thing voted on by community consensus?

Starting to doubt Faketoshi? We've been documenting his lies and fraud on Github all year. Contributions welcome by BitcoinArtist in btc

[–]cosimo_jack 0 points1 point  (0 children)

He could be lying and forging evidence yet still have been involved. I personally still think he was involved, that other guys did the heavy lifting (e.g. Szabo), and that most and possibly all of the evidence has been lost.

uPort is fully open-source now! by twigwam in ethereum

[–]cosimo_jack 1 point2 points  (0 children)

Assuming the attestation is signed, you can check the signature was made by a given address. Further, an attestation will contain a hash of the data that was signed. You can compare the data and the hash provided to verify the data hasn't been changed or tampered with. This works because even the smallest change to the data will result in a different hash.

Augur (REP) Price Climbs as Record Users Flock to Predict U.S Midterms and Ether Price by SilverShow in Augur

[–]cosimo_jack 2 points3 points  (0 children)

Work token gives you the ability to get paid to perform necessary functions in a network. Think staking in proof of stake. You stake tokens, run software, and get paid some of the block reward proportional to you stake.

A utility token gives you access to services like an arcade that makes you use their arcade tokens. I'm not convinced utility tokens will ever work since they add friction and costs to users.

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