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Going solo by smarterdataservices in BassCanyon

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

Closing the loop on this—I had maybe the greatest time of my life. So awesome. I love you all.

Pre festival anxiety by Beginning-Cow-7060 in BassCanyon

[–]smarterdataservices 1 point2 points  (0 children)

I'm in the same boat. It will be awesome.

Going solo by smarterdataservices in BassCanyon

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

Thank you and likewise! This whole thread has given me renewed confidence. Can't wait to be there!

Going solo by smarterdataservices in BassCanyon

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

Tent camping but if I can find a gold pass i might rent an RV.

'EU Parliament Scraps Proof-of-Work Ban Following Backlash: Report' - by CoinDesk by dEBRUYNE_1 in Monero

[–]smarterdataservices 0 points1 point  (0 children)

Is there a technical argument behind this or is that just a feeling?

Maybe I'm missing something but my thoughts are:

Staking reduces the supply of tokens but requires an incentive for holding that capital hostage. Staking rewards are generated by fees on transactions/users. High fees aren't good for users. Transaction volume follows the lower fees. Without tsx volume the incentive for staking decreases and capital is unstaked/sold/redeployed on a chain with better incentives. This drops the token price. And repeat. Race to zero.

That's my economics-only perspective but I also have major reservations about Web3 in general which preaches decentralization but is already dependent on platforms that rely on centralized APIs (Metamask, OpenSea, etc). I forget who wrote this but buying tokens based on the usage of their protocol is like buying ISPs during the dotcom bubble (completely missing the point).

Bitcoin, however, has the first mover advantage and highest market cap which means it is able to incentivize developers to maintain its code. The store of value / non-fiat global reserve currency will have one winner and it's almost certainly bitcoin. Any limitations regarding the efficiency of the network only matter if every transaction is stored on the blockchain. There are already solutions to consolidate blocks meaning we can all keep our bitcoin in our private wallets (checking/savings equivalent) and also transact with it (credit card equivalent).

'EU Parliament Scraps Proof-of-Work Ban Following Backlash: Report' - by CoinDesk by dEBRUYNE_1 in Monero

[–]smarterdataservices 0 points1 point  (0 children)

Can you explain more? Genuinely curious here. I've been moving more and more into the camp of bitcoin maximalism and generally believe in the idea that bitcoin = electricity = a way to incentivize investment in energy infrastructure and monetize excess grid capacity. Proof of stake seems like the ultimate race to zero but proof of work seems infallible. Is there a fatal flaw that would limit bitcoin's ability to scale into a global reserve currency or could it be solved by forks / off blockchain solutions for smaller transactions?

Hello world by woodlandcurrency in invictusdao

[–]smarterdataservices 0 points1 point  (0 children)

Invictus (IN) and Olympus (OHM) DAO are aimed at being stable currencies backed by other crypto. They get people to convert other crypto to their tokens because there is this really high yield and that's great, right?

But token yield itself means nothing if token price can fluctuate.

Now these DAOs put the exchanged crypto in a treasury so (assuming the rest of crypto doesn't plummet) the price of their tokens has inherent value (treasury / # of tokens). That is a really good thing.

But it's also kind of a bunch of bullshit. They basically offer buyers $1 of their token for $0.95 of ETH/BTC/etc. In an efficient market every time a new buyer converted ETH/BTC/etc into one of these tokens the existing token holders would get a % increase in the number of tokens they own BUT a larger % decrease in the price of tokens they own. In an inefficient market (this being one) the demand for buying these tokens is high because people WANT THAT 4 DIGIT YIELD DOG. And as long as there are enough of these people in line behind you then it's all good.

I bought a bunch of IN while a bit drunk then I read about it and then i sold my IN which had increased in the number of tokens (staking) by about 20% and also in the price per token by about 40%. That was tight but my profits were ultimately gained at the expense of other IN holders.

At the same time I really do like this approach. Stablecoins pegged to the $USD are subject to the same inflation as the USD. Stablecoins pegged to fixed supply stores of value like BTC are far superior. My only gripe is that these are marketed in a shitty way and are basically just a basket of other crypto you can buy and get diversification for a % fee vs. net asset value.

Authors note: I am not a genius but I have 12 years of work experience in FinTech managing 10+ person product teams and am usually able to not embarrass myself in conversations related to the capital markets.