Open source, public and permissionless infrastructure for the web. Very different than Venmo which is owned by PayPal and limited to USA, and not programmable, no interop. about the OP’s thread: centralized services…
Venmo[1] does not have reversibility. Cash does not have reversibility. If users really wanted credit card functionality at the expense of its costs, you could build that as a layer on top, without forcing everybody in…
Yes, if the application and its users demand it. Reversibility is possible in peer-to-peer and decentralized payment systems. But not every app needs reversibility and the centralized intermediaries that come with that.
ZK rollup with validity proofs and trustless escape hatches should really be the dominant mode of bridging and storing assets in the future.[1] To the OP: sorry to hear what you are going through. [1] See…
For some users and use cases, they are.
Your analogy makes no sense. There are many users who just want to hold crypto and perform basic lending and exchanges, and would be willing to spend fractionally more in gas fees to achieve this with higher security…
DeFi never claims to provide the exact same fiat and off-chain services as CeFi and CEX. It has specific goals, like replacing custody with non-custody, or replacing a centralized exchange with an automated market maker…
The goals of DeFi and web3 is to create structures that do not rely on centralized service providers, and are able to resist control of single bad actors and provide certain clear and transparent security guarantees. In…
Isn’t that the point? The protocols are built to resist changes by single entities and continue working as expected, handling user deposits non custodially, regardless of market activity. HN can declare a dozen crypto…
The irony of this post criticizing DeFi and blockchain in the wake of FTX is that those decentralized applications are working just fine in this downturn. Aave and Uniswap aren’t failing, they are thriving.
> So are blockchains. However, blockchains are much harder to secure, since they need to preserve the order of the ledger (for Bitcoin that's a total-order; there are some chains which only require partial-order). That…
If you look at crypto's daily price action, the majority of it is attributable to trading and speculation. I think this is pretty common knowledge. If you feel stocks and equities is gambling, then you might also feel…
One failure of FTX and BlockFi is that users had no way to ensure that the centralized custodian was not running off with their on-chain deposits by directing them into unsound deposits. Vitalik is suggesting a…
Partly UX, partly marketing, partly L1 fees and speed. Partly that a lot of people don’t know what Uniswap is. It gets a passing mention in the news if lucky, or more likely no mention, even though it’s the second…
Fiat assets was addressed in the post. Stablecoins can be used to avoid price volatility, and work within the framework Vitalik is suggesting.
This math is not for end users of an exchange, it’s for developers and researchers building new exchanges. The UX does not need to feel that different than any regular app.
A lot of people like trading, just look at Robinhood. It would be good if an app like Robinhood existed that ensured cryptographic guardrails to prevent the platform owners from lying about their solvency.
Verifiable computation. See Pinnochio and RISC Zero. https://eprint.iacr.org/2013/279.pdf https://www.risczero.com/
Vitalik isn’t running any DEXes, he is not in a position where he can steal or move user funds locked into a DeFi contract. He could suggest a change that might do something malicious at protocol level, but the rest of…
I can’t think of anything else that China is attempting to restrict that the rest of the developed world is open to. Edit: perhaps need a /s tag here.
Depends where you live. Most developed countries are moving away from cash. Some already have.
And how do you plan to host and distribute that? If not GitHub, maybe your own site, but neither is tamper proof or verifiably secure. In both cases the repo owner can delete commits and rewrite history, and viewers…
Succinctness means the proof size is smaller than the witness, and that it can be verified quickly. So your proof size and verification time can remain small even with large inputs. Succinctness and SNARK is the basis…
A document is not a ledger. The blockchain is the distribution mechanism.
The problem I outline is not about a physical to digital link. It is essentially about decentralization and using a tamper proof append-only log to store key events and signatures. Storing commits on GitHub is neither…
Open source, public and permissionless infrastructure for the web. Very different than Venmo which is owned by PayPal and limited to USA, and not programmable, no interop. about the OP’s thread: centralized services…
Venmo[1] does not have reversibility. Cash does not have reversibility. If users really wanted credit card functionality at the expense of its costs, you could build that as a layer on top, without forcing everybody in…
Yes, if the application and its users demand it. Reversibility is possible in peer-to-peer and decentralized payment systems. But not every app needs reversibility and the centralized intermediaries that come with that.
ZK rollup with validity proofs and trustless escape hatches should really be the dominant mode of bridging and storing assets in the future.[1] To the OP: sorry to hear what you are going through. [1] See…
For some users and use cases, they are.
Your analogy makes no sense. There are many users who just want to hold crypto and perform basic lending and exchanges, and would be willing to spend fractionally more in gas fees to achieve this with higher security…
DeFi never claims to provide the exact same fiat and off-chain services as CeFi and CEX. It has specific goals, like replacing custody with non-custody, or replacing a centralized exchange with an automated market maker…
The goals of DeFi and web3 is to create structures that do not rely on centralized service providers, and are able to resist control of single bad actors and provide certain clear and transparent security guarantees. In…
Isn’t that the point? The protocols are built to resist changes by single entities and continue working as expected, handling user deposits non custodially, regardless of market activity. HN can declare a dozen crypto…
The irony of this post criticizing DeFi and blockchain in the wake of FTX is that those decentralized applications are working just fine in this downturn. Aave and Uniswap aren’t failing, they are thriving.
> So are blockchains. However, blockchains are much harder to secure, since they need to preserve the order of the ledger (for Bitcoin that's a total-order; there are some chains which only require partial-order). That…
If you look at crypto's daily price action, the majority of it is attributable to trading and speculation. I think this is pretty common knowledge. If you feel stocks and equities is gambling, then you might also feel…
One failure of FTX and BlockFi is that users had no way to ensure that the centralized custodian was not running off with their on-chain deposits by directing them into unsound deposits. Vitalik is suggesting a…
Partly UX, partly marketing, partly L1 fees and speed. Partly that a lot of people don’t know what Uniswap is. It gets a passing mention in the news if lucky, or more likely no mention, even though it’s the second…
Fiat assets was addressed in the post. Stablecoins can be used to avoid price volatility, and work within the framework Vitalik is suggesting.
This math is not for end users of an exchange, it’s for developers and researchers building new exchanges. The UX does not need to feel that different than any regular app.
A lot of people like trading, just look at Robinhood. It would be good if an app like Robinhood existed that ensured cryptographic guardrails to prevent the platform owners from lying about their solvency.
Verifiable computation. See Pinnochio and RISC Zero. https://eprint.iacr.org/2013/279.pdf https://www.risczero.com/
Vitalik isn’t running any DEXes, he is not in a position where he can steal or move user funds locked into a DeFi contract. He could suggest a change that might do something malicious at protocol level, but the rest of…
I can’t think of anything else that China is attempting to restrict that the rest of the developed world is open to. Edit: perhaps need a /s tag here.
Depends where you live. Most developed countries are moving away from cash. Some already have.
And how do you plan to host and distribute that? If not GitHub, maybe your own site, but neither is tamper proof or verifiably secure. In both cases the repo owner can delete commits and rewrite history, and viewers…
Succinctness means the proof size is smaller than the witness, and that it can be verified quickly. So your proof size and verification time can remain small even with large inputs. Succinctness and SNARK is the basis…
A document is not a ledger. The blockchain is the distribution mechanism.
The problem I outline is not about a physical to digital link. It is essentially about decentralization and using a tamper proof append-only log to store key events and signatures. Storing commits on GitHub is neither…