Bitcoins/Litecoins/Virtual Currencies

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Sanrith Descartes

Sanrith Descartes

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Looks like I missed my BTC limit order by about $500 on Thursday's dip. Maybe it hits this week.
 
karma

karma

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Random stuff as I try to watch and learn more about markets, crypto, trading and charts, but it looks to be a bear pennant forming on the daily for BTC?

I know some dont place any value at all in chart voodoo, and some that consider it valid in equities markets, but not valid for crypto, just thought it might be interesting to watch.

Screenshot 2021-06-13 091116.jpg
 
Jive Turkey

Jive Turkey

Karen
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I feel like the lines people draw on those charts are sometimes a bit cherry picked. That looks more like a pretty consistent pattern of descending lower highs and lower lows to me.
 
Tmac

Tmac

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James said:
It depends on the project, but yeah usually. Uniswap charges fees for trading between a pair of tokens, like say $USDC and $DAI, and those fees are collected and mostly distributed back to people providing liquidity to the pool. The users of Uniswap are mostly not providing liquidity in a pool, but any of them can if they want to, they just find a pool they like and deposit their tokens. If no one does, then you can't swap tokens at all. Aave charges fees for swaps, loans, flash loans, all at various rates, and distributes those back to users who wrap tokens with the Aave wrapper thus providing liquidity for the protocol. Uniswap and Aave also have what's called a governance token, respectively the $UNI and $AAVE tokens, they allow you to propose things to the governance community and vote on those proposals, e.g. Aave's governance page: Aave - Open Source Liquidity Protocol

Sometimes the governance tokens do more stuff, sometimes there are more roles and tokens involved in a protocol, it can get pretty complicated. Uber without Uber Inc I think should be the easiest one to imagine in this regime: the rate the drivers charge and are rewarded for picking you up and driving you is determined by a protocol, the drivers themselves would purchase a driver's license from the protocol, which determines their eligibility for and level of rewards. Uber Inc doesn't need to exist because everyone agrees on the rules, and the orchestration of drivers is already handled by a computer program which can be ported to the blockchain.
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And the people who develop said Non-Uber computer program get paid how? They give themselves a bunch of coins up front and work for free until it's validated?
 
James

James

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Tmac said:
And the people who develop said Non-Uber computer program get paid how? They give themselves a bunch of coins up front and work for free until it's validated?
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That really depends on the dev team and the project. Uniswap had no token until well after it was released, for instance, and was started by a $65,000 grant. SushiSwap, it's competitor, had no grant but did create a token, and gave a bunch of them to the founder which he then sold on the open market (effectively making him give up control of the project entirely).
 
Lightning Lord Rule

Il_Duce Lightning Lord Rule

Lightning Fast
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James said:
SushiSwap, it's competitor, had no grant but did create a token, and gave a bunch of them to the founder which he then sold on the open market (effectively making him give up control of the project entirely).
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I don't know about that one, it sounds fishy to me.

dog joke1.jpg
 
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Rangoth

Rangoth

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I would love to learn more about this whole “new internet” thing too. I think I am finally understanding the value as a base currency with the natural limitations of thing like BTC and I am getting better at the concept of Smart contracts and the defi systems built on ETH but i still struggle with the “new internet” thing.

How will this change, for example, the way my girl uses internet? She shops on her sites, views friends instagram pics, and then looks up shit to do for us and kids….what would she do differently or how would the backend change?

I am also confused on this “non uber-uber”. What does that mean? Who drives my drunk ass home and how do i find and pay them?
 
Flobee

Flobee

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Rangoth said:
I would love to learn more about this whole “new internet” thing too. I think I am finally understanding the value as a base currency with the natural limitations of thing like BTC and I am getting better at the concept of Smart contracts and the defi systems built on ETH but i still struggle with the “new internet” thing.

How will this change, for example, the way my girl uses internet? She shops on her sites, views friends instagram pics, and then looks up shit to do for us and kids….what would she do differently or how would the backend change?

I am also confused on this “non uber-uber”. What does that mean? Who drives my drunk ass home and how do i find and pay them?
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I'm sure someone else will be willing to provide more detail but I can give a simple example. You can own an ENS address (*.crypto for example) that points to a webpage that is hosted on IPFS. This would, in theory at least, give you a censorship proof domain name combined with a censorship proof web server.

Implications of this should be obvious. You can go deeper on Web3 ideas when adding NFTs for ID verification etc
 
James

James

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Rangoth said:
I am also confused on this “non uber-uber”. What does that mean? Who drives my drunk ass home and how do i find and pay them?
Click to expand...

People who purchase a driver's license from the Non-Uber protocol. You find them by loading up the Non-Uber App through your wallet, which functions nearly identically to the Uber App. You pay a rate determined by the Non-Uber protocol through the app as you would normally, and that rate is then distributed to the driver minus a small protocol fee which collects in a treasury managed by governance tokens.
 
Arden

Arden

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Add me to the list of curious people. Can anyone give an example that looks like this:

Describe somebody accomplishing some sort of task with the "current internet". Describe someone accomplishing the exact same task "new internet". Then highlight the differences and explain why they are important. And do this without using acronyms.
 
James

James

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Arden said:
Describe somebody accomplishing some sort of task with the "current internet". Describe someone accomplishing the exact same task "new internet". Then highlight the differences and explain why they are important. And do this without using acronyms.
Click to expand...

Old internet:
I want to watch the newest Smarter Every Day video, so I load up YouTube, browse to his channel, and watch the video. I like it so much and I want to help fund the next video, so I donate to his Patreon account and if it's a lot he might even mention it in his next video. I pay for a service, and he makes a living, and we get to keep watching videos.

New internet:
I want to watch the newest Smarter Every Day video, so I load up LivePeer, browse to his channel, and watch the video. I like it so much and I want to help fund the next video, so I purchase his community ERC-20 token (which automatically charges a fee that gets sent to his favorite charity and liquidity providers) and lock it up with some ETH liquidity in his community pool. Now I'm making money every time someone else buys his community token, and if the demand for his videos keeps increasing the value of his community token should too.

Further, I can help build the structure of the platform his video is hosted on by becoming a LivePeer orchestrator and/or transcoder and be rewarded for every time someone watches one of his videos. There is no analog for this in the old internet, the closest you can get would be buying Google stock.


EDIT: OH NO!!! Destin from Smarter Every Day just had a diseased hobo shit on his chest for his latest video and everyone hates it! In the old system, I could only hope he sends my money back to me, which he won't. In the new internet, I yank my liquidity back and nope the fuck out, hopefully with some profit.
 
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Khane

Khane

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That sounds a whole lot like a pyramid scheme. And way more obfuscated than "community support" should ever need to be
 
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James

James

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Khane said:
That sounds a whole lot like a pyramid scheme.
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Nah, the pyramid schemes are the ones that burn a % of every trade and send another % of every trade to wallet holders addresses. AMM pools are just a really great decentralized funding mechanism.
 
Khane

Khane

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Except with the incentive to increase views to increase the value of your "token share" it will become a pyramid scheme. Every time.
 
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Khane

Khane

Got something right about marriage
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Pyramid schemes are based on basic capitalistic behavior. And getting in on the ground floor and then trying to further a subscription model that directly benefits you is a pyramid scheme. Why are people so obsessed with trying to entrench crypto into anything and everything? It makes the entire space a lot less palatable. NFTs are the single most idiotic thing I've ever heard of. And everyone tries to keep moving in for bigger, faster cash grabs. It's all snake oil.
 
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James

James

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Khane said:
And getting in on the ground floor and then trying to further a subscription model
Click to expand...

It's not a subscription model. Users will either have to pay to watch the video to cover the costs of transcoders and orchestrators, or they'll have to watch enough ads to do it.
 
Flobee

Flobee

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Khane said:
Pyramid schemes are based on basic capitalistic behavior. And getting in on the ground floor and then trying to further a subscription model that directly benefits you is a pyramid scheme. Why are people so obsessed with trying to entrench crypto into anything and everything? It makes the entire space a lot less palatable. NFTs are the single most idiotic thing I've ever heard of. And everyone tries to keep moving in for bigger, faster cash grabs. It's all snake oil.
Click to expand...
Most NFTs are stupid as shit, its true. The best use cases I can think of are proof of digital ownership. Could use a blockchain for in game items in an MMO for example which could allow developers more control over RMT. They would be able to program in a small cut when you sell that FBSS for taco bell money.

A lot of interesting funding models are available. Podcasts are using a streaming SATs system right now on Lightning. You send the content creator some satoshi's per second/minute whatever that you consume the content. I've also seen sites like yalls.org that allows you to charge satoshis to read content etc. In the future nothing will be free and I can see this system killing off the advertising model entirely if its adopted.

decrypt.co

Podcasts On Blockchain: Breez Bitcoin Wallet Integrates Podcasts on Lightning - Decrypt

The Breez Lightning client has added a native podcast player, aimed at bringing the decentralized economy to podcast creators.
decrypt.co decrypt.co
 
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Tmac

Tmac

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James said:
Old internet:
I want to watch the newest Smarter Every Day video, so I load up YouTube, browse to his channel, and watch the video. I like it so much and I want to help fund the next video, so I donate to his Patreon account and if it's a lot he might even mention it in his next video. I pay for a service, and he makes a living, and we get to keep watching videos.

New internet:
I want to watch the newest Smarter Every Day video, so I load up LivePeer, browse to his channel, and watch the video. I like it so much and I want to help fund the next video, so I purchase his community ERC-20 token (which automatically charges a fee that gets sent to his favorite charity and liquidity providers) and lock it up with some ETH liquidity in his community pool. Now I'm making money every time someone else buys his community token, and if the demand for his videos keeps increasing the value of his community token should too.

Further, I can help build the structure of the platform his video is hosted on by becoming a LivePeer orchestrator and/or transcoder and be rewarded for every time someone watches one of his videos. There is no analog for this in the old internet, the closest you can get would be buying Google stock.


EDIT: OH NO!!! Destin from Smarter Every Day just had a diseased hobo shit on his chest for his latest video and everyone hates it! In the old system, I could only hope he sends my money back to me, which he won't. In the new internet, I yank my liquidity back and nope the fuck out, hopefully with some profit.
Click to expand...

How does the Smarter Every Day guy make money? Sell his tokens?

[edit] nm you answered this above
 
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