Comment by fastball | Hacker News Reader

Comment by fastball | Hacker News Reader

Parent Full thread

Any comment on MakerDAO + DAI[1]? I think it's an incredible project / feat of engineering and would be interested to hear how you think it's just a toy that doesn't serve a good purpose.

Whether or not you "believe" raffles/lotteries to be a useful system does not change the fact that it was a system with a $280BN market cap in 2015. Lotteries on a blockchain with smart contracts solve three problems with traditional lotteries: transparency (provable fairness), easy and secure participation, easy and secure disbursement.

  We'll surely see them.

Yes! You can see them right now. There are thousands of DApps, at different stages of development[2].

1: https://makerdao.com/

2: https://www.stateofthedapps.com/

It's another instrument (like lotteries) whose main value is to make money for the founders. That has a use, yes, but if you're outside of that system I'm not sure the mainstream value is that great.

I can tell you that the team is the least diverse (not just race/gender but in age/possible life experience) I've ever seen, which doesn't bode well. How different can their perspectives be?

https://makerdao.com/team/

The vast majority of those apps are cheap moneymaking schemes. Again, they have a place, but I'll very much take a wait and see approach, which I believe is realistic and more than warranted.

I'm not seeing why race/gender/age are relevant. These are all superficially diverse things that don't actually say anything about diversity of perspectives, unless you believe that people who belong to the same group also have similar thoughts.

Dai is a stable cryptocurrency, not a speculative money making scheme, since it's purpose is to be stable. A decentralized stablecoin is an enormous use case.

With a name like "MakerDao", one would think it would have something to do with the Maker movement, in that it'd be connected to fabrication tools somehow.

Reply on news.ycombinator.com