induetimesir

"no demonstrated advantage" - said by someone who doesn't remember what it's like to wait for a large check to clear.

or hasn't tried to fund their IRA via an ACH transfer but their bank won't allow it bcs rules..

or hasn't wanted to wire money (or receive a wire) for a fraction of the price (and hassle) of a wire transfer.

I have sent hundreds of bitcoin transactions. And I admit that it's not perfect. There's lots of room for improvement. But even given bitcoin's flaws, there are times where bitcoin is massively, gobsmackingly better than the traditional US banking system.

And the US financial system has been around 10x+ as long...

So much expectation born of such ignorance. It's a common problem for bitcoin. But not new. And it hasn't stopped bitcoin yet. and I doubt it will.

I believe we're on the cusp of a state change in the world of digital bearer assets. It's not that bitcoin will simply survive, it's more that programmable digital assets and digital bearer assets will steadily win over most other forms of value.

Unfortunately this isn't the kind of conversation that's likely to change minds - forum chats just don't tend to move the needle for most people who are entrenched in their positions. If we were to have a face to face conversation, I suspect we'd be able to find more common ground.

Oh well, I've watched the tide steadily turn over the last 7yrs. And I'll gladly watch opinion continue to shift over the next decade.

In a way, you're absolutely right.

In another way, you're totally missing the point.

Net ROI hasn't been great for people who were earning x% interest on their ETH while it tanked 50%+.

But the _idea_ the animates DAI, the dream of a decentralized synthetic digital bearer asset, that's a worthwhile dream imo. It's not a simple idea to understand. And it's not simple to implement technically/socially. But DAI has been a beautiful experiment in attempting to create this new-fangled thing. and while the jury is still out on whether the model/architecture they've chosen will hold up, the experiment itself should, in my view, be declared a massive success - it has, for the most part, worked very well. And DAI opens the door to new experiments. And they'll come. A trickle at first. but in 10yrs, it'll be an entirely different landscape when it comes to complex financial instruments. They'll be available in the way stocks can be had on Robinhood. and more. bcs financial instruments that are currently too complex or expensive to be practical, will be within reach. The rabbit hole is deep. and it is real. You can dive in and start learning. Or yell at clouds until your boat gets lifted by a wave of innovation...

Well said.

pegged decentralized synthetic digital bearer assets.

That's a mouthful. Each word has a purpose and together they describe a hugely innovative and valuable technology. It is my belief that there are very, very few people who have an understanding of how important this innovation is.

And too few people understand the importance of the more simple digital bearer asset, of which bitcoin is the prime example. This still surprises me, especially amongst HN readers, who are certainly more insightful than the average bear when it comes to most existing and emerging technologies...

Surprises me. but also gives me hope.

There is so much room to grow. Long road. Massive upside.