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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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49709573 No.49709573 [Reply] [Original]

I remember in 2018 when all ethereum chain was used for was crypto kitties.

There were no dapps, just speculation on what could the future be. Big banks were shilling the "blockchain, not bitcoin" narrative and pumped millions into funding centralized alternatives, all the top enterprises rushed to join the EEA and launched proof of concepts across all industries, all the big tech and cloud companies tried to spin off their own blockchain for enterprise services, all the big law firms focusing on legal tech only had 2 words on their minds: "smart contracts".

I remember the first time I learned of this term, and how profoundly it clicked for me. The simple elegance yet deep implications of it; It was easy to "get" but the more you dug, the more you realized what a genuine paradigm shit it could be. Going back to 90's Szabo papers, realizing there was so much more to crypto than "currency". The crowd seemed much smarter back then, people actually theorized concepts on much more fundamental levels. People discussed concepts like triple entry accounting and back office automation back then.

The first wave of defi summer came, and it became somewhat of a reality. Yield farming, over collateralized loans, liquidity pools. Still a very tiny reality but it showed so much promise, "the future of finance!" and it was entirely "our own". It wasn't the banks or the enterprises that kickstarted it, it was grassroots, open source devs and the community adopters. "Defi" became the trend term that helped crypto heal in the bear market. Scaling and gas fees were still issues, but we had functional products and TVL quickly rose to numbers you couldn't ignore. This turned into market recovery and prepped the bull market.

Bull market attracted greedy VCs and stupid retail money. Focus shifted from replicating valuable financial instruments to inane bullshit. The "NFT" craze took over. Always in search of a new narrative.

This is like if "email" became a trend before "internet".

>> No.49709611

>>49709573
>This is like if "email" became a trend before "internet"
good analogy

>> No.49709786
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49709786

>>49709573
This is rambling without much of a point and I hit character limit, but I'm just thinking about how short-sighted we've become as a market. We used to ask big questions and imagine big things, now we only pay attention to what's there in front of us and it's small.

The potential of smart contracts is still as exciting to me now as it was 4 years ago, like we've only unlocked 1% of it. Don't lose sight of this. It's the kind of stuff that would keep me up at nights once I figured out how massive it could be. Smart contracts will eventually change how all digital agreements are made. It's crazy that so few people can still see this, like instead everyone is content just recycling the same layer 1 shit or peddling forked protocols.

>> No.49710111

cool post have a bump

>> No.49710305

>>49709573
Good thread. Do you think we will start seeing a shift towards mainsream adoption in 2022 (CCIP/abstraction layer)? Or do you think it will take longer than that?

>> No.49710352

>>49709573
after all why shouldn't i do it, why shouldn't i join the legion of bobo and sell my eth?

>> No.49710813
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49710813

>>49709786
Fundamentally there are still technical and legal boundaries around large money to flow into defi. [redacted] states to implement the core features this year on. The switch will be flipped soon from where it will go vertical.

>> No.49710873

>>49710305
Longer than that but the good news is sirgay is in for the long term

>> No.49710981

Based, but NFTs are fun and a valid usecase of smart contracts.
Dumb monkey pics are dumb, but og crypto artists makes some pretty based stuff

>> No.49711039

>>49710813
you think after this shitshow bigmoney would ever flow into defi? why would they until crypto is regulated to death?

>> No.49711094

>>49711039
I dunno ask them
https://www.coindesk.com/business/2022/06/11/jpmorgan-wants-to-bring-trillions-of-dollars-of-tokenized-assets-to-defi/

>> No.49711125

>>49711039
Because defi is surprisingly efficient at moving liquidity around

>> No.49711216

>>49711094
blockchain is cool and all, but you and me won't be able to profit from tokenization. they will make sure of it.

>> No.49711237

>>49711216
The fuck does that have to do with your first question

>> No.49711460

>>49711237
this is biz ser. if we cant profit it belongs to /pol/ or /g/

>> No.49711690
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49711690

>>49711039

>> No.49712520

Wall of text, blah blah, ur down -90%
Not reading your bagholder drivel.
Token not needed
Goodbye

>> No.49714594

>>49709573
booms and busts are the natural course of innovation/disruption/adoption S-curves
its already decided that it will happen
the only 2 questions u should have as a retail person are:
will they let us participate in the gains like they did if you picked FAGMAN after dot com?
what will be crypto's FAGMAN?

>> No.49716271

>>49714594
The answer is LINK
and no
the best we can do is hold a token that isn't needed hostage