There are some wallets that make this a pain (Metamask) but newer wallets like Rabby (https://rabby.io) and Rainbow are huge improvements.

[1] https://twitter.com/dwr/status/1774490997789241709 [2] https://www.farcaster.xyz/

https://ktock.github.io/container2wasm-demo/

I love finding little strategies like this. This is only possible in games with a tiny feedback loop, which I think makes them fun to play on a whole new level.

[0] https://abagames.github.io/crisp-game-lib-11-games/?timberte...

Crypto is a disruptive technology class that many incumbents hate because it literally removes them from their powerful position as a middleman. There are usually at least 3 middlemen in every credit card transaction. [0] Combined, these come to a fee of (on average) 2.24%. [1] There are zero intermediates involved with a crypto transaction. The total fee on Solana (the leading payments blockchain) is less than $0.01 for any amount transfered. A 1 million dollar transfer on Solana costs the same amount of fees as a 10 cent transfer.

> a creative way to evade banking regulations. Coinbase, the leading US crypto exchange, has been trying to get regulatory clarity for years [2]. Crypto wants regulation, but the SEC refuses to provide it. The SEC would prefer to "regulate by enforcement" [3]. It sounds to me like the SEC is the one trying to avoid having to create banking regulations...

[0] https://www.managementstudyguide.com/intermediaries-to-a-cre...

[1] https://www.fool.com/the-ascent/research/average-credit-card...

[2] https://www.forbes.com/sites/digital-assets/2023/12/15/coinb...

[3] https://www.goodwinlaw.com/en/insights/publications/2023/05/...

Except that the US regulatory system hates crypto for some reason. SEC has repeatedly denied requests from coinbase for regulation. Like wtf?

Losing/burning coins should also become less notable over time as more people use better Bitcoin storage options, it's not built in to the protocol.

Are you aware of the point of a decentralized blockchain? Of a permissionless system? Bitcoin is both. Anyone (with access to texting) can buy + use bitcoin. That is about as permissionless as you can get.

"use it wisely" ??? What does this even mean? I don't think anyone actually thinks of large bitcoin holders as "the very, very few who can use it wisely."

PS. Bitcoin is not deflationary, it inflates at <2% per year and will continue to inflate until it reaches the 21 million cap. It will never deflate. Ethereum is roughly deflationary. [0]

[0] https://ultrasound.money/ (toggle BTC supply on + view a longer time frame)

The leading innovative payments chain is Solana. 0.5% flat fee? I can do you one better < $0.001 for ALL payments regardless of size. It already exists today and is handling hundreds of millions of $ of volume.

If you want to see a Venmo-like application on Solana that is live, see Code [0].

PS. There are other blockchains that offer similarly low ( < $0.01) transaction fees. Solana is being used by Visa [1] and other leading payment infrastructure providers. (:

[0] https://www.getcode.com/

[1] https://usa.visa.com/solutions/crypto/deep-dive-on-solana.ht...

1. Seed phrase security -> Ledger, Safe Multisig [3], Privy (sso for wallets) [0]

2. MFA for crypto wallets -> Ledger, Safe Multisig [3]. Both recommended by the crypto community.

3. Warnings pre-transaction for suspicious signing requests -> Fire Extension includes warnings [1], wallets like Rabby [2] include presigning warnings, Safe Wallet [3] includes simulations builtin

4. Wallet insurance -> A few startups [4], provided by crypto exchanges, generally not needed with other precautions in place.

* Easy onboarding

1. Easy onboarding -> Account Abstraction in general [5], Alchemy infrastructure [6], Privy wallets [0], Coinbase Wallet-as-a-Service [7], Magic.link wallets [8] and MANY more .

* UI/UX 1. Hard to use/exotic -> Crypto IS exotic. Wallets like Coinbase Wallet [9], Rainbow Wallet [10] abstract away most of the crypto details. Phantom Wallet [11] has a great UI/UX.

[0] https://www.privy.io/features/auth [1] https://www.joinfire.xyz/ [2] https://rabby.io/#:~:text=Pre%2Dsign%20check%20for%20Securit... [3] https://safe.global/ [4] https://boostinsurance.com/platform/crypto-wallet/ [5] https://metamask.io/news/latest/account-abstraction-past-pre... [6] https://www.alchemy.com/account-abstraction-infrastructure [7] https://docs.cloud.coinbase.com/waas/docs/welcome [8] https://magic.link/docs/authentication/overview [9] https://www.coinbase.com/wallet [10] https://rainbow.me/ [11] https://phantom.app/

PS. "Debunked and dumb ideas" is a gross generalization. Please provide details about how "crypto" has been "debunked" ?? Human greed fuels the capital markets of the USA. All innovation boils down to human greed at some point. We all want "cheaper, faster, easier" so we innovate to get there (insert crypto here.)

Tether is an insanely profitable company, they would be able to fill any hole in a few years purely from profit. That is besides the point though.

There is no (literally 0) evidence that Tether is not solvent. Tether itself has been audited [0] and has hundreds of millions MORE reserves than USDT issued. Tether is the opposite of the fractional reserve banks in America. Tether is MORE solvent than major US banks (before federal bailouts.)

> "Tether is a well known scam." Huh? Hundreds of thousands of real people use Tether to transact monthly. Seems pretty legit to me?

I will concede that Tether has made some strange choices by choosing a smaller Italian firm to conduct their audits, but this is very different than a "well known scam."

[0] https://tether.to/en/transparency/#reports

P.S. if you want to discuss 1 on 1 my socials are in my bio

Tether is a profitable business cooperating with the US govt.

Please don't dispense slanderous accusations unless you know what you are talking about.

"Tether is grateful for the opportunity to address the concerns raised by U.S. lawmakers, and we are committed to continuing Tether’s close work with law enforcement in the U.S. and globally. Tether seeks to be a world class partner to the U.S. as we continue to assist law enforcement and expand dollar hegemony globally."

~ a dedication to working together in the future

Comments URL: https://news.ycombinator.com/item?id=37628151

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