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1. I don't know if it will work, but the idea is Proof of Stake (ETH2 in Ethereum-land) 2. You can't -- this is a cultural problem, not a technological one 3.

1. I don't know if it will work, but the idea is Proof of Stake (ETH2 in Ethereum-land) 2. You can't -- this is a cultural problem, not a technological one 3. There's no such thing as money laundering 4. Peer-to-peer, transparent finance infrastructure 5. User-money as a layer on top of cryptocurrency

arcticbull 7y ago
> 1. Proof of stake. This has yet to be proven, and as you say, there’s reasons why it has yet to land. I give this one vitaliks sideways smiley face. > 2. You can't -- this is a cultural problem, not a technological one Uh, one that doesn’t exist in the current financial system. I’m sure y’all will find a way. As I said, it’s a prerequisite. > 3. There’s no such thing as money laundering. Hilarious. I see someone never took compliance training at work. With that attitude I’d love to see you explain your position to a judge. Money laundering is literally financial transactions arranged in such a way as to conceal the original source of funds. > 4. Buzzword soup. > 5. More buzzword soup. More buzzword soup that immediately falls down as once you use crypto as only a bulk transport instrument you’ve lost out on all its ostensible benefits. No transparency, no security, it’s no better than just using a wire transfer.
- realusername 7y ago
  > Uh, one that doesn’t exist in the current financial system. I’m sure y’all will find a way. As I said, it’s a prerequisite. Is that sarcasm? How do you think criminal groups get funded? They use the financial system like anybody else. You should have a look into the history of HSBC, money laundering and financing drug cartels is one of their main specialty.
- weego 7y ago
  Hilarious. I see someone never took compliance training at work. With that attitude I’d love to see you explain your position to a judge. Money laundering is literally financial transactions arranged in such a way as to conceal the original source of funds. I though anonymity and legal safeharbour were founding principles of cryptocurrency? The original comment is correct that what we call money laundering is an artificial construct of power.
- DennisP 7y ago
  > 5. Currently in production It's DAI, a stable currency based on derivatives, built on Ethereum and backed by ETH. It's not perfectly stable but it's done a reasonably good job keeping a value of one dollar, despite a 94% drop in the ETH price. Current DAI supply is $86 million.
- Shoue 7y ago
  >This has yet to be proven, and as you say, there’s reasons why it has yet to land. I give this one vitaliks sideways smiley face. Yeah, the hundreds of cryptocurrencies using it isn't enough.
- drcode 7y ago
  Proof is stake has been running fine in production for a long time as part of the tendermint project.
- emsimot 7y ago
  > 4. Buzzword soup Maybe I'm in too deep but peer-to-peer is a buzzword? I mean person-to-person, without intermediaries. This seems useful and powerful to me (and my politics I suppose). > 5. no transparency/security using crypto as bulk transport I don't mean building a social layer on top, I mean building digital infrastructure on top, 'smart contracts' etc. I still maintain hope for something like this but after watching the gradual but massive increase in the complexity of 'DeFi' (decentrialized finance) in the Ethereum community I don't know where to look and what to work on these days...
jki275 7y ago
ETH is never going to go POS. There's absolutely zero motivation to do it, and they just keep pushing it off into the future. POS has been a solved problem for years. RDD did it back in the beginning. XTZ is a current working POS chain.
CaptainZapp 7y ago
There's no such thing as money laundering This, on its face, is a pretty outrageous assertion. I think if you throw a statement like this into the discussion I'm sure you don't mind if I demand that you prove it.
- emsimot 7y ago
  My apologies, I shouldn't treat HN like Twitter. My statement was meant to spark a discussion but I should try to explain myself. Maybe "Money laundering doesn't exist in a hypothetical world of private peer-to-peer transactions" is better? That's what I believe the crypto-folk are working towards. I recognize the existence of laws again 'money laundering' in countries like the USA. I suppose a better way of framing what I think is that money laundering is an invented crime in order to further empower agents of a State to seize assets of those suspected of actual crimes. By 'invented' and 'actual' I'm appealing to a sense of legitimacy separate (or adjacent?) to said State's legal system.

arcticbull 7y ago

> 1. Proof of stake. This has yet to be proven, and as you say, there’s reasons why it has yet to land. I give this one vitaliks sideways smiley face. > 2. You can't -- this is a cultural problem, not a technological one Uh, one that doesn’t exist in the current financial system. I’m sure y’all will find a way. As I said, it’s a prerequisite. > 3. There’s no such thing as money laundering. Hilarious. I see someone never took compliance training at work. With that attitude I’d love to see you explain your position to a judge. Money laundering is literally financial transactions arranged in such a way as to conceal the original source of funds. > 4. Buzzword soup. > 5. More buzzword soup. More buzzword soup that immediately falls down as once you use crypto as only a bulk transport instrument you’ve lost out on all its ostensible benefits. No transparency, no security, it’s no better than just using a wire transfer.

realusername 7y ago
> Uh, one that doesn’t exist in the current financial system. I’m sure y’all will find a way. As I said, it’s a prerequisite. Is that sarcasm? How do you think criminal groups get funded? They use the financial system like anybody else. You should have a look into the history of HSBC, money laundering and financing drug cartels is one of their main specialty.
weego 7y ago
Hilarious. I see someone never took compliance training at work. With that attitude I’d love to see you explain your position to a judge. Money laundering is literally financial transactions arranged in such a way as to conceal the original source of funds. I though anonymity and legal safeharbour were founding principles of cryptocurrency? The original comment is correct that what we call money laundering is an artificial construct of power.
DennisP 7y ago
> 5. Currently in production It's DAI, a stable currency based on derivatives, built on Ethereum and backed by ETH. It's not perfectly stable but it's done a reasonably good job keeping a value of one dollar, despite a 94% drop in the ETH price. Current DAI supply is $86 million.
Shoue 7y ago
>This has yet to be proven, and as you say, there’s reasons why it has yet to land. I give this one vitaliks sideways smiley face. Yeah, the hundreds of cryptocurrencies using it isn't enough.
drcode 7y ago
Proof is stake has been running fine in production for a long time as part of the tendermint project.
emsimot 7y ago
> 4. Buzzword soup Maybe I'm in too deep but peer-to-peer is a buzzword? I mean person-to-person, without intermediaries. This seems useful and powerful to me (and my politics I suppose). > 5. no transparency/security using crypto as bulk transport I don't mean building a social layer on top, I mean building digital infrastructure on top, 'smart contracts' etc. I still maintain hope for something like this but after watching the gradual but massive increase in the complexity of 'DeFi' (decentrialized finance) in the Ethereum community I don't know where to look and what to work on these days...

jki275 7y ago

ETH is never going to go POS. There's absolutely zero motivation to do it, and they just keep pushing it off into the future. POS has been a solved problem for years. RDD did it back in the beginning. XTZ is a current working POS chain.

CaptainZapp 7y ago

There's no such thing as money laundering This, on its face, is a pretty outrageous assertion. I think if you throw a statement like this into the discussion I'm sure you don't mind if I demand that you prove it.

emsimot 7y ago
My apologies, I shouldn't treat HN like Twitter. My statement was meant to spark a discussion but I should try to explain myself. Maybe "Money laundering doesn't exist in a hypothetical world of private peer-to-peer transactions" is better? That's what I believe the crypto-folk are working towards. I recognize the existence of laws again 'money laundering' in countries like the USA. I suppose a better way of framing what I think is that money laundering is an invented crime in order to further empower agents of a State to seize assets of those suspected of actual crimes. By 'invented' and 'actual' I'm appealing to a sense of legitimacy separate (or adjacent?) to said State's legal system.