[hirako2000]

It's the present and greater future of trustless, not trust.

Certain long term projects are already trustless, non custodial working solutions, a rug pull like this could not take place if let's say the funds was placed in some audited ethereum smart contract where the owner signs rewards and the middlemen here bountysource automatically receives a cut of the payout.

It isn't enough to stamp crypto or blockchain on a solutions to make it trustless hence safe. Let's concede a majority of crypto/blockchain gigs are not trustless, not really decentralized . Yes rug pulls do happen often in this context.

There is currently over 40 billion dollars worth of tokens owned by an aggregate of millions of self custodians, across DeFi alone on the biggest blockchain, in what is called a crypto winter. Funds are there, volume is flowing.

This blockchain France or whatever entity was running bountysource was a non blockchain shody business that stole from newpipe and many others, crypto could in fact have easily prevented that

[mvdtnz]

> There is currently over 40 billion dollars worth of tokens owned by an aggregate of millions of self custodians,

40 billion dollars of self dealing and wash trading you mean.

[phatfish]

It's not even US dollars, it's 40 billion of Tether, whatever that is worth.

[hirako2000]

Rarely tether. But sure, US dollar notes aren't being squeezed into digits and sent over the wire.

More seriously traditional institutions aren't keen on pegging their fiat themselves, so other entities (not only tether) did it. If you don't like the smell of tether just ask Circle they have been audited by trads auditors even.

[hirako2000]

Let's say it is. Nobody gets rugged pulled. The argument was in response to the trust factor.

If you don't believe those trades to be organic, would you also deny the volume is happening decentrally.

My take on wash trading is that it is very prevalent, on centralised exchanges which blockchain and decentralisation has nothing to do with, quite the opposite.

[yieldcrv]

some people see that and only think “crypto people saying that is wasnt real crypto loollll”

while other people see that and think “okay go make the non custodial version”

hackernews crowd is ignorantly stuck in the former camp unwilling to understand the latter at all

[hirako2000]

Go make non custodial versions?

Already there.It's as simple as creating a key pair.

Self custody is supported by dozens of open source wallets running on every OS even on mobile, being used, out there even by the layman.

I don't see where is the ignorance if hackernews users are there to debunk commentary stating "crypto scam" when the thing isn't even remotely related to crypto. Just the name.

1/ wasn't crypto. Yes rugged pull. Crypto did not invent that kind of crime 2/ crypto already self custodial, permissionless, and censorship resistant, safer than any centralised bank/ledger.

In other words. Use crypto in its current state and you won't be rug pulled. Use anything else, you might be.

Can use crypto blockchains, today. In a few minutes you can have your wallet with your own keys, and start receiving payments, among other things. No need to ask permission. Nor fill a form providing all your personal detail to an entity that a few years later will be ransomwared/hacked and leak most of your privacy. No need to wait for approval. Which may be denied

And nobody, nothing, can stop you. Not bitcoin.com, nor Vitalik, nor your bank, nor your state even if that's the CCP, nor the NSA, from transacting.

Can't get your account locked. Frozen. Under review. Or closed.

Of course all of this does open some concerns, what if you lose your keys, what if you are a dangerous angry terrorist, what if you are selling illegally drugs etc. But crypto, today not tomorrow or next year, gives everyone in the world equal and open access to being their own bank.

Maybe there are camps on hackernews. Not sure which side you put me on, I'm just stating some facts about the tech as it stands.

[HumanOstrich]

What's your yield curve? Probably like 500% on some shit coin staking, or so you believe until you try to withdraw.

[yieldcrv]

non sequitur