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Comment by Lordarminius | Hacker News Reader

Every wave of innovation is filled with loonies at inception. How crazy do you think the Wright brothers seemed, at least to some, in the early days of aviation ?

Take a look at what is happening in defi space (yes, bitcoin is defi too). The innovation there is stupendous.

It is amazing that twelve years after it changed the world, people are still questioning bitcoin.

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Perhaps I came on a little strong about the fanatics. I do think it is worth trying to cull a very large search space with some heuristic to prevent you from searching forever. I do follow defi and I do know the genius and the impetus is there, but it is hard to deny there are a growing number of hacks and frauds too.

It changed, and I can’t stress this enough, literally nothing. If it disappeared overnight a few criminals would be poor, and nobody else would even notice. Nobody uses it for anything other than speculation and fraud. 1% of transactions are spending 90% speculation, 9% misc, I have the breakdown somewhere.

It changed the world about as much as the introduction of an index futures market.

you seem really uninformed about what is happening in this space. Just to name a few, incredible fast settlement with lending and yielding; Automatic Market Maker; Decentralized Exchange guaranteed with no wash trade, insolvency and max transparency, etc. Those defi projects are pretty much all killer apps. Hard to believe you have been in financial industry to not recognize those solid use cases and how they eliminate the middle man and premium paid for trust.

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