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Comment by pavlov | Hacker News Reader

Also, Ethereum failed at everything that smart contracts originally promised and became a Ponzi Construction Kit.

You obviously haven't checked in on the Ethereum ecosystem recently and looked at all the innovation there...

I've seen some of the "innovation" going on and I am not impressed. The so-called innovation boils down to selling high-risk financial products that are made intentionally opaque so that buyers don't understand what they are buying. This is hardly a new direction for the financial industry, and it's unsustainable because sooner or later the regulators will intervene.

I agree with you to a large extend. Defi will deflate a lot when the bull run is over. Although I've heard of people taking crypto loans to buy houses and being vert happy with the experience so there might be some actual utility in it already.

Overall unless I see real world usage of the networks and people buying stuff with the tokens, using dapps to build portfolios etc I firmly believe that we are in the very early stages of crypto.

We’ve been constantly hearing about the importance of “innovation” in the cryptocurrency space. Meanwhile, Dogecoin hits $50B after having been all but dead for a solid decade. Makes you wonder just how important Defi’s so called “innovation” is to its valuation, and how much of it is just a narrative.

Its been a single week of pumping. Dogecoin has not been around for a decade. The sarcasm around innovation is unwarranted.

“One week of pumping” isn’t true at all: DOGE originally broke into the top 10 list off the back of the GME hype several weeks ago. This is now the second time it’s happened. In addition, DOGE has undeniably flippened numerous B-rate defi coins throughout its very illuminating run.

Importantly, DOGE clearly shows innovation isn’t necessary for a coin to receive a sky high valuation. Dogecoin at c. 7.5 years old is about as old as any other coin I can remember, and it’s been all but dead for that entire length of time. Now suddenly DOGE is more valuable than the great majority of coins which have been historically propped up by generous amounts of drum beating — e.g. “wow, such innovative”.

What does that tell you about the importance of innovation in cryptocurrency valuation?

Either these coins never needed to innovate in the first place, or all the purported “innovation” drum beating by biased defi investors has always been nothing more than empty rhetoric.

Not a decade but the best part of it, Dogecoin is alive since 2013, no reason whatsoever for the rally in 2021, 7-8 years after with no innovation.

Have you used uniswap? What do you think of it?

tried to use it recently but saw the fees in the $25-$30 range and thought, ok we're definitely not there yet. Beyond that tho I was super impressed.

try it on matic or optimism l2

After I pay $300 to send myself some MATIC and the asset I actually want to trade?

That would be a great simulation game, like Pinball Construction Set!

Build your own Digital Bitcoin Pusher Games:

https://www.youtube.com/watch?v=ypXHkfdVvYM&ab_channel=WhatT...

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