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Comment by xk_id | Hacker News Reader

Just for the sake of clarity in communication, OP has chosen to define “death” as $1.72 billion of on-chain transaction volume in the last 24h [0]

[0] https://defillama.com/dexs

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Bot-to-bot wash trades as evidence of legitimacy, classic web3.

Unsupported conspiracy theories, classic cryptophobia.

Multiple studies have consistently found the majority of crypto/ dex/ dapp TXs being done by bots.

2019: https://anchainai.medium.com/our-ai-detects-your-ai-revealin...

2022: https://twitter.com/messaricrypto/status/1599916553780137985

So just like Wallstreet?

The 2019 study published on medium only lists machine learning buzzwords in their methods section. The 2022 twitter link doesn’t explain the methodology at all; on the other hand, Messari is usually legit (but paywalled).

Regardless, programmable transactions are in fact a feature of DeFi, they are launched by real people anyway and it doesn’t automatically imply “wash trading”; that’s just bad faith speculation.

It does imply, however, that citing figures like "$1.72 billion of on-chain transaction volume in the last 24h" in the context of web3's health is misleading or false.

False? How? It’s verifiable on-chain data. Misleading? Well, it’s pretty common sense that many users will automate their transactions; that’s a big feature of an open, programmable financial infrastructure. And at the end of the day, even if we adjust the number down by two-thirds, then $600m volume in the last 24h is still a questionable definition of “dead”.

Let me know when I can buy groceries with your fake money, in person, and have the transaction completed immediately.

Cryptocurrencies are just three ponzi schemes in a trench coat.

I don’t really care about your groceries.

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