Heres one novel idea I have just seen in my twitter feed for a yearn strategy[1].
You deposit tokens to the yearn contract which employs different strategies to lend/spend those tokens in ways that generate profit for everyone participating in the contract.
This strategy is taking up the rest of the bets that trump wont be re-elected on a decentralised prediction market (blah blah see crypto is all gambling). This ability to be able to program collectively program money is fascinating (and is scary with bugs, but with time hopefully becomes more robust).
I don't entirely understand this, but am I gathering that it's holding money for a "bet," similar to paying into a horsetrack and then going back to collect if your horse wins? Or is it an escrow where, during the time the money is held, it "generates profit" (invested elsewhere?) and then pays a return to those who contributed later?
fwiw - I don't have a yearn account, and am consequently unable to view your yearn link.
So yeah, it places a bet on augur, buying as many shares as it can for "no trump wont be elected" which are currently around 90c and will resolve to $1 in January when biden is sworn in. The reason it isnt $1 yet is because some people are buying the other side of the market for whatever reason. It seems like an obvious bet really, so the strategy is to pool everyones money, take the bet, and then after the market resolves pay back the winnings to the pool.
This particular strategy is just a bet. but other strategies would involve borrowing assets and lending them out to gain interest like you mention. You could say "i can do that myself, what is gained by pooling" and there are two things: 1 you dont have to manage this, the strategy keeper manages their strategy and takes a small fee to do so, and 2 you would be in competition with the pool, less lenders means higher rates so it makes sense to pool the lending.
They get increasingly complex involving taking insurance, lending, borrowing, producing tokens, burning tokens, etc. all from other decentralised protocols, it all gets stitched together across platforms. Money lego is a phrase often used, but really its more like `npm install insurance`
Ah sorry about the link, didnt realise (btw you dont need a yearn account, there is no accounts on these platforms, but you probably do need a web3 wallet like metamask. you have a wallet and that is your account across all platforms, so you hold your user data with you, and can have as many identities as you like for each platform).
Another link to read more on yearn specifically is Andre's blog (creator and one of the lead devs) https://andrecronje.medium.com/ it is one of the interesting projects as it is growing organically, with a mix of public and anon devs, with no specific management, and no VC investment behind it (like some other defi projects), just people coming together an building interlinking code as public goods.
Remember Bowie talking about the internet in '99 "I think we're actually on the cusp of something exhilarating and terrifying.... Its an alien life form, just landed."[1]
Many of us feel the same about programmable money. It seems pretty interesting, unexplored, and has exciting, scary potential. It seems like a great place to build community groups openly, fairly, freely(in the libre sense). It reminds me of being a kid in the 90s dialing up to the internet and discovering peoples homepages and forums, sharing ideas and playing with new ways of organising and working together, playing and having fun. The ethereum dev community is inspiring to me.
But you dont have to agree that it is world changing, thats ok. I think there is value in it and will work to prove you wrong! We're all on the same side in the end.
I think ewasm is a bit up in the air, may come along at some point but i think the developer tools built up on the evm (and dev knowledge of evm) isnt going to be quickly replaced.
Back in 2017 there was a kickstarter to fund a connections app, it didnt hit the goal and i havent heard anything since. I remember he was on Dan Carlins podcast talking about it. Anyone know what became of the project?
I really want a rerelease of the original shows in higher quality. That might be the movement that spurs public interest for things like this app. I'm not sure of the quality of the original stock film, but it could be used to make a new high def release. I actually convinced my instructor in undergrad to show it for a "history of science" course. Perhaps the BBC could officially open up the rights entirely so that it can be used as a general teaching tool (might be near impossible - but the music, often a major rights hurdle for these aged rereleases, seems like it was all originally composed for the show). I would love a video like this to be augmented - something akin to the pop-up video series. You could link or show associated information during playback. I actually had something like that as part of my Master's thesis final project. It could potentially be an engaging learn-from-home project.
I don't think it's exactly connected to the kickstarter, but in this[1] interview with James from May, he talks about how he's currently working on the K-Web[2].
I get paid in dai in the ethereum system and that keeps a roof on my head and the lights going, along with a few other hundred?thousand? people.
I still dont get why hackernews always has a bad reaction to cryptocurrencies. Disruption and innovation is praised, unless it challenges money. Experiments with computing and code is praised, but only if its a toy language.
We're all on the same side :) just playing with different ways to do things.
I get paid in $DAI. So for me my ethereum wallet it my main back account. I cash some to my fiat bank account for day to day purchases, but mostly I stay in crypto which allows me a decent savings account via things like makerdao.com yearn.finance or providing liquidity for decentralised exchanges.
Why? because last year my bank sent me a letter saying my interest would be reduced to 0.01% and then this year they reduced it to 0.00%.
It might seem high risk to some people, but I have no pension and massive student loans and I don't see how what my bank offers is going to help me change that in any meaningful way, I really have nothing to lose at this point. And from what I can see (as someone in their late 20s) a lot of people my age are in the same situation and can't find a way out.
So why not try something different? Why not be inventive? I feel like when you are young you are told to be bold and dream big and invent new ways of doing things, be idealistic and try improve the world. But for some reason if its to do with money then we should accept that everything is fine and smarter people know what they are doing. I've met millionaire traders in charge of the savings of thousands of people, and can say I would much rather be in the ethereum community, and much rather have financial systems be opensource, borderless, and free.
