It's striking how much the crypto world depends on trust in other parties. The whole point of crypto was supposed to be that it was "trustless". But it's not set up that way. All these crypto derivatives are not set up as contracts on a blockchain, with assets locked up until the derivatives settle. They're book entries with some weakly regulated exchange in Outer Nowhere.

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wmf 2 hours ago | parent | next [-]

The people who want trustless decentralization and the people who want leveraged gambling and the people who want KYC-free international money transfer may be different people. The only problem with Liberty Reserve was that it got shut down; if a "decentralied" fig leaf can allow it to operate... let there be "decentralization".

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mhh__ 3 hours ago | parent | prev | next [-]

That's not true with decentralised exchanges like hyperliquid, no?

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Maxatar 2 hours ago | parent [-]

Hyperliquid and similar exchanges aren't decentralized. That is their long term goal but they are very far from achieving it.

The few actual decentralized exchanges are too slow and expensive.

	▲	gametorch an hour ago \| parent \| next [-]
		> HyperCore includes fully onchain perpetual futures and spot order books. Every order, cancel, trade, and liquidation happens transparently with one-block finality inherited from HyperBFT. HyperCore currently supports 200k orders / second, with throughput constantly improving as the node software is further optimized. Key part: > fully onchain perpetual futures and spot order books
	▲	awesome_dude an hour ago \| parent \| prev [-]
		I mean, as soon as synchronisation is required in any system, block chain, distributed SAAS, even Peer to Peer sharing, decentralisation fails hard That's one of the sticking points I have with the /idea/ of the technology

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block_dagger 2 hours ago | parent | prev | next [-]

This comment makes sweeping generalizations.

	▲	throw101010 4 minutes ago \| parent [-]
		This is a common place in any thread about cryptocurrencies on HN unfortunately... I could be convinced of my own message also being a sweeping generalization if anyone can point out a single post where top comments aren't doing exactly this when it comes to this topic, even the technical ones.

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Analemma_ 2 hours ago | parent | prev [-]

By now crypto-in-practice has violated so many of its supposed founding principles that it's tired and cliche to point it out.

It was supposed to be limited in supply unlike fiat, and yet Tether underpins the whole thing and they print that out of thin air all the time. It was supposed to be decentralized, but in practice a few big exchanges control all the transactions and a few big mining pools control all the minting. It was supposed to be "code is law", and yet if you find a big exploit on smart contracts it'll be unwound later on and the cops will still show up for you. And as you say, it was supposed to be trustless, but counterparty risk is everywhere.

And it turns out nobody cares, because to a first approximation nobody is in crypto for the libertarian principles. It is all about number go up; always has been, always will be. It's not even worth pointing out anymore.

	▲	awesome_dude an hour ago \| parent [-]
		> And it turns out nobody cares, because to a first approximation nobody is in crypto for the libertarian principles. It is all about number go up; always has been, always will be. It's not even worth pointing out anymore. I agree 100% - Meme stocks go brrrrrrrr The idea that it's a currency that lives beyond the reach of governments is laughable (as soon as something goes bang a lot of the owners call for... regulators and government oversight)