Re: Bitcointalk Token

Quote from: zasad@ on April 05, 2021, 09:10:41 PM

Quote from: LoyceV on April 05, 2021, 10:15:02 AM

But feel free to prove me wrong: how many of the thousands of different tokens that were created in the past years have actually solved a real problem?

https://usdonethereum.com/
https://btconethereum.com/

Decentralized bitcoin trading
https://bitcointalk.org/index.php?topic=5290331
For me, these tokens solved a huge problem. 95% of my trade is done on decentralized services.

Thanks for taking up my challenge. I completely agree though! You say the trading is decentralized, but the token itself is not. The first site isn't loading (on Tor), the second site shows there's 43 billion dollar on Ethereum. Wrapped Bitcoin claims to hold 140,000 Bitcoin. Their website shows "All WBTC issued will be fully backed and verified through on-chain proof of reserves.". There's very little information for a site who's WHOIS information is private. I also have a hard time believing Tether has 130 billion dollars on a bank account somewhere.
It goes against the very basics of Bitcoin: "be your own bank", "not your keys, not your coins" and "verify, don't trust".
When you buy Bitcoin, you know you buy a volatile asset that you and only you control. When you buy Ethereum tokens pegged to whatever, you have to rely on a third party. It all screams Bitcoinnect to me. Would you believe it if someone sells you gold bars on Ethereum?

Quote from: mediaBuzz on Today at 08:13:46 AM

- Ripple, which aims to replace the SWIFT interbank payment system with instant transactions and reduced fees per transaction.

Ripple is an altcoin, not a token (so it's kinda cheating to my challenge). I know it has some real life value between banks, but as far as I know it doesn't need many XRP coins for that. And it's centralized. If not many coins are actually needed, there's no justification for a 45 billion dollar market cap. And the recent legal scares made it all the more clear that centralization is not a good thing.

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- Stellar, pursuing a few of the same goals as Ripple while targeting individuals with the goal of banking unbanked customers around the world.

Also an altcoin, not a token. Slightly less centralized than Ripple, created by the same guy as Ripple. The fact that he earned billions of dollars from his premined altcoins confirms what I said:

Quote from: LoyceV on April 05, 2021, 10:15:02 AM

You got this completely wrong: tokens, like altcoins, ICOs, Forks, DeFis and NFTs, are solely created to make the creator rich. They missed out on Bitcoin when it was cheap, create their own BS, spam it, hype it, and due to FOMO and greed people give them their real Bitcoins in exchange for something that will be forgotten again 2 years from now. Then just rinse and repeat!

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- Factom, wanting to offer a decentralized platform for notaries.
- Golem, whose stated goal is to become a kind of Airbnb of computing power. The platform lets users sharing some computing power and is based on the Ethereum platform.
- Basic Attention Token, which aims to revolutionize the world of digital advertising with an innovative model that benefits advertisers, publishers, and users.
- Siacoin, offering a fully decentralized cloud storage platform.

I don't know those coins/tokens enough to have an opinion on them

I'd love to continue this discussion outside Meta Undecided