RE: VSC Bringing DeFi To Hive

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RE: VSC Bringing DeFi To Hive

tobetada in LeoFinance • 10 months ago

this is the elephant in the room. Why would anyone shift large amounts of BTC with Hive? If one wants to do that one first has to trust/understand Hive and we do have a centralization issue that looks pretty bad from the outside. I guess what will first happen are micro transactions that if vsc proves itself over time could attract larger investors/transactions. It's still a long road ahead of us, but at least we are finally getting the foundations right.

Not sure how w solve the whale problem though

10 months ago in LeoFinance by tobetada

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manniman 10 months ago

That is a very mature take, the general 'platform' issue is the biggest hurdle to engage with the Hive ecosystem at all.

Due to this, I have been trying to think about 'trust' as a concept too. As far as it goes for my conclusion. Trust is Absolute, it is a Constant, a Decision and a Multi-Party Concept but with limited scope.

Which means Hive has to be absolute trustworthy, to work as any railway for the trustless use of wrapped coins. Looking at the real time witness situation and the size of the community is of incredible importance and even more so their perception to the outside. Something the Freechain documentary totally missed the mark on. In order to be maximum trust erecting, you want the chain to be perceived as insanely autonom and the documentary is suggesting that it is Dan and his free speech loving friends who are at the center of everything. Certainly not wrong, but a message that will get take the wrong way.

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taskmaster4450le 10 months ago

BTC is not resident on Hive, it is resident on VSC.

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tobetada 10 months ago

but without Hive, no VSC right? While long time Hivers know that Hive's chance of breaking down is very slim, it's still probably a question on someone's mind when they brings funds into this ecosystem. On ETH everyone just blindly (and pribably wrongly) trusts the chain, we have to get to that point at some point too

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vaultec 10 months ago

but without Hive, no VSC right?

Yes, however there is nothing stopping VSC from migrating to something else if Hive were to disappear entirely. If there is a Hive fork VSC has it's own consensus and can help in the migration process to the other fork. There is some protections there naturally by having it's own small consensus.

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tobetada 10 months ago

👍

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geneandashlee 10 months ago

Good & fair points indeed.

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