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Sci-Net

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259 points greyface- | 3 comments | 16 May 25 12:30 UTC | HN request time: 0.637s | source
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beeflet ◴[16 May 25 14:42 UTC] No.44006100[source]▶
This is gonna be a disaster. They would have been better off using an existing cryptocurrency instead of rolling their own. The problem with these "meme tokens" is that they are typically designed with terrible tokenomics that benefit the creator. And even worse, this has no anonymity, so the users are gonna get busted for using it.

> The only downside is that obtaining Sci-Hub tokens on the Solana network can be a non-trivial puzzle for a user who are new to crypto. But that only makes the process more interesting.

"Interesting"

https://c.tenor.com/K_aiz0CjfNgAAAAd/dr-evil.gif

replies(2): >>44006508 #>>44006544 #
1. eimrine ◴[16 May 25 15:20 UTC] No.44006544[source]▶
At least rolling their own crypto might give the project their own hosting. But if their crypto is Solana, it does not count.
replies(1): >>44006807 #
2. beeflet ◴[16 May 25 15:44 UTC] No.44006807[source]▶
The new trend of starting a "token" on top of some PoS cryptocurrency greatly saddens me.

Back in the old days, you would have to actually start your own cryptocurrency (like Dogecoin) every time you wanted to sell some worthless token. Not only did this result in more technical diversity of cryptocurrencies, but if you got enough people together you could do a 51% attack and take malicious projects off the network.

Nowadays, this would never work. Even if they couldn't hitch a ride on another cryptocurrency, they would just use PoS and with a premine it's basically classical consensus.

replies(1): >>44008610 #
3. immibis ◴[16 May 25 18:42 UTC] No.44008610[source]▶
Special-purpose tokens are perfectly fine, and in fact, are what you should do whenever you want to represent something specific. You can make a token that represents an article request, or a bond, or a share of an investment fund, or anything else, and then someone can trade a certain number of them. Also, the market can figure out how much one of them is worth. It might even be more stable than the base token, as in the case of DAI (an decentralized stablecoin on the Ethereum chain).