It’s not still the early days of blockchain

Re:It’s not still the early days of blockchain by ninepoints on Saturday January 15, 2022 @07:13AM (#29945790)

> It is quite normal to reward the first movers to your platform (PayPal even gave away free money to grow their user base)

The cognitive dissonance here is astounding. Surely you can see how the analogy isn't even remotely 1-1.

[ Parent | on HN ]

Re:It’s not still the early days of blockchain by cmews on Saturday January 15, 2022 @08:18AM (#29946106)

This is what Elon said about PayPal growth strategy:

ELON MUSK: Yeah. Well, we started off first by offering people $20 if they opened an account. And $20 if they referred anyone. And then we dropped it to $10. And we dropped it to $5. As the network got bigger and bigger, the value of the network itself exceeded any sort of carrot that we could offer.

Helium is trying the same thing (only decentralized) with the proof of coverage algorithm and rewards (which are diminishing by a halving process every two and a half years I think) so that the network can sustain itself. Please let me know why the cognitive dissonance is astounding because their proof of coverage hotspot rewards look a bit more advanced to the growth strategy PayPal used and they hope the network will be sustained by data transfer only when the rewards are not given anymore. (https://cdn.codetober.com/wp-content/uploads/2021/05/1111471...)

[ Parent | on HN ]