Moreover, Google said they did a study when they first released their minimalist homepage design and when people saw lots of white space below the search bar, they assumed the page wasn't finished loading yet and more content was to come.
People were accustomed to long pages like Yahoo's homepage with lots of content below the search bar.
They solved it by adding a footer section with typical copyright text and people understood that the page was finished loading.
Like all web apps it depends on how much you want to do on the client side vs. the server side. With blockchain apps it is now client side vs. server side vs. blockchain side.
At one extreme, apps like UniSwap are mostly blockchain side and server side code and a little client side.
At the other extreme, it is possible to use boilerplate code to write a minimal blockchain part and then have most of your business logic on your own server and then the UI on the client side.
> the cryptobros realize that the reason for interest rates isn’t the transaction cost or the paperwork but the enforcement arm to get people to complete the whole transaction through to the end.
It's interesting you brought that up because crypto has a similar mechanism to get people to complete the whole transaction and resolve disputes without involving interest rates.
For example, imagine person B was buying a product from A. Should A send the product first or should B pay first.
When both sides don't want to take the initiative, they use an escrow contract on the blockchain where both sides have to lock up 150% to 200% of the value of the product in crypto inside the contract.
A then sends the product.
B receives the product.
If B accepts the state of the product, he can press a button to release the relevant amount of crypto in the contract to A and refund the extra 50% to 100% he had to put up.
If B sees the product is fraud, he presses another button and both sides lose all their crypto. This disincentives both A and B from committing fraud.
There are more nuanced conditions involved so I won't bore you with the details, but the main concept is there and it doesn't involve interest rates.
Transaction time was arbitrarily set to allow time for a majority of parties on the Internet to verify transactions. It is a trade off of speed versus security. It was picked as a common denominator so that people on the opposite side of the globe and on slightly slower connections can participate in the verification process. That's why changing to PoS doesn't affect it.
Network capacity isn't affected because the amount of data exchanged is the same.
Gas prices isn't affected because gas price is only correlated with the transactions per second (which isn't changed as transaction time isn't changed) and demand and supply for transactions. When lots of people need to make transactions, demand goes up and price goes up. Vice versa. This is the same with other chains too.
Some chains intentionally lower the transaction time to increase throughput to achieve a lower gas fee, but the disadvantage is that only fast peers can verify the transactions fast enough which leads to centralization.
Forking requires consensus among the decentralized miners. If the majority of the minors didn't agree to fork, they wouldn't have been able to fork the chain.
The ENS domain system is similar, but they added a few rules to benefit the domain holder:
1) When the domain expires, it still remains active and still linked to the previous owner. People can still use it as normal.
2) When it expires, the price is set to a very high price for a few weeks. Anyone can buy it at the higher price. If no one buys it, it still remains active and linked to the previous owner.
3) If the previous owner wants to buy it back after it has expired, they just need to pay their original price (not the high price), provided that someone else hasn't already bought it.
4) At the end of the initial few weeks, the price drops a little and remains at this price for a few more weeks.
5) The price eventually drops to the regular price after many weeks.
6) At any time anyone can pay to extend the registration for another year.
It's hard for it to die when countries like Venezuela tried to create their own crypto to get around US sanctions on the Venezuelan dollar. And when that failed, Venezuelans switched to Bitcoin because the Bolívar currency was inflating too fast.
Next on the crypto train is Sri Lanka. The Sri Lanka government is warning against using crypto, but we'll see if the citizens choose it over their own Rupees.
> “It’s like the banks have colluded with the sleazebags on the street to be able to steal,” said Bruce Barth, another victim. In late 2020, Mr. Barth was hospitalized with Covid-19 and his phone disappeared from his hospital room. A thief got access to his digital wallet and ran up charges on his credit card, took out cash at an A.T.M. and used Zelle to make three transfers totaling $2,500.
> All three accounts were at Bank of America, where Mr. Barth has been a customer for more than 30 years. When he filed fraud reports, the bank quickly refunded his cash and credit card losses. But it denied his claims for the Zelle thefts, saying the transactions were validated by authentication codes sent to a phone that had been previously used for that account. Bank of America was essentially saying that the Zelle transactions were authorized — even if his phone was stolen.
Yes and this is a case where the best technology doesn't win, but the first technology to come to market or the first technology with the first killer app. But this bug can be viewed as a feature. Give a person a hammer and everything becomes a nail.