Nic Carter on Nano

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Nic Carter is a partner at Castle Island Ventures, a venture firm focused on public blockchains. He also created Coinmetrics, a site that provides key metrics for crypto assets.

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Nano is a cryptocurrency focused on fast transactions, no fees, and scalability.

Finance and payments

Nano reviews by Nic Carter

🔑 0 positive | 💩 2 negative

2019

  • 💩

    [Nano] is a DPoS coin that claims to have free transactions with no trade-offs. It was heavily astroturfed on Reddit. I felt that its consensus mechanism might entirely fail, and that the considerable enthusiasm was contrived. Amazingly, January 1 was almost its precise all-time high — its market cap on that day was an eye-watering $4.6 billion.

    In fact, the consensus mechanism for RaiBlocks (rebranded to Nano) did not fail, but its major source of liquidity, the BitGrail exchange, did get extremely hacked in February. This wasn’t a trivial hack, either — approximately $150m (at February prices) went missing. That was a mammoth 13% of the entire supply. Despite the immense setback and a truly impressive price collapse, development appears to be ongoing.

    Nic Carter, Partner at Castle Island Ventures and Co-creator of Coinmetrics

    2019-01-01 | Full Review

2018

  • 💩

    Nano promises you something for nothing while conceding no trade-offs. Highly suspicious of it. Would love to see the outcome of the BitGrail situation, too; I suspect it was a Nano failure, too

    Nic Carter, Partner at Castle Island Ventures and Co-creator of Coinmetrics

    2018-02-28 | Full Review

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🔑

Monero is one of the few projects with a genuine community.

Nic Carter, Partner at Castle Island Ventures and Co-creator of Coinmetrics

2018-04-30 | Full Review

🔑

Numerai is probably the _only_ example of tokens in a tokenized network being used as a bootstrap mechanism. It's amazing what you can do when you optimize for growth and not short-term enrichment.

Nic Carter, Partner at Castle Island Ventures and Co-creator of Coinmetrics

2018-03-20 | Full Review

💩

Maker and Dai. Dai users return capital to MKR owners through the burn mechanism. At this point, the value of MKR (the derivative) is about 18x the value of Dai (the underlying). Channelling my best Matt Levine here: "This seems... wrong."

Nic Carter, Partner at Castle Island Ventures and Co-creator of Coinmetrics

2018-05-11 | Full Review

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💩

One thing I find interesting about these "next-gen" and "scalable" blockchains is that although they've been released, transaction volume is scarily low. For instance, #Nano is processing a whopping 0.2 transactions per second currently.

Jackson Palmer, Group Product Manager at Adobe and Creator of Dogecoin

2018-06-17 | Full Review

🔑

I took a look at Nano currency recently. Pretty neat. Every account has its own blockchain. It focuses on fast and free transactions for payments. Uses PoS for double-spend protection and PoW to fight spam. The challenge is to keep it decentralized.

2018-02-28 | Full Review

🔑

Nano/RaiBlocks is pretty interesting. The big issue they face is figuring out a way to deal with spam attacks that doesn't result in a massive network slowdown or a de facto reversion to being purely PoS.

2018-03-01 | Full Review

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