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Ask HN: What happened to Web3 startups?

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Re: Ask HN: What happened to Web3 startups?

#101

Post by troupo »

nailer wrote: post #97
oblio wrote: post #94

Earlier quoted context omitted.

This sounds promising, I'll get back to you in 10 years.

A completely reasonable reply. There’s a lot of good tech around, it’s definitely better than HN’s 2017-era crypto knowledge, but it’s not evenly distributed at all. I agree the proof will be in a decade. Personally I jumped into Linux when it was a joke and everyone used Solaris, Python when it was a joke and everyone used Perl, and virtualisation when nobody would ever use it outside testing. I know I’m early in cr…

> There’s a lot of good tech around

You mean Solana which has to take its network offline every two weeks or so [1] because it can't cope with yet another error/ddos/misconfiguration/what not?

[1] exaggeration.

Re: Ask HN: What happened to Web3 startups?

#102

Post by kosolam »

alphager wrote: post #90
sushidev wrote: post #53

I’d say that 95% or more is just scam. People like Sam Bankman Fried. They are all gone or dying now more or less. The strong and real businesses with profits and sustainable revenue models are still up and running. There are quite a few examples. Specifically in web3 (within the blockchain and crypto sphere): https://www.coinbase.com/web3/dapps/swappin-gifts is a real world utility web3 dapp. Maybe the first and onl…

Swappin.gifts is a dApp that allows users to purchase from a selection of thousands of different gift cards using thousands of different crypto currencies over several blockchains. Built on web3, swappin.gifts acts as a new and transformative off-ramp solution. So it's a website that exchanges crypto tokens to overpriced gift cards. Why does this need web3? This could be 3 PHP files on a VPS.

Op was about web3 startups, not about why web3 is relevant. I actually use swappin.gifts occasionally to buy Apple, Amazon. It’s very convenient for people that already hold crypto and want to use it.

Re: Ask HN: What happened to Web3 startups?

#103

Post by troupo »

sushidev wrote: post #91
alphager wrote: post #90

Earlier quoted context omitted.

Swappin.gifts is a dApp that allows users to purchase from a selection of thousands of different gift cards using thousands of different crypto currencies over several blockchains. Built on web3, swappin.gifts acts as a new and transformative off-ramp solution. So it's a website that exchanges crypto tokens to overpriced gift cards. Why does this need web3? This could be 3 PHP files on a VPS.

Why anything at all needs to be web3. You have to ask yourself this question. It’s quite a deep rabbit hole - you have to understand some economics and governance in macro in order to see the value. The other way to see the value is if you are unbanked - like a large percentage of the world. If you are in this group, then blockchain technology (and crypto) is a life changer.

> It’s quite a deep rabbit hole - you have to understand some economics and governance in macro in order to see the value. T

Demagoguery instead of a direct answer about the actual business

> The other way to see the value is if you are unbanked - like a large percentage of the world

Crypto does literally nothing for the unbanked. Zilch. Nada. Zero. It's a playgorund for rich westerners.

Re: Ask HN: What happened to Web3 startups?

#104

Post by troupo »

hn_throwaway_99 wrote: post #38
favflam wrote: post #4

The only cash flows into the ecosystem have been from ICOs. The SEC is cracking down on such activities. Besides investment cash flow, I don't think there have been any revenue generating ventures that cater to customers outside the Web3 ecosystem. The true web3 players will be traditional finance companies upgrading their settlement systems. I am curious how people will answer your second question.

> The true web3 players will be traditional finance companies upgrading their settlement systems. 1000%. The one place where I think blockchain and crypto can have real utility is from large, legacy financial institutions upgrading their very, very, very antiquated backend settlement technology and processes. Of course, backend enterprise tech is pretty "boring", and the transition will take many years/decades given…

> The one place where I think blockchain and crypto can have real utility is from large, legacy financial institutions upgrading their very, very, very antiquated backend settlement technology and processes.

And what is the actual utility beyond just the (usually unnecessary) upgrade?

Re: Ask HN: What happened to Web3 startups?

#105

Post by sushidev »

troupo wrote: post #103
sushidev wrote: post #91

Earlier quoted context omitted.

Why anything at all needs to be web3. You have to ask yourself this question. It’s quite a deep rabbit hole - you have to understand some economics and governance in macro in order to see the value. The other way to see the value is if you are unbanked - like a large percentage of the world. If you are in this group, then blockchain technology (and crypto) is a life changer.

> It’s quite a deep rabbit hole - you have to understand some economics and governance in macro in order to see the value. T Demagoguery instead of a direct answer about the actual business > The other way to see the value is if you are unbanked - like a large percentage of the world Crypto does literally nothing for the unbanked. Zilch. Nada. Zero. It's a playgorund for rich westerners.

He asked: “why this needs to be web3?”

Most people, even these that work in the sphere don’t know the answer to this question.

If you want to know about the business then check their website.

If you want to discuss crypto at large then as I said in my comment, you gotta understand the foundations and not just have an opinion.

Re: Ask HN: What happened to Web3 startups?

#106

Post by askiiart »

leodriesch wrote: post #71
throwoutway wrote: post #62

Earlier quoted context omitted.

The person you responded to is a bit of a skeptic. They wrote "i don't think it's going anywhere"

Not a native speaker, but I read that as it is here to stay, not that it is pointless.

Yes, that's quite an interesting little quirk of linguistics. It could mean 2 complete opposites: that either Web3 will be successful, or that it will be unsuccessful. Maybe it'll *get off the ground", or maybe not. Maybe it won't "go anywhere," who knows!
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