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Is Web3 Bullshit?

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Re: Is Web3 Bullshit?

#371

Post by azth »

wodenokoto wrote: post #351
kevinak wrote: post #170

Earlier quoted context omitted.

Yes, in the current fiat system that is the case, but there is no way for someone (a bank or government) to inflate the supply in world where Bitcoin is the currency everyone uses.

No, you increase the amount of IOU's. I own 1 bitcoin, and everybody knows I'm good for my bitcoin (e.g., that is what a bank is. An institution everybody trusts to have money and they pay their dues.) I know write you an IOU for 1 bitcoin, and you buy a car with that IOU, because anyone who owns that IOU can come to me and get their bitcoin, and everybody knows that I am good for my money, because that is the whole…

Once you ban money lending with interest, this is automatically solved.

Re: Is Web3 Bullshit?

#372

Post by _pythonlover_ »

hbbio wrote: post #58

I have the impression that most comments here are either biased against cryptocurrencies or trying to push for them blindly. That's a bit sad considering we should at least be discussing the technology here. web3 is a marketing brand that defines a future version of web apps where the frontend is a compiled SPA possibly hosted on decentralised platforms (IPFS) and where the backend is a decentralised blockchain (and…

I think that just as AWS, Stripe and few other players cornered the infrastructure and payment market, as things scale and consolidate, few players will control the nodes and control the blockchain as well. So things won't change much.

Re: Is Web3 Bullshit?

#373

Post by FabHK »

dangoljames wrote: post #284
helen___keller wrote: post #165

Earlier quoted context omitted.

> I'm surprised that there is no middle ground - there are either fervent advocates or fervent opposition, and with very few exceptions The middle ground would be people who aren't invested in crypto, but have tried a few dApps and think they can be neat sometimes but maybe are rough around the edges and might be better in a few years. These people don't exist because web3 technologies have nothing appealing to end u…

Sorry if this seems a bit ranty. I'm kind of a middle ground person, perhaps leaning slightly 'against' rather than 'for', over predominantly environmental concerns. I've distanced myself from crypto since I learned what the chinese were up to, and since china is putting a stop to that now (allegedly?), and the rest of crypto seems to be quietly moving in a PoS direction, recently reintroduced myself. Most of the obj…

> DAO or not, this is not The Way.

Not sure whether that was on purpose, but Chinese 道 Dào is literally the 'Way' (same syllable as in "Taoism" or "Judo" or "Aikido" etc... :-)

Re: Is Web3 Bullshit?

#374

Post by lottin »

porknubbins wrote: post #360
lottin wrote: post #343

Earlier quoted context omitted.

I make international payments pretty often and have never been presented with a leaky abstraction, suffered from "censorship" or anything like that. "Permissioned" is simply a consequence of that fact that most countries establish barriers to the free movement of people, goods and capitals in and out of their territory. You're not going to solve that with technology, because it's not a technological problem. It's not…

I’m sure many people haven’t experienced that kind of censorship but lots of people have. I used to play online poker which was made illegal in the US through payment channel crackdowns(for reasons at best paternalistic but realistically just physical casino lobbying). Given that the internet facilitates pretty much any kind of information transfer I have to ask mysef is it more likely the future will be a future whe…

If you're talking about transmitting money, it's a regulated activity in the US. [1] If you think that you will be able to bypass regulations by using crypto-currencies and suffer no consequences, I think you're in for a surprise.

[1] https://en.wikipedia.org/wiki/Money_transmitter

Re: Is Web3 Bullshit?

#375

Post by mypastself »

ianm98 wrote: post #358
mypastself wrote: post #341

Earlier quoted context omitted.

Since the use of an oracle introduces a source of information external to the blockchain, we’re left with centralization issues again. I feel like this removes the unique advantage of using the technology in the first place. I suppose there are ways to gamble exclusively using the blockchain, but I don’t think sports betting is among them.

Suppose they use a fully centralized oracles, isn't there still a huge benefit in having much lower fees and tighter spreads, even if it's not decentralized? For the end user, having settlement, custody, and market making decentralized while having centralized oracles is still a huge advantage. Then consider that people are tackling the issue of decentralized oracles. The most common platform for that is Chainlink [1…

I think partial decentralization would introduce the worst of both worlds: you might place your trust in a small number of potentially malicious actors (external centralization), yet they’d only be subject to on-chain rules and regulations (internal decentralization).

Of course I’m aware that there are attemps to incentivize oracle providers to play fairly (and even “decentralize” oracles), but I don’t quite see how it can be definitively resolved. Not saying it’s impossible, but I just don’t see it (or understand it) yet.

Re: Is Web3 Bullshit?

#376

Post by sureklix »

dangoljames wrote: post #284
helen___keller wrote: post #165

Earlier quoted context omitted.

> I'm surprised that there is no middle ground - there are either fervent advocates or fervent opposition, and with very few exceptions The middle ground would be people who aren't invested in crypto, but have tried a few dApps and think they can be neat sometimes but maybe are rough around the edges and might be better in a few years. These people don't exist because web3 technologies have nothing appealing to end u…

Sorry if this seems a bit ranty. I'm kind of a middle ground person, perhaps leaning slightly 'against' rather than 'for', over predominantly environmental concerns. I've distanced myself from crypto since I learned what the chinese were up to, and since china is putting a stop to that now (allegedly?), and the rest of crypto seems to be quietly moving in a PoS direction, recently reintroduced myself. Most of the obj…

Cool, but this is one data point. Would be good research how autocratic type of coordination convergence (e.g. functional oligarchy in this case) is the case compared to open source? If more then that means DAOs are failing to be a better coordination technology.

Re: Is Web3 Bullshit?

#377

Post by [deleted] »

koonsolo wrote: post #281
_vufv wrote: post #33

One aspect that I strongly dislike about "web3" is that it poisons the discourse with its incentives. I don't believe that every person on Twitter with $BTC in their profile understands or can knowledgeably argue the benefits of Web3, but their crypto holdings make them a hard-lined crypto zealot in the hopes of multiplying few hundred dollars they've put in. It's fairly widely known how laughable it is to look for u…

I think the problem is that some people seem to know the future. Either they are sure crypto is a scam or fad and will soon go to 0. Or they know for sure banks and fiat will go out of business. I see this mentality more on the anti-crypto side. My opinion is that there is a small chance that web3 can be huge. So I'm on the pro-crypto side. But a lot of people seem to have a hard time with this "SMALL chance it can b…

[deleted]

Re: Is Web3 Bullshit?

#378

Post by namlem »

koonsolo wrote: post #281
_vufv wrote: post #33

One aspect that I strongly dislike about "web3" is that it poisons the discourse with its incentives. I don't believe that every person on Twitter with $BTC in their profile understands or can knowledgeably argue the benefits of Web3, but their crypto holdings make them a hard-lined crypto zealot in the hopes of multiplying few hundred dollars they've put in. It's fairly widely known how laughable it is to look for u…

I think the problem is that some people seem to know the future. Either they are sure crypto is a scam or fad and will soon go to 0. Or they know for sure banks and fiat will go out of business. I see this mentality more on the anti-crypto side. My opinion is that there is a small chance that web3 can be huge. So I'm on the pro-crypto side. But a lot of people seem to have a hard time with this "SMALL chance it can b…

I really want web3 to succeed, but the technical challenges just seem so immense. I'm hoping they can be overcome, but I'm not terrible confident.

Re: Is Web3 Bullshit?

#379

Post by vaxintar »

flooow wrote: post #77
mattlondon wrote: post #7

It saddens me that they chose "web3" for the latest crypto pyramid scheme. Call it what you want, but please don't sully the web with your plat du jour crypto antics. Also for what it is worth, the web has been decentralised from the very start, I don't see what the fuss is about apart from just everyone getting rich selling the next hot coin/token/whatever.

If the crypto community wants to demonstrate that it isn't a giant Ponzi scheme, why not come up with a non-deflationary token, which will not massively reward 'early adopters' at the expense of everyone else, in perpetuity? (A non-deflationary token would be one where the supply grows by some reasonable percentage every year, effectively acting as a flat tax on one's holdings). In reality, non-deflationary cryptocur…

I'm currently contributing at Alchemist (https://alchemist.wtf) which has an inflationary token: 1% of current total supply is minted every 14 days. Half of this inflation is redistributed to crucible holders (wallets) that participate in the ecosystem reward program and the other half is used to pay developers to work on several projects brought to life from within the community that the project gathered.

In my opinion the current challenge of the project as a whole is being able to monetize our products and return value to token/crucible holders but it has been less than a year of the project inception and we've done a lot of cool stuff.

Re: Is Web3 Bullshit?

#380

Post by porknubbins »

lottin wrote: post #374
porknubbins wrote: post #360

Earlier quoted context omitted.

I’m sure many people haven’t experienced that kind of censorship but lots of people have. I used to play online poker which was made illegal in the US through payment channel crackdowns(for reasons at best paternalistic but realistically just physical casino lobbying). Given that the internet facilitates pretty much any kind of information transfer I have to ask mysef is it more likely the future will be a future whe…

If you're talking about transmitting money, it's a regulated activity in the US. [1] If you think that you will be able to bypass regulations by using crypto-currencies and suffer no consequences, I think you're in for a surprise. [1] https://en.wikipedia.org/wiki/Money_transmitter

Nothing I’m talking about requires me to get licensed to operate a money transmitting company.
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