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Is Web3 anything?
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Re: Is Web3 anything?
#32> Once submitted, that “contract” will be carried out exactly as specified. It is observable to everyone, debuggable, and non-falsifiable. But a centralized database can also achieve this, right? The premise of the general public trusting a blockchain more than an established, centralized 3rd party (e.g. government) seems so feeble.
Feeble in what sense? Even absent blockchains, I only trust the people running the government in so far our incentives are aligned, and they aren't all that aligned at the moment.
Perhaps alternative structures of implementing governments should be explored.
Re: Is Web3 anything?
#33Earlier quoted context omitted.
Right, but the government is not just some unaccountable third party that sits between you and the rest of society. It is meant to embody the society, and, in a democracy, represent its interests effectively.
The government, and all of its institutions, are indeed a third party. The government is not some representative of the collective will. Thomas Sowell provides his experience at the Department of Labor in 1960 as a poignant demonstration of the fallacy of that notion: https://youtu.be/v6PDpCnMvvw?t=38 Another example would be the latest $1.5 trillion infrastructure bill. It was 1,500 pages long and no legislator read…
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Re: Is Web3 anything?
#34Is Web3 even a thing? Outside HackerNews, I only see it mentioned in crypto-circles, but on HN there’s another article at the top every day.
Re: Is Web3 anything?
#35All of the examples of having to trust the government in this article neglect the fact that trusting the government is not just trusting the government, and it’s not just the government storing a deed or giving you a Social Security Number that makes it real. It’s the whole complex web of laws and regulations that created these policies that make them real, and the people (your fellow citizens) who have collectively…
succinctly said. all these web3 / crypto folks forget complex laws exist to prevent and remedy situations that can't be simply solved by smart contracts. most of the laws are so complex, we've professionals who specialise in them.
Agree, I think Wyomings attempt to fuse the two together is one to watch.
https://frostbrowntodd.com/wyoming-paves-way-for-dao-legal-c...
Re: Is Web3 anything?
#36Earlier quoted context omitted.
I think there's also a substantial subset of cases that are simple/common/clear enough to have managed through an automated contract, and being able to cut out the cost of depending on the legal system would be game-changing for many people/projects/etc. So it seems like a good complement, not a replacement.
Yep cause the cost of people who can put together a smart contract without major bugs is peanuts :)
Fair point :) I was admittedly thinking of more DIY scenarios, but it isn't really fair to only consider how it impacts programmers.
OTOH—without knowing many concrete details myself—seems like there would be plenty of room for reuse of contracts? Maybe even something like a storefront where you can grab one that matches your scenario
Re: Is Web3 anything?
#37I feel like web3 continues the trend (in a good way) of the financialization of everything. The primitives of web3 effectively enable the fine grained economic measurement and distribution of every element of value-exchange, and gives folks the ability to participate in these cashflows where they were previously not able to. Now that there's standards for representations of value / governance / etc (ERC-20) now any p…
Like a company can literally spin off a division and make it public in a similar way. Or you can securitize cash flows into an ABS. The investment bank's fees will be a lot lower than the gas fees.
Re: Is Web3 anything?
#38Earlier quoted context omitted.
Right, but the government is not just some unaccountable third party that sits between you and the rest of society. It is meant to embody the society, and, in a democracy, represent its interests effectively.
It represents the lowest common denominator of what everyone can agree on. Democracies have problems when that denominator gets really low, but are relatively great when it is high
Yeah. I’m not saying it’s perfect, there may actually be some limited use for blockchain technology, but casting it as an alternative to the modern liberal state beggars belief.
Re: Is Web3 anything?
#39Earlier quoted context omitted.
Yep cause the cost of people who can put together a smart contract without major bugs is peanuts :)
Fair point :) I was admittedly thinking of more DIY scenarios, but it isn't really fair to only consider how it impacts programmers. OTOH—without knowing many concrete details myself—seems like there would be plenty of room for reuse of contracts? Maybe even something like a storefront where you can grab one that matches your scenario
I think you prob can raise a 10 mil seed round with this idea
Re: Is Web3 anything?
#40I have yet to see a good example of what “web3” is useful for… honestly this just smells like it’s going to be the next major hype train of 2022. Just like VR/AR and ML/AI of yesteryear. Note that both of these examples are wonderful pieces of tech but they were blown wildly out of proportion by everyone.
Agreed. It's like when people starting throwing around "blockchain" as the solution for every problem. The same lot has adopted web3 as the thing they are shouting from their soap-boxes, without really understanding the difference between concept, technology and implementation.