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Web3 is going just great

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Re: Web3 is going just great

#51

Post by danlugo92 »

PragmaticPulp wrote: post #17
danlugo92 wrote: post #12

So much FUD daily here against Bitcoin and Web3. Ask yourself, who is the most affected by these 2 technologies existing? Web3 is young still, I'll grant you that, but it will eat the world in 3 to 5 years. Bitcoin is already mature and it's the most democratic type of currency/money/property in the world, how can you argue against that? I hear you about the electricity usage, but Bitcoin Lightning will drive down th…

> Ask yourself, who is the most affected by these 2 technologies existing? Speculators? Seriously though, can you tell us which Web3 technologies, specifically, are disrupting existing technologies in a way that really benefits the end users instead of speculators? > I hear you about the electricity usage, but Bitcoin Lightning will drive down the usage so much that it will become a moot point anyways. That's not how…

> Seriously though, can you tell us which Web3 technologies, specifically, are disrupting existing technologies in a way that really benefits the end users instead of speculators?

Distributed systems where you own the data and there's no single point of failure.

> That's not how mining works. Layer 2 networks don't reduce the energy consumption of the Layer 1 network. They still produce 1 block every 10 minutes, and they'll continue mining as long as their costs are lower than the combined block reward and transaction fees.

I'm not an expert on the mining mechanics, I might be wrong but not due to the reasons you claim, transaction fees will approach zero as more people move into lightning and block reward will keep getting halved.

Re: Web3 is going just great

#52

Post by heyitsguay »

ojr wrote: post #39
antupis wrote: post #33

Earlier quoted context omitted.

This pets.com was bullshit but selling pet supplies at online definitely is not.

storing scarce jpegs is bullshit but decentralize storage definitely is not

It's not bullshit but it's also not very useful compared to existing alternatives (compare latency, availability, and reliability), and it requires juuust enough technical knowledge to understand why that you can still build a convincing narrative about it for laypeople. Which you are incentivized to do when their buy-in makes you money.

Re: Web3 is going just great

#53

Post by mempko »

DantesKite wrote: post #13

All the Web3 criticisms remind me of my experiences with Star Trek. For context, I never watched Star Trek. I'd read stories about fans and it always struck me as the dorkiest possible show, with unabashed nerdiness making something like the Big Bang Theory look like a sophisticated work of art. But one day, I listened to a podcast about strength training and a question came up about which Star Trek leader the host l…

> But the math and incentives are there.

Cui bono as they say. Crypto won't fail because of the group that is driving most of the demand. It's a small group of people with lots of money. If it was a big group of people with little money, you could make the case that cryptocurrencies will fail. It's success has little to do with the math and quality of the technology.

Re: Web3 is going just great

#54

Post by pcwalton »

DantesKite wrote: post #13

All the Web3 criticisms remind me of my experiences with Star Trek. For context, I never watched Star Trek. I'd read stories about fans and it always struck me as the dorkiest possible show, with unabashed nerdiness making something like the Big Bang Theory look like a sophisticated work of art. But one day, I listened to a podcast about strength training and a question came up about which Star Trek leader the host l…

> It would hard for me to make a case that eventually cryptocurrency will fail.

It's easy for me to make that case. Ransomware aside, there's no underlying value in cryptocurrency, unlike currencies which have the full faith and credit of governments. This is a fundamental problem that I see no way around.

Re: Web3 is going just great

#55

Post by aeonflux »

DantesKite wrote: post #13

All the Web3 criticisms remind me of my experiences with Star Trek. For context, I never watched Star Trek. I'd read stories about fans and it always struck me as the dorkiest possible show, with unabashed nerdiness making something like the Big Bang Theory look like a sophisticated work of art. But one day, I listened to a podcast about strength training and a question came up about which Star Trek leader the host l…

The math is there, yes. Its cool and exciting. But thats all. All the incentives are to control the plane and grab the next big thing, like Facebook and Google grabbed the Internet Advertising. Any form of decentralization is not possible, it won't work. Just look how hard it is for people to agree on anything very basic. The higher the stake, the more people will try to grab as much as they can. How would imagine for people to get a consensus about upgrades and changes in the protocol. Just look how much bitcoin staled because of that. Everything is controller by developers of given technology. If there is a reason, they will force their agenda. It's been happening over and over.

Re: Web3 is going just great

#56

Post by danlugo92 »

mathnmusic wrote: post #22
danlugo92 wrote: post #12

So much FUD daily here against Bitcoin and Web3. Ask yourself, who is the most affected by these 2 technologies existing? Web3 is young still, I'll grant you that, but it will eat the world in 3 to 5 years. Bitcoin is already mature and it's the most democratic type of currency/money/property in the world, how can you argue against that? I hear you about the electricity usage, but Bitcoin Lightning will drive down th…

> most democratic type of currency/money/property in the world, how can you argue against that? Accepting any currency that's not a stablecoin, gives power (not just purchasing power) over you to those who bought it really cheap without doing as much labour or as much spending as much capital as the late ones. Bitcoin has been more of a security - like a startup's shares - benefiting early investors at the expense of…

Please walk me through the steps to buy any US security, say some Apple stock, btw I'm Venezuelan.

Here's the steps to buy bitcoin:

1) Create wallet 2) Buy from anyone in the world who wants to sell.

Re: Web3 is going just great

#57

Post by PragmaticPulp »

DantesKite wrote: post #13

All the Web3 criticisms remind me of my experiences with Star Trek. For context, I never watched Star Trek. I'd read stories about fans and it always struck me as the dorkiest possible show, with unabashed nerdiness making something like the Big Bang Theory look like a sophisticated work of art. But one day, I listened to a podcast about strength training and a question came up about which Star Trek leader the host l…

> But the math and incentives are there. It would hard for me to make a case that eventually cryptocurrency will fail.

This strikes at one of my primary complaints with crypto/web3 discussions: Advocates switch between specific cryptocurrencies, cryptocurrency in general, and the concept of a blockchain in general as convenient for their arguments.

The concept of a cryptocurrency will always exist, but that doesn't mean that we can't be critical of the current financial shenanigans going on in the space.

If it helps, remember that the thing people talk about the most when discussing cryptocurrencies is always the price. But cryptocurrencies don't have any built-in notion of price. 1 BTC is 1 BTC. What people are really excited about is the exchanges and the on-ramps and off-ramps, which have nothing to do with the blockchain or cryptography.

Re: Web3 is going just great

#59

Post by pcmaffey »

Web2 was born from the ashes of Web1, which crashed under the weight of expectations, cash, and inexperience.

Web2 is still booming. I don't see that bubble popping anytime soon, unless world governments get super serious about regulation.

That's not to say that a web3 couldn't come into the world while web2 is still going strong, but... it seems less likely that we'll see any real transformation until web2 and the tech oligarchies it gave rise to start to falter. Web3 has expectations, cash, and lots of experienced people behind it, but there's little space in the market to occupy because web2 is still thriving. To take a leap, this casually makes me think of the theory around disenfranchised nobility causing the fall of the roman empire...

Re: Web3 is going just great

#60

Post by danlugo92 »

mdoms wrote: post #43
danlugo92 wrote: post #12

So much FUD daily here against Bitcoin and Web3. Ask yourself, who is the most affected by these 2 technologies existing? Web3 is young still, I'll grant you that, but it will eat the world in 3 to 5 years. Bitcoin is already mature and it's the most democratic type of currency/money/property in the world, how can you argue against that? I hear you about the electricity usage, but Bitcoin Lightning will drive down th…

> Bitcoin is already mature and it's the most democratic type of currency/money/property in the world, how can you argue against that? I wish you bitcoiners could decide if bitcoin is a currency or not.

Bitcoin is a new thing, new things can exist that didn't exist before, and just because any old terms don't fit it, doesn't stop it from being its own real separate thing.
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