Web3 is going just great • Hacker News Board

Re: Web3 is going just great

#101

Post by [deleted] » Tue, Dec 14, 2021, 8:47 PM UTC

danlugo92 wrote: post #51

PragmaticPulp wrote: post #17

Earlier quoted context omitted.

> 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…

[deleted]

Re: Web3 is going just great

#102

Post by willob33 » Tue, Dec 14, 2021, 8:47 PM UTC

pcwalton wrote: post #54

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.

What if the value store is the network itself.

At this point currency is an abstraction relying on computers. I handle cash personally once a month.

Amazon cashier-less stores are just as much to normalize the behavior of not paying as reducing jobs).

Producing currency, securing it, moving it, the old banking infra just for finance management has a huge environmental impact.

Banks are easily socially engineered. Corruption is rife.

Eth shouldn’t be pegged to a dollar. It’s not a currency. It’s an information network.

What crypto should be is not property but the technical network abstraction we develop and roll over.

Grifters are trying to generate traditional wealth off the idea it’s a literal thing but we could just keep rolling new protocols out. Up to you to store your work.

It’s a logical substrate for transmitting and storing information that can’t be monopolized like physical money if we see it as such.

Unlike banks with full vaults, ephemeral network control can be coded out. No one person can become a black hole with disproportionate pull on social agency.

Re: Web3 is going just great

#103

Post by trunnell » Tue, Dec 14, 2021, 8:48 PM UTC

fab1an wrote: post #48

I'm flabberghasted at the amount of hate this space is getting from parts of the dev community and in particular HN. Web3 has its fair share of issues, but there's community and energy in the space that I haven't seen online since the early days of the world wide web. Consider this: if you are absolutely, 100% convinced that all of this is bogus, is going to go nowhere (despite the high number of talented individuals…

But your video on twitter, although very creative, documents exactly the type of accelerating self-referential tornado that that makes people skeptical. All just one big art project? Just a fun game? That'd probably be fine with everybody, skeptics included, but that's not what the proponents are saying. They say it will change everything. Energy and community are necessary but not sufficient for these claims.

Re: Web3 is going just great

#104

Post by acdha » Tue, Dec 14, 2021, 8:48 PM UTC

dvt wrote: post #87

I'm not a Web3 shill, but this is so insanely disingenuous it's not even funny. First of all, the argument that web3 is the biggest ecological problem of our time -- when essentially all of Asia is contributing 80% of ocean pollution, and the supply chain contributes to more than 50% of greenhouse gas emissions, is just straight-up delusional. The claim that Web3 is rife with hacks, when you have daily hacks of Web2…

Speaking of disingenuous, since when is log4j “web 2.0”?

> The claim that Web3 is rife with hacks, when you have daily hacks of Web2 (are we just ignoring Log4j, which is a huge deal and happened 2 days ago)

That’s also worth thinking less shallowly about for a second reason: if a cryptocurrency service, wallet, etc. you used was hacked due to log4j, you’d lose everything without recourse. This is not true of the mature banking system, and it might be useful to consider how many people would consider that a requirement.

Re: Web3 is going just great

#105

Post by TheresNoTime » Tue, Dec 14, 2021, 8:48 PM UTC

hwers wrote: post #88

As a side note, I love the way this was presented. Seeing news in chronological order and well summarized like this really organized in my mind a lot of random pieces of news I'd heard tangentially over the months.

it's nicely made, no?

Re: Web3 is going just great

#106

Post by systemvoltage » Tue, Dec 14, 2021, 8:48 PM UTC

papito wrote: post #99

systemvoltage wrote: post #91

Earlier quoted context omitted.

It’s basically politicization of blockchain. For many HN users, it represents libertarianism and they oppose it based on political merits. That’s what I’m observing from the sidelines and also not counting all the crypto MLM schemes - just speaking purely about blockchain.

And instead of fixing politics, we are just going to have our own un-governed thing over here. Run away from out problems, lets open another bottle. It will be great then.

I’m apathetic about all of this, I don’t have a horse in this race, I’m not placing any bets.

Re: Web3 is going just great

#107

Post by fab1an » Tue, Dec 14, 2021, 8:48 PM UTC

PragmaticPulp wrote: post #73

fab1an wrote: post #48

I'm flabberghasted at the amount of hate this space is getting from parts of the dev community and in particular HN. Web3 has its fair share of issues, but there's community and energy in the space that I haven't seen online since the early days of the world wide web. Consider this: if you are absolutely, 100% convinced that all of this is bogus, is going to go nowhere (despite the high number of talented individuals…

> I'm flabberghasted at the amount of hate this space is getting from parts of the dev community and in particular HN. Web3 has its fair share of issues, but there's community and energy in the space that I haven't seen online since the early days of the world wide web. If you're familiar with the space, you have to at least admit that it's filled to the brim with grifters and people looking to acquire life-changing…

Yeah, this kind of culture absolutely exists, but tbh I'd compare it to Reddit in that regard (hear me out): I don't particularly enjoy most of Reddit, and there are some vile subreddits I'd avoid at all costs, BUT there are many communities and subreddits that I immensely enjoy hanging out in. That said, my entire "consumption" of web2 communities like Reddit (AND HN!) has honestly been replaced with the amazing and kind communities I met "on" web3 (a misnomer in that context, as the entire comms stack is Twitter and Discord).

Unsurprisingly, the quality of Web3 communities IMO is inversely correlated to how much price-talk they engage in (e. g. in token-gated Discord servers).

Re: Web3 is going just great

#108

Post by haswell » Tue, Dec 14, 2021, 8:48 PM UTC

danlugo92 wrote: post #56

mathnmusic wrote: post #22

Earlier quoted context omitted.

> 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.

The mechanics of buying have very little to do with market dynamics. It doesn't matter if I can acquire bitcoin telepathically if the market is such that early adopters hold all of the power.

Re: Web3 is going just great

#109

Post by shagie » Tue, Dec 14, 2021, 8:49 PM UTC

pcmaffey wrote: post #59

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 t…

Web1 is still alive and doing fine on every web page that doesn't have a comments section and isn't built by some community that a company is hoping to monetize.

Re: Web3 is going just great

#110

Post by lordnacho » Tue, Dec 14, 2021, 8:49 PM UTC

dvt wrote: post #87

I'm not a Web3 shill, but this is so insanely disingenuous it's not even funny. First of all, the argument that web3 is the biggest ecological problem of our time -- when essentially all of Asia is contributing 80% of ocean pollution, and the supply chain contributes to more than 50% of greenhouse gas emissions, is just straight-up delusional. The claim that Web3 is rife with hacks, when you have daily hacks of Web2…

>... Nikola just earlier this year. Is that not a rug pull?

Guy is on $100M bail. It's known who he is. There's a fair chance of him getting done for fraud.

Rug pulls are when you come back to check up on your investment and the restaurant is just an empty parking lot, and a tumbleweed rolls across. A skateboarding kid comes out to greet you as he explains some people came there a few months back and took some pictures, pretending they were opening soon.