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Web3 is going just great

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Re: Web3 is going just great

#131

Post by HaloZero »

dumbfoundded wrote: post #72

As someone building in web3, I'll give an example. When I sold my first business, escrow.com wanted >$20K for the domain transfer from godaddy. If you sell a domain on ethereum (ENS), the escrow requires only a smart contract and fees scale with the network so like $50 right now. I'm working on connecting the two. Intermediaries are a huge reason the web is the way it is. If we can eliminate them, the internet looks…

Isn't the whole point of escrow though to trust a 3rd party service? Or maybe I'm confused about what purpose escrow.com served here. Was ecrow.com literally just facilitating sending x dollars from person a to person b and b/c it was a high dollar value it charged a high fee?

Re: Web3 is going just great

#132

Post by baby »

ShamelessC wrote: post #4

The decision to call all of this "web 3.0" without actually consulting any developers (that don't own/trade cryptocurrencies) was such a mistake. No - I don't want to write inherently buggy smart contracts for your scam. If I wanted to do that, I would have gone into fintech awhile ago.

> The decision to call all of this "web 3.0" without actually consulting any developers (that don't own/trade cryptocurrencies) was such a mistake.

Not sure I understand your point. What developers do you need to consult? Some random developers coined that term, as much as some random developers coined the web 2.0 terms. It's up to people to use it or not.

Re: Web3 is going just great

#133

Post by dr-detroit »

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…

Maybe you should not always try and be the worst thing society will allow you without jail time.

Re: Web3 is going just great

#134

Post by leadingthenet »

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.

> there's no underlying value in cryptocurrency

Of course, there is a value: it's a decentralized write-only database that can be used for things like proof of ownership without the requirement of a central authority. A famous use-case is the illicit online drug trade, which cannot currently be achieved (to my knowledge) with fiat currencies.

It might never replace government-backed currencies (or it just might, who knows), but to say it literally has no utility betrays a lack of knowledge about the system.

Re: Web3 is going just great

#135

Post by debrice »

I do love where web 3 is going but I wouldn’t want to underestimate the problems that its complete reliance on cryptocurrency also brings.

Cryptocurrencies used to be decentralized but it isn’t the case anymore (if you hate banks prepare to hate large mining farms… until proof of stake allow the top 1% to be in charge),

It’s anonymous (but governments don’t want anonymous money movement… I personally don’t want that either) and public (but if it stops being anonymous then who wants everybody to know they bought a sex toy online?).

Contracts are awesome but still cost a fortune.

All successful cryptos do not inflate which means the incentive to spend it does not exist, you’re better off investing in the currency itself than using it (you want a light inflation of your currency to help your economy by sponsoring real companies)

Re: Web3 is going just great

#136

Post by Barrin92 »

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…

Instrumentalizing a show whose essential message was that living in a post-scarcity society is possible and where people pursue their interests genuinely rather than in the name of economic gain to make a case for crypto is so on brand with the actual post we're commenting on you could put it directly on the website

Let's just listen to the man himself for a second, while we're talking about star trek and money: https://youtu.be/PV4Oze9JEU0?t=143

Re: Web3 is going just great

#137

Post by ___q »

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…

> which Web3 technologies

How does self-sovereign identity exclusively benefit speculators?

Re: Web3 is going just great

#139

Post by erulabs »

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.

I'm sure you'll roll your eyes at this response, but a large chunk of economists don't believe there is value in anything. Your definition of "value" might mean "utility" or "what the US treasury says this is worth", or something else entirely. Starting a discussion with "well, it doesn't have any value" is more or less meaningless, and borders on economically illiterate, excuse the harshness.

My stuffed animal from when I was a baby has no "value", but I find it quite valuable. This isn't pendantics either - it determines more or less your entire economic perspective. If you believe in a utility or labor theory of value, of course crypto is a scam. A subjective theory? Not so much.

If someone trades an ETH for a Dollar, has value been changed? Moved around? Created? Has someone been scammed? Has wealth been created? Has net happiness been increased? Value is an extremely non-trivial thing and will lead you to love or hate the exact same situation depending on your chosen definition.

At any rate, I agree, crypto contains no value intrinsically. That said, I'm buying at the current price!

Those crypto-fans who are saying "ah well the -network- has intrinsic value" are missing the point. Value does not exist in the world. Value is like beauty or color - it's a subjective experience. All statements in the form of "X has no value" must be concatenated with "to me".

If anyone finds this incredibly interesting, and a fairly ignored part of epistemology, I strongly recommend reading Carl Menger's "The Origin of Money"

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