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Why Web3?

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Re: Why Web3?

#531

Post by miracle2k »

grey-area wrote: post #516
aboodman wrote: post #315

Earlier quoted context omitted.

> all an NFT does is state "author X gives ownership of Y to Z", Incorrect. As @saurik says, but I'll just restate: an NFT also tells you the ordering of all such statements within one context (a single blockchain). So you can know whether this was the first such transfer by this owner or a subsequent one. This is the entire purpose of distributed databases, including blockchains.

Actually you can’t know it was by an ‘owner’ because nfts are not tied to the real world. You own nothing but the digital signature. There are so many problems being skated over here about provenance and ownership and nfts provide nothing of value in that domain, they’re just a get rich quick scheme.

> because nfts are not tied to the real world. You own nothing but the digital signature.

The digital signature is thing that people want to own in the real world!

Re: Why Web3?

#532

Post by cblconfederate »

kinnth wrote: post #430
ChicagoDave wrote: post #403

The current state of web3 reminds me of people building new game engines well before any reasonable game could be built on the platform. This happened a lot in the 90's/2000's in the Interactive Fiction community. Smart people would find IF, play a bunch of games, build a game or two, then decide the existing platforms "didn't fit their style or the kinds of features they wanted" and start discussing how _they_ would…

A lot of them are happening right now. The most interesting thing about Web3 is just how much stuff is being built. Really innovative financial models, huge DAO that are beginning to work, NFT communities that actually help people. It's happening right now, just join the discords.

> It's happening right now, just join the discords.

This phrase is comical. Decentralization is happening, join us in centralizing

Re: Why Web3?

#533

Post by jsemrau »

arwineap wrote: post #455
jsemrau wrote: post #429

Earlier quoted context omitted.

Noted. Will put an example on the page. That might make it easier. The main value proposition is that if you are investing, then you can earn extra money by providing context on recent news for other investors. Currently this is done for free on other social sites.

So a platform for pumping/selling your picks?

Quite the opposite.

Re: Why Web3?

#534

Post by cblconfederate »

lghh wrote: post #444
kinnth wrote: post #430

Earlier quoted context omitted.

A lot of them are happening right now. The most interesting thing about Web3 is just how much stuff is being built. Really innovative financial models, huge DAO that are beginning to work, NFT communities that actually help people. It's happening right now, just join the discords.

Isn't it funny that all of these conversations around federated data are happening on discord? I'd love it if Discord was indexed by search engines so I didn't have to fight to find that conversations that I am interested in.

The tech is so open that we need exclusivity clubs

Re: Why Web3?

#535

Post by pcwalton »

grey-area wrote: post #512
__MatrixMan__ wrote: post #496

Earlier quoted context omitted.

I agree and I wish more people understood this distinction. To say that NFTs are all scams is like saying that pixel shaders are all games. One is often used to implement the other, but they're not the same thing. NFTs will likely find niches outside of signifying ownership. For instance, I'd like to see them used to denote package maintainer status. That way you could have automation that allows package maintainers…

Pixel shaders are useful.

Except, ironically, when they're used for mining cryptocurrencies (okay, not pixel shaders, but close enough).

Re: Why Web3?

#536

Post by miracle2k »

galaxyLogic wrote: post #465
corobo wrote: post #130

Earlier quoted context omitted.

> What prevents me from creating new NFTs with the same or slightly modified underlying digital asset? That one seems like a classic supply and demand thing. Make too many, sell none Having said that, that does actually seem to be the business model in this wave. At least for the ones people are heavily pushing that get on on my radar. Maybe not hues but "accessories" (procedurally generated png layers, flattened)

It seems as if the only thing I get when I buy an NFT is the ability to prove that I did pay money for that NFT for a specific seller. But because anybody else can sell anybody else very similar NFTs it looks like the supply is infinite. The only differentiator then is who is the seller, right? But how can the value of a thing be different based on who sells it?

> But because anybody else can sell anybody else very similar NFTs it looks like the supply is infinite.

People only want to pay for the NFT, because it is supposed to represent a desirable piece of art. The only person who has the moral authority to sell it is the artist. Anyone can create an NFT that "links" to some piece of art they found online, but if I am not the artist, why would anyone pay me for it?

Additionally of course, there are artists whose work is more desired, so they command a premium over other artists.

Re: Why Web3?

#537

Post by sergiomattei »

cblconfederate wrote: post #532
kinnth wrote: post #430

Earlier quoted context omitted.

A lot of them are happening right now. The most interesting thing about Web3 is just how much stuff is being built. Really innovative financial models, huge DAO that are beginning to work, NFT communities that actually help people. It's happening right now, just join the discords.

> It's happening right now, just join the discords. This phrase is comical. Decentralization is happening, join us in centralizing

This comment is akin to saying “you use an iPhone, therefore you can’t hate capitalism”

One can form part of the status quo while building a better future.

Re: Why Web3?

#538

Post by simonmales »

yunohn wrote: post #528
CryptoPunk wrote: post #518

Earlier quoted context omitted.

>>- slow (15 txn/sec, 22-23 with the move to proof of stake) - expensive (I read somewhere that globally Eth users spend more on 30M USD in fees per day!) - This is no longer the case with L2 solutions, like zk-Rollups. See what StarkEx, which is one particular Validium/zk-Rollup L2 solution, is doing: https://twitter.com/EliBenSasson/status/1475206185762578437?... >>Past week, @ethereum ~ 9M txs. StarkEx ~ 6.25M TWO…

> Ethereum's energy consumption declines by 99.95% upon the completion of the transition to Proof of Stake. Why do Ethereum fans keep using this example as if it’s already done, when it still isn’t?

It's an argument at the end of the day. 'We know it's bad now. But it's being worked on.'

Just like a Tesla investor might believe autonomous driving is being worked on.

Re: Why Web3?

#539

Post by csbartus »

Zaskoda wrote: post #438
corobo wrote: post #394

Earlier quoted context omitted.

How do you make money on web3 without the upfront loading of cash into a crypto wallet?

In the existing state of things, you can get involved in a community that "air drops" a token, you can run a network node, you can play a P2E game, or you can sell NFTs that don't mint until sold. But this is super early. "Who Owns The Future" describes a model of revenue sharing that will require extremely cheap micro transactions.

This is where all blows up. Where there is absolutely no free tier. That won't be digested outside the crypto community.

I see web3 / crypto is a playground for few, with their rules / utopia, but let's just call it crypto, not web3. Web3 should be universal and free, as its predecessors.

Re: Why Web3?

#540

Post by Kiro »

ShamelessC wrote: post #411
Kiro wrote: post #200

Earlier quoted context omitted.

The gate keepers are preventing me from building the kind of apps I want. Just the other day people here reminisced about the days when Twitter used to have an open API and how bad it is that they shut it down. I want to build apps without having to worry about ever being restricted, limited or shut down.

> I want to build apps without having to worry about ever being restricted, limited or shut down. I'm not at all convinced that technology from "web3" or ethereum or whatever can actually do this. Please don't tell me it's coming soon or just a matter of time. That's been said for ten years.

Read my original comment again. I'm not advocating for blockchain or crypto. My point was that you should not conflate decentralization with these buzz words and dismiss it by affiliation. I don't know when this is coming or if it's coming at all but it's what I want.
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