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My main concerns with Web3 are that it is "pay to play" in many aspects and it's less democratic than the existing Internet.
Democracy isnt free. Pay to play is exactly what makes it democratic. Free is more like a benevolent dictatorship.
I can participate/play in my democracy with little to no cost. Unless you are arguing time (~20 minutes/year) commitments to vote?
The main issue with "Web3" is that it moves records of transactions from many private places to one public place. Sure this one place may not be controlled by a single entity, but it facilitates tracking at an unprecedented level. Cryptocurrencies are the ultimate example of this and are an absolute boon to tax collectors, forensic accountants and fraudsters. In our current economy financial transactions are recorded…
> are an absolute boon to tax collectors, forensic accountants and fraudsters Weird that it would be a boon for both forensic accountants and fraudsters. How do you reconcile that sentence? The fact that something is done in public does not mean that it is centralized. There is public and decentralized, public and centralized, private and centralized, and private and decentralized. Decentralization itself, is a spect…
It is very common to track people by the tokens they hold and target them for theft and fraud.
One example is to airdrop a backdoored token, and when the user tries to move it they wind up authorizing movement of their other valuable tokens. Or to just use the airdrop to lead a curious user to the airdrop event's website, which is then a phishing campaign that achieves the same result.
My main concerns with Web3 are that it is "pay to play" in many aspects and it's less democratic than the existing Internet.
My main concerns with Web3 are that it is "pay to play" in many aspects and it's less democratic than the existing Internet.
The existing internet is dominated by trillion dollar monopolies. How do you reconcile that Web3 is less democratic than a megacorp oligopoly than can unperson people at will? Web3 has decentralization, freedom of speech, anti-gatekeeping, permissionlessness and inclusiveness, at its core.
My main concerns with Web3 are that it is "pay to play" in many aspects and it's less democratic than the existing Internet.
You pay now by paying with your privacy. Someone makes great money by tracking you and selling it but it isn’t you.
It's amazing how much I can read about web3 and still be confused as to what problems it solves.
It's not a good alternative to banks, art collections or web hosting. But Bitcoin is still worth billions, NFT are all the rage and Web3 went from new concept to "trend" in the span of what feels like a week. But even with all the success they don't seem to be convincing many they have any intrinsic value.
So here we go again a clearly horrible solution to a problem most don't care about, but I'm sure will make some early adopters rich, and inevitably end in disaster for most.