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Real Problems That Web3 Solves, Part 1

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Re: Real Problems That Web3 Solves, Part 1

#211

Post by codehalo »

meheleventyone wrote: post #103
iskander wrote: post #80

Earlier quoted context omitted.

...which has effectively neither adoption not momentum to achieve adoption: https://sec.okta.com/articles/2020/04/webauthn-great-and-it-... For better or worse, there are a large (and ever growing) number of Metamask users these days...

Absolutely, but let’s not pretend this is some magic technology that only cryptocurrency can solve. Nor is it clear cut that we’ll see adoption of wallet logins outside of crypto circles.

The web3 solution is significantly easier than webauthn, if what I read in the above article is to be believed.

Re: Real Problems That Web3 Solves, Part 1

#212

Post by thebean11 »

rchaud wrote: post #174
thebean11 wrote: post #96

Earlier quoted context omitted.

Sure, multiple independent sites could individually ban you. That's a fundamentally different problem, and much much less likely. An antidote to that would be using a different key on each site you authenticate to. You still only need to store a single key, all other keys are derived from that yet cannot be associated with their sibling keys. > What you’re saying is also trust with web3. Not quite sure what you mean…

> Sure, multiple independent sites could individually ban you. That's a fundamentally different problem, and much much less likely. Wouldn't there be a common, shared list of malicious wallets that can be automatically blocked? Ublock Origin doesn't update its ad domains list itself, it relies on a number of lists that other people have created. I've never had to lift a finger ever since I installed UBO.

There could be, but nobody is forced to follow it. If you use my website with Google SSO and Google deletes your account, you cannot sign into my site even if I do not want to follow the banlist.

Re: Real Problems That Web3 Solves, Part 1

#213

Post by jmoreno94 »

kenjackson wrote: post #188
thesandlord wrote: post #156

Earlier quoted context omitted.

> Websites that integrate web3 wallet login do get something new: built-in, straightforward payment rails. Is this really any better than Apple/Google pay? Those are already set up, trustworthy, I don't need to convert my fiat into a cryptocurrency than can swing in value wildly, and it's super easy to set up with stripe or any of the other platforms that the website is probably already using.

I'm not very knowledgeable about Web3, but what you point out, I also find confusing. Why do I need to use ETH to buy an NFT -- my credit card should just do fine -- shouldn't it? Clicking the "Connect My Wallet" button is kind of fun. But I feel like I've gained nothing over just using my credit card -- in fact my credit card provides me (as the consumer) tons more benefit than using ETH -- and don't get me started…

There's work happening now to make this a reality by partnering with on-ramps and off-ramps to go from fiat to crypto.

One can imagine a world in which this is completely transparent to the end user.

High ETH gas fees are also being solved by Layer 2 solutions which get fees down to cents by either batching transactions or doing the work off the main chain and posting only the proofs to the main ETH chain. Checkout zero knowledge rollups, aka zk-rollups.

Re: Real Problems That Web3 Solves, Part 1

#214

Post by secondaryacct »

GekkePrutser wrote: post #197
gillesjacobs wrote: post #115

Earlier quoted context omitted.

Cryptocurrency ecosystems have the advantage of economic incentivization and if they're decentralised, uncensorability. Those are two major advantages.

Yeah the economic incentive is the problem also. People just get into it for the money, not because they believe in it. This is the whole issue with crypto currency and web 3.0 too. It's a bit sad because it never started out as something intended for "make money fast" kind of investors. Bitcoin started as a way to free users from the centralised banks and regulation.

Freeing users from regulated banks and taxes is a way to make money fast. It s never been the goal of bitcoin to provide any utility to businesses (insured loans, public offering, leverage financing, future contracts, merger consulting, asset management, wealth optimization).

And if they cant do what banks already provide, what sort of "freedom" do they offer ? The ability not to have a retail account, the low hanging fruit of banking ?

This BS kneejerk 2008 crisis reaction Satoshi pretend to have had at the time, made him both one of the richest financial force in the world and the biggest financial risk (if he sells for some random reason just one btc from a genesis wallet of 1M BTC, what do you think will happen?). He became Maddoff...

Re: Real Problems That Web3 Solves, Part 1

#215

Post by codehalo »

avereveard wrote: post #101

So, web3 regularly gets updated into the front page, only to be utterly trashed in the comments session. What gives?

A lot of HN users were aware of bitcoin when it was worth pennies. Seeing it sitting at 50,000 dollars after trashing it created bitterness and cognitive dissonance.

I visit other sites where I can honestly say their users are honestly ignorant, given their lack of technical understanding. But here? This is sad to watch. If crypto/blockchain/web3 continues the current trajectory (or bitcoin goes to 100K), it will be worse, because the proud/bitter HN user will never admit to themselves that others can "get it" even though "I didn't get it".

Re: Real Problems That Web3 Solves, Part 1

#216

Post by api »

codehalo wrote: post #215
avereveard wrote: post #101

So, web3 regularly gets updated into the front page, only to be utterly trashed in the comments session. What gives?

A lot of HN users were aware of bitcoin when it was worth pennies. Seeing it sitting at 50,000 dollars after trashing it created bitterness and cognitive dissonance. I visit other sites where I can honestly say their users are honestly ignorant, given their lack of technical understanding. But here? This is sad to watch. If crypto/blockchain/web3 continues the current trajectory (or bitcoin goes to 100K), it will be…

That’s not totally wrong but I’d put it differently. This site is home to a lot of people who work hard to try to do something useful. It inspires resentment to see people get rich by just holding a token. Makes you feel like a fool for trying to do useful work.

I think the almost religious zeal makes it much worse. People win the lottery but they don’t claim to be geniuses or representatives of a shining new utopia for it. They just say they won the lottery.

Re: Real Problems That Web3 Solves, Part 1

#217

Post by egypturnash »

gillesjacobs wrote: post #182
ilogik wrote: post #137

Earlier quoted context omitted.

if I run an online service, and you login with web3, if you're an asshole, I can still ban your "indelible" account

In that case you're running a traditional centralised web2 service. If your service runs as a set of smart contracts, anyone willing to pay the fees can always use it. Forever.

So anyone willing to pay enough money can use my forum/etc, no matter what I think? Sounds great, sign me right up!

Re: Real Problems That Web3 Solves, Part 1

#218

Post by codehalo »

api wrote: post #216
codehalo wrote: post #215

Earlier quoted context omitted.

A lot of HN users were aware of bitcoin when it was worth pennies. Seeing it sitting at 50,000 dollars after trashing it created bitterness and cognitive dissonance. I visit other sites where I can honestly say their users are honestly ignorant, given their lack of technical understanding. But here? This is sad to watch. If crypto/blockchain/web3 continues the current trajectory (or bitcoin goes to 100K), it will be…

That’s not totally wrong but I’d put it differently. This site is home to a lot of people who work hard to try to do something useful. It inspires resentment to see people get rich by just holding a token. Makes you feel like a fool for trying to do useful work. I think the almost religious zeal makes it much worse. People win the lottery but they don’t claim to be geniuses or representatives of a shining new utopia…

I understand, but people get rich all the time holding stock like AAPL or TSLA. HN doesn't seem to have a problem with that. Some people see the future, do the research and risk it all on a stock or a cryptocurrency, some people take their last ten dollars blindly gamble on a lotto ticket or a cryptocurrency. How they earned the money they risk should be of no concern.

Re: Real Problems That Web3 Solves, Part 1

#219

Post by suikadayo »

kenjackson wrote: post #188
thesandlord wrote: post #156

Earlier quoted context omitted.

> Websites that integrate web3 wallet login do get something new: built-in, straightforward payment rails. Is this really any better than Apple/Google pay? Those are already set up, trustworthy, I don't need to convert my fiat into a cryptocurrency than can swing in value wildly, and it's super easy to set up with stripe or any of the other platforms that the website is probably already using.

I'm not very knowledgeable about Web3, but what you point out, I also find confusing. Why do I need to use ETH to buy an NFT -- my credit card should just do fine -- shouldn't it? Clicking the "Connect My Wallet" button is kind of fun. But I feel like I've gained nothing over just using my credit card -- in fact my credit card provides me (as the consumer) tons more benefit than using ETH -- and don't get me started…

Rollup solutions like StarkNet and StarkEx on Ethereum will make apps gas-free.

Re: Real Problems That Web3 Solves, Part 1

#220

Post by password4321 »

kenjackson wrote: post #188
thesandlord wrote: post #156

Earlier quoted context omitted.

> Websites that integrate web3 wallet login do get something new: built-in, straightforward payment rails. Is this really any better than Apple/Google pay? Those are already set up, trustworthy, I don't need to convert my fiat into a cryptocurrency than can swing in value wildly, and it's super easy to set up with stripe or any of the other platforms that the website is probably already using.

I'm not very knowledgeable about Web3, but what you point out, I also find confusing. Why do I need to use ETH to buy an NFT -- my credit card should just do fine -- shouldn't it? Clicking the "Connect My Wallet" button is kind of fun. But I feel like I've gained nothing over just using my credit card -- in fact my credit card provides me (as the consumer) tons more benefit than using ETH -- and don't get me started…

You can't buy most NFTs with ETH, right? First you have to pay ETH-level fees to buy 'wrapped' ETH?
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