Web3 is centralized and inefficient

Post by greggsy » Wed, Mar 23, 2022, 6:35 AM UTC

vmception wrote: post #200

mmaunder wrote: post #188

I still can't get over that NFT's are just a URL pointing to the data. They don't even have an on-chain hash of the digital asset. It's like selling a sign pointing to houses for the price of the house, and claiming you own the house, hoping that the sign will increase in value the way the house does, and bragging about it. For reference: https://moxie.org/2022/01/07/web3-first-impressions.html

I think of them as digital digital picture frames. A market for digital, digital picture frames currently exists and it has high margins. That is the extent of my thought on the what people are buying. They aren't advertised that way though and the transaction receipt of purchasing the digital, digital picture frame can be a valuable asset. Regarding where the images being viewed are stored, many are not following be…

Post by manquer » Wed, Mar 23, 2022, 6:38 AM UTC

blowski wrote: post #190

mmaunder wrote: post #188

I still can't get over that NFT's are just a URL pointing to the data. They don't even have an on-chain hash of the digital asset. It's like selling a sign pointing to houses for the price of the house, and claiming you own the house, hoping that the sign will increase in value the way the house does, and bragging about it. For reference: https://moxie.org/2022/01/07/web3-first-impressions.html

I too struggle with the concept. But I imagine the supporters of NFTs would say the value is in being the only person who can put that sign. It seems like an extremely bizarre form of conspicuous consumption, but there we go.

Post by tsimionescu » Wed, Mar 23, 2022, 6:39 AM UTC

mccorrinall wrote: post #124

olliej wrote: post #118

Earlier quoted context omitted.

No, the BTC protocol is limited to an upper limit determined by the maximum blocksize. Last I checked that put the limit of BTC at something in the region of 7 transactions/second without increasing the block size. To match Visa alone you'd need to increase that by a factor of 250 - you could reduce block time, increase block size, whatever. But that would also by necessity increase the storage requirements of each n…

You don’t need to settle every transaction instantly on the blockchain. http://lightning.network/lightning-network.pdf

Post by greggsy » Wed, Mar 23, 2022, 6:40 AM UTC

sirnicolaz wrote: post #199

mmaunder wrote: post #188

I still can't get over that NFT's are just a URL pointing to the data. They don't even have an on-chain hash of the digital asset. It's like selling a sign pointing to houses for the price of the house, and claiming you own the house, hoping that the sign will increase in value the way the house does, and bragging about it. For reference: https://moxie.org/2022/01/07/web3-first-impressions.html

In the world of digital art, there are actually people developing NFTs that are purely generated on-chain. It's still a relatively small school, but you can check some of them out here https://www.0xchain.art/

Post by [deleted] » Wed, Mar 23, 2022, 6:42 AM UTC

bigbonch wrote: post #61

yashg wrote: post #31

Agree 100%. Web3 is useless. The whole web3 thing is an extension to get more people and more real money to get into the crypto ecosystem and provide liquidity to the early adopters and insiders. I haven't found one legitimate use case for blockchain. The only thing it is useful for it speculative gambling. I wrote about it some time ago and and shared here on HN https://yash.info/blog/what-is-web3/

Walmart Canada has used blockchain [1] to better their supply chains systems. I suspect when you say you "haven't found one legitimate use case for blockchain" you're referring to the consumer space based on current offerings. I would argue that "blockchain" just as an idea and technology has plenty of use cases. [1] https://hbr.org/2022/01/how-walmart-canada-uses-blockchain-t...