Let's talk again when the banks cancel his accounts because he refuses to get vaccinated, or some other nonsense.
Most Web3 stuff is shit, that much is true, but that also goes for a lot of other things.
Web3 is centralized and inefficient
251–260 of 769 posts
Re: Web3 is centralized and inefficient
#252Earlier 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
Lightning seems explicitly worse than any non crypto-adjacent payment system, as in addition to having to trust people, there's also no ability to reverse a transaction, and no ability to identify who defrauded you.
Re: Web3 is centralized and inefficient
#253Crypto is about finance: trading, speculation, banking the unbanked ...
Technology is an enabler that allows "regulatory arbitrage" beyond that it does not matter at all.
If I want to create a bank; hook into my national central bank, join the swift network, buy and sell securities for my clients. Is that a technical problem? Sure it is hard and silly from a tech side but that is all just a question of hiring some specialists.
The real problem is that I would be under tight regulation, right down to the central bank deciding on who I hire as CEO.
With crypto, I can just hook myself in.
That is the difference.
Re: Web3 is centralized and inefficient
#254Earlier quoted context omitted.
To be specific, an NFT can be anything - even a Turing complete program - but common ones are simply containing a string of a URL. Edit: I was loosely involved in some of the conversation around smart contract and token implementation on a top 10 chain and there’s actually a lot of interesting issues with on chain data, such as if child pornography is added suddenly in some countries hosting a node can be seen as dis…
Digital licenses and tickets are useless if the central authority doesn't honor them. There's absolutely no benefit to making NFTs out of them. For example, if I buy an NFT ticket to a concert and the venue doesn't let me in, what was the point of the decentralization?
That's not why making an NFT out of the ticket is interesting.
It's interesting because I can, for example, resell my Woodstock ticket on an open market.
Re: Web3 is centralized and inefficient
#255Earlier quoted context omitted.
To be specific, an NFT can be anything - even a Turing complete program - but common ones are simply containing a string of a URL. Edit: I was loosely involved in some of the conversation around smart contract and token implementation on a top 10 chain and there’s actually a lot of interesting issues with on chain data, such as if child pornography is added suddenly in some countries hosting a node can be seen as dis…
Digital licenses and tickets are useless if the central authority doesn't honor them. There's absolutely no benefit to making NFTs out of them. For example, if I buy an NFT ticket to a concert and the venue doesn't let me in, what was the point of the decentralization?
Crypto peddlers rarely have an idea of how the world works. When it comes to tickets, this always comes up with NFTs and it's amazing how little they know (or care).
I had this conversation not too long ago, see my comments here: https://news.ycombinator.com/item?id=29282931
Re: Web3 is centralized and inefficient
#256Earlier quoted context omitted.
Digital licenses and tickets are useless if the central authority doesn't honor them. There's absolutely no benefit to making NFTs out of them. For example, if I buy an NFT ticket to a concert and the venue doesn't let me in, what was the point of the decentralization?
That's not why making an NFT out of the ticket is interesting. It's interesting because I can, for example, resell my Woodstock ticket on an open market.
"It's interesting because I can hoard tickets and resell at profit".
Why is that interesting, exactly?
Edit All that is marked as "interesting" in crypto is inevitably "how can I profit/get rich quick off something".
Re: Web3 is centralized and inefficient
#257Earlier quoted context omitted.
Digital licenses and tickets are useless if the central authority doesn't honor them. There's absolutely no benefit to making NFTs out of them. For example, if I buy an NFT ticket to a concert and the venue doesn't let me in, what was the point of the decentralization?
That's not why making an NFT out of the ticket is interesting. It's interesting because I can, for example, resell my Woodstock ticket on an open market.
What's the incentive for the ticket seller to enable that?
Re: Web3 is centralized and inefficient
#258For those who want to know what is a NFT: Imagine you get the hacker news logo (or any other digital asset, like an image,video,song etc). Then I take that image and apply to it a hash funtion to generate an id, a number that later I put into any blockchain (usually ethereum). As the blockchain is ordered the first one who does this process stores in the blockchain the asset... and so its property. Later someone else can take the same logo, apply the same hash to get the same id, but as I said The first who did it has the property because the blocks (chain) are ordered.
Re: Web3 is centralized and inefficient
#259Earlier quoted context omitted.
Interesting point from the same source: > For example, OpenSea serves most of the NFTs they mint over HTTP. If the OpenSea ever collapses, ~8% of NFTs vanish.
The NFTs will still exist and be tradeable outside of OpenSea even if OpenSea itself disappears because they live within a smart contract.
They will point to nothing and hence (hopefully) be worthless
Re: Web3 is centralized and inefficient
#260Web2 is also centralized, just to be clear. And what’s more, Web2 and Web3 have been horribly derailed by the profit motive:
Web2 by VC investment (private ponzi schemes)
Web3 by meme tokens and NFTs (public ponzi schemes)
Here is my response to Moxie Marlinspike’s excellent criticism a month ago, explaining why decentralization IS vitally important and what we can do to rescue Web3 from itself:
https://community.intercoin.org/t/web3-moxie-signal-telegram...
We need a “web4” that actually implementa utility and gets mainstream adoption. I wrote extensively about how to get there.
The PDF version: https://intercoin.org/proposal.pdf
Examples of applications already built and tested to achieve this: https://intercoin.org/applications