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Web3 is centralized and inefficient
351–360 of 769 posts
Re: Web3 is centralized and inefficient
#352Earlier quoted context omitted.
Your house analogy is not really correct, since in a digital space, you can have an infinite number of the same house, and an infinite number of people living in that house. I consider it more like a certificate. Some cool architect made an incredible house. Lots of people live in that exact same house. But there is one who can say he bought the certificate straight from the architect himself. It doesn't give him any…
Exactly. NFTs are digital trading cards. I don't know why people can't wrap their heads around the simple concept.
Oh they can, but that's just the public appearance; they get excited over them because they see them as potentially high return investments. But of course, the big fish already got their money (and added it to the pile they earned from a couple of scam coins, artificially inflated crypto, etc).
Nobody is under any illusions here. Except the media and their gullible audience; the media is in on it and the people behind it have a financial interest in it, and the gullible audience is easily impressed with techno-jargon, the potential of getting rich overnight, and FOMO.
Re: Web3 is centralized and inefficient
#353Earlier quoted context omitted.
Your house analogy is not really correct, since in a digital space, you can have an infinite number of the same house, and an infinite number of people living in that house. I consider it more like a certificate. Some cool architect made an incredible house. Lots of people live in that exact same house. But there is one who can say he bought the certificate straight from the architect himself. It doesn't give him any…
Exactly. NFTs are digital trading cards. I don't know why people can't wrap their heads around the simple concept.
Worthless but beautiful?
Re: Web3 is centralized and inefficient
#354Earlier quoted context omitted.
There are some use cases for blockhains, namely cryptocurrencies and their unregulated nature. There have been plenty of times that I didn't want to hand over my name and address for an online purchase, but the traditional payment systems aren't set up for privacy. Payment providers also discriminate against certain aspects of society, such as sex work. The fees an adult content provider needs to pay are astronomical…
Cryptocurrencies are terrible at privacy, too. Any time you try to use cryptocurrency to buy physical goods (or fiat currency), whoever you're transacting with can know every transaction you've ever made.
Don't generalise. Monero can do that just fine.
Re: Web3 is centralized and inefficient
#355I 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 could write on a piece of paper that I grant you exclusive rights to something I created for $x and then you give me $x and we both sign the piece of paper. A court would consider that piece of paper valid which makes the contract real. Replace the piece of paper with a text file with cryptographic signatures and a court may consider that valid as well. Isn't an NFT basically such a text file embedded into a decent…
> Isn't an NFT basically such a text file embedded into a decentralized marketplace?
Well, without the cryptographic hash, sure, and without any particular rights either...
Re: Web3 is centralized and inefficient
#356Loved this line in the article:
> It’s also sad to see my dad hyping up Web3 in his LinkedIn.
Conjures up images of a domesticated, pipe-smoking, squarely dressed old chap sitting at his Windows 95 computer saying "This world wide web three-point-O with blockchains is the latest thing dontchyknow" and kid is rolling his eyes and saying "Sure dad. Sure."
Re: Web3 is centralized and inefficient
#357Earlier quoted context omitted.
Your house analogy is not really correct, since in a digital space, you can have an infinite number of the same house, and an infinite number of people living in that house. I consider it more like a certificate. Some cool architect made an incredible house. Lots of people live in that exact same house. But there is one who can say he bought the certificate straight from the architect himself. It doesn't give him any…
Exactly. NFTs are digital trading cards. I don't know why people can't wrap their heads around the simple concept.
Well, they’re digital receipts. Because the thing that it’s representing could still disappear or go away. Maybe that has heaps of value, maybe once the server ther points to the thing you’re meant to own goes down or the asset at the url changes it becomes worth 2 parts of sweet f all
Re: Web3 is centralized and inefficient
#358Earlier quoted context omitted.
Your house analogy is not really correct, since in a digital space, you can have an infinite number of the same house, and an infinite number of people living in that house. I consider it more like a certificate. Some cool architect made an incredible house. Lots of people live in that exact same house. But there is one who can say he bought the certificate straight from the architect himself. It doesn't give him any…
Exactly. NFTs are digital trading cards. I don't know why people can't wrap their heads around the simple concept.
They are not cards, they don't store any meaningful data unless you could make the resource immutable.
They are more like "Digital trading links-to-assets-you-have-no-control-over"?
Re: Web3 is centralized and inefficient
#359The mortal sin is to consider artificial rarity a good thing. The internet is infinite, the appeal of the metaverse is exacty because you can be infinitely young, infinitely rich, have infinite partners, break ouf of the constraints of this world. Constrained virtual worlds are called games and have a different objective. If we are to build a zero sum world, we d better stick to the physical one.
Re: Web3 is centralized and inefficient
#360I 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
What also is amazing is that people are now buying art for huge amounts of money, not because it's good art or it has any value, but because it's NFT art. So it's even worse than you say, they are selling a sign pointing to a very cheap house, but not for the price of the house but by overvaluing the sign's value.
... and then the NFT art itself is pixelated - its not vector based - it doesn't scale. So really you've bought art that only looks right at a specific resolution.