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Web3 is centralized and inefficient

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Re: Web3 is centralized and inefficient

#441

Post by egeozcan »

miracle2k wrote: post #366
egeozcan wrote: post #358

Earlier quoted context omitted.

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"?

Your mistake is thinking that it matters where the data is stored. But storing your trading card image file in the Github Arctic Code Vault just makes it more permanent, it does not change the nature of your NFT at all; neither does storing it on the blockchain.

Doesn't the nature of the NFT have anything to do on the content to be found under that link?

NFTs are promoted with those images, and if that's unimportant, then what's the difference between an NFT and some random coin transaction?

Re: Web3 is centralized and inefficient

#442

Post by genge »

harel wrote: post #408
Tenoke wrote: post #347

Earlier quoted context omitted.

>3. Nope. Without an underlying economic activity it's all a ponzi scheme. There is no finance in DeFi. Just scammers running pump and dump schemes and rugpulling starry eyed idiots who think centuries old financial principals are useless and want to make a quick buck without doing anything. There's plenty of projcts ran by people who are clearly not trying to scam anyone. Time will tell whether they will actually be…

There is a lack of balance here. Yashg is not wrong in his assertions, and nor are you, that time will tell if the non-scammers are successful or not. I was laughing at the concept of bitcoin when it was mere cents to the coin and some pizza was bought. I'm not laughing now, but I'm also well aware that if you need to explain why something is NOT a Ponzi scheme, it's a Ponzi scheme. I've done a fair bit of work in th…

If it helps you understand, there's blockchains being built with close to none tokenomic concept to it. Meaning, there's no value on investing on their token but on using the platform. In some cases it's posible, in others it's not since you need to leverage costs/incentives in some way (but they still manage for it to remain low price through inflation, etc).

Re: Web3 is centralized and inefficient

#443

Post by koonsolo »

dfabulich wrote: post #400
paxys wrote: post #344

Earlier quoted context omitted.

Exactly. NFTs are digital trading cards. I don't know why people can't wrap their heads around the simple concept.

If they were just trading cards, then they'd be bad, a Ponzi scheme where everybody's trying to convince everybody that their trading cards will be worth more in the future. (One way the scammers promote the Ponzi scheme is by saying "these trading cards are so much more than trading cards," in deliberately confusing ways. That's why "people can't wrap their heads around the simple concept." The scammers are trying t…

Buying assets low and selling high cannot be a ponzi scheme, no matter how you try to position said asset.

Re: Web3 is centralized and inefficient

#445

Post by Tade0 »

To me the most damning thing said about web3 etc. to date is:

https://github.com/cryptog0/welcome2web3#social-media-on-web...

> The cost of storing information on the Blockchain is referred to as GAS and at the time of writting costs roughly $2 USD per 1kb of data. To put this into perspective, a high resolution photograph can be upwards of 4000kb, or $8,000.

Even if this estimate is three orders of magnitude off, this idea is DOA.

Re: Web3 is centralized and inefficient

#446

Post by anthk »

yahn00 wrote: post #130
vmception wrote: post #5

> A lot of Web3 platforms are in fact centralized. Your wallet (MetaMask), marketplaces (OpenSea), APIs (Alchemy) are all central platforms. Sure, they use a distributed database (blockchain), but before that it’s still a Go app on AWS, meaning its centralized. > Your wallet (MetaMask) Run your own node. This is lazy reporting to reach the end point about fawning over FreeBSD (its in the article, literally an article…

> Run your own node Until ISPs block you like they did with DNS. That’s what really should change; ISPs should be required to let anyone run services, bill for consumption. But then the internet would be truly decentralized. Most people just want messaging, calendar, and maps anyway. The rest of these apps serve first world tech bros who didn’t want a real job.

>That’s what really should change; ISPs should be required to let anyone run services, bill for consumption.

Check Yggdrasil.

Re: Web3 is centralized and inefficient

#447

Post by mwattsun »

silisili wrote: post #184
alexb_ wrote: post #97

People use centralized systems because they actually like the convenience that comes with it. And with that, comes the decentralized system changing in such a way that it changes to almost NEEDING centralization. The problem is that engineers and cybersecurity people all think that everyone else thinks like they do, when in actuality the complete opposite is true. The biggest example is the internet itself - the inte…

Complete opposite take. Imagine putting all your eggs in Myspace, Geocities, Angelfire, AOL, or probably soonish, Facebook. The internet would have up and died. Yet these centralized providers come and go, but the web remains. Decentralization isn't about doing things yourself, it's about having constant choice. To flee sinking ships, to bet on rising stars. The web is fine. Web3 will pass like myspace, and the web w…

I'm often confused because "decentralized" means different things to different people, like the fable of the blind men and the elephant.

BitTorrent and other peer to peer apps are decentralized, but are they really when the data flows through the pipes of a few Telco's?

I think web3 means there isn't a central authority for conducting transactions with other people, but I have a nagging feeling that this could be accomplished without a blockchain and proof of work waste.

https://en.wikipedia.org/wiki/Blind_men_and_an_elephant

Re: Web3 is centralized and inefficient

#448

Post by JofArnold »

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

Incorrect. Cyber Brokers, Chain Runners and umpteen others going back years are 100% on-chain. But the majority are either on a centralized cloud provider at worst and IPFS at best, yes.

Re: Web3 is centralized and inefficient

#449

Post by JofArnold »

greggsy wrote: post #227
sirnicolaz wrote: post #199

Earlier quoted context omitted.

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/

Almost all of these are just graphic doodles with an arty name, or low res avatars. They’re art in the sense of being made and appreciated by someone, but they’re certainly not worthy of being called ‘fine art’, or unique.

Gatekeeping what defines art.... Not a great look even if I understand where you're coming from. But check out Cyber Brokers which is super detailed and entirely on-chain.

Re: Web3 is centralized and inefficient

#450

Post by topranks »

vmception wrote: post #5

> A lot of Web3 platforms are in fact centralized. Your wallet (MetaMask), marketplaces (OpenSea), APIs (Alchemy) are all central platforms. Sure, they use a distributed database (blockchain), but before that it’s still a Go app on AWS, meaning its centralized. > Your wallet (MetaMask) Run your own node. This is lazy reporting to reach the end point about fawning over FreeBSD (its in the article, literally an article…

“Have fun staying poor”

It’s so obnoxious to assert that poverty is a choice, or falsely claim that anyone can get rich by investing in crypto.

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