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Web3 is just a fresh serving of the same old crypto nonsense
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Re: Web3 is just a fresh serving of the same old crypto nonsense
#12Earlier quoted context omitted.
Web3 is just getting started. Every new paradigm has 2 cycles often both running in parallel. Building Cycle, where developers and enterpreneurs envision and build awesome products and necessary infrastructure. Capital Cycle, Speculative & Growth capital goes into such projects leading to bubbles and busts. What happened recently is Capital cycle bubble broke. Building cycle is well and truly on.
It's still really hard (or impossible) to find people using any web3 offers in real life though. And the only place web3 is thrown into my face is hacker news. It seems to continue to be a small underground thing ("crypto nerds").
Yes web3 is way too early.
Infra is still barely matured to do anything interesting.
But some nice infra projects entering production stage in few months.
I really expect some nice web3 projects in mainstream before 2024.
Re: Web3 is just a fresh serving of the same old crypto nonsense
#13Earlier quoted context omitted.
Who makes web standards? Is web3 a formally recognized thing? As far as I can tell, pretty much most people consider it to be snake oil?
I think so too. But now that crypto crashed, is there still a market of greater fools big (serious investors) and small (retail investors) to fall for it?
> But now that crypto crashed
at a market cap of over 800B ?
Re: Web3 is just a fresh serving of the same old crypto nonsense
#14Earlier quoted context omitted.
Web3 is just getting started. Every new paradigm has 2 cycles often both running in parallel. Building Cycle, where developers and enterpreneurs envision and build awesome products and necessary infrastructure. Capital Cycle, Speculative & Growth capital goes into such projects leading to bubbles and busts. What happened recently is Capital cycle bubble broke. Building cycle is well and truly on.
It's still really hard (or impossible) to find people using any web3 offers in real life though. And the only place web3 is thrown into my face is hacker news. It seems to continue to be a small underground thing ("crypto nerds").
> And the only place web3 is thrown into my face is hacker news
actually i dont think you will find many crypto fans on hn. at least not in the comments
Re: Web3 is just a fresh serving of the same old crypto nonsense
#15Earlier quoted context omitted.
It's still really hard (or impossible) to find people using any web3 offers in real life though. And the only place web3 is thrown into my face is hacker news. It seems to continue to be a small underground thing ("crypto nerds").
Yes web3 is way too early. Infra is still barely matured to do anything interesting. But some nice infra projects entering production stage in few months. I really expect some nice web3 projects in mainstream before 2024.
You don't have to field this Q, as it seems fairly large. But perhaps you could point me to some sources of info (and if not, all good).
Basically, I'm super skeptical, and anyone who claims there will be use-cases often don't point to any projects. And the use-cases they offer seem to be easily dismantled (perhaps by a lack of vision and imagination and understanding on part of the critics).
But I do think that perhaps in 10-15 years, IF blockchain tech lasts, that it will become implemented to the point where people will be using it whether or not they know it.
But I also think that it can't gain mass adoption without a TON of infrastructure, because as is it just looks like it is piggybacking off of already existing tech (which is understandable).
All that being said... what infrastructure do you think needs to be set in place for mass adoption to gain traction, so that the tech is at all relevant to anyone and everyone?
Re: Web3 is just a fresh serving of the same old crypto nonsense
#16Earlier quoted context omitted.
It's still really hard (or impossible) to find people using any web3 offers in real life though. And the only place web3 is thrown into my face is hacker news. It seems to continue to be a small underground thing ("crypto nerds").
> And the only place web3 is thrown into my face is hacker news actually i dont think you will find many crypto fans on hn. at least not in the comments
Yeah it's because HN is engineering focused, and somehow "crypto" is not supposed to be upheld to the same standards as everything else. Everything is always a few years away, mass adoption right around the corner, killer apps and new paradigms of finance, you just have to wait a bit, we're almost there. But nothing of value has been created in a decade.
In my mind it has one good use, darknet markets, but that doesn't justify this whole nonsensical ecosystem somehow worth billions of dollars around it which does basically nothing, apart from being a huge casino. Cryptocurrencies have worked fine before all the finance bros and gurus came in and hijacked the whole space.
Re: Web3 is just a fresh serving of the same old crypto nonsense
#17Is web3 still a thing? Isn't it crashing and burning together with the value of blockchain crypto coins it's nebulously tied to?
Who makes web standards? Is web3 a formally recognized thing? As far as I can tell, pretty much most people consider it to be snake oil?
Web3 isn't really any kind of web standard — certainly not like W3C standards that the web is actually built upon — it's just a marketing buzzword. And not to be confused with Tim Berners-Lee's Web 3.0 vision — which is a separate thing entirely, and pre-dates the crypto-bros' misappropriation of the nigh-identical term by many years.
Re: Web3 is just a fresh serving of the same old crypto nonsense
#18Earlier quoted context omitted.
> And the only place web3 is thrown into my face is hacker news actually i dont think you will find many crypto fans on hn. at least not in the comments
Yeah it's because HN is engineering focused, and somehow "crypto" is not supposed to be upheld to the same standards as everything else. Everything is always a few years away, mass adoption right around the corner, killer apps and new paradigms of finance, you just have to wait a bit, we're almost there. But nothing of value has been created in a decade. In my mind it has one good use, darknet markets, but that doesn…
> nothing of value has been created in a decade.
A good summary.
Re: Web3 is just a fresh serving of the same old crypto nonsense
#19Earlier quoted context omitted.
Yes web3 is way too early. Infra is still barely matured to do anything interesting. But some nice infra projects entering production stage in few months. I really expect some nice web3 projects in mainstream before 2024.
You don't have to field this Q, as it seems fairly large. But perhaps you could point me to some sources of info (and if not, all good). Basically, I'm super skeptical, and anyone who claims there will be use-cases often don't point to any projects. And the use-cases they offer seem to be easily dismantled (perhaps by a lack of vision and imagination and understanding on part of the critics). But I do think that perh…
I may be wrong but the following are what I am bullish on.
Specific Usecases are tough to predict but I can point to THE big problem to be solved by all this infra.
Every year we(younger people predominantly)spend more and more time in Digital spaces (currently they are Twitter, HN , Tiktok etc).
But we don't own anything we do in these places. One of the biggest behaviour shifts we will have in near future (esp among youngsters) is that we will start owning digital artefacts. The best places to store these are neither the government nor corporate databases but public decentralised blockchains.
Infra wise I feel Blockchains need to be modular. Wallets have to be better designed for non-tech savvy people.
The following infra changes is what I am bullish on
1) Zk rollup based chains which will hyper-specialise on certain execution workflows but end up settling data on popular blockchains. (IMX among recent launches and upcoming StarkNet launch by year end for general ZK proof rollups)
2) Wallets will be embedded inside every Web3 app and drastically reduces the friction . Example Stepn's app popularity.
Re: Web3 is just a fresh serving of the same old crypto nonsense
#20Earlier quoted context omitted.
It's still really hard (or impossible) to find people using any web3 offers in real life though. And the only place web3 is thrown into my face is hacker news. It seems to continue to be a small underground thing ("crypto nerds").
> And the only place web3 is thrown into my face is hacker news actually i dont think you will find many crypto fans on hn. at least not in the comments
I think there are plenty, but this is just not a productive environment to discuss anything crypto related.