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Web 3.0 – The Great Con

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Re: Web 3.0 – The Great Con

#71

Post by paulgb »

eatsyourtacos wrote: post #39
yucatansunshine wrote: post #19

Earlier quoted context omitted.

Wait I might be out of the loop here, why's the 401(k) a con?

Because the entire concept is basically designed to just make the rich even richer and puts way more risk on the individual. Instead of say, social security being significantly higher by people paying more into taxes.. we have convinced people to put money into a 401k.. which is first entirely dependent on "the market", something which is well out of peoples control. The design is that people are 'forced' to contribu…

I’m not saying they’re perfect, but target date funds are meant to solve exactly that. They give you exposure to market upside over a long duration (so you can collect risk premia when you have the longest horizon) and then gradually expose you less to the market as the fund approaches its target date.

Re: Web 3.0 – The Great Con

#73

Post by shadowgovt »

eatsyourtacos wrote: post #45
shadowgovt wrote: post #33

Earlier quoted context omitted.

If inflation is 10%, then most places you put your money won't hold value over time.

So, in a period where the market is down like 30% and inflation is up 10%.. your argument is putting it in the market is the way to combat inflation? I mean, I get what you mean.. but we have a -40% differential here to prove you utterly wrong at the moment.

My argument is that keeping it in savings, uninvested, or even in a mason jar in the back yard will also show diminishing returns. It will, of course, shrink slower, but the path is downhill along most axes.

Re: Web 3.0 – The Great Con

#74

Post by helf »

welshwelsh wrote: post #49

> They are functionally useless as currencies outside the realms of criminal activity I think this kind of misses the point. Cryptocurrency has already accomplished incredible things. For example, it's never been easier to buy LSD. DAOs make it simple to work remotely without needing to reside in a specific location. All the benefits of crypto come from their ability to circumvent regulations. It lets people do busin…

Guys, I think they are being sarcastic. They just forgot /s. At least I hope so since they literally just rephrased the “criminal activity” bit.

Re: Web 3.0 – The Great Con

#75

Post by chrismarlow9 »

qeternity wrote: post #67
chrismarlow9 wrote: post #50

You might be entirely correct but my experience tells me that being logically right and the way the world works are two different things. Under a few of these points credit cards should not exist, yet here we are with our overlords.

> Under a few of these points credit cards should not exist, yet here we are with our overlords. Such as? Credit cards provide huge UX improvements most notably convenience and security. I don't have to carry around lots of cash, and if I have an issue with a transaction, the payment processor can arbitrate the dispute.

Why can't your bank provide all these services direct to your checking account?

Re: Web 3.0 – The Great Con

#76

Post by qeternity »

pshc wrote: post #20

> Do you have any problem buying airline tickets now? Do airlines have any problem selling them to you? Of course not; this process is already efficient and optimal. I don’t know about optimal, there are middlemen everywhere.

Middlemen are not always bad. Would you like to have to deal with 50 different suppliers for the basic foodstuffs you might keep in your home? No, you'd much rather go to a disgusting middleman (i.e. grocery store) and buy all 50 of those items from one vendor.

Where middlemen exist in travel these days, it's mostly this. I personally don't want to have to search dozens are individual airline websites for fares.

Re: Web 3.0 – The Great Con

#78

Post by [deleted] »

welshwelsh wrote: post #49

> They are functionally useless as currencies outside the realms of criminal activity I think this kind of misses the point. Cryptocurrency has already accomplished incredible things. For example, it's never been easier to buy LSD. DAOs make it simple to work remotely without needing to reside in a specific location. All the benefits of crypto come from their ability to circumvent regulations. It lets people do busin…

[deleted]

Re: Web 3.0 – The Great Con

#79

Post by djbusby »

jiggawatts wrote: post #38
version_five wrote: post #31

This is increasingly important because I've observed the "pull back" in hype has allowed a new breed of charlatans to pretend there is ever more legitimacy to this whole scam. Notably, Big 4 consulting firms have been embracing various Web3 stuff obviously without understanding it, but smelling that there is money to be made. So now legitimate businesses somehow get caught up on this scam based on some business trans…

An example of this is Azure jumping on board the Distributed Identity (DID) bandwagon. The only reason DID exists is to push crypto. Nobody wants their identity to be put on a public ledger. That's has identity theft built-in as a "feature"!

DID is for global-object-identity not identification of individual natural human persons.

Re: Web 3.0 – The Great Con

#80

Post by version_five »

Looks like this got moved off the front page which is too bad, I would love to see it plastered everywhere for a few days

I watched the discussion unfold a bit and it was instructive. Obviously there were a lot of upvotes on the story because I think the thesis is basically commonsense for most people that pay attention. Except for the actual active scammers (or chumps that have somehow been had) who are quickly voting down any comments supportive of the fact that crypto is a scam. It's the contrast between the upvotes of the story and the downvoted common sense comments that is interesting. It happens with political stories sometimes too

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