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Web 3.0 – The Great Con

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Re: Web 3.0 – The Great Con

#141

Post by ThomPete »

CPLX wrote: post #121
ThomPete wrote: post #107

Earlier quoted context omitted.

Again we are discussing it right now. You don't see the use, I do. Whether I will be right time will tell, I am pretty sure I will, and the idea that this is a useless technology is simply a question of vision. There are plenty of use cases which are theoretically possible with Web2 but not feasible without Blockchain.

What’s the use case? If you can name one that’s not a word salad I’m definitely curious.

Made another comment here: https://news.ycombinator.com/item?id=33229524

Re: Web 3.0 – The Great Con

#144

Post by lioeters »

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"!

It's the first I've heard of it, but apparently DID (W3C Decentralized Identifiers) is an underlying standard that's separate from what Microsoft is building on top of it.

> 2. Trust System. In order to be able to resolve DID documents, DIDs are typically recorded on an underlying network of some kind that represents a trust system. Microsoft currently supports two trust systems, which are:

> - ION (Identity Overlay Network) ION is a Layer 2 open, permissionless network based on the purely deterministic Sidetree protocol, which requires no special tokens, trusted validators, or other consensus mechanisms; the linear progression of Bitcoin's time chain is all that's required for its operation. We have open sourced an npm package to make working with the ION network easy to integrate into your apps and services. Libraries include creating a new DID, generating keys and anchoring your DID on the Bitcoin blockchain.

> - DID:Web is a permission based model that allows trust using a web domain’s existing reputation.

Introduction to Microsoft Entra Verified ID - https://learn.microsoft.com/en-us/azure/active-directory/ver...

Re: Web 3.0 – The Great Con

#145

Post by bdcravens »

jdmg94 wrote: post #129

I mostly agree with this critique but OP is coming from a privileged 1st world perspective. I think we should be looking at low trust societies which have different challenges than what you might expect in the "developed" world

True, but the surface area of servicing the unbanked in the developing world is far smaller than the ambitions of "Web 3.0"

Re: Web 3.0 – The Great Con

#146

Post by jaimex2 »

ajross wrote: post #94
jaimex2 wrote: post #46

For a con, blockchain has served me extremely well. Its allowed me to pay when paypal/credit cards/my bank have decided they're going to not allow payment to a service. It's allowed me to get paid cash in hand without having to involve entities who its none of their business why that money has been paid to me. It's allowed me to bypass currency exchange issues and fleecing.

1. Are all crimes, right? Banks will take your consumer money (provider management does get more complicated) for gambling and porn these days. The stuff you can't get past them is almost exclusively criminal. If you don't like the fact that the government made something illegal, why are you blaming money ? Also: crimes don't stop being crimes just because you paid in BTC, and those transactions aren't as anonymous a…

1. From memory one was payment to real-debrid and another my VPS provider. The blocks seem arbitrary, sometimes payment would go through other times not. In any case after CC and Paypal failed the BTC option just worked.

3. The exchange rates are rarely market rates with most platforms. I think Mastercard/VISA is as good as it gets when exchanging. With crypto the downside is wait times, if you don't want to pay a high fee you don't have to.

Re: Web 3.0 – The Great Con

#147

Post by jaimex2 »

Gigachad wrote: post #93
jaimex2 wrote: post #61

Earlier quoted context omitted.

Possibly, it's been a while since I've used it. Companies make weird decisions all the time, like MS killing Skype's p2p system which destroyed the whole app. Quoting mobile as the reason when there was no reason the PC/Mac clients couldn't continue on.

Tbh I can't think of a single commercial p2p product left. Mobile was certainly the driving force, but I think better/cheaper cloud infrastructure contributed. These days all the major content distribution companies have static content positioned inside ISP data centers so its fairly cheap and fast to distribute. Even laptops probably contributed. A lot of people are going to be using laptops on the go and connected…

I think what made Skype popular was it worked everywhere and was quite good at bypassing firewalls/DPI. It was everyone's goto as it had a high chance of success especially in schools/uni.

CGNAT could be another explanation.

I still don't see why you wouldn't try and have p2p as a back channel that's attempted. If it can increase deployment speeds and improve user experience then its a huge plus.

Think of any software updates at schools or Steam updates in a block of units. Most consoles and PC games still spend too much time with loading bars pulling 20 Gb updates.

Re: Web 3.0 – The Great Con

#148

Post by hn2017 »

version_five wrote: post #80

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 voti…

Brigading. It's very common here on certain topics

Re: Web 3.0 – The Great Con

#149

Post by mmcnl »

maxisrelaxed wrote: post #103

One of the worst facets of the whole web3 movement is the "thought leaders" and community talking very confidently about how blockchain will replace very well established ways of doing business (FTA "airlines selling tickets"). The author takes a very dim view of the whole blockchain space, and uses the worst possible interpretation of parts of it to make their case, but I don't disagree on this point. Whether web3 b…

No one doubts that platforms can be powerful. At least I fully agree with that. But what is the benefit of a decentralized platform powered by blockchain? Spotify is a very successful platform for artists. No blockchain involved.

Re: Web 3.0 – The Great Con

#150

Post by dmantis »

braingenious wrote: post #114
mclightning wrote: post #111

Don't you agree it is easier to set up a business through blockchain, and get paid for running some service? I am building a side-project that runs on Google Cloud. I think most tricky part for me, will be setting up the payment system without breaking any tax laws...Should I just put a Paypal pay button? I could easily get paid through a smart-contract, verify transaction and run the given CloudRun job all without a…

>Don't you agree it is easier to set up a business through blockchain, and get paid for running some service? No. > I am building a side-project that runs on Google Cloud. I think most tricky part for me, will be setting up the payment system without breaking any tax laws...Should I just put a Paypal pay button? It’s a pretty easy option, yes (hence your phrasing of “just put a button”) There’s also Stripe or Square…

> There’s also Stripe or Square

No, there aren't. That's not available for Chinese, Russians, Iranians, Argentinians, Nigerians, Thai, South Africans, which is more than 1/3 of the world population and you can't just forget about our existence, you know. Don't say that if you can handle some stuff in your particular country, that makes the whole technology useless worldwide speaking.

We are human beings and deserve to sell our stuff in the internet as much as you do.

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