This website should be called crypto schadenfruede -- it's been hilarious and I love reading it.
In 2022, Web3 went just great
121–130 of 205 posts
Re: In 2022, Web3 went just great
#122I would like to remind people, yet again, that things like "fuckedcompany.com" existed [0] and there was also a lot of hate for dot-com era startups during the late 1990s to 2000s. From the article: """ $4.27 billion was stolen in various hacks and scams this year alone, although that is a very conservative estimate ... """ One source claims $5 trillion lost during the dot-com crash as of 2002 [1]. I believe being cr…
If your point is that oft-cited-never-correct "this is early days / this is like the early dot com era" notion - I want to dispel that myth for you.
There has been no real value, product, or worth created here. With the rise of public internet spaces in the 1990s, online shopping, web search, and more - the value was immediate and apparent. Of course there were bad ideas, scams, etc, but the major difference between that and crypto is that Web3 crypto is 100% bull. There is no value here. I have yet to see a single worthwhile crypto product out there, anywhere.
Do you know why? Because the decentralization it offers is a mix of a myth and meaningless - in cases where you can get it, you don't need it. Everywhere else, its actually just a different centralization.
Oh and the protocol is just giant inefficient linked list, poorly distributed.
Re: In 2022, Web3 went just great
#123Here's an inflammatory post from an inflammatory domain on the inflammatory topic of cryptocurrency. I wonder what kind of discussion will follow?
Its not inflammatory, its a true and honest recap of a massive technological space that is entirely built on lies and scams.
Re: In 2022, Web3 went just great
#124I urge lawmakers to completely regulate this so called 'crypto industry' before this number goes to $14B or higher in 2023. Crypto, NFTs, Blockchain and the rest of this nonsense should never have existed in the first place. And yet we enter another year where there is still no legitimate usecase for all of this whatsoever.
Or we could spend less money on an ad campaign to explain what crypto actually is, and what it's good use cases are, and what it's not good for. Rather than, you know, binding it up in vague and obnoxious legalese.
That'll never happen. Honest explanations don't help anyone pump & dump.
Re: In 2022, Web3 went just great
#125Earlier quoted context omitted.
I really, really hope that we can "reclaim" that definition of web3 (which, from what I can tell, was the original one, hijacked by cryptocurrency proponents as the scams mounted and the value of Bitcoin rose in the last few years) as the cryptocurrency sphere collapses in on itself, because I'm right there with you on the desperate need for genuine decentralized internet and societal infrastructure. (I'm deeply, dee…
The original Web 3 was the Semantic Web.
and TBL is still sort of working on this with Solid. https://solidproject.org/
Re: In 2022, Web3 went just great
#126I'm kinda happy with the way things turned out. For a moment, my understanding of reality was upside down with how many mediocre and clearly pointless projects were generating so much money. With every crypto hype cycle, I actually go through the motions and create a smart contract project and become completely disillusioned with the hype. I thought ERC20 tokens were bullshit when I realized it's just updating keys i…
> I worked in Solana and was surprised to find out that a developer can update a program at will
Because it's not a real blockchain. Most chains are centralized. You should really focus your time on Ethereum. It's the only chain researching and innovating and is focused on longevity.
Re: In 2022, Web3 went just great
#127There's a point of view out there that crypto has been beneficial in that it has somewhat de-risked finance, by taking a good chunk of the speculative / get-rich-quick / frat bro transactions out of real money and giving those types imaginary money to play with instead.
Seems mostly plausible to me, though of course a bit simplistic, and occasionally wrong, when more traditional institutions and funds pile in and their losses create more systemic issues. Thankfully, they seem to be mostly over crypto for a while now--at least, that's my read?
Re: In 2022, Web3 went just great
#128I would like to remind people, yet again, that things like "fuckedcompany.com" existed [0] and there was also a lot of hate for dot-com era startups during the late 1990s to 2000s. From the article: """ $4.27 billion was stolen in various hacks and scams this year alone, although that is a very conservative estimate ... """ One source claims $5 trillion lost during the dot-com crash as of 2002 [1]. I believe being cr…
The difference is by 2002, Amazon and Google already existed and were a huge improvement on what came before. I don't see anything similarly useful in the "web3" space yet. The most compelling use case is still transferring value in cases where value is hard to transfer otherwise (remittances, black market goods/services, censorship evasion) - but this was possible 10 years ago.
Re: In 2022, Web3 went just great
#129Earlier quoted context omitted.
I mean, the historical solution to this type of stuff is just hardline regulation right? There isn't a general solution against bad decision making. Your toddler will drink that liquid under the sink -> you put that liquid in a really high place and now everybody will complain and have to find that stepladder every time they want to clean the drains. The best non-regulatory fix I can think of would be socially enforc…
Well, the "get rich fast" things should be regulated as you say. The problem begins when such schemes become "get rich at all", with nothing in terms of viable alternative. The best way to deal with it is not to make people that desperate in the first place...
Certainly, if we lived in a world with a very robust financial safety net, then people would be less inclined to make risky financial decisions. The main question is how do we get there?
It's not obvious to me that the currently popular web3/crypto approach of widely promoting these risky gambles gets us there.
Re: In 2022, Web3 went just great
#130Earlier quoted context omitted.
>FTX, on the other hand, was just plain old fraud, not really related to crypto itself. The fact that it's not related should tell you something. Cryptocurrency is designed to solve exactly the problems FTX had. It is designed to enable trustless finance. Why didn't cryptocurrency prevent that problem? Because FTX wasn't using cryptocurrency, because cryptocurrency is unworkable.
Because the trustless nature of crypto is present only at the protocol layer of crypto. The application layer, which is what basically all non institutional users of crypto interact with, isn't trustless at all. But also we should remember that pretty much every bank in the US would have FTXed it's customers money in 2008 if the government hadn't bailed them out.
Umm, no.
The government forced the banks to take money so people couldn’t tell which ones were in real trouble and which ones were fine.