In 2022, Web3 went just great • Hacker News Board

Re: In 2022, Web3 went just great

#201

Post by spiralx » Thu, Jan 05, 2023, 4:53 PM UTC

ithkuil wrote: post #162

JeremyNT wrote: post #107

Earlier quoted context omitted.

> I think web3/crypto will have mass adoption, but when it does, it will be much more boring and seamless with what we have today, with large companies managing blockchains and governments issuing their own coins. What point is there in the blockchain here? Why would a company or government need or want the indirection and overhead of blockchain/cryptocurrency instead of a normal database and traditional currency?

There is also an interesting middle ground between a centralized database and a fully distributer blockchain: a transparency log. You can have a central authority operate on a ledger as they please, but provide verifiable proof that they are not rigging the books behind your back and rewriting history

Estonia's eRoad system includes a blockchain - predating Bitcoin by a year or so in fact - for recording any accesses and changes to official data with the goal of being able to detect breaches and/or corruption sooner. The country's own instance of the platform has about ten nodes IIRC, mostly operated by various government bodies but a few operated by other organisations - again IIRC including its main university and somewhere in Lithuania as well?

Re: In 2022, Web3 went just great

#202

Post by Gonzalez07 » Fri, Jan 06, 2023, 4:31 AM UTC

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Re: In 2022, Web3 went just great

#203

Post by hurril » Fri, Jan 06, 2023, 5:05 PM UTC

RestlessMind wrote: post #193

hurril wrote: post #183

Earlier quoted context omitted.

Why is it a good proxy for growth? What do you base that on? Are you familiar with the term Deflationary Asset?

> Why is it a good proxy for growth? What do you base that on? Because buyers are valuing them more and more and not just in words but by actually with their money? > Are you familiar with the term Deflationary Asset? Yes. I also believe BTC will outperform gold over the next 10 years (both of those are deflationary assets).

Right. They are paying more for the same thing. This is inflation and it's not something we like. You get less BTC for your money.

Where is the growth?

Re: In 2022, Web3 went just great

#204

Post by simplify » Fri, Jan 06, 2023, 6:28 PM UTC

AlexandrB wrote: post #136

simplify wrote: post #100

Earlier quoted context omitted.

Blind faith how so? I merely stated a technical fact. Blockchain is programmable money; they could have programmed a system such that FTX could not run away with user funds – there are defi systems that do this already. But they didn't. Instead, FTX used crypto as a means to transfer funds into their own, centralized custody. Not much different from a bank wire. This isn't a "communism would work perfectly" style arg…

First, you can't program the fiat you need to buy BTC or other tokens at an exchange to have this property - so you're always going to have to trust someone with your money, at least for a time. Second, if these defi systems exist, why are so many still keeping their money on exchanges like FTX/Binance/Coinbase/etc without such protections? I suspect it has to do with convenience or maybe cost - smart contracts requi…

Your trust point is valid but needs tweaking: You need to trust someone with your money if you want to buy at an exchange. Although exchanges are the most convenient way to right now, they are not the only way. Peer-to-peer is always an option; you can trade with someone directly, or even do work and get paid directly in e.g. Ethereum.

But even if exchanges were the only way, that trust time is quite minimized, compared to the status quo.

To your second point, I agree it has to do with convenience. IMO the main reason is crypto UX is still very bad. The space is going to need some major new hardware and software solutions before going anywhere near mainstream.

Re: In 2022, Web3 went just great

#205

Post by RestlessMind » Mon, Jan 09, 2023, 5:05 AM UTC

hurril wrote: post #203

RestlessMind wrote: post #193

Earlier quoted context omitted.

> Why is it a good proxy for growth? What do you base that on? Because buyers are valuing them more and more and not just in words but by actually with their money? > Are you familiar with the term Deflationary Asset? Yes. I also believe BTC will outperform gold over the next 10 years (both of those are deflationary assets).

Right. They are paying more for the same thing. This is inflation and it's not something we like. You get less BTC for your money. Where is the growth?

> You get less BTC for your money.

Or, you get more USD for your BTC.

> Where is the growth?

In the amount of USD one can purchase with their bitcoins? Literally, that's what this whole subthread is about where someone used their long held bitcoin to do a downpayment. The growth in USD price of a bitcoin is what helped them do that.