Ask HN: What happened to Web3 startups? • Hacker News Board

Re: Ask HN: What happened to Web3 startups?

#41

Post by oblio » Sun, Jul 09, 2023, 5:32 PM UTC

nailer wrote: post #36

Animats wrote: post #18

Earlier quoted context omitted.

> The true web3 players will be traditional finance companies upgrading their settlement systems. That happens in the US this month, but it has nothing to do with crypto. The Federal Reserve System is launching FedNow, a 24/7 instant settlement system which obsoletes middlemen such as Zelle, Paypal, and Venmo. This is like Pix in Brazil, SEPA in the EU, WePay in China, etc. - a fast payment system run by banks and se…

> The Federal Reserve System is launching FedNow, a 24/7 instant settlement system which obsoletes middlemen such as Zelle, Paypal, and Venmo So exactly like crypto except US specific.

Yeah, except for the fact that regular people will actually be able to use it to buy potatoes using a real currency, not a "currency" that's more volatile than tulip bulbs were in the 1600s.

Re: Ask HN: What happened to Web3 startups?

#42

Post by rsynnott » Sun, Jul 09, 2023, 5:32 PM UTC

arilotter wrote: post #31

I work fulltime at a Web3 startup & have been for almost 5 years, and we're building a non-custodial smart contract wallet + everything else you need for web3 SDK & a trading card game using web3 tech. the b2b stuff is going great, tons and tons and tons of integrators and devs using our SDKs every day. the sentiment in the gaming world has always been pretty negative towards web3, so nothing feels different now ;) l…

Oh, no, someone has opened a hole in the space time continuum to 2021! (Based on the Adidas thing, anyway)

Re: Ask HN: What happened to Web3 startups?

#43

Post by growt » Sun, Jul 09, 2023, 5:34 PM UTC

nailer wrote: post #34

26fingies wrote: post #19

Earlier quoted context omitted.

one of the really nice things about SEPA is the 0-fee instant transfer (ime 45-60 seconds). Will FedNow be able to do the same thing?

Crypto is 1-2 seconds for about 0.0025 USD worldwide right now.

Really? What crypto exactly and how?

Re: Ask HN: What happened to Web3 startups?

#44

Post by oblio » Sun, Jul 09, 2023, 5:35 PM UTC

nailer wrote: post #34

26fingies wrote: post #19

Earlier quoted context omitted.

one of the really nice things about SEPA is the 0-fee instant transfer (ime 45-60 seconds). Will FedNow be able to do the same thing?

Crypto is 1-2 seconds for about 0.0025 USD worldwide right now.

Which crypto? Where can I pay with it? What if I don't want to have a hardware wallet everywhere with me? Can I cancel transactions and get my money back? Does it use more energy per year than Argentina?

Re: Ask HN: What happened to Web3 startups?

#45

Post by oblio » Sun, Jul 09, 2023, 5:35 PM UTC

elwebmaster wrote: post #40

Animats wrote: post #18

Earlier quoted context omitted.

> The true web3 players will be traditional finance companies upgrading their settlement systems. That happens in the US this month, but it has nothing to do with crypto. The Federal Reserve System is launching FedNow, a 24/7 instant settlement system which obsoletes middlemen such as Zelle, Paypal, and Venmo. This is like Pix in Brazil, SEPA in the EU, WePay in China, etc. - a fast payment system run by banks and se…

Sounds like ACH

Just for the regular Joe.

Re: Ask HN: What happened to Web3 startups?

#46

Post by Version467 » Sun, Jul 09, 2023, 5:36 PM UTC

warent wrote: post #20

lloydatkinson wrote: post #5

Earlier quoted context omitted.

I think everyone knew they’d move onto the next scam

Comparing web3 scams to this new wave of AI is unironically ignorant and delusional. For one small example I literally get daily value from Copilot and happily pay for it, and there is much more beyond this. I've never once gotten meaningful value from web3.

That's not the point. Yes, there are many legit startups, exploring the very real value add that AI has to offer.

But the people that previously sold scammy web3 stuff did move on to peddle scammy ai stuff.

Re: Ask HN: What happened to Web3 startups?

#47

Post by arilotter » Sun, Jul 09, 2023, 5:37 PM UTC

rsynnott wrote: post #42

arilotter wrote: post #31

I work fulltime at a Web3 startup & have been for almost 5 years, and we're building a non-custodial smart contract wallet + everything else you need for web3 SDK & a trading card game using web3 tech. the b2b stuff is going great, tons and tons and tons of integrators and devs using our SDKs every day. the sentiment in the gaming world has always been pretty negative towards web3, so nothing feels different now ;) l…

Oh, no, someone has opened a hole in the space time continuum to 2021! (Based on the Adidas thing, anyway)

I mean, here's a couple from only the last few days: Louis Vuitton - https://ca.louisvuitton.com/eng-ca/stories/louis-vuitton-via Nike X EA Sports - https://twitter.com/dotSWOOSH/status/1677088133559508993 Mercedes Benz - https://twitter.com/MercedesBenzNXT/status/16635857206892052...

I don't doubt that most of the "NFT Drop" things are worthless money grabs, but my point is that the tech is still darling to tons of corpo execs, and so lots of people in the industry are still getting $$$ to make cool things :)

Re: Ask HN: What happened to Web3 startups?

#48

Post by oblio » Sun, Jul 09, 2023, 5:38 PM UTC

flangola7 wrote: post #23

0xGod wrote: post #8

There are new ones being made every day. Web 3 is just getting started.

I've heard it's just getting started for years. When does it actually achieve something of practical importance?

Immediately after cold fusion :-D

Re: Ask HN: What happened to Web3 startups?

#49

Post by Animats » Sun, Jul 09, 2023, 5:43 PM UTC

26fingies wrote: post #19

Animats wrote: post #18

Earlier quoted context omitted.

> The true web3 players will be traditional finance companies upgrading their settlement systems. That happens in the US this month, but it has nothing to do with crypto. The Federal Reserve System is launching FedNow, a 24/7 instant settlement system which obsoletes middlemen such as Zelle, Paypal, and Venmo. This is like Pix in Brazil, SEPA in the EU, WePay in China, etc. - a fast payment system run by banks and se…

one of the really nice things about SEPA is the 0-fee instant transfer (ime 45-60 seconds). Will FedNow be able to do the same thing?

The Fed will charge banks a fee of $0.045 per transaction.[1]

Transactions take a few seconds. They must finish within 20 seconds or they time out, and they're expected to take much less time. Here's a technical overview.[2]

The bank to Fed to bank API uses IBM MQ and ISO 20022. These are a bit dated but widely used in the financial sector. Down at the bottom, it's XML.

[1] https://www.frbservices.org/resources/fees/fednow-2023

[2] https://explore.fednow.org/resources/technical-overview-guid...

Re: Ask HN: What happened to Web3 startups?

#50

Post by quest88 » Sun, Jul 09, 2023, 5:43 PM UTC

arilotter wrote: post #47

rsynnott wrote: post #42

Earlier quoted context omitted.

Oh, no, someone has opened a hole in the space time continuum to 2021! (Based on the Adidas thing, anyway)

I mean, here's a couple from only the last few days: Louis Vuitton - https://ca.louisvuitton.com/eng-ca/stories/louis-vuitton-via Nike X EA Sports - https://twitter.com/dotSWOOSH/status/1677088133559508993 Mercedes Benz - https://twitter.com/MercedesBenzNXT/status/16635857206892052... I don't doubt that most of the "NFT Drop" things are worthless money grabs, but my point is that the tech is still darling to tons of…

Trial projects.