Earlier quoted context omitted.
Never fear, we’ll get there
Exactly, the AI chatbots is the perfect technology for autoscamming people.
Hey, you know… that’s a use case! Better than Web3’s common use case of… ?
Ask HN: What happened to Web3 startups?
51–60 of 106 posts
Re: Ask HN: What happened to Web3 startups?
#52Earlier 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.
These people migrated to AI because their goal is to get rich quick. Whether or not it's a scam is orthogonal. It's the same people got excited about metaverse, producing online courses, and weed startups. If they aren't in tech they're doing supplements and drop shipping.
Unrelated, but I don't think AI is a scam.
Re: Ask HN: What happened to Web3 startups?
#53I’d say that 95% or more is just scam. People like Sam Bankman Fried.
They are all gone or dying now more or less.
The strong and real businesses with profits and sustainable revenue models are still up and running.
There are quite a few examples. Specifically in web3 (within the blockchain and crypto sphere): https://www.coinbase.com/web3/dapps/swappin-gifts is a real world utility web3 dapp. Maybe the first and only one today..
Re: Ask HN: What happened to Web3 startups?
#54Earlier 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
It is like ACH, but it settles in seconds, rather than in hours.
The current "same day" ACH schedule is that payments that make into the day's batch must be received at the Fed by 4:45 p.m. ET, a target file distribution time of 5:30 p.m. ET, and a settlement time of 6:00 p.m. ET. It's all batch files.
Anything that re-bills periodically will remain on ACH. ACH handles requests to debit someone else's account with ACH, and they can undo that later. That runs on a 3-day cycle. FedNow has to be initiated from the money sender end.
Re: Ask HN: What happened to Web3 startups?
#55[deleted]
Re: Ask HN: What happened to Web3 startups?
#56See Molly White's "Web 3 is Going Just Great"[1] She keeps a tally of all the scams. The total is now over $67 billion. [1] https://web3isgoinggreat.com/
[flagged]
Re: Ask HN: What happened to Web3 startups?
#57The joke of it is that Web3 claims to be the answer to decentralization... but in every case of Web3 there is some reliance upon a block chain. If the block chain is limited to only the client and not on any server, therefore unnecessary and worthless, it would then be not centralized. I get the impression nobody takes the time to actually parse the word decentralization . It only means not centralized, but that appl…
> * No DNS DHT with either bootstrapping or literally just rip through every single IPv4 addr and see if it's a peer lol. > * No identity manager How do you know what your friends' phone numbers or emails are? Ask them. No centralized DB needed. > * No shared server. A server is fine so long as you are the only client that can access it as a server or other clients are currently known and prior authenticated (a peer)…
> What is wrong with a public distributed ledger?
It is a highly centralized artifact, which is maximally self-defeating if the goal is not centralizing. When you actually achieve decentralization nobody else is storing or accessing your activity or hoarding your data. There are no public ledgers or anything to crawl or anything to screen scrape, because its on your hardware and you determine who can access it.
Re: Ask HN: What happened to Web3 startups?
#58Earlier quoted context omitted.
> * No DNS DHT with either bootstrapping or literally just rip through every single IPv4 addr and see if it's a peer lol. > * No identity manager How do you know what your friends' phone numbers or emails are? Ask them. No centralized DB needed. > * No shared server. A server is fine so long as you are the only client that can access it as a server or other clients are currently known and prior authenticated (a peer)…
> What is wrong with a public distributed ledger? It is a highly centralized artifact, which is maximally self-defeating if the goal is not centralizing. When you actually achieve decentralization nobody else is storing or accessing your activity or hoarding your data. There are no public ledgers or anything to crawl or anything to screen scrape, because its on your hardware and you determine who can access it.
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Re: Ask HN: What happened to Web3 startups?
#59I 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…
Had to scroll 75% of the comments section to find an actual on topic answer and not just inane cryptoskeptic rants
Re: Ask HN: What happened to Web3 startups?
#60I’d say that 95% or more is just scam. People like Sam Bankman Fried. They are all gone or dying now more or less. The strong and real businesses with profits and sustainable revenue models are still up and running. There are quite a few examples. Specifically in web3 (within the blockchain and crypto sphere): https://www.coinbase.com/web3/dapps/swappin-gifts is a real world utility web3 dapp. Maybe the first and onl…
> Overall ranking#495
> Ranking in Swap#125
> No ratings
Sounds like a random dapp to push... Are you the author or related to swapping-gifts?