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Confession: I Barely Use Web3

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Re: Confession: I Barely Use Web3

#12

Post by donatj »

The level to which Crypto has complicated my taxes in previous years has largely sucked the fun out of the concept. I just sit on my existing hoard like some sort of digital dragon.

A younger, more idealistic me thought some day it would replace cash, but having to track the value of every buy and sell is just too punitive for that purpose.

Re: Confession: I Barely Use Web3

#13

Post by hnbad »

dartos wrote: post #5
throwpoaster wrote: post #4

I'm a web3 guy. Big believer in blockchain, and I know web3 is not limited to that. I think the consequences of blockchain tech might take several decades / centuries to become apparent ("the Romans had steam engines", etc). When you take a break from it and come back you notice the significant usability hurdles with little-to-no functionality payoff to justify them. The vast majority of people simply do not need a l…

At the end of the day, web3 is just the web with a new payment processor (a blockchain) That payment processor just has no support, no UX team, no security team, and nobody to hold accountable. It’s actually a more trust based system than what we have. Instead of trusting a single payment provider, you need to trust a wallet extension, the website you’re on, and the contract you’re interacting with. Any failure in ju…

Web3 is more than that because some people genuinely thought the future was running actual code on the blockchain and using that as part of the backend. Of course that works reasonably well as long as your code is terse, straightforward, trustworthy, easy to read, bug-free and you have no performance requirements for execution speed or deployment speed.

Re: Confession: I Barely Use Web3

#14

Post by zelphirkalt »

hnbad wrote: post #13
dartos wrote: post #5

Earlier quoted context omitted.

At the end of the day, web3 is just the web with a new payment processor (a blockchain) That payment processor just has no support, no UX team, no security team, and nobody to hold accountable. It’s actually a more trust based system than what we have. Instead of trusting a single payment provider, you need to trust a wallet extension, the website you’re on, and the contract you’re interacting with. Any failure in ju…

Web3 is more than that because some people genuinely thought the future was running actual code on the blockchain and using that as part of the backend. Of course that works reasonably well as long as your code is terse, straightforward, trustworthy, easy to read, bug-free and you have no performance requirements for execution speed or deployment speed.

So almost never?

Re: Confession: I Barely Use Web3

#16

Post by willtemperley »

The democratisation of access to financial markets has had some beneficial knock-on effects like much cheaper cross-border payments.

Prior to 2010, banks were charging around 5% for a GBP-EUR transaction.

This is a benefit we all see - banks now can't get away with ripping people off like they used to, when I could make a cross border payment for less than 0.5% using a crypto exchange.

Also having the ability to hedge against quantitative easing has been a life-saver for many people.

Re: Confession: I Barely Use Web3

#20

Post by xerp2914 »

> Existing lobbying organizations, legacy industry, media, internet trolls and other anti-bodies are actively hostile to the space and intentionally slowing down progress. Even the rest of the technology industry actively hates crypto.

So everyone hates crypto and that's why Web3 is not taking off? Really? It's much more likely that there are simply no convincing practical use cases for it, and that's why all these people have been ignoring it, rightly so.

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