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Web3? I have my DAOts

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Re: Web3? I have my DAOts

#111

Post by gfodor »

Animats wrote: post #99

OK. The reason all this happening is that Bitcoin really did go to the moon. That's what powers all this speculation. If the price of Bitcoin had been stable for a decade, and it worked reliably, it would be a useful medium of exchange, but nobody would care. This is all about MAKE MONEY FAST. Bitcoin found some early use cases. Drugs first. Then getting money out of China. Money laundering. Tax evasion. Scams. Bitco…

No, that is a necessary but insufficient condition to come up with Web3. Web3 also requires the concept put forward by Ethereum of having an instruction set one can pay to run on chain. That would have probably been thought up and deployed independently from Bitcoin's price action. But both probably were necessary to provide sufficient foundational momentum to building things like DeFi.

Re: Web3? I have my DAOts

#112

Post by gfodor »

2muchcoffeeman wrote: post #100
PretzelPirate wrote: post #77

Earlier quoted context omitted.

The person you replied to said “crypto” not “Bitcoin”. They can convert their coins to an algorithmic stablecoin and make the payment in a single transaction with no price change.

So is Bitcoin no longer being pushed as a currency? Is that “official”?

For many years now Bitcoin has been generally viewed by a large consensus to be a low throughput store of value, akin to digital gold. Many disagree with this ofc but it is a pretty mainstream view.

Re: Web3? I have my DAOts

#113

Post by Spivak »

2muchcoffeeman wrote: post #100
PretzelPirate wrote: post #77

Earlier quoted context omitted.

The person you replied to said “crypto” not “Bitcoin”. They can convert their coins to an algorithmic stablecoin and make the payment in a single transaction with no price change.

So is Bitcoin no longer being pushed as a currency? Is that “official”?

I mean there’s very little you’ll find as an official spokesperson for Bitcoin but yeah, the dream of on-chain transactions being used for anything other than a funny speculative asset is pretty much gone.

It’s actually kinda crazy in a “voting yourself money” kinda way. Because as long as people believe that BTC should always increase in value then in the long run the returns should gravitate toward something like the weighted average worldwide inflation rate.

The downside of course is that unlike normal investments they don’t spur the real life economic growth necessary to sustain that inflation.

Re: Web3? I have my DAOts

#114

Post by dustintrex »

mrisse wrote: post #58

I really enjoyed this article and appreciated the author's sober take. That said I'm a little more optimistic about Web3. While NFTs can be confusing, over-hyped, or even fraudulent it is clear that they give artists new power. The power to create a scarce resource, prove that they created it, and sell it for substantially more than they could could otherwise sell electronic collectibles. How much of this is due to h…

But how exactly do they "prove they created it"? The art itself is not stored in the blockchain, just a pointer to it (NFT), which means anybody can create that pointer.

This is exactly the same fundamental oracle problem as that discussed in the article: trustlessness etc applies only within the sandbox, not to anything outside it.

Re: Web3? I have my DAOts

#115

Post by whoisjuan »

platz wrote: post #97
whoisjuan wrote: post #25

I think the problem with the current state of Web3 is that it really doesn't seem to solve meaningful, mainstream problems yet. Even the most widely accepted use case which is crypto-currency fails to break out of the theoretical value outlined in the different white papers. I own several crypto-currencies and there hasn't been a single moment in which I thought of buying something with a crypto-currency. I have cryp…

NFT's don't grant you any rights of ownership of JPEGs

They don't but that’s how people interpret NFTs. They think of NFTs as buying an asset that demonstrates authentic ownership of media.

NFTs conceptual value doesn’t map to anything that seems remotely valuable at present moment. There’s no mental model for owning this inmaterial thing that is pegged to a digital file that can be duplicated infinitely without your approval.

Re: Web3? I have my DAOts

#116

Post by gfodor »

jonny_eh wrote: post #101
p2p_astroturf wrote: post #81

Earlier quoted context omitted.

tell us something we didnt already know. you can solve the speed problem by using solana or literally any of the other 100 coins that claim to be fast, or eth2 in six months i am not even a person who is a fan of blockchains (since they are mostly poorly designed, unfounded, etc)

> you can solve the speed problem by using solana or literally any of the other 100 coins that claim to be fast, or eth2 in six months I've been seeing this claim for years now. It's gotten quite old.

Which claim? The meme that transaction throughput is inherently low in crypto is falsified via solana (as mentioned) or avalanche. Bitcoin will likely always be low TPS. Ethereum 2 maybe will eventually ship.

Re: Web3? I have my DAOts

#117

Post by [deleted] »

almostkorean wrote: post #106
zepto wrote: post #72

Earlier quoted context omitted.

Why is ‘ wiring ’ so bad from your point of view?

I'm not OP but I had to wire money earlier this year when I bought a house. To accomplish this, I had to drive to my nearest bank branch (1 hour drive), talk to a bank teller for 15 minutes while she filled out forms and printed out papers I had to sign, and then they told me the wire would probably arrive in time for the house signing (3 hours later). This was to send ~$15k. Compare this to sending USDC on [smart co…

[deleted]

Re: Web3? I have my DAOts

#118

Post by ericd »

almostkorean wrote: post #106
zepto wrote: post #72

Earlier quoted context omitted.

Why is ‘ wiring ’ so bad from your point of view?

I'm not OP but I had to wire money earlier this year when I bought a house. To accomplish this, I had to drive to my nearest bank branch (1 hour drive), talk to a bank teller for 15 minutes while she filled out forms and printed out papers I had to sign, and then they told me the wire would probably arrive in time for the house signing (3 hours later). This was to send ~$15k. Compare this to sending USDC on [smart co…

You might want to switch banks, I wire money a couple times a month, it takes about 5 minutes via their website, it goes out very soon after initiation (if it’s within business hours).

Re: Web3? I have my DAOts

#119

Post by outside1234 »

mattwilsonn888 wrote: post #45

Commentators on crypto will simply have to get used to this - because it isn't an argument. > For that same reason, I think people can genuinely believe they're obsessed with web3 because of its inherent interestingness when in fact it’s because web3 has made them a lot of money very quickly. The nature of crypto-currencies means that you are free to invest in protocols you believe will make money - either by providi…

This is the technobabble that just drives me insane about this space.

Re: Web3? I have my DAOts

#120

Post by vvpan »

vagabund wrote: post #105

It's disingenuous for the author to present instances where some level of trusted actors is required in the near-term to make a service operational as voiding any claim of decentralization; obviously, the centralization of a network exists on a spectrum and where it's present in Web3 tech it's almost invariably more limited in scope than the centralization of their Web2.0 counterparts. Likewise his claim that APIs re…

Arguments about blockchain here on HN are frustrating. There are plenty of good examples of where it works very well but the mental gymnastic people go through to deny the obvious are incredible.

The most basic to me is the Automatic Market Maker system. For example Uniswap is a system with only a few (relatively speaking) lines of a code at its core and a team of a couple of dozen. The system does billions of dollars worth of trades every day. If anybody can point out to me a broker that does similar volumes that would allow me to make million-dollar trades with a few lines of code with no possibility of censorship I will happily concede that web3 is a failure.

Oh and BTW, love Helium, just started researching it a few days ago. As always all great projects are easy to dismiss until one can no longer do it. I think I'll get in line for a hotspot/miner.

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