Can anyone highlight one viable application of Web3?
TFA listed two killer apps: buying drugs over the internet, and extortion (ransomware). I'll throw in a third: funding terrorism.
Web3? I have my DAOts
211–220 of 636 posts
Re: Web3? I have my DAOts
#212The technology is really there, the problem with crypto is that it ends up sucking all of its energy into pyramid schemes because people take part on it as if it were a new gold rush. I would be more interested if there was zero money to be made from web3.
Aside from that, the problem of distributed social media is that it ends up looking like a spam folder or like a cesspool of the worst kind of perversities, but I think this should solvable with chains of trust, like you "whitelist" / "blacklist" your friends or people you trust, and maybe anybody who has been vetoed by your friends (could go 1 or 2 levels further)
Re: Web3? I have my DAOts
#213Earlier quoted context omitted.
If the data belongs to an individual consumer, the data must actually be deleted at the customer’s request to comply with GDPR and CCPA.
A great theory but in practice in this specific case the legal system will be forced to capitulate. Either a country has to ban all crypto mining or not enforce GDPR on chain nodes. Seems obvious which way it will land in the long run.
Unless much more energy-efficient methods are developed, it seems in the long term crypto mining is going to be banned almost everywhere. The alternative would be cooking the planet.
Perhaps this problem can be solved somehow, but the alternatives have their problems.
Re: Web3? I have my DAOts
#214OK. 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…
that's how i felt about social networking. People posting their breakfast, ridiculous. Baby pictures, silly. Cat pictures, kids these days. Yet somehow the vanity/reality show is making billions 10 years later
This is what happens when you try to judge large demographics based on the cultural preferences of you and milieu. "Dewey Wins" and all that.
Re: Web3? I have my DAOts
#215Earlier quoted context omitted.
> Where the operators are the censors. In essence. Except it's by consensus, not by decree. That's my personal issue with censorship. One or a few people deciding "this is bad," which starts out with good intentions eventually gets abused and used to subjugate groups of people. In this design, it's voluntary. You can be on the network, but that doesn't mean your stuff will be propagated.
In a democratic society it is already by consensus. The consensus is established during elections.
??? Who is elected has literally nothing to do with what happens on a decentralized or centralized network (short of indirect influence).
Re: Web3? I have my DAOts
#216Earlier quoted context omitted.
The thing I think driving Bitcoin is that all the other assets that can absorb billions of dollars in liquidity are throughly manipulated. A trillion dollars goes into Sovereign Debt. The government can issue endless sovereign debt to dilute that. A trillion dollars goes into the stock market. The companies on the stock market can issue tons and tons of new shares to dilute that. A trillion dollars goes into paper go…
Actually the opposite thing happens in the stock market. The shareholders vote on the board of directors and the board of directors pay the CEO mostly based on the stock price going up. One way they do that is buying back shares. Another way is buy making money via positive cashflow and giving dividends to the share holders. Bitcoin has negative cashflow, the only way it goes up is by more people putting money into i…
Picasso paintings have possible positive cash flows via tax loopholes. So they don’t call it a Ponzi scheme because they do call it (legal) tax evasion. For example: https://www.linkedin.com/pulse/why-do-rich-buy-art-divyanshu...
Re: Web3? I have my DAOts
#217Earlier quoted context omitted.
> People are probably tired of hearing this, but this is not a problem with wiring, it's a problem with US banks. I have a US bank and I can send wires online. It's really not uncommon. I don't understand how or why the OP is banking with an outdated bank an hour away from his house when there are good options that can be accessed entirely online. There are a lot of behind-the-times banks in the US, though. If you're…
My credit union can do wires online too, but only up to a certain limit, which wasn't high enough when I bought my house.
Banking in Australia with ING I could simply call them up and have the limit raised for a one time payment such as a house deposit which can then be completed online.
Re: Web3? I have my DAOts
#218OK. 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…
The thing I think driving Bitcoin is that all the other assets that can absorb billions of dollars in liquidity are throughly manipulated. A trillion dollars goes into Sovereign Debt. The government can issue endless sovereign debt to dilute that. A trillion dollars goes into the stock market. The companies on the stock market can issue tons and tons of new shares to dilute that. A trillion dollars goes into paper go…
But publicly traded companies don't dilute their shareholders away. Those shares either have to be sold (meaning the company takes in proportional amounts of cash, driving the value up) or issued as compensation (which you can't just unilaterally in a publicly-traded company).
Your gold example is also very contrived because the futures market doesn't literally dilute away physical gold.
As for Bitcoin: You're missing the fact that while Bitcoin can't be manipulated away from 21 million, the Bitcoin markets can definitely be heavily manipulated by sufficiently large players and insiders. And there does seem to be ample evidence that this is happening.
Re: Web3? I have my DAOts
#219OK. 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…
The thing I think driving Bitcoin is that all the other assets that can absorb billions of dollars in liquidity are throughly manipulated. A trillion dollars goes into Sovereign Debt. The government can issue endless sovereign debt to dilute that. A trillion dollars goes into the stock market. The companies on the stock market can issue tons and tons of new shares to dilute that. A trillion dollars goes into paper go…
> The thing I think driving Bitcoin is that all the other assets that can absorb billions of dollars in liquidity are throughly manipulated.
Bitcoin can be just as much manipulated, if not more, because there's barely any regulatory oversight. Remember the two bots that traded Bitcoins with each other on Mt Gox to drive the price up (https://www.theguardian.com/technology/2014/may/29/bitcoin-b...)? What makes you think something like this doesn't exist anymore? Especially with the Tether guys at the helm, who have been proven to lie in the past (https://ag.ny.gov/press-release/2021/attorney-general-james-...), Bitcoin and other cryptocurrency investors should be worried.
Re: Web3? I have my DAOts
#220Earlier quoted context omitted.
Daily, it’s literally the easiest way to send large amounts of money in existence.
Unless there is a typo, in which case it’s the easiest way to lose large amounts of money in existence.
Echoing GP, I also do not find sending crypto to be all that nerve wracking. I frankly find sending a wire to be a lot more stressful (since I understand it a lot less well).