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Web3 and crypto skepticism is growing and people are finally starting to listen

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Re: Web3 and crypto skepticism is growing and people are finally starting to listen

#231

Post by capableweb »

Tenoke wrote: post #77
hervature wrote: post #40

Earlier quoted context omitted.

How do you reconcile the fact that most of Web3 is built on Ethereum which only works because miners ("soon to be" stakers) are rewarded for running the blockchain?

There's more and more being built outside of Ethereum and the dominance has been shrinking. As to how I explain the dominance - shrinking first mover advantage.

> the dominance has been shrinking

According to what? According to the global charts on Coinmarketcap, Ethereum is still around 20% of the total marketcap of cryptocurrencies (BTC being at ~40%) today, coming from growth since January 2020 (where Ethereum started at ~7.5%). By that metric, Ethereum seems to be growing, but you might have a better source/metric to share?

Re: Web3 and crypto skepticism is growing and people are finally starting to listen

#232

Post by can16358p »

user-the-name wrote: post #206
can16358p wrote: post #128

Earlier quoted context omitted.

...Or want an alternative to corruption.

Cryptocurrency does nothing, nada, zilch, zero to address corruption in any shape. In many ways, it helps corruption, by providing a way to secretly transfer funds.

Sure many illegal activity goes on on crypto, but as a person who doesn't trust the authorities, I'd still prefer crypto.

Lots of illegal activity goes on fiat too, at least I have more control over my assets on crypto.

Re: Web3 and crypto skepticism is growing and people are finally starting to listen

#233

Post by Jasper_ »

Duckton wrote: post #152
thebean11 wrote: post #50

Earlier quoted context omitted.

Currency is actually a core part of it. The point of web3 is software that can natively move money around. That "money" does not need to be ETH or BTC though, can be tokens pegged to the dollar or gold or oil etc.

Is it thought? Can’t web3 be, for an example, patient health data in a ledger? Who says it has to be tied to a monetary value?

Because the security underpinning blockchain is either "spend a bunch of expensive electricity and get extra tokens" (proof of work) or "lock up some tokens for a chance to get more" (proof of stake)

These tokens have to be worth something in order for the security to functionally exist. You can't separate the monetary side from the security, because the monetary side incentives the security. And security is the only thing blockchain adds.

Re: Web3 and crypto skepticism is growing and people are finally starting to listen

#234

Post by UncleMeat »

axg11 wrote: post #60

The relentless number of anti-crypto and anti-web3 articles on HN is tiring. Nobody is forcing anyone to partake in this new technology. Skepticism is healthy, but criticism without being constructive is not. There are clearly _some_ novel ideas in the crypto space, even if you think the state of the community today is not healthy. Thousands of teams are exploring ideas on many different fronts (e.g. L1s, L2s, NFTs).…

> Nobody is forcing anyone to partake in this new technology.

Today. Advocates insist that cryptocurrencies will replace state currencies, that NFTs will replace other forms of ownership like deeds and manage your participation in all communities, and that DAOs will replace corporations and other governance systems.

Many of us think that this world is a worse world, with more opportunities for capitalists and corporations to exert control over our lives and buy and sell every component of our being.

People buying and selling bored apes doesn't affect me. But the reason people buy and sell bored apes is because they believe and advocate for a world where everything functions like bored apes.

Re: Web3 and crypto skepticism is growing and people are finally starting to listen

#235

Post by nightski »

alar44 wrote: post #95
fullshark wrote: post #4

The evidence to support the claim is pretty weak, basically there's some more anti-crypto blogposts and documentaries out. I could easily make an article with the reverse claim and point out the pro-crypto blogposts and documentaries.

That and half the value of Ethereum and Bitcoin evaporated in a matter of days. No one wants "currency" that just up and loses half it's value.

Microsoft has declined 20% since the new year. Should we abandon that company entirely as well?

Or what about the VTI (total u.s. stock market index) which has also declined 15%?

The truth is crypto currencies such as BTC and ETH are maturing with institutional investment. Their value relative to USD tends to correlate more with the markets and especially tech now.

Re: Web3 and crypto skepticism is growing and people are finally starting to listen

#236

Post by YXNjaGVyZWdlbgo »

techwiz137 wrote: post #38
ttul wrote: post #29

It’s pretty cool that I can send $1M to someone without a bank intervening, not to mention that nobody can stop the transaction from happening. And then they can print that out onto a sheet a paper and put it into a vault. Crypto is really great if you’re a drug dealer or some other kind of criminal.

That's a very disgusting generalization of the average crypto user. So since I've been using cryptocurrency for 11 years now, I am definitely a criminal or drug dealer...

Read the rules and adept your writing. Stop the empty wording and flamebait... it's "disgusting".

Re: Web3 and crypto skepticism is growing and people are finally starting to listen

#237

Post by rideontime »

gfodor wrote: post #103

Diehl regularly neglects disclosing his conflict of interest when railing on crypto - he is CTO of a centralized block chain company that will be selling to governments and central banks.

And everybody pumping crypto owns crypto, but that isn’t a COI?

Re: Web3 and crypto skepticism is growing and people are finally starting to listen

#238

Post by Ostrogodsky »

rideontime wrote: post #144
axg11 wrote: post #60

The relentless number of anti-crypto and anti-web3 articles on HN is tiring. Nobody is forcing anyone to partake in this new technology. Skepticism is healthy, but criticism without being constructive is not. There are clearly _some_ novel ideas in the crypto space, even if you think the state of the community today is not healthy. Thousands of teams are exploring ideas on many different fronts (e.g. L1s, L2s, NFTs).…

> Nobody is forcing anyone to partake in this new technology. For now. That won’t remain the case if we don’t continue to push back. And we all breathe the air that the crypto miners pollute, we all suffer from the GPU shortages, whether we participate or not.

And that is a stupid argument anyway. Nobody is forcing anybody to smoke, use heroin, gamble, drink excessive amounts of alcohol, etc, that does not mean you can criticize the practice without having to "offer constructive criticism", sometimes, "Just dont do it" is enough.

Re: Web3 and crypto skepticism is growing and people are finally starting to listen

#239

Post by withinboredom »

acdha wrote: post #211
withinboredom wrote: post #85

Earlier quoted context omitted.

Also moving bits is free. Just throw your static content on a non-greedy host.

It's only free for a small amount of content or when you're ad supported. If you get significant traffic or care about performance, someone needs to pay for it.

No one pays for bits moving around on the internet, for the most part. See “peering internet.” Big companies just charge you for it to prevent it from being abused.

Re: Web3 and crypto skepticism is growing and people are finally starting to listen

#240

Post by ben_w »

jack_pp wrote: post #134
alar44 wrote: post #95

Earlier quoted context omitted.

That and half the value of Ethereum and Bitcoin evaporated in a matter of days. No one wants "currency" that just up and loses half it's value.

If no one wanted it it would've been down 99%. People were saying the same thing you're saying when bitcoin was 1000$

As the famous quote says, markets can remain irrational a lot longer than you and I can remain solvent.

And there isn’t an upper limit to who can buy into bad ideas or how badly they can go wrong.

https://youtu.be/lMUtU0tOmNE

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