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Web3 is going just great

web3isgoinggreat.com

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Re: Web3 is going just great

#261

Post by jazzyjackson »

___q wrote: post #257
jazzyjackson wrote: post #176

Earlier quoted context omitted.

how come you need a blockchain to assert your identity, doesn’t public key cryptography solve this?

SSI uses public key cryptography, are you familiar with it? Adding a blockchain allows creation of a registry, smart chain interactions, notarization, many other features. How does it only benefit speculators?

the tokenization is the part that exists for speculators

can’t I usen openssl to sign files representing agreements and write programs that only run when an authroized keyholder calls a method without the global supercomputer running at a few thousand TPS? it just seems like the most inefficient approach to utilizing cryptographic signatures

granted, no one else has cracked the UI/UX problem of using these signatures so I’m not a total prohibitionist on blockchains, it just doesn’t feel like the right answer to me

Re: Web3 is going just great

#262

Post by koonsolo »

emerged wrote: post #238
carlosdp wrote: post #45

These really well built "web3 is dumb" sites seem like peak Streisand Effect, I'm baffled so many people are spending so much time yelling about something they think has "no use-case" and is already doomed to fail...

People will keep complaining about web3 until it stops being stuffed down our unwilling throats.

Funny that it keeps popping up on HN then... multiple times a day.

Re: Web3 is going just great

#263

Post by deltarholamda »

anonymouse008 wrote: post #155
OnlineGladiator wrote: post #115

Earlier quoted context omitted.

> Decentralized proof of ownership is the core merit > But does it have any practical use? That's the question. Sounds like a solution searching for a problem.

That is, until you close on a house and spend hundreds to potentially tens of thousands of dollars on title searches and bank fees. Then ETH at the worst gas fees looks generous

True, but the title searches and bank fees are just regulatory cruft slathered on from the real estate business.

The cryptocurrency guys who think cryptocurrencies will be immune to this are probably gonna be shocked and annoyed.

Re: Web3 is going just great

#264

Post by deltarholamda »

xtracto wrote: post #191
deltarholamda wrote: post #94

Earlier quoted context omitted.

Decentralized proof of ownership is the core merit, as I see it. That has some value, and NFTs are kind of the perfect vehicle to use the technology. But does it have any practical use? That's the question. NFTs are hot right now as an investment vehicle, or as a way for artists to sell unique creations (leading to investment vehicles, I suppose). I'm not sold on the utility, long term.

>NFTs are hot right now as an investment vehicle, I'd say speculation more than investing. The peoblem with public blockchains and related technologies is that they have been list in the middle of huge speculation markets... which brings all sorts of bullshit and scams. That's why I like to look at hyperledger and similar technologies. If you remove the money incentives, you are left with the pure technology essence.…

Yeah, I should have said "speculation," not investment. They smell similar, but they're definitely different.

Re: Web3 is going just great

#265

Post by eadmund »

ShamelessC wrote: post #4

The decision to call all of this "web 3.0" without actually consulting any developers (that don't own/trade cryptocurrencies) was such a mistake. No - I don't want to write inherently buggy smart contracts for your scam. If I wanted to do that, I would have gone into fintech awhile ago.

First they took the term 'crypto,' which had always referred to cryptography, and now they have taken the term 'web.' I really hope that next year the hype is not about how cryptocurrency can do something or other for people, and somehow they also take the term 'human.'

I kid, I kid … mostly.

Re: Web3 is going just great

#267

Post by ShamelessC »

acdha wrote: post #117
carlosdp wrote: post #38

Earlier quoted context omitted.

That's not how words work. You propose a term, and either it catches on or it doesn't, and this one has caught on. I don't know what committee of developers "that don't own/trade cryptocurrencies" you imagine exists that has some authority on what marketing terms you can use on twitter, or why a group explicitly disinterested in a topic should be consulted in the creation of those terms...

It’s not so much proposing a word rather than trying to take over a popular one in an effort to shed the negative reputation which years of failure had given your first one. It’s not surprising that people who work on the web don’t want their hard work being coopted to bail the cryptocurrency guys out of a mess they talked themselves into.

Exactly. The crypto community co-opted "Web 3.0" as "requires crypto to use the web" but didnt realize how tonedeaf they were being because of the echo chamber they put themselves in.

The reality is that programming work surrounding payments and/or finance is going to be deeply unappealing to most devs as it is incredibly dry and extremely tedious.

Re: Web3 is going just great

#268

Post by guntars »

stevebmark wrote: post #97

I find it both sad and funny watching folks discard efficient, regulated, centralized financial systems, and turn to a decentralized one and deal with the constant scams that such a system would obviously produce. Irreversible transactions, 90% wash trading, the hilariously bad idea of "smart contracts," and surprisingly inefficient core technology designed to become more wasteful as it scales. Who knows what the fut…

To the proponents of the "efficient, regulated, centralized financial systems" I want to ask - why can't I pay $0.10 to a random paywalled site to access a single article?

Re: Web3 is going just great

#269

Post by beebmam »

fab1an wrote: post #48

I'm flabberghasted at the amount of hate this space is getting from parts of the dev community and in particular HN. Web3 has its fair share of issues, but there's community and energy in the space that I haven't seen online since the early days of the world wide web. Consider this: if you are absolutely, 100% convinced that all of this is bogus, is going to go nowhere (despite the high number of talented individuals…

Many people are scammed all the time from this garbage, and there's usually no legal recourse because either the malicious actors reside in countries which encourage these scams, or they hide their identities well enough that you can't find out who to sue.

It's a totally fraudulent industry and certainly deserves the anger directed at it. It undermines trust in society, and the people participating in this fraud deserve prison and asset forfeiture.

Re: Web3 is going just great

#270

Post by not2b »

colejohnson66 wrote: post #153
not2b wrote: post #113

Earlier quoted context omitted.

It cost compute power to produce the tokens, but that's sunk cost, not intrinsic. All that matters afterward is whether people want the tokens and will exchange things of value for them.

Is fiat currency any different? My coins and bills don't have any intrinsic value either, but they are still currency.

If your debts and bills are denominated in the currency of your country, the bills and coins have value because you know how many of them you need to pay what you owe. So yes, if we ever got to the stage where your rent is priced in some coin, that coin would correspond to a currency. But until then, it's more like a volatile stock and "currency" is a misnomer.
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