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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

#371

Post by kyruzic »

jakelazaroff wrote: post #369
kyruzic wrote: post #365

Earlier quoted context omitted.

Do you understand how a venn diagram works? I can give you plenty of examples of blockchains that are unrelated to cryptocurrency, any corporate run block chain. And examples of blockchains unrelated to web3, bitcoin is a well known example of this.

I'm not asking about that. I'm asking about the converse. If corporations want to waste their money on an internal blockchain, that's fine; it doesn't affect me. But we're talking about people evangelizing this technology to precipitate large-scale societal change, which is focused on the intersection of cryptocurrencies, blockchain and "web3".

No we are talking about how web3, blockchain, and cryptocurrencies are all separate yet related ideas. You are saying they are equivalent.

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

#372

Post by AlexandrB »

nightski wrote: post #305
AlexandrB wrote: post #295

Earlier quoted context omitted.

> Microsoft has declined 20% since the new year. Should we abandon that company entirely as well? No one is claiming that MSFT stock should be used as a currency for transactions. If the US dollar lost 20% of its spending power in a few months, many people would be baying for blood. It's bad enough when gas prices rise 20% in a short time.

Well, inflation is reporting in at 7-9% across the country and getting worse. So that is exactly what is happening and is kind of why the market is in decline right now (and all the things that come with it)...

As I understand, the market is in decline because "The Fed" is trying to tamp down inflation by increasing the price of borrowing money. The fact that this kind of market correction is deemed an acceptable byproduct of countering inflation tells you how seriously the "fiat" economic system treats loss of purchasing power.

AFAIK, Bitcoin does not have a mechanism for doing something like this to stabilize the currency.

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

#373

Post by AlexandrB »

ipnon wrote: post #160
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.

You might draw comparisons to the stock market. The Dow Jones lost 90% of its value in the Great Depression, but we didn't do away with the stock market altogether. We fixed the structural problems because there is clear utility to the trading of corporate securities.

Currencies that lose 90% of their purchasing power tend to get replaced. Equities/securities? Not so much. I think the point is that Bitcoin is either a terrible currency, or not a currency at all but an equity.

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

#374

Post by Duckton »

thebean11 wrote: post #368
Duckton wrote: post #356

Earlier quoted context omitted.

Maybe not the healthcare provider, but a service that allows the patient to be in control of their health records. Control who can read and write to their own data. And is it not up to the implementor of the blockchain, to specify how difficult it is to calculate a new block? So lowering the "gas price"?

I think a system like that is a great idea, I'm just not sure how a blockchain helps. The things that make a blockchain interesting (uncensorable, immutable etc) aren't that important here, and with a public blockchain you still need a whole separate system that's doing access checking (maybe your doctor has a key that decrypts the onchain data). To me that system of sharing data with providers, and giving them crede…

Well, I do think that that is exactly things that are important. You'd want uncensorable, to give transparency to the patient. E.g. a hospital can't add a record without you knowing, that you might not want an insurance company to have access to later.

Immutable, as a patient you would want to know exactly what your data looks like at any given time. Again insurance is a good example.

If the blockchain is private, could it not be part of the implementation that does the access checking? Can't part of the ledger be unencrypted while other parts are not?

It might be wishful thinking. It's just an idea I have floating in my head, as an actually useful real world implementation for a blockchain.

I shared the link in another comment, but you might find it interesting as well: https://journals.sagepub.com/doi/full/10.1177/14604582198663...

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

#375

Post by [deleted] »

AlexandrB wrote: post #372
nightski wrote: post #305

Earlier quoted context omitted.

Well, inflation is reporting in at 7-9% across the country and getting worse. So that is exactly what is happening and is kind of why the market is in decline right now (and all the things that come with it)...

As I understand, the market is in decline because "The Fed" is trying to tamp down inflation by increasing the price of borrowing money. The fact that this kind of market correction is deemed an acceptable byproduct of countering inflation tells you how seriously the "fiat" economic system treats loss of purchasing power. AFAIK, Bitcoin does not have a mechanism for doing something like this to stabilize the currency…

[deleted]

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

#376

Post by etothepii »

anon9001 wrote: post #79
etothepii wrote: post #23

This is why we launched leatherboundledger.com if NFTs have value on their own their should be appetite too store their ownership the old fashioned way.

> Based in Bermuda the Leather Bound Ledger is bound by the laws of Bermuda and thus ultimately the Judicial Committee of the Privy Council. The privy council can trace its origins to the Witenagemot of the old Anglo Saxon Kingdoms over 1,000 years ago. Fascinating. How much interest have you had? Blockchain NFTs do about $800k/day in sales, mostly on the Ethereum book, which is worth about $23B. How many NFTs are be…

You are, of course, correct that the leather bound ledger is not currently drowning in customers. But the underlying technology, that is to say, the law of contract supports a much larger market than web3.

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

#377

Post by hardlianotion »

simonw wrote: post #204
fullshark wrote: post #190

Earlier quoted context omitted.

Kind of depends what counts as a view (but still, true)

Yeah I'd love to know how many people watched the whole thing!

I did. My wife is hooked too.

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

#378

Post by tarsinge »

beepbooptheory wrote: post #275
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).…

However much these various blogs and such are right, which they seem to be, the continuing, constant, vitriol that at this point can only be for the chorus already singing it, starts to look like something in itself, something beyond just trying to "warn" people. I can't help but feel it is, at least in part, coming from (perhaps unconscious) shame. We are at the sunset of a Californian Ideology where VC could save t…

Nicely put. Crypto is the end-game of that ideology. It's easy to scapegoat, but the problem is deeper.

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

#379

Post by throwawaysysd »

kyruzic wrote: post #355
throwawaysysd wrote: post #319

Earlier quoted context omitted.

>No web3 is not a pyramid scheme. As long as it's centered around the value of BTC, this is false. BTC has totally failed as a currency and is completely dependent on speculators pushing its valuation up to keep the miners profitable. I'll be willing to concede this point to you if eventually all proof-of-work coins disappear and the BTC maxis go away, and the incentives change to move away from mining and towards pr…

You are so misinformed about web3 that you think BTC is in anyway related to web3.

I'm sorry but you don't know me, I've seen lots of BTC/ETH maxis who adopted the term early and continue to use the term to describe their efforts (and it's really not hard to find them doing this on HN and Twitter either) so if you disagree with their assertions and think they're misinformed I suggest you take that up with them and not me.

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

#380

Post by throwawaysysd »

ethbr0 wrote: post #336
indymike wrote: post #169

Earlier quoted context omitted.

> The relentless number of anti-crypto and anti-web3 articles on HN is tiring. It's not really cryptocurrency that is fueling it. It is the absolute silliness around NFTs and the rush to import some "blockchain" to otherwise uninteresting products and companies to make them somehow relevant. This is a pattern we saw a lot with prior trends like search, cloud, machine learning and AI. > Thousands of teams are explorin…

Alternate take: How are NFTs not a more decentralized version of digital goods that already exist? Game companies (Epic, Activision-Blizzard-Microsoft, etc.) have been (a) creating (b) limited number (c) digital goods that (d) can only be acquired / traded on their platforms and according to their terms. How are NFTs not (a)+(b)+(c), except without the post-sale, first party control of (d)? Personally, I think NFTs a…

>How are NFTs not a more decentralized version of digital goods that already exist?

I don't think they are. In practice they also suffer from (d) because the large majority of NFTs appear to be traded exclusively on Opensea. I don't expect this to change at all because any system like this requires some kind of centralized authority to enforce initial ownership of the art before it's placed on the chain, otherwise you get people selling stolen art. Put another way: there is no value to anyone in having alternate trading platforms for these goods, all value is derived from being verified by a particular platform and baked into that platform. It's the same for video game goods, e.g. there is no value in trading a Fortnite dance outside of Fortnite.

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