Once more we're reminded what a niche property, almost a non-issue, trustlessness is. People and organizations would choose trusty, and accountable, individuals and/or systems over trustless machinery any other day.
Web3 is centralized and inefficient
431–440 of 769 posts
Re: Web3 is centralized and inefficient
#432People use centralized systems because they actually like the convenience that comes with it. And with that, comes the decentralized system changing in such a way that it changes to almost NEEDING centralization. The problem is that engineers and cybersecurity people all think that everyone else thinks like they do, when in actuality the complete opposite is true. The biggest example is the internet itself - the inte…
Centralization is a cost cutting measure, nothing more. Don't be fooled.
Buying a car from a dealership instead of mining metal from the ground and building it from scratch is a cost cutting measure.
Buying my food from a market instead of foraging for it is a cost cutting measure.
Re: Web3 is centralized and inefficient
#433Earlier quoted context omitted.
This. The sad thing is that people like the convenience of centralized systems. Humans are lazy. They'll go with the #1 option, even if it means building a centralized monopoly. I should've made this point clearer. Note: I am the article's author.
> Humans are lazy. They'll go with the #1 option, even if it means building a centralized monopoly. Am I lazy because I don't forge spare parts for my car and install them myself? No. I leave this to the huge, rich, established company that manufactured my car, and their contractors. Why? Because the only times I ever repaired anything in a car, was in videogames. And I want to be sure that the thing that I entrust m…
This example is silly - it's actually impossible for you to forge spare parts for your car, as most of them require multi-million dollar machines to manufacture, the information on how they are made, blueprints or schematics are not avaliable to you. And even if you succeed, someof them are IP protected so this is a terrible analogie.
Re: Web3 is centralized and inefficient
#434The author has no credibility on this subject at all. BTC is not mined with GPUs. They then make statements with no actual backing that are just opinions. Anyone can mine, yes it is profitable. Stop spreading false narratives. Then there's the laughable environment statements everywhere. Do some actual research on a topic instead of talking about "white crypto bros". This article is insulting and uninformed.
Re: Web3 is centralized and inefficient
#435Earlier quoted context omitted.
If we limit ourselves to Bitcoin then we're at a sliver of the web3 ecosystem everyone is casting their hopes upon. And Bitcoin in its current state still seems more like a blockchain working prototype and isn't 'feature-ful' enough to replace centralized finance. But proof-of-work's energy consumption is what kills Bitcoin for me. For what it's worth, I consider myself crypto agnostic. If a tech delivers something b…
Bitcoin has nothing to do with Web3, they are two different things (web3 is a new term, Bitcoin is a system from 2008)
You can use Bitcoin as a collateral on web3.
Re: Web3 is centralized and inefficient
#436People use centralized systems because they actually like the convenience that comes with it. And with that, comes the decentralized system changing in such a way that it changes to almost NEEDING centralization. The problem is that engineers and cybersecurity people all think that everyone else thinks like they do, when in actuality the complete opposite is true. The biggest example is the internet itself - the inte…
Not everything is centralized. Internet routing infrastructure (e.g. BGP) is decentralized. Capitalism itself is decentralized allocation of resources. Power grids are decentralized loads and (increasingly) generation. It's true that centralization & decentralization tend to operate like a pendulum over time. Having a blockchain that provides historic cryptographic evidence of provenance with a modicum of worldwide t…
'Capitalism itself is decentralized allocation of resources'
So long as you keep monopolies and abuse of power in check, in the past 30 years we have gone from a dozen conpetitors to like 2 or 3 player cartel in many industries
Re: Web3 is centralized and inefficient
#437This article is realy lazy. If you want an actually valid argument against web3, here is Tim O'Reilly's take. He is the creator of the term web2.0 and created much of what we know as open source: https://www.oreilly.com/radar/why-its-too-early-to-get-excit... I don't understand how these types of articles can reach the front page of hackernews. A hadoop system could provide a replacement? That's like arguing a multi-…
The article may be lazy but this is not a very useful critique, either. "Many topics that are solved by certain features", what does that even mean?
I provided a link to a very thoughtful critique and pointed out how it's lazy. I commented on that, I wasn't expecting on having to give a lecture on the specifics.
As for the quoted part on specific, for instance a blockchain style of consensus allows for personal data to be forgotten but validated by pre-decided metrics. This allows for DiD applications. There's a lot of research and there are also non-blockchain ideas being disputed.
For energy sector I'd suggest this discussion given yesterday: https://www.crowdcast.io/e/web3talk-energy
Re: Web3 is centralized and inefficient
#438> A lot of Web3 platforms are in fact centralized. Your wallet (MetaMask), marketplaces (OpenSea), APIs (Alchemy) are all central platforms. Sure, they use a distributed database (blockchain), but before that it’s still a Go app on AWS, meaning its centralized. > Your wallet (MetaMask) Run your own node. This is lazy reporting to reach the end point about fawning over FreeBSD (its in the article, literally an article…
> Run your own node. This is lazy reporting It isn't practical for the majority of people to run their own node. Even Vitalik Buterin acknowledges[1] this isn't realistic for the current state of things. Last year I was interested in running a sidechain node and I was shocked when I looked at minimum system requirements. I can't just run it in the background and I have a 5600X Ryzen. Plus my NVMe drive needed to be m…
I agree with you that crypto often makes things unecessairly complicated sometimes. Every heard of hypercore protocol? They're a force against that. Ethereum should take note there.
Re: Web3 is centralized and inefficient
#439Earlier quoted context omitted.
But I don't care about that the impractical enthusiast stuff, I care about the bloggers that make these flippant dismissals instead of talking about the impractical things that are possible. I simultaneously observe that the impractical things can be made more practical . For example, Metamask with a non-default RPC node is great compared to using crypto before Metamask. Phantom wallet on Solana is even further impro…
> Node software still sucks! It can be improved! Talk is cheap. Show me the code.
I don't get this, it's a work being done by multiple teams.
Re: Web3 is centralized and inefficient
#440Earlier quoted context omitted.
If you get banned from OpenSea but still want to sell your Bored Ape, you definitely still can, and almost certainly for whatever the market rate on OpenSea is.
What if the NFT itself gets banned from OpenSea?
OpenSea is a DAO, so if they:
a) voted an NFT out: well, people against it would move to an other platform and still have access to their NFT.
b) somoeone on the front-end deleted access to an NFT: they would probably move the front-end somewhere else.