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Crypto has only existed during the greatest and longest bull market of all time. Jury is still out on whether it can survive a prolonged bear market. Web3 consequently is also bound by this. If people are still interested in Web3 when crypto goes down 10% YoY forever then maybe there’s some inherent value there.
I would separate the crypto craze from Web3 to be honest. On its face it doesn't really have to do with crypto currency at all. A centralization is otherwise no really desirable for many users.
Isn't the general thesis of Web3 partially based on the principles of decentralized blockchain technologies, a lot like crypto? If so they are certainly related to each other.
For me it was about decentralized platforms to emancipate people from large social media moguls that have enough info on user behavior that they can influence behavior. Interconnectedness would ensure that the draw of peers using the same network would vanish. At least theoretically.
Crypto has only existed during the greatest and longest bull market of all time. Jury is still out on whether it can survive a prolonged bear market. Web3 consequently is also bound by this. If people are still interested in Web3 when crypto goes down 10% YoY forever then maybe there’s some inherent value there.
in theory, web3 has nothing to do with cryptocurrency per se, and only relies on some blockchain technology, which is itself not bound to the value of the currency it is used by. however, the fact that too many people seem to think that there is in fact a connection between web3 and crypto currency just adds to the smell.
If the entire crypto/defi/nft/gamefi/play2earn etc marketcap was 0 then nobody would even bother with interacting/developing with web3.
In-fact, nobody would even be interested in blockchain tech.
The DNS was a pretty big deal. There are some people who think that web3 is a pretty big deal as well.
Crypto has only existed during the greatest and longest bull market of all time. Jury is still out on whether it can survive a prolonged bear market. Web3 consequently is also bound by this. If people are still interested in Web3 when crypto goes down 10% YoY forever then maybe there’s some inherent value there.
But then jury is out on whether there will ever be a bear market (or in other words will the central banks ever allow one). Also whether anything else (real estate, stocks or other assets) can survive it.
Currently it’s unknown if crypto has intrinsic value. It certainly has extrinsic value, though.
Serious question: What problem does web3 or decentralization fix? - Oligopoly of the hyperscalers -> rent server from small provider like ovh/hetzner/netcup (there is plenty). The reason AWS, Azure and GCP are so popular is because people don't care. - Privavy intrusions -> Adblocker/DNS Blocker/Turn off JS/Use browser settings This won't be fixed by web3, ad monetization and tracking won't magically stop. They exist…
>What problem does web3 or decentralization fix? In some cases you can align incentives differently than with traditional solutions. For example with DEXs you can spread the profit and work (such as providing liquidity) to participants rather than a central operator. It's also easier to prove what mechanism of the operation can and cannot be changed as the code is right there and if you are trading you only have to t…
Prove might be too strong a word to use in this instance.
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...
Pretty sure this is because markets are going down. if/when prices go up again headlines will be skepticism disappears as people get into crypto again.
Crypto has only existed during the greatest and longest bull market of all time. Jury is still out on whether it can survive a prolonged bear market. Web3 consequently is also bound by this. If people are still interested in Web3 when crypto goes down 10% YoY forever then maybe there’s some inherent value there.
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). Most of them will fail and be forgotten, but there is a chance that _some_ of them will create genuinely novel and interesting products. Isn't that what Hacker News should be about?
