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Web3? I have my DAOts

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Re: Web3? I have my DAOts

#91

Post by serverholic »

UncleMeat wrote: post #62
Uehreka wrote: post #26

Earlier quoted context omitted.

I’m a long time blockchain skeptic (check my comment history) but I recently came around on the SSO stuff and can vouch for it enough to say the magic words: it is in fact a novel thing that cannot be done without blockchain using pre-existing crypto or auth tech. The reason is: With private key auth alone, you don’t have identity, just a non-human readable public key, and no universally known exclusive association w…

I don't see how this is beneficial compared to signature-based auth. Didn't people all recoil in horror at the real-names policy that Google performed ages ago? Making it fundamentally difficult to separate my identity on various platforms is bad. And further, I really don't see the benefit of having my username stored on a blockchain rather than in an application database. Is the goal to prevent other people from ma…

Who said you need to use your real name?

Re: Web3? I have my DAOts

#92

Post by EGreg »

whoisjuan wrote: post #25

I think the problem with the current state of Web3 is that it really doesn't seem to solve meaningful, mainstream problems yet. Even the most widely accepted use case which is crypto-currency fails to break out of the theoretical value outlined in the different white papers. I own several crypto-currencies and there hasn't been a single moment in which I thought of buying something with a crypto-currency. I have cryp…

We are underfunded but we are building software to solve meaningful problems with Web3:

https://intercoin.org/applications

https://intercoin.org/presentation.pdf kind of explains what needs to be fixed in the space. I’d tove to get your feedback

Re: Web3? I have my DAOts

#93

Post by Khartoum »

api wrote: post #18
etaioinshrdlu wrote: post #12

Earlier quoted context omitted.

Crypto proponents are in favor of there being no technical restrictions that prevent such content being posted. An interesting possibility is that illegal content gets permanently inserted into a blockchain, which could make running, for example, an ethereum node very illegal.

> An interesting possibility is that illegal content gets permanently inserted into a blockchain, which could make running, for example, an ethereum node very illegal. I've heard this called a "pee in the pool attack." Block chains like Ethereum and Bitcoin have one intrinsic defense: they don't support very large data objects. So that makes inserting CP problematic. But someone determined enough and willing to spend…

Or adding someone's personally identifying information.. birthdates, addresses, SSN, etc.

Re: Web3? I have my DAOts

#94

Post by pavlov »

delaaxe wrote: post #55
pavlov wrote: post #46

Earlier quoted context omitted.

The mainstream public doesn't want their identity attached to a private key that they can lose. And if you're letting someone else store the key, then it's just another form of "Login with X".

Unless the 'someone else' is a multisig consisting of a mixture of friends & relatives, instutitions and hardware devices.

An exciting new set of attack vectors and failure points foisted on people who mostly can’t understand what a safe URL looks like.

When my partner clicks on a phishing link, not only are they exposing themselves but potentially also my identity in this multisig world.

Re: Web3? I have my DAOts

#95

Post by kwertyoowiyop »

zepto wrote: post #72
iskander wrote: post #63

Earlier quoted context omitted.

>I own several crypto-currencies and there hasn't been a single moment in which I thought of buying something with a crypto-currency. This is entirely personal and subjective, but I prefer the user experience of Aave and Yearn to traditional banking with e.g. Chase. I also would way rather make large purchases with crypto (e.g. down payment on a house) compared with wiring money.

Why is ‘ wiring ’ so bad from your point of view?

Indeed. I’ll gladly pay $20 to have a professional human in the loop when I transfer the down payment on a house.

Re: Web3? I have my DAOts

#96

Post by showerst »

brandonmenc wrote: post #86
iskander wrote: post #63

Earlier quoted context omitted.

>I own several crypto-currencies and there hasn't been a single moment in which I thought of buying something with a crypto-currency. This is entirely personal and subjective, but I prefer the user experience of Aave and Yearn to traditional banking with e.g. Chase. I also would way rather make large purchases with crypto (e.g. down payment on a house) compared with wiring money.

> I also would way rather make large purchases with crypto (e.g. down payment on a house) For a purchase that large, I would rather make it in person. With a check. Which is way more secure than crypto or a wire transfer.

Not trying to be facetious — who lets you make a down payment with a check? I’ve worked with title companies (though only in 2 US states) and never seen a closing that wasn’t wire based.

Re: Web3? I have my DAOts

#97

Post by platz »

whoisjuan wrote: post #25

I think the problem with the current state of Web3 is that it really doesn't seem to solve meaningful, mainstream problems yet. Even the most widely accepted use case which is crypto-currency fails to break out of the theoretical value outlined in the different white papers. I own several crypto-currencies and there hasn't been a single moment in which I thought of buying something with a crypto-currency. I have cryp…

NFT's don't grant you any rights of ownership of JPEGs

Re: Web3? I have my DAOts

#98

Post by rgreen »

I'm disappointed the author glazed over flash loans since it's such a perfect example of something that did't exist previously. The things that "make you dizzy for free" are the things to pay attention to. In crypto I can borrow effectively limitless money _uncollateralized_ if I pay it back within an atomic transaction. Why is that interesting? It's because it's not something that was ever possible before and there's no telling what it will enable. The lowest hanging fruit is stuff like arbitrage where you can now effectively operate without capital constraints but there will assuredly be more interesting uses discovered. Even ignoring the specifics of flash loans, the ability to compose financial primitives into atomic transactions is new.

Re: Web3? I have my DAOts

#99

Post by Animats »

OK. The reason all this happening is that Bitcoin really did go to the moon. That's what powers all this speculation. If the price of Bitcoin had been stable for a decade, and it worked reliably, it would be a useful medium of exchange, but nobody would care. This is all about MAKE MONEY FAST.

Bitcoin found some early use cases. Drugs first. Then getting money out of China. Money laundering. Tax evasion. Scams. Bitcoin is the scammers dream - remote, anonymous, irreversible transactions. Much less risk of the mark coming for the scammer with a baseball bat.

Then China cracked down on cryptocurrency, shut down all the miners, and arrested a few hundred of them. Financial regulators in the more legit countries started regulating Bitcoin exchanges, so the operators couldn't just steal the money. Know Your Customer became a thing. In the US, the IRS, FinCen, the FBI, and the SEC all started paying attention to what was happening on blockchains. Cryptocurrency crime was no longer risk-free for the crooks.

But by now, sheer momentum kept Bitcoin going up. That's a powerful force. It's not forever, though. Check out meme stocks a few years later. Remember, all this stuff is zero-sum. For every winner, there has to be a loser.

That's what provides the engine behind "Web3", NFTs, DAOs, and whatnot. It's not the technology.

Re: Web3? I have my DAOts

#100

Post by 2muchcoffeeman »

PretzelPirate wrote: post #77
mplewis wrote: post #74

Earlier quoted context omitted.

I wouldn't. The Bitcoin might not cover the down payment when it arrives ten minutes later.

The person you replied to said “crypto” not “Bitcoin”. They can convert their coins to an algorithmic stablecoin and make the payment in a single transaction with no price change.

So is Bitcoin no longer being pushed as a currency? Is that “official”?
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