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ramble81 ,

So what makes a site “web3” in the first place?

Petter1 ,

That you can connect wallets and buy some NFT 🌚(/s)

OldWoodFrame ,

Turns out the one thing Blockchain is good at, building out decentralized strings of commonly agreed upon immutable transactions, is actually not that useful. For small items we need an “undo” button because people make sloppy mistakes or get scammed, for large items we want the government to act as enforcer of the property (house, dollars, car) in question so it doesn’t actually help us to decentralize.

dhork ,

I was originally interested in crypto because I wanted to know how it managed to make truly decentralized, permissionless, peer-to-peer transactions possible. After I learned about how it did all that, I also learned three things:

  • decentralized transactions are useless when so much of our economy leverages centralized transactions built around existing payment systems.
  • permissionless transactions are useless when governments are ultimately in control of payments, and have the right to restrict certain payments regardless of how they are made.
  • peer-to-peer transactions are useless when the currency is in so much investment demand that the price spikes, and nobody wants to spend it because it’s a StOrE oF vAlUe (and because of the tax implications)

So the crypto movement demonstrated it is possible to make a platform to transact on that is free of any reliance on any intermediary, but in practice so much of our existing commerce relies on intermediaries that removing all of them causes more problems.

vrighter ,

The way I view it is that to eliminate that one con, you have to willingly give up on all the pros. Which is a ridiculous proposition in any scenario.

dhork ,

I honestly think that if the price of Crypto weren’t so darn high, a better ecosystem would have developed around it and it would at least still be useful for payments. But since it is so high, anyone who has any crypto would be nuts to spend it.

Some people hold up the pizzas bought with 10000 BTC as some sort of cautionary tale, because if the guy had held on to the BTC he would have hundreds of millions of dollars right now. But not only was 10000 BTC only worth the price of two pizzas then, nobody back then really knew where the project was going. Certainly no one thought one BTC would ever be worth even $1000 unless BTC transaction adoption really took off. But here we are.

(Plus, I doubt the guy spent his only Bitcoin on pizza for someone else. Someone who had 10K BTC to spare in 2010 likely had a lot more, too. He is probably not eating instant ramen unless he wants to.)

Petter1 ,

Well, it would be a way for government to gain trust again through proofed transparency after they fucked up. Given the people under that government understand how blockchains work, I guess

PrivateNoob ,

Damn all the comments seem to be heavily downvoted for some reason. Interesting. What advantages can blockchain bring you, other than crypto?

Irremarkable ,
@Irremarkable@fedia.io avatar

Cryptobros are mad people have realized they're full of shit

seaQueue ,
@seaQueue@lemmy.world avatar

It’s pretty good at proving digital chain of custody. You could, for example, handle public records on a block chain.

I’ve been hoping for a game platform that tokenizes game licenses so that we can sell or gift them to others when we’re done with them - basically steam but you own your copy of the game and can sell it on. This is incredibly unlikely to happen though, a secondary market for digital licenses would eviscerate profits.

CaptainSpaceman ,

This is incredibly unlikely to happen though, a secondary market for digital licenses would eviscerate profits.

Licenses as NFTs could have the method youre looking for. When resold, the original creator of the license gets a small cut, usually about 5% of sale price. The vendor website gets tx fees and the seller gets 90-95% of the sale price.

Its a strong model imo.

JASN_DE ,

Why would a game developer want that?

Petter1 ,

To sell a crap game to degen crypto bros, I guess

JunglGeorg ,
@JunglGeorg@lemmy.world avatar

I guess most people know a scam when they see one. More than I thought

Zos_Kia ,
@Zos_Kia@lemmynsfw.com avatar

Even if you were extremely generous and didn’t factor in the scams in your analysis, the reality is that a Blockchain solves problems 99.9% of people will never face. This breaks the whole imagined model, when your product is ultra niche but relies on mass adoption for its security.

Zos_Kia ,
@Zos_Kia@lemmynsfw.com avatar

Even if you were extremely generous and didn’t factor in the scams in your analysis, the reality is that a Blockchain solves problems 99.9% of people will never face. This breaks the whole imagined model, when your product is ultra niche but relies on mass adoption for its security.

Petter1 ,

I still hope that it can be used to make efficient transparent democracy somehow 😂😅

knightly ,
@knightly@pawb.social avatar

There’s no benefit there that would be useful to anyone. If you need a publkc ledger then you can just do that and skio the crypto BS

cron ,

It’s lile 5 years and I still have not seen one good use case for blockchain except cryptocurrencies.

EisFrei ,

Even that use case seems almost meaningless, as most people store their crypto in centralised exchanges.

vrighter ,

the security of a blockchain in directly tied to the number of users actively participating. You need to incentivize users to keep participating indefinitely. You do this by rewarding them with something that they value. As the number of users dwindles, so does the network’s security. So how can a blockchain work on anything that isn’t a cryptocurrency? If it’s not a currency, then it can’t be used to motivate people to participate in the network. After all, you are spending real money to pay for the electricity to mine. If there’s nothing to pay you back with, that’s just money out of your own pocket. Who the hell would accept such a deal?

morrowind ,
@morrowind@lemmy.ml avatar

0.95% of these companies, which is only 64 in total, pull in a massive 461 million visits a month combined. In comparison, the vast majority, the other 99.05%, only get a total of 87 million visits. This huge difference highlights how a small number of companies dominate web traffic in the blockchain sector.

So much for decentralization

morrowind ,
@morrowind@lemmy.ml avatar

One of the rare things I admire about cryptobros is how ambitious and optimistic they remain despite absolutely no one using their “revolutionary” web3 product

Sidyctism2 ,

i mean i guess thats one way to put it

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