Accessibility First DevRel. I focus on ensuring content created, events held and company assets are as accessible as possible, for as many people as possible.
“stable coins” are nearly all based on the dollar, which is very likely to drop in value given the sheer number of dollars printed in the last year (and if you don't know about that 80% of all dollars ever printed were produced in the last 12 months (there are 5 times more dollars today then there were in 2019), prepare for some mega inflation and some serious devaluing!).
“tether” is suspicious at best if you look at their practices and terms and conditions, the current largest stable coin.
Crypto has undone all of the good electric cars have done for the environment.
Not one person has ever convinced me that blockchain is actually useful, decentralised apps (or more precisely distributed apps) work for checking validity of transactions just fine
the dream of an unregulated market place is just that, the second it gets any real traction governments will intervene (see China)
NFTs (in their current form) have no real value and are being propped up by hype.
A public record of financial transactions is the worst idea I can possibly think of, do you want people to see what weird and wasteful things you spend your money on? What happens if you have never used crypto before and you want to make a significant purchase, you have no history so people may not trust you, it is even worse if you want to seel high value items as the whole "based on trust" system relies on some history!
Not being able to delete data without destroying a whole block chain is just stupid what happens when people add paedophilia to the block chain (as has happened a lot!)
Young developers are failing to learn basics as all of the web3 zealots are constantly filling their head with web3 is the future so they are learning that without learning fundamentals
the whole crypto space is glorified gambling and can be manipulated without any recourse (as it is unregulated) - see Elon Musk and Doge for example!
The processing time for a transaction (even with a proof of stake model) is far too high for any app at even a medium scale
The whole proof of stake model is a ponzy scheme where you have to leave your money in to earn money from the gas fees and so it artificially inflates the value of a coin until such time that the big players are ready to cash out and the average trader is left holding worthless coins.
And that is from someone who actually quite likes what web3 could be, at the moment it just feels like the dot com bubble and the CDOs that fuelled the banking crisis, a lot of people gambling on a future that they think will happen, without any monetisation strategy that is feasible, that are all caught up in a hype train and making money from less educated investors.
Accessibility First DevRel. I focus on ensuring content created, events held and company assets are as accessible as possible, for as many people as possible.
Hi!
i am a Computer Science Student . i have a lot of interest in blockchain, react, and i support basically any platform that is helping make the world a better and more secure place !
Can't we imagine a web3 future that wouldn't rely on the blockchain but rather traditional peer to peer technologies ?
Things like onionShare allow anyone to host a website on the Tor Network in one click, zero server configuration...
Nowadays internet connections are getting so good that even surfing the web on the tor network is fast, it makes me believe that we are ready for a full P2P internet experience
Accessibility First DevRel. I focus on ensuring content created, events held and company assets are as accessible as possible, for as many people as possible.
This right here, blockchain doesn’t solve anything that couldn’t be done with P2P and a consensus mechanism. The “immutable” part of blockchain has already been proven pointless with hard forks!
“stable coins” are nearly all based on the dollar,
For the most, yeah, but not every stable coins. Some of them, like DAI or more recently UST, have a custom algorithm to avoid any price drop
NFTs (in their current form) have no real value and are being propped up by hype.
Simply because everyone say "omg, this image has been sold for 2k$". NFT are not only simple images to sell, it's simply a unique digital item. It could be an house property, a simple game, characters skins and so on
A public record of financial transactions is the worst idea
This is a fact, most blockchains are public, and i agree this is not a good idea. BUT, some others are private, like Monero or more recently Secret. Those blockchains are private by default, and have an algorithm to avoid anyone to know anything
Not being able to delete data without destroying a whole block chain
You can make the content private. All files are often stored on IPFS, simply deleting from there should work. Moderation is something complicated, and i totally agree, it needs to change. The main issue with moderation is simply: you can't make real moderation. How many YouTube videos have been demonetized because of robots, or digital artists who got their arts stole on other social medias....
Right now, you can't moderate the web correctly, this is simply not possible, on the blockchain, or on the classical web.
the whole crypto space is glorified gambling and can be manipulated without any recourse
Anyone has the possibility to pay a crypto, or not. If some people think Elon Musk is right, they can follow him, or not doing it, it's their personnal choices.
The processing time for a transaction
I already wrote a small reddit post about it, but right now you can't scale in any blockchain. They all use technologies that can't scale. Rust is not adapted to scale, and Go too. To have a real scalable blockchain network, we should use scalable technologies, as Elixir/Erlang for example, which already showed its power.
I don't answer to others points because i think you're totally right, or because i don't have enough knowledges to answer
Accessibility First DevRel. I focus on ensuring content created, events held and company assets are as accessible as possible, for as many people as possible.
Bear in mind that my comments are deliberately “to convince Ben that Web3 is the worst” so I am deliberately leaving out the “balanced” side of each of the arguments. However I think you covered most of them beautifully! ❤️
edit: apologies to OP of this comment, as I only just saw that they intentionally omitted counter-arguments
I disagree with almost all your points, except for a couple such as the space being filled with scammers.
You’re clearly a smart person who’s aware of traditional finance’s inherent flaws. Which is why I find it puzzling you make claims such as PoS being a Ponzi scheme; no it’s not, and it’s basically analogous to earning interest on your savings in a bank account (at least, that’s what savings accounts used to do). So are you saying that earning interest is also a Ponzi scheme? Because - by definition - it’s the same thing. Both mental models share the same antecedent: locking up your wealth/capital which is leveraged for other use-cases, and for which you are rewarded/incentivised with passive income.
Now, for a real-world example that counters almost every point you raised, I suggest looking into the Terra ($LUNA) ecosystem and the Anchor Protocol built on top, which is probably the best example currently of a decentralised algorithmic stablecoin protocol - and its seminal decentralised application - gaining mass adoption by providing a real advantage over traditional finance. Its only slight shortcoming is that its validator set is slightly centralised atm (but still much better than most other solutions).
Try googling it, or even browse the open source anchor web app repo. I know this is a lazy answer, but it’s no lazier than spouting some well known flaws of gen 1 & gen 2 blockchains and extrapolating it to say the entire space is flawed.
Finally, just be cognizant of the fact that when something causes an extreme polarisation in opinions and sentiment, the truth is likely somewhere in the middle, with rhetoric at either end typically based on misinformation.
Blockchain traces origins (e.g. property ownership since it was built), certifies authenticity of transactions, tracks custody, and verifies integrity. In order to do that, the whole history needs to be maintained, just like with General Ledger in (double entry) bookkeeping. You can keep only hashes on the chain and everything else off-chain.
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Let’s see:
And that is from someone who actually quite likes what web3 could be, at the moment it just feels like the dot com bubble and the CDOs that fuelled the banking crisis, a lot of people gambling on a future that they think will happen, without any monetisation strategy that is feasible, that are all caught up in a hype train and making money from less educated investors.
how to get a dp like yours
It is just a GIF but here is how I did it:
Create an animated dev.to profile pic with SVG, CSS and JS, then convert it to a GIF [tutorial].
InHuOfficial ・ Mar 21 '21 ・ 7 min read
This, couldn't agree more.
100% agree!
Can't we imagine a web3 future that wouldn't rely on the blockchain but rather traditional peer to peer technologies ?
Things like onionShare allow anyone to host a website on the Tor Network in one click, zero server configuration...
Nowadays internet connections are getting so good that even surfing the web on the tor network is fast, it makes me believe that we are ready for a full P2P internet experience
This right here, blockchain doesn’t solve anything that couldn’t be done with P2P and a consensus mechanism. The “immutable” part of blockchain has already been proven pointless with hard forks!
Agree, a moderation system should exist.
For the most, yeah, but not every stable coins. Some of them, like DAI or more recently UST, have a custom algorithm to avoid any price drop
Simply because everyone say "omg, this image has been sold for 2k$". NFT are not only simple images to sell, it's simply a unique digital item. It could be an house property, a simple game, characters skins and so on
This is a fact, most blockchains are public, and i agree this is not a good idea. BUT, some others are private, like Monero or more recently Secret. Those blockchains are private by default, and have an algorithm to avoid anyone to know anything
You can make the content private. All files are often stored on IPFS, simply deleting from there should work. Moderation is something complicated, and i totally agree, it needs to change. The main issue with moderation is simply: you can't make real moderation. How many YouTube videos have been demonetized because of robots, or digital artists who got their arts stole on other social medias....
Right now, you can't moderate the web correctly, this is simply not possible, on the blockchain, or on the classical web.
Anyone has the possibility to pay a crypto, or not. If some people think Elon Musk is right, they can follow him, or not doing it, it's their personnal choices.
I already wrote a small reddit post about it, but right now you can't scale in any blockchain. They all use technologies that can't scale. Rust is not adapted to scale, and Go too. To have a real scalable blockchain network, we should use scalable technologies, as Elixir/Erlang for example, which already showed its power.
I don't answer to others points because i think you're totally right, or because i don't have enough knowledges to answer
Bear in mind that my comments are deliberately “to convince Ben that Web3 is the worst” so I am deliberately leaving out the “balanced” side of each of the arguments. However I think you covered most of them beautifully! ❤️
I know that was the purpose of the post, but I thought it was interesting to react to the reasons you mentioned in order to have a part for too :p
edit: apologies to OP of this comment, as I only just saw that they intentionally omitted counter-arguments
I disagree with almost all your points, except for a couple such as the space being filled with scammers.
You’re clearly a smart person who’s aware of traditional finance’s inherent flaws. Which is why I find it puzzling you make claims such as PoS being a Ponzi scheme; no it’s not, and it’s basically analogous to earning interest on your savings in a bank account (at least, that’s what savings accounts used to do). So are you saying that earning interest is also a Ponzi scheme? Because - by definition - it’s the same thing. Both mental models share the same antecedent: locking up your wealth/capital which is leveraged for other use-cases, and for which you are rewarded/incentivised with passive income.
Now, for a real-world example that counters almost every point you raised, I suggest looking into the Terra ($LUNA) ecosystem and the Anchor Protocol built on top, which is probably the best example currently of a decentralised algorithmic stablecoin protocol - and its seminal decentralised application - gaining mass adoption by providing a real advantage over traditional finance. Its only slight shortcoming is that its validator set is slightly centralised atm (but still much better than most other solutions).
Try googling it, or even browse the open source anchor web app repo. I know this is a lazy answer, but it’s no lazier than spouting some well known flaws of gen 1 & gen 2 blockchains and extrapolating it to say the entire space is flawed.
Finally, just be cognizant of the fact that when something causes an extreme polarisation in opinions and sentiment, the truth is likely somewhere in the middle, with rhetoric at either end typically based on misinformation.
Blockchain traces origins (e.g. property ownership since it was built), certifies authenticity of transactions, tracks custody, and verifies integrity. In order to do that, the whole history needs to be maintained, just like with General Ledger in (double entry) bookkeeping. You can keep only hashes on the chain and everything else off-chain.