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Discussion on: Convince me that Web3 is the worst

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olyno profile image
Olyno

too many scam artists around at the moment

Agree, a moderation system should exist.

“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

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grahamthedev profile image
GrahamTheDev

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! ❤️

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olyno profile image
Olyno

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