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Smartphones, internet, web – these things had perceived value without complicated language. Bitcoin, crypto, NFTs, it's always the same: "You don't get it, bec

by WA 5y ago

Smartphones, internet, web – these things had perceived value without complicated language. Bitcoin, crypto, NFTs, it's always the same: "You don't get it, because you don't understand the fundamentals. <Insert obscure lingo here>". It's just wrong. There is no real value for most people. That's why crypto bros hide behind complicated terminology. That's why the value proposition of Bitcoin changed a couple times. That's why the terminology shifts all the time as well. "DeFI" wasn't mainstream until like a year ago or two. The next bullshit terminology is "web3".

deleted 5y ago
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BLKNSLVR 5y ago
"It's just wrong" is wrong. It's complicated because it's complicated. Try explaining quantum physics. Complexity is a function of the shoulders upon which the new thing is standing. Cryptocurrency sits atop cryptography, which is conceptually difficult to grasp even for HN regulars. The potential (I say potential because I'm aware enough to know that certain things are not yet proven) value for "most people" is a reduction of the corruption inherent in the processing of financial transactions. This is far enough separated from the average persons day to day that it doesn't seem to have value. But things like the GFC bring that awareness to the fore... briefly. The terminology doesn't "shift all the time" and if that's how you see it then you're not keeping up and therefore your opinion and commentary carries little weight. The terminology you're talking about is new functionality offered by the ecosystem, it's not a rebranding or business pivot, it's a new branch of services. DeFi is an example of the services that can be built upon cryptocurrency (with smart contracts) and, like the cause of this discussion, takes time to build awareness and a customer base. Web3 is just another branch of functionality that can sit atop cryptocurrency / smart contracts. The terminology may well be bullshit, just like "social" was web-2-point-oh way back seven years ago, but it's the concept that matters, and the alternative, or disruption, that it facilitates. Web3 appears to be a kind of meta-internet. Bullshit terminology aside, I'm interested to see what will come of it.

by WA 5y ago

deleted 5y ago

[deleted]

BLKNSLVR 5y ago

"It's just wrong" is wrong. It's complicated because it's complicated. Try explaining quantum physics. Complexity is a function of the shoulders upon which the new thing is standing. Cryptocurrency sits atop cryptography, which is conceptually difficult to grasp even for HN regulars. The potential (I say potential because I'm aware enough to know that certain things are not yet proven) value for "most people" is a reduction of the corruption inherent in the processing of financial transactions. This is far enough separated from the average persons day to day that it doesn't seem to have value. But things like the GFC bring that awareness to the fore... briefly. The terminology doesn't "shift all the time" and if that's how you see it then you're not keeping up and therefore your opinion and commentary carries little weight. The terminology you're talking about is new functionality offered by the ecosystem, it's not a rebranding or business pivot, it's a new branch of services. DeFi is an example of the services that can be built upon cryptocurrency (with smart contracts) and, like the cause of this discussion, takes time to build awareness and a customer base. Web3 is just another branch of functionality that can sit atop cryptocurrency / smart contracts. The terminology may well be bullshit, just like "social" was web-2-point-oh way back seven years ago, but it's the concept that matters, and the alternative, or disruption, that it facilitates. Web3 appears to be a kind of meta-internet. Bullshit terminology aside, I'm interested to see what will come of it.