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I'm quite bullish on web3 after having a chat with a mate who's developing on the terra protocol. As disclosure, I don't own more than 500usd in crypto (which

I'm quite bullish on web3 after having a chat with a mate who's developing on the terra protocol. As disclosure, I don't own more than 500usd in crypto (which I mined at a much lower price), don't have a trading account anywhere and have never speculated on it. However, the reason web3 excites me is this. Imagine the web, but there's a value exchange mechanism built in (a payment system if that helps your imagination). I see a lot of frontier tech wild west stuff going on and that's fine. Let's not look at the trees here. There have a been a lot of web 1 and 2 approaches that are no longer. But things like braves attention token to relpace the advertisement model and micro transactions for supporting pages directly. On chain tools which do away with backends, payment processors, account management etc NFTs as true assets. Currently the closest thing to a digital asset that we have is an email account that we don't want to have blocked or lose. Now you have people with 5000$ NFTs that they have a level of attachment to and can use as collateral. They seem silly now, but it meets the definition of a digital asset. And that will help grow a network of tools that use them. One example, you put your NFT up as collateral for a DeFi loan, you don't pay it back by the time given, a smart contract repos your NFT. Obviously this is a lot of speculation and opinion, how it all plays out is not going to be and already hasn't been a smooth ride. However, it's bringing a lot of innovation very rapidly. And one last thing for the sceptics, try to remember that crypto doesn't solve technical problems, it solves problems at a societal level.

outside1234 5y ago
> try to remember that crypto doesn't solve technical problems, it solves problems at a societal level. Let's test that with ransomware - how does it solve that societal problem?
- ThomPete 5y ago
  Ransomware is going to be much more expensive to do. Right now there is little cost to doing bad things on the internet. But the point is a little different. Crypto solves among others the problem of technology moving faster than legislation in ways that can't be tampered with. That's the big innovation of bitcoin. Someone created a store of value system and threw away the keys to the engine room which means it can't be tampered with by rough actors.
- aunty_helen 5y ago
  I would suggest that's not a problem that it solves. In the same way web3 doesn't solve every problem there is on web2 and web2 doesn't create every problem web3 tries to solve.
- pcthrowaway 5y ago
  For black-hat hackers, it does in fact solve some problems.
malermeister 5y ago
> And one last thing for the sceptics, try to remember that crypto doesn't solve technical problems, it solves problems at a societal level. It seems to me like it does the opposite. It takes the problems rampant in society thanks to capitalism and moves them into the digital space, with no real benefit. Data has the advantage of almost free replication, a lack of scarcity that might finally allow us to move forward as a society, allowing culture to be shared freely between free people. Instead crypto folks, blinded by their ideology, try their best to remove that advantage so they can make it just another capitalist asset to be traded. And that's not all - the price we pay for their attempts to keep shackling culture to capitalism is the destruction of our climate and acceleration towards the apocalypse.

outside1234 5y ago

> try to remember that crypto doesn't solve technical problems, it solves problems at a societal level. Let's test that with ransomware - how does it solve that societal problem?

ThomPete 5y ago
Ransomware is going to be much more expensive to do. Right now there is little cost to doing bad things on the internet. But the point is a little different. Crypto solves among others the problem of technology moving faster than legislation in ways that can't be tampered with. That's the big innovation of bitcoin. Someone created a store of value system and threw away the keys to the engine room which means it can't be tampered with by rough actors.
aunty_helen 5y ago
I would suggest that's not a problem that it solves. In the same way web3 doesn't solve every problem there is on web2 and web2 doesn't create every problem web3 tries to solve.
pcthrowaway 5y ago
For black-hat hackers, it does in fact solve some problems.

malermeister 5y ago

> And one last thing for the sceptics, try to remember that crypto doesn't solve technical problems, it solves problems at a societal level. It seems to me like it does the opposite. It takes the problems rampant in society thanks to capitalism and moves them into the digital space, with no real benefit. Data has the advantage of almost free replication, a lack of scarcity that might finally allow us to move forward as a society, allowing culture to be shared freely between free people. Instead crypto folks, blinded by their ideology, try their best to remove that advantage so they can make it just another capitalist asset to be traded. And that's not all - the price we pay for their attempts to keep shackling culture to capitalism is the destruction of our climate and acceleration towards the apocalypse.