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> Ask yourself, who is the most affected by these 2 technologies existing? Speculators? Seriously though, can you tell us which Web3 technologies, specificall

> Ask yourself, who is the most affected by these 2 technologies existing? Speculators? Seriously though, can you tell us which Web3 technologies, specifically, are disrupting existing technologies in a way that really benefits the end users instead of speculators? > I hear you about the electricity usage, but Bitcoin Lightning will drive down the usage so much that it will become a moot point anyways. That's not how mining works. Layer 2 networks don't reduce the energy consumption of the Layer 1 network. They still produce 1 block every 10 minutes, and they'll continue mining as long as their costs are lower than the combined block reward and transaction fees. But your comment is a perfect example of the web3 hype: Proponents are convinced that every current problem is basically solved, we just need to wait for the solution to actually arrive and then everyone will see.

danlugo92 5y ago
> Seriously though, can you tell us which Web3 technologies, specifically, are disrupting existing technologies in a way that really benefits the end users instead of speculators? Distributed systems where you own the data and there's no single point of failure. > That's not how mining works. Layer 2 networks don't reduce the energy consumption of the Layer 1 network. They still produce 1 block every 10 minutes, and they'll continue mining as long as their costs are lower than the combined block reward and transaction fees. I'm not an expert on the mining mechanics, I might be wrong but not due to the reasons you claim, transaction fees will approach zero as more people move into lightning and block reward will keep getting halved.
- librish 5y ago
  > Distributed systems where you own the data and there's no single point of failure. That's too abstract, can you be more specific? > I'm not an expert on the mining mechanics, I might be wrong but not due to the reasons you claim, transaction fees will approach zero as more people move into lightning and block reward will keep getting halved. Transaction costs could go down but that doesn't change the incentives for the mining itself very much.
  - danlugo92 5y ago
    > That's too abstract, can you be more specific? Depends on which technology you'll use, one of them is www.gun.eco For the end user just imagine twitter but you can't get banned nor any comment deleted oh and they also cannot read your private messages.
- deleted 5y ago
  [deleted]
- da-x 5y ago
  > Distributed systems where you own the data and there's no single point of failure. If I encrypt my 1TB of the data I have at home and put the copies on AWS, GCP, and Azure, there's also no single point of failure and I own the data. Still, blockchain is a solution looking for a problem. I can own data without relying on a worldwide self-settling ledger. There's the "shutdown test" for the actual immediate utility value of anything worldwide. If we hypothetically manage to shutdown Bitcoin and all the other blockchains, what would be the overall effect to the world? Some big and small speculators losing assets and no actual loss of value (but less carbon emissions, so maybe increase of value?). On the other hand, shutdown stock exchanges, SWIFT systems, electricity, internet in general - big turmoil.
___q 5y ago
> which Web3 technologies How does self-sovereign identity exclusively benefit speculators?
- jazzyjackson 5y ago
  how come you need a blockchain to assert your identity, doesn’t public key cryptography solve this?
  - ___q 5y ago
    SSI uses public key cryptography, are you familiar with it? Adding a blockchain allows creation of a registry, smart chain interactions, notarization, many other features. How does it only benefit speculators?
    - jazzyjackson 5y ago
      the tokenization is the part that exists for speculators can’t I usen openssl to sign files representing agreements and write programs that only run when an authroized keyholder calls a method without the global supercomputer running at a few thousand TPS? it just seems like the most inefficient approach to utilizing cryptographic signatures granted, no one else has cracked the UI/UX problem of using these signatures so I’m not a total prohibitionist on blockchains, it just doesn’t feel like the right answer to me
      - ___q 5y ago
        Then Web3 doesn't exclusively benefit speculators. And there's a big difference between SSH and SSI. And solves it problems that, you say, weren't already solved. So it boils down to blockchains taking too much electricity?

danlugo92 5y ago

> Seriously though, can you tell us which Web3 technologies, specifically, are disrupting existing technologies in a way that really benefits the end users instead of speculators? Distributed systems where you own the data and there's no single point of failure. > That's not how mining works. Layer 2 networks don't reduce the energy consumption of the Layer 1 network. They still produce 1 block every 10 minutes, and they'll continue mining as long as their costs are lower than the combined block reward and transaction fees. I'm not an expert on the mining mechanics, I might be wrong but not due to the reasons you claim, transaction fees will approach zero as more people move into lightning and block reward will keep getting halved.

librish 5y ago
> Distributed systems where you own the data and there's no single point of failure. That's too abstract, can you be more specific? > I'm not an expert on the mining mechanics, I might be wrong but not due to the reasons you claim, transaction fees will approach zero as more people move into lightning and block reward will keep getting halved. Transaction costs could go down but that doesn't change the incentives for the mining itself very much.
- danlugo92 5y ago
  > That's too abstract, can you be more specific? Depends on which technology you'll use, one of them is www.gun.eco For the end user just imagine twitter but you can't get banned nor any comment deleted oh and they also cannot read your private messages.
deleted 5y ago
[deleted]
da-x 5y ago
> Distributed systems where you own the data and there's no single point of failure. If I encrypt my 1TB of the data I have at home and put the copies on AWS, GCP, and Azure, there's also no single point of failure and I own the data. Still, blockchain is a solution looking for a problem. I can own data without relying on a worldwide self-settling ledger. There's the "shutdown test" for the actual immediate utility value of anything worldwide. If we hypothetically manage to shutdown Bitcoin and all the other blockchains, what would be the overall effect to the world? Some big and small speculators losing assets and no actual loss of value (but less carbon emissions, so maybe increase of value?). On the other hand, shutdown stock exchanges, SWIFT systems, electricity, internet in general - big turmoil.

___q 5y ago

> which Web3 technologies How does self-sovereign identity exclusively benefit speculators?

jazzyjackson 5y ago
how come you need a blockchain to assert your identity, doesn’t public key cryptography solve this?
- ___q 5y ago
  SSI uses public key cryptography, are you familiar with it? Adding a blockchain allows creation of a registry, smart chain interactions, notarization, many other features. How does it only benefit speculators?
  - jazzyjackson 5y ago
    the tokenization is the part that exists for speculators can’t I usen openssl to sign files representing agreements and write programs that only run when an authroized keyholder calls a method without the global supercomputer running at a few thousand TPS? it just seems like the most inefficient approach to utilizing cryptographic signatures granted, no one else has cracked the UI/UX problem of using these signatures so I’m not a total prohibitionist on blockchains, it just doesn’t feel like the right answer to me
    - ___q 5y ago
      Then Web3 doesn't exclusively benefit speculators. And there's a big difference between SSH and SSI. And solves it problems that, you say, weren't already solved. So it boils down to blockchains taking too much electricity?