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Note: not super versed in this space. My main info is from a Johnny Harris video where he debates himself on the subject of crypto. And I've looked into the tec

by cdrini 5y ago

Note: not super versed in this space. My main info is from a Johnny Harris video where he debates himself on the subject of crypto. And I've looked into the tech a bit. I don't think I follow how crypto would help in your situation. At least your father could get a loan from the bank--and he got that loan because the bank looked at his history, trusted him, and took a bet he would succeed. And he can trust the bank, because it has authority and governmental checks and balances to hold it accountable. There is no trust in crypto as far as I understand it. In fact being trust-less is one of the designing principles of the block chain. Can loans exist in crypto? Wouldn't this be significantly more difficult for someone like your father to break into? And significantly more risk-y? Whereas he could get a loan from a bank with relatively little financial investment and risk, how much time & money would he need to invest in a cryptocurrency before he has enough to do what he wants with the finances? What's the risk? Sorry if I'm missing something here, my econ-fu is weak.

labrador 5y ago
My Dad couldn't get a loan from the bank because he had a bunch of kids and a moderatly paying job. He wasn't able to implement his ideas without capital. First generations of immigrants to this country solve this by pooling thier money. Some cultures in America still do this. I'm thinking that web3 is an attempt to recreate those informal pools of captial. GoFundMe, Kickstarter and Patreon were a good start but they still act as gate keepers. I'm just tryint to get a feel for where the enthusiasm is coming from when you look behind the plebes who are getting ripped off to the thinkers with an actual strategy.
- cdrini 5y ago
  I would highly recommend this Johnny Harris video: https://www.youtube.com/watch?v=v0V_zkng4go https://www.youtube.com/watch?v=v0V_zkng4go . It does a great job of summarizing all the (too many!) points in the debate from a neutral standpoint--including enthusiasm. It's so neutral, that it actually leaves you feeling a little lost at the end :P Which I think is the state of the debate, unfortunately. But it'll probably get you closer to answers than I will--I'm afraid I don't have any.
  - labrador 5y ago
    This is really well done. Thanks. I should have made it more clear that my focus was on Defi and Dao. Web3 has become a useless and triggering term.

by cdrini 5y ago

labrador 5y ago

My Dad couldn't get a loan from the bank because he had a bunch of kids and a moderatly paying job. He wasn't able to implement his ideas without capital. First generations of immigrants to this country solve this by pooling thier money. Some cultures in America still do this. I'm thinking that web3 is an attempt to recreate those informal pools of captial. GoFundMe, Kickstarter and Patreon were a good start but they still act as gate keepers. I'm just tryint to get a feel for where the enthusiasm is coming from when you look behind the plebes who are getting ripped off to the thinkers with an actual strategy.

cdrini 5y ago
I would highly recommend this Johnny Harris video: https://www.youtube.com/watch?v=v0V_zkng4go https://www.youtube.com/watch?v=v0V_zkng4go . It does a great job of summarizing all the (too many!) points in the debate from a neutral standpoint--including enthusiasm. It's so neutral, that it actually leaves you feeling a little lost at the end :P Which I think is the state of the debate, unfortunately. But it'll probably get you closer to answers than I will--I'm afraid I don't have any.
- labrador 5y ago
  This is really well done. Thanks. I should have made it more clear that my focus was on Defi and Dao. Web3 has become a useless and triggering term.