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Web3 also doesn‘t care about anything else than holding up just enough hype and credibility so the original creators of the Ponzi scheme can cash out.

birracerveza 5y ago
Animats 5y ago
After several months of reading Reddit's r/metaverse, I have to agree. The number of crypto-related projects which have actually produced a working 3D world is very small. Most don't even try. The ones that work are mostly some web browser thing that looks like a Shockwave Flash game from 1999 or so. I'm interested in large 3D virtual worlds with user created content. I've read at least twenty metaverse "white papers" and "roadmaps" which go on and on about their "tokenomics" but have little or no info about how they actually intend to build a 3D world. The contribution of the crypto crowd to actually making it happen is near zero. I'm disappointed. I've seen "fake it til you make it" before, but a lot of those guys aren't even trying.
- EGreg 5y ago
  The thing is, “utility” is easy to claim, and becoming easier in the metaverse. Consider the justification for “greater fool” economics from the last decade: Bitcoin ponzi: “store of value” is utility! Filecoin: storing files is actual utility ERC20 memecoin ponzis: “shibaMUSKinu community .. utility is coming… we will um, fork an open source wallet or dex” NFT ponzis: “join the bored ape punk community, utility is working out in our gym on a private island, only 1% ever bother to show up” Metaverse: “virtual worlds and real estate is utility! Accessorize your avatars. First people who come get to be the kings, next people can be the landowner class, later people will work their way up from serf. You’ll be able to fight and win virtual land, play to earn…” The thing is, many of these things can legitimately be considered something of a utility for someone. And frankly, this is STILL better than Web2 corporations owning the metaverse. It’s bad enough they employ psychologists to figure out how to make you more addicted to your phones and spending your time outraged, contributing content in political arguments while ignoring your kids. Imagine now you will be spending hours in virtual reality. What’s next, computer chips in your brain via neuralink? If it was open source software, at least I can sort of control the economics of it. Otherwise… by 2040… you are a slave, Neo! Think about it.
  - Animats 5y ago
    This is STILL better than Web2 corporations owning the metaverse Centralization is worse in NFT land. The NFT industry is Axie Infinity, OpenSea, and the little guys. Back end mostly goes through Metamask. Few people interact with the blockchain directly. Metamask can and does blacklist coins and wallets. OpenSea can and does blacklist NFTs. While in theory you can go around them, they can seriously reduce the value of assets at whim. To get an NFT onto Decentraland, there's a US$500 "curation fee".
    - threeseed 5y ago
      OpenSea has raised over $470 million in VC capital [1]. That means that they will easily crush their competition and cement themselves as the home of NFTs. And then of course their "filtered view" of NFTs will become the source of truth and not the blockchain itself. And they have shown they are happy to do this filtering when asked [2]. [1] https://www.crunchbase.com/organization/opensea/company_financials https://www.crunchbase.com/organization/opensea/company_fina... [2] https://cointelegraph.com/news/opensea-freezes-2-2m-of-stolen-bored-apes https://cointelegraph.com/news/opensea-freezes-2-2m-of-stole...
- 8note 5y ago
  Large 3d world's with user created content just sounds like minecraft
demux 5y ago
This comment adds no insight on the posted content and makes claims that simply aren't true. To elaborate: 1. To assert "web3 doesn't care about X" implies that there is a coordinated effort to not care about X by web3 which is false by definition. Even if it's commentary on the apparent centralization of web3 being supposed to be p2p, there are several different web3 providers (eth, poly, ipfs) with different incentives. They're not all bad. 2. There are rug pulls and pump-dumps all over the place. This is a consequence of the decentralized nature of crypto and just a pessimistic example of what's possible with web3 tech. There are several optimistic solutions that solve real world problems using web3 which have been deployed IRL. This comment only adds a poorly informed opinion to this discussion, while not being very relevant.
- f6v 5y ago
  Aren’t you doing the same? > which is false by definition I mean, why?
- scollet 5y ago
  > there is a coordinated effort to not care about X by web3 which is false by definition. > the apparent centralization of web3 being supposed to be p2p, there are several different web3 providers (eth, poly, ipfs) with different incentives. > a pessimistic example of what's possible with web3 tech. I want to engage on these points in good faith. I'm asking you to expand these because I'm curious. I think crypto economics are a blight in practice, while the theory might be sound. You've presented a head and no body work, and I am genuinely curious to hear the expansion.
  - derangedHorse 5y ago
    Asking to “expand” is a little too general, do you have any specific questions about any of the topics listed?
baxtr 5y ago
This is becoming a meme. Anyone can post a comment containing the words web3, ponzi, scam, hype and add literally no value but still get upvoted. My take on crypto at this point is very simple: At least we have the transparency. There are so many scams going on in the financial industry. But it's hard to undercover, because all is opaque. It is the same with energy costs. Has anyone dared to calculate the CO2 release of traditional core banking systems or even running a large network of physical branches. No, because it's difficult and opaque. With the public blockchain these things actually can be calculated, which is a good thing I believe. Same with art. Is the broad public aware of the crazy price tags paid in the art scene over the last two decades? NFTs make this public. If more people would embrace the transparency created instead of complaining about the space all the time, we would create a better world.
- goodpoint 5y ago
  > There are so many scams going on in the financial industry I never met anyone who got scammed by a real bank. > Has anyone dared to calculate the CO2 release of traditional core banking systems or even running a large network of physical branches Yes and it's pretty negligible compared to PoW, obviously. > If more people would embrace the transparency created instead of complaining about the space all the time, we would create a better world. Transparency is not a magic cure-all. Plus, privacy is crucial to protect vulnerable people.
  - syzygyhack 5y ago
    > I never met anyone who got scammed by a real bank. Congrats on the first world privilege.
    - rjtavares 5y ago
      You have summarized my main problem with cryptocurrencies: it's cool to have that technology available, but it doesn't really improve on having first world institutions. Basically it's great for poorer countries, first world criminals and potentially for a dystopian future.
max__d 5y ago
Yeah scams. No one obliges you to enter and be one of the people that get scammed. But good luck finding a non web3 platform that gives you a 20% apy on ust, a stablecoin.
- 8note 5y ago
  The 20% comes from scams, mind you

birracerveza 5y ago

Animats 5y ago

After several months of reading Reddit's r/metaverse, I have to agree. The number of crypto-related projects which have actually produced a working 3D world is very small. Most don't even try. The ones that work are mostly some web browser thing that looks like a Shockwave Flash game from 1999 or so. I'm interested in large 3D virtual worlds with user created content. I've read at least twenty metaverse "white papers" and "roadmaps" which go on and on about their "tokenomics" but have little or no info about how they actually intend to build a 3D world. The contribution of the crypto crowd to actually making it happen is near zero. I'm disappointed. I've seen "fake it til you make it" before, but a lot of those guys aren't even trying.

EGreg 5y ago
The thing is, “utility” is easy to claim, and becoming easier in the metaverse. Consider the justification for “greater fool” economics from the last decade: Bitcoin ponzi: “store of value” is utility! Filecoin: storing files is actual utility ERC20 memecoin ponzis: “shibaMUSKinu community .. utility is coming… we will um, fork an open source wallet or dex” NFT ponzis: “join the bored ape punk community, utility is working out in our gym on a private island, only 1% ever bother to show up” Metaverse: “virtual worlds and real estate is utility! Accessorize your avatars. First people who come get to be the kings, next people can be the landowner class, later people will work their way up from serf. You’ll be able to fight and win virtual land, play to earn…” The thing is, many of these things can legitimately be considered something of a utility for someone. And frankly, this is STILL better than Web2 corporations owning the metaverse. It’s bad enough they employ psychologists to figure out how to make you more addicted to your phones and spending your time outraged, contributing content in political arguments while ignoring your kids. Imagine now you will be spending hours in virtual reality. What’s next, computer chips in your brain via neuralink? If it was open source software, at least I can sort of control the economics of it. Otherwise… by 2040… you are a slave, Neo! Think about it.
- Animats 5y ago
  This is STILL better than Web2 corporations owning the metaverse Centralization is worse in NFT land. The NFT industry is Axie Infinity, OpenSea, and the little guys. Back end mostly goes through Metamask. Few people interact with the blockchain directly. Metamask can and does blacklist coins and wallets. OpenSea can and does blacklist NFTs. While in theory you can go around them, they can seriously reduce the value of assets at whim. To get an NFT onto Decentraland, there's a US$500 "curation fee".
  - threeseed 5y ago
    OpenSea has raised over $470 million in VC capital [1]. That means that they will easily crush their competition and cement themselves as the home of NFTs. And then of course their "filtered view" of NFTs will become the source of truth and not the blockchain itself. And they have shown they are happy to do this filtering when asked [2]. [1] https://www.crunchbase.com/organization/opensea/company_financials https://www.crunchbase.com/organization/opensea/company_fina... [2] https://cointelegraph.com/news/opensea-freezes-2-2m-of-stolen-bored-apes https://cointelegraph.com/news/opensea-freezes-2-2m-of-stole...
8note 5y ago
Large 3d world's with user created content just sounds like minecraft

demux 5y ago

This comment adds no insight on the posted content and makes claims that simply aren't true. To elaborate: 1. To assert "web3 doesn't care about X" implies that there is a coordinated effort to not care about X by web3 which is false by definition. Even if it's commentary on the apparent centralization of web3 being supposed to be p2p, there are several different web3 providers (eth, poly, ipfs) with different incentives. They're not all bad. 2. There are rug pulls and pump-dumps all over the place. This is a consequence of the decentralized nature of crypto and just a pessimistic example of what's possible with web3 tech. There are several optimistic solutions that solve real world problems using web3 which have been deployed IRL. This comment only adds a poorly informed opinion to this discussion, while not being very relevant.

f6v 5y ago
Aren’t you doing the same? > which is false by definition I mean, why?
scollet 5y ago
> there is a coordinated effort to not care about X by web3 which is false by definition. > the apparent centralization of web3 being supposed to be p2p, there are several different web3 providers (eth, poly, ipfs) with different incentives. > a pessimistic example of what's possible with web3 tech. I want to engage on these points in good faith. I'm asking you to expand these because I'm curious. I think crypto economics are a blight in practice, while the theory might be sound. You've presented a head and no body work, and I am genuinely curious to hear the expansion.
- derangedHorse 5y ago
  Asking to “expand” is a little too general, do you have any specific questions about any of the topics listed?

baxtr 5y ago

This is becoming a meme. Anyone can post a comment containing the words web3, ponzi, scam, hype and add literally no value but still get upvoted. My take on crypto at this point is very simple: At least we have the transparency. There are so many scams going on in the financial industry. But it's hard to undercover, because all is opaque. It is the same with energy costs. Has anyone dared to calculate the CO2 release of traditional core banking systems or even running a large network of physical branches. No, because it's difficult and opaque. With the public blockchain these things actually can be calculated, which is a good thing I believe. Same with art. Is the broad public aware of the crazy price tags paid in the art scene over the last two decades? NFTs make this public. If more people would embrace the transparency created instead of complaining about the space all the time, we would create a better world.

goodpoint 5y ago
> There are so many scams going on in the financial industry I never met anyone who got scammed by a real bank. > Has anyone dared to calculate the CO2 release of traditional core banking systems or even running a large network of physical branches Yes and it's pretty negligible compared to PoW, obviously. > If more people would embrace the transparency created instead of complaining about the space all the time, we would create a better world. Transparency is not a magic cure-all. Plus, privacy is crucial to protect vulnerable people.
- syzygyhack 5y ago
  > I never met anyone who got scammed by a real bank. Congrats on the first world privilege.
  - rjtavares 5y ago
    You have summarized my main problem with cryptocurrencies: it's cool to have that technology available, but it doesn't really improve on having first world institutions. Basically it's great for poorer countries, first world criminals and potentially for a dystopian future.

max__d 5y ago

Yeah scams. No one obliges you to enter and be one of the people that get scammed. But good luck finding a non web3 platform that gives you a 20% apy on ust, a stablecoin.

8note 5y ago
The 20% comes from scams, mind you