4 ms·

> What is the value proposition of web3 to the user? The same value as most other P2P software: illegal activity. Web3 in particular is very useful for runnin

> What is the value proposition of web3 to the user? The same value as most other P2P software: illegal activity. Web3 in particular is very useful for running online casinos and ponzi schemes. Note that there is huge potential there for a ton of profit. Casinos make a ton of money.

przeor 4y ago
- Xorlev 4y ago
  I don't think your parent comment mentioned social security. Kind of off-topic, don't you think?
- LordKeren 4y ago
  yeah, if you cut out and overlook all the key defining aspects of a Ponzi scheme like the fraud, sure. Once the government privatizes social security (and similar mandatory retirement programs in other countries), converts it to a for-profit system, encourages speculative “investing”, makes deceptive claims on returns— you’ll be exactly right, they would be the same.
- Double_a_92 4y ago
  What about it? Everybody knows it's a Ponzi and at some point people agreed to it. It's not lying to you saying it will magically create money for you if you invest. You take the money from younger contributors, to give it to older contributors by design. And that kinda makes sense because the people at the top eventually die and it's everybodys turn at some point.
- APock 4y ago
  The ponzi schemes ran by governments are ultimately run as a benefit to your retirement, and most importantly, you can overthrow a government.
  - achenet 4y ago
    you make it sound so easy... why not just waltz into Russia, tell Putin and pals to leave and replace them with kind, competent, generous leaders?
- arinlen 4y ago
  > How about poniz schemes ran by governments ? You are ok with that kind of exploitation ? I don't understand what kind of argument you were aiming at. Even if your "government ponzi scheme" non-sequitur is taken at face value, what's your point exactly? Do you expect that a type of fraud becomes acceptable if you manage to point out other types of fraud?
  - pessimizer 4y ago
    Welcome to the internet. 1. Claim that X is the same as Y. 2. Assert that Y is Bad. 3. Therefore, X is Good. QED.
  - przeor 4y ago
    simple, if there are no more participants in a govt systems like social security or people dont want to use govt backed money, then it's value will collapse in a one way or another. It means that people who are left in the system are screwed like in any ponzi like systems. P.S. Thanks for downvotes HN on my orginal comment
maccard 4y ago
p2p is great and has some excellent use cases. We used it on a previous project to download 100+GB patches onto dozens of PCs in a trusted environment using a 100(?)mbps external connection in a couple of minutes. Torrents are also an incredible piece of technology, allowing tamper resistant distribution of files from untrusted parties - imagine how much value Linux distros glean from being hosted by third parties who voluntarily do so without needing to "partner up"? I don't disagree that the _primary_ use case is piracy though (and I've yet to see any genuine use cases for web3 suggested either)
5350-uiop-1130 4y ago
Good point

przeor 4y ago

Xorlev 4y ago
I don't think your parent comment mentioned social security. Kind of off-topic, don't you think?
LordKeren 4y ago
yeah, if you cut out and overlook all the key defining aspects of a Ponzi scheme like the fraud, sure. Once the government privatizes social security (and similar mandatory retirement programs in other countries), converts it to a for-profit system, encourages speculative “investing”, makes deceptive claims on returns— you’ll be exactly right, they would be the same.
Double_a_92 4y ago
What about it? Everybody knows it's a Ponzi and at some point people agreed to it. It's not lying to you saying it will magically create money for you if you invest. You take the money from younger contributors, to give it to older contributors by design. And that kinda makes sense because the people at the top eventually die and it's everybodys turn at some point.
APock 4y ago
The ponzi schemes ran by governments are ultimately run as a benefit to your retirement, and most importantly, you can overthrow a government.
- achenet 4y ago
  you make it sound so easy... why not just waltz into Russia, tell Putin and pals to leave and replace them with kind, competent, generous leaders?
arinlen 4y ago
> How about poniz schemes ran by governments ? You are ok with that kind of exploitation ? I don't understand what kind of argument you were aiming at. Even if your "government ponzi scheme" non-sequitur is taken at face value, what's your point exactly? Do you expect that a type of fraud becomes acceptable if you manage to point out other types of fraud?
- pessimizer 4y ago
  Welcome to the internet. 1. Claim that X is the same as Y. 2. Assert that Y is Bad. 3. Therefore, X is Good. QED.
- przeor 4y ago
  simple, if there are no more participants in a govt systems like social security or people dont want to use govt backed money, then it's value will collapse in a one way or another. It means that people who are left in the system are screwed like in any ponzi like systems. P.S. Thanks for downvotes HN on my orginal comment

maccard 4y ago

p2p is great and has some excellent use cases. We used it on a previous project to download 100+GB patches onto dozens of PCs in a trusted environment using a 100(?)mbps external connection in a couple of minutes. Torrents are also an incredible piece of technology, allowing tamper resistant distribution of files from untrusted parties - imagine how much value Linux distros glean from being hosted by third parties who voluntarily do so without needing to "partner up"? I don't disagree that the _primary_ use case is piracy though (and I've yet to see any genuine use cases for web3 suggested either)

5350-uiop-1130 4y ago

Good point