4 ms·

>while meeting the promised goals: a set of trustless, permissionless, and decentralized tools for transferring and owning value on the internet. I'm sorry, I

>while meeting the promised goals: a set of trustless, permissionless, and decentralized tools for transferring and owning value on the internet. I'm sorry, I know this isn't reddit, but: fucking lol. What do you even mean? What does "owning value on the internet" mean? This is exactly the kind of handwaving the article is about.

zeroclip 4y ago
“Value” in this context is a digital asset that is assigned to you and can be exchanged for some real world value. One example is PayPal. When you deposit fiat into a PayPal account, you get back an asset: a digital and virtual currency that PayPal holds custody over for you. Another example is a digital gift card, like a $50 voucher for Amazon. The key associated with this card holds value, and in some cases you can even gift and transfer this online. Another example is a domain name. If you own a valuable domain name like Meta.com, the asset isn’t “money” but it also isn’t worthless or valueless. Now take a DAI stablecoin, Aave position, or ENS domain. Very much the same as above assets, except that they align more closely with the three aforementioned properties: trustless, permissionless, and decentralized. In all of these cases we use the term “ownership” but the ownership of dollars in a PayPal account and ownership of DAI tokens in a wallet have very different properties.
- bertman 4y ago
  >except that they align more closely with the three aforementioned properties: trustless, permissionless, and decentralized. But wouldn't you agree that the article is mainly about why "Web 3.0" has failed over and over again to provide exactly these properties, or to provide a valuable solution to a problem that hasn't been or could be solved in a better way already? Literally everything related to "Web 3.0" has been a snowbally scam, and yet, as another commenter in this thread put it aptly, "the "pull back" in hype has allowed a new breed of charlatans to pretend there is ever more legitimacy to this whole scam". It is, for me at least, impossible to take DAI stablecoins, AAVE positions or any other new kid on the block seriously.
  - zeroclip 4y ago
    The article focuses on Bitcoin, Proof of Work, hyped statements like houses-on-the-blockchain, and Ponzi schemes like Bitconnect, which is to say that it isn't focusing on any of today's Web3 tools or products, and especially is not focusing on the successful protocols coming out of Web3. If you or the author feels that Uniswap, DAI, ENS, and AAVE are scams, try to provide some rationale for this claim. Otherwise these sweeping statements are just as hollow as saying that SMPT is a Great Con based on the notion that 85% of today's circulating email is illegitimate.

zeroclip 4y ago

“Value” in this context is a digital asset that is assigned to you and can be exchanged for some real world value. One example is PayPal. When you deposit fiat into a PayPal account, you get back an asset: a digital and virtual currency that PayPal holds custody over for you. Another example is a digital gift card, like a $50 voucher for Amazon. The key associated with this card holds value, and in some cases you can even gift and transfer this online. Another example is a domain name. If you own a valuable domain name like Meta.com, the asset isn’t “money” but it also isn’t worthless or valueless. Now take a DAI stablecoin, Aave position, or ENS domain. Very much the same as above assets, except that they align more closely with the three aforementioned properties: trustless, permissionless, and decentralized. In all of these cases we use the term “ownership” but the ownership of dollars in a PayPal account and ownership of DAI tokens in a wallet have very different properties.

bertman 4y ago
>except that they align more closely with the three aforementioned properties: trustless, permissionless, and decentralized. But wouldn't you agree that the article is mainly about why "Web 3.0" has failed over and over again to provide exactly these properties, or to provide a valuable solution to a problem that hasn't been or could be solved in a better way already? Literally everything related to "Web 3.0" has been a snowbally scam, and yet, as another commenter in this thread put it aptly, "the "pull back" in hype has allowed a new breed of charlatans to pretend there is ever more legitimacy to this whole scam". It is, for me at least, impossible to take DAI stablecoins, AAVE positions or any other new kid on the block seriously.
- zeroclip 4y ago
  The article focuses on Bitcoin, Proof of Work, hyped statements like houses-on-the-blockchain, and Ponzi schemes like Bitconnect, which is to say that it isn't focusing on any of today's Web3 tools or products, and especially is not focusing on the successful protocols coming out of Web3. If you or the author feels that Uniswap, DAI, ENS, and AAVE are scams, try to provide some rationale for this claim. Otherwise these sweeping statements are just as hollow as saying that SMPT is a Great Con based on the notion that 85% of today's circulating email is illegitimate.