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I’m not the OP, but I think there is a very real concern that a single person or single group of people who create the “new better system” can significantly dra

I’m not the OP, but I think there is a very real concern that a single person or single group of people who create the “new better system” can significantly drain the resources of everyone else. We actively see this all the time on smaller scales (credit cards, global franchises, FAANG), but the idea of someone doing it at a larger scale should make us hesitate.

rglullis 4y ago
Oh, where do I begin? - You do realize that the comment was tongue-in-cheek? - There is no "resource draining" here. Even if someone found a way to solve the problem of distributed consensus without using a blockchain and found a way to make money out of it, they would be rich by wealth creation: new products, new services, new business.
- PaulHoule 4y ago
  Web3 is often more interested in moving money around (e.g. "Ponzi Schemes") than really creating anything. Real innovation is a lot of hard work. Recently I read a book by this guy https://en.wikipedia.org/wiki/Lenny_Lipton https://en.wikipedia.org/wiki/Lenny_Lipton because I am teaching myself to make stereograms. Lipton spent a few years in the 1970s figuring out how to make quality stereo movies with the goal of developing a better system for exhibiting stereo movies. In 1980 he wrote a book (that book) which was a lot like a PhD thesis, he then invented the modern system for 3D movies with circular polarized light and sold his company in 2005. In the end he "got rich" but it wasn't quick. The blockhead ideology is a lot like the Amway ideology... Really working, creating something, building something, serving customers, is a lot of work for not enough remuneration. There's got to be some magic secret to riches without effort, and once you've got people to believe it exists, you can exploit them.
  - rglullis 4y ago
    Condescending much? > Web3 is often more interested in moving money around (e.g. "Ponzi Schemes") than really creating anything. And "Web 2.0" was more interested in taking some Unix utility and turning them into a web service that could be walled off and monetized. There hardly was any ~real innovation~. See how ridiculous it sounds?
- joshspankit 4y ago
  > You do realize that the comment was tongue-in-cheek? Why would I? It's well-established that tone does not come across through text. > There is no "resource draining" here. Even if someone found a way to solve the problem of distributed consensus without using a blockchain and found a way to make money out of it, they would be rich by wealth creation: new products, new services, new business. While I see what you're saying, I don't think I properly explained my point as yours is not a counter to it. By "resource draining" I mean that overall the creators could get richer compared to everyone else. Even if they took say $0.01 from every transaction those pennies slowly add up. A dollar 'spent' by changing hands 10 times is actually $0.90. A dollar 'spent' 100 times has been effectively drained of all it's value with that value funnelled to the hands of those running the system. In a scenario like that, wealth creation as you've defined it actually pours fuel on the fire. Every business uses a huge amount of transactions to pay operational costs, and all of their customers generate transactions every time they pay. We currently have this playing out in various ways (for example franchise markups) and even though it's so highly fragmented it's still an issue where wealth is concentrating at the top. So it follows that if the rich get richer, the rest must get less rich by comparison.

rglullis 4y ago

Oh, where do I begin? - You do realize that the comment was tongue-in-cheek? - There is no "resource draining" here. Even if someone found a way to solve the problem of distributed consensus without using a blockchain and found a way to make money out of it, they would be rich by wealth creation: new products, new services, new business.

PaulHoule 4y ago
Web3 is often more interested in moving money around (e.g. "Ponzi Schemes") than really creating anything. Real innovation is a lot of hard work. Recently I read a book by this guy https://en.wikipedia.org/wiki/Lenny_Lipton https://en.wikipedia.org/wiki/Lenny_Lipton because I am teaching myself to make stereograms. Lipton spent a few years in the 1970s figuring out how to make quality stereo movies with the goal of developing a better system for exhibiting stereo movies. In 1980 he wrote a book (that book) which was a lot like a PhD thesis, he then invented the modern system for 3D movies with circular polarized light and sold his company in 2005. In the end he "got rich" but it wasn't quick. The blockhead ideology is a lot like the Amway ideology... Really working, creating something, building something, serving customers, is a lot of work for not enough remuneration. There's got to be some magic secret to riches without effort, and once you've got people to believe it exists, you can exploit them.
- rglullis 4y ago
  Condescending much? > Web3 is often more interested in moving money around (e.g. "Ponzi Schemes") than really creating anything. And "Web 2.0" was more interested in taking some Unix utility and turning them into a web service that could be walled off and monetized. There hardly was any ~real innovation~. See how ridiculous it sounds?
joshspankit 4y ago
> You do realize that the comment was tongue-in-cheek? Why would I? It's well-established that tone does not come across through text. > There is no "resource draining" here. Even if someone found a way to solve the problem of distributed consensus without using a blockchain and found a way to make money out of it, they would be rich by wealth creation: new products, new services, new business. While I see what you're saying, I don't think I properly explained my point as yours is not a counter to it. By "resource draining" I mean that overall the creators could get richer compared to everyone else. Even if they took say $0.01 from every transaction those pennies slowly add up. A dollar 'spent' by changing hands 10 times is actually $0.90. A dollar 'spent' 100 times has been effectively drained of all it's value with that value funnelled to the hands of those running the system. In a scenario like that, wealth creation as you've defined it actually pours fuel on the fire. Every business uses a huge amount of transactions to pay operational costs, and all of their customers generate transactions every time they pay. We currently have this playing out in various ways (for example franchise markups) and even though it's so highly fragmented it's still an issue where wealth is concentrating at the top. So it follows that if the rich get richer, the rest must get less rich by comparison.