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In order to understand Web3 culture, look into Professional Wrestling (https://en.wikipedia.org/wiki/Kayfabe https://en.wikipedia.org/wiki/Kayfabe). Web3 is fa

by lxe 4y ago

In order to understand Web3 culture, look into Professional Wrestling (https://en.wikipedia.org/wiki/Kayfabe https://en.wikipedia.org/wiki/Kayfabe). Web3 is fake/staged, but everyone participating in Web3 either knows this, doesn't know this, or pretends not to know this.

k__ 4y ago
Web3 isn't one centralized entity that's either fake or true. It's a bunch of bullshit, mixed with many slick ideas. I believe in web3, but I also believe that art NFTs and crypto bros running grifter companies like MtGOX and FTX give it a bad rap. Luckily, the ecosystem is now big enough that you can avoid that crap pretty easily.
- halpmeh 4y ago
  I don’t think you can avoid it that easily. First there’s the question of identifying grift. But more broadly the price of crypto is influenced by the grifters and their operations.
- PragmaticPulp 4y ago
  > Web3 isn't one centralized entity that's either fake or true. It’s not centralized, but the players are incredibly good at moving in lock step together. This is most obvious on Twitter, where one of the loudest crypto/web3 cheerleaders will introduce a new idea and within hours all of the other loudest crypto/web3 accounts are Tweeting some variation of the same thing. The whole industry isn’t centrally coordinated, but they’re all reading the room and playing whatever game seems to be getting traction on a given week.
  - Waterluvian 4y ago
    It’s like crypto: the con is in tricking people into thinking they’re not just pawns.
  - JamesianP 4y ago
    Herd behavior, very common in finance certainly. I guess because they can profit from momentum even when the market ends up going nowhere over the long term.
- Analemma_ 4y ago
  > crypto bros running grifter companies like MtGOX and FTX give it a bad rap. ... and Poloniex and 3AC and Bitconnect and Terra and Celsius and Quadriga and BTC-e and and and... The scams in the ecosystem outweigh the good by 100:1 or more. It doesn't matter how big it is if all of it is crap.
- purerandomness 4y ago
  > I believe in web3 Could you elaborate on what definition of Web3 you believe in?
- unstoppablecode 4y ago
  Been an avid HN reader for 10+ years. Really surprised at the anti-crypto sentiment here. The tech speaks for itself despite the annoying meme coins. JP Morgan's father told him not to invest in Edison because he thought electricity was evil. Superior tech won out
  - deleted 4y ago
    [deleted]
elevenoh 4y ago

by lxe 4y ago

k__ 4y ago

Web3 isn't one centralized entity that's either fake or true. It's a bunch of bullshit, mixed with many slick ideas. I believe in web3, but I also believe that art NFTs and crypto bros running grifter companies like MtGOX and FTX give it a bad rap. Luckily, the ecosystem is now big enough that you can avoid that crap pretty easily.

halpmeh 4y ago
I don’t think you can avoid it that easily. First there’s the question of identifying grift. But more broadly the price of crypto is influenced by the grifters and their operations.
PragmaticPulp 4y ago
> Web3 isn't one centralized entity that's either fake or true. It’s not centralized, but the players are incredibly good at moving in lock step together. This is most obvious on Twitter, where one of the loudest crypto/web3 cheerleaders will introduce a new idea and within hours all of the other loudest crypto/web3 accounts are Tweeting some variation of the same thing. The whole industry isn’t centrally coordinated, but they’re all reading the room and playing whatever game seems to be getting traction on a given week.
- Waterluvian 4y ago
  It’s like crypto: the con is in tricking people into thinking they’re not just pawns.
- JamesianP 4y ago
  Herd behavior, very common in finance certainly. I guess because they can profit from momentum even when the market ends up going nowhere over the long term.
Analemma_ 4y ago
> crypto bros running grifter companies like MtGOX and FTX give it a bad rap. ... and Poloniex and 3AC and Bitconnect and Terra and Celsius and Quadriga and BTC-e and and and... The scams in the ecosystem outweigh the good by 100:1 or more. It doesn't matter how big it is if all of it is crap.
purerandomness 4y ago
> I believe in web3 Could you elaborate on what definition of Web3 you believe in?
unstoppablecode 4y ago
Been an avid HN reader for 10+ years. Really surprised at the anti-crypto sentiment here. The tech speaks for itself despite the annoying meme coins. JP Morgan's father told him not to invest in Edison because he thought electricity was evil. Superior tech won out
- deleted 4y ago
  [deleted]

elevenoh 4y ago