3 ms·

The problem i see with web3 as it was is that projects would show up with zero value and all speculation. I think many people just assumed it’s a magic black bo

The problem i see with web3 as it was is that projects would show up with zero value and all speculation. I think many people just assumed it’s a magic black box that makes you money. After all the scams of the last few years, I think that in 2023, folks will start approaching these projects more cautiously, only investing when the thing actually delivers some value. I don’t know what a “valuable” (in terms of what it does, not token value) really means in web3 yet, though it seems like the building blocks are there. I really want to see a web3/crypto project that has value outside of pure speculation, when we will see that (if ever) is what I’m not sure about

0xB31B1B 4y ago
The valuable use cases are capital controls evasion, tax evasion, remittances to Argentina, KYC evasion, money laundering. It is truly and only a pirate currency use case. There is no dapp/smart contract/DAO construct that is fundamentally useful and can find PMF. I’d go as far to say that “Tokenomics”fundamentally destroys your ability to find PMF because it changes the incentive structure such that the biggest thing you can do to drive growth is to pump, not build.
lern_too_spel 4y ago
> I think that in 2023, folks will start approaching these projects more cautiously You have a misplaced faith in people. There is absolutely nothing of societal value in Web3, and the fact that the author of the article can claim otherwise with a straight face shows that enough people haven't understood this yet. Whether you put the source of truth in a centralized database or a distributed ledger controlled by the crowd, the ultimate arbiter is the rule of law. As soon as you accept this, the only correct engineering solution to any problem of tracking ownership is the one that is the fastest and lowest cost (per transaction, to evolve the spec for new requirements including compliance with new laws, to roll back failures, etc.), and that rules out distributed blockchains.
- marmadukester39 4y ago
  Which is why feeless networks like Iota are interesting.
  - lern_too_spel 4y ago
    If you really believe Iota is cheaper, build your web services using Iota for OLTP.
- dml2135 4y ago
  Well put.

0xB31B1B 4y ago

The valuable use cases are capital controls evasion, tax evasion, remittances to Argentina, KYC evasion, money laundering. It is truly and only a pirate currency use case. There is no dapp/smart contract/DAO construct that is fundamentally useful and can find PMF. I’d go as far to say that “Tokenomics”fundamentally destroys your ability to find PMF because it changes the incentive structure such that the biggest thing you can do to drive growth is to pump, not build.

lern_too_spel 4y ago

> I think that in 2023, folks will start approaching these projects more cautiously You have a misplaced faith in people. There is absolutely nothing of societal value in Web3, and the fact that the author of the article can claim otherwise with a straight face shows that enough people haven't understood this yet. Whether you put the source of truth in a centralized database or a distributed ledger controlled by the crowd, the ultimate arbiter is the rule of law. As soon as you accept this, the only correct engineering solution to any problem of tracking ownership is the one that is the fastest and lowest cost (per transaction, to evolve the spec for new requirements including compliance with new laws, to roll back failures, etc.), and that rules out distributed blockchains.

marmadukester39 4y ago
Which is why feeless networks like Iota are interesting.
- lern_too_spel 4y ago
  If you really believe Iota is cheaper, build your web services using Iota for OLTP.
dml2135 4y ago
Well put.