5 ms·

Web3 is dead. Please stop.

by fabiofzero 3y ago

alphanullmeric 3y ago
“Nobody uses crypto!” - people trying to make the use of crypto illegal
- gotimo 3y ago
  "Use crypto!" - bag-holders with a financial interest in crypto being used
  - alphanullmeric 3y ago
    You’re free to use whatever you want, this discussion is about whether you can ban others from doing the same.
    - gotimo 3y ago
      as far as i can tell very few people want cryptocurrency to be illegal. what people do advocate for is KYC practices at crypto exchanges to protect customers from fraud.
      - alphanullmeric 3y ago
        ie. the patriot act argument. I don’t support the redistribution of consequences. Individuals can decide what risks they want to take, including whether they want a KYC exchange or not. If that works out poorly for them, that’s too bad. You’re not held responsible for their losses so you don’t get a say in how they choose to use their own money.
xk_id 3y ago
Just for the sake of clarity in communication, OP has chosen to define “death” as $1.72 billion of on-chain transaction volume in the last 24h [0] [0] https://defillama.com/dexs https://defillama.com/dexs
- badrequest 3y ago
  Bot-to-bot wash trades as evidence of legitimacy, classic web3.
  - xk_id 3y ago
    Unsupported conspiracy theories, classic cryptophobia.
    - z33k 3y ago
      Multiple studies have consistently found the majority of crypto/ dex/ dapp TXs being done by bots. 2019: https://anchainai.medium.com/our-ai-detects-your-ai-revealing-the-secret-blockchain-dapp-world-of-bots-eed8884a07 https://anchainai.medium.com/our-ai-detects-your-ai-revealin... 2022: https://twitter.com/messaricrypto/status/1599916553780137985 https://twitter.com/messaricrypto/status/1599916553780137985
      - archerx 3y ago
        So just like Wallstreet?
      - xk_id 3y ago
        The 2019 study published on medium only lists machine learning buzzwords in their methods section. The 2022 twitter link doesn’t explain the methodology at all; on the other hand, Messari is usually legit (but paywalled). Regardless, programmable transactions are in fact a feature of DeFi, they are launched by real people anyway and it doesn’t automatically imply “wash trading”; that’s just bad faith speculation.
        z33k 3y ago
        It does imply, however, that citing figures like "$1.72 billion of on-chain transaction volume in the last 24h" in the context of web3's health is misleading or false.
SagatPetchy 3y ago
These two sentences sound contradictory to me.

Web3 is dead. Please stop.

alphanullmeric 3y ago

“Nobody uses crypto!” - people trying to make the use of crypto illegal

gotimo 3y ago
"Use crypto!" - bag-holders with a financial interest in crypto being used
- alphanullmeric 3y ago
  You’re free to use whatever you want, this discussion is about whether you can ban others from doing the same.
  - gotimo 3y ago
    as far as i can tell very few people want cryptocurrency to be illegal. what people do advocate for is KYC practices at crypto exchanges to protect customers from fraud.
    - alphanullmeric 3y ago
      ie. the patriot act argument. I don’t support the redistribution of consequences. Individuals can decide what risks they want to take, including whether they want a KYC exchange or not. If that works out poorly for them, that’s too bad. You’re not held responsible for their losses so you don’t get a say in how they choose to use their own money.

xk_id 3y ago

Just for the sake of clarity in communication, OP has chosen to define “death” as $1.72 billion of on-chain transaction volume in the last 24h [0] [0] https://defillama.com/dexs https://defillama.com/dexs

badrequest 3y ago
Bot-to-bot wash trades as evidence of legitimacy, classic web3.
- xk_id 3y ago
  Unsupported conspiracy theories, classic cryptophobia.
  - z33k 3y ago
    Multiple studies have consistently found the majority of crypto/ dex/ dapp TXs being done by bots. 2019: https://anchainai.medium.com/our-ai-detects-your-ai-revealing-the-secret-blockchain-dapp-world-of-bots-eed8884a07 https://anchainai.medium.com/our-ai-detects-your-ai-revealin... 2022: https://twitter.com/messaricrypto/status/1599916553780137985 https://twitter.com/messaricrypto/status/1599916553780137985
    - archerx 3y ago
      So just like Wallstreet?
    - xk_id 3y ago
      The 2019 study published on medium only lists machine learning buzzwords in their methods section. The 2022 twitter link doesn’t explain the methodology at all; on the other hand, Messari is usually legit (but paywalled). Regardless, programmable transactions are in fact a feature of DeFi, they are launched by real people anyway and it doesn’t automatically imply “wash trading”; that’s just bad faith speculation.
      - z33k 3y ago
        It does imply, however, that citing figures like "$1.72 billion of on-chain transaction volume in the last 24h" in the context of web3's health is misleading or false.

SagatPetchy 3y ago

These two sentences sound contradictory to me.