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Web3 is like Professional Wrestling with its own concept of kayfabe (https://en.wikipedia.org/wiki/Kayfabe https://en.wikipedia.org/wiki/Kayfabe). If you're in

by lxe 3y ago

Web3 is like Professional Wrestling with its own concept of kayfabe (https://en.wikipedia.org/wiki/Kayfabe https://en.wikipedia.org/wiki/Kayfabe). If you're in the industry, you know that it's fake, but you have to keep appearances to engage and grow. Those that were convinced that Web3 isn't an act end up being "marks" -- they just feed the money to those in the know.

woodruffw 3y ago
I think the relevant distinction is that the fans of Professional Wrestling also know it's fake. Nobody is defrauded or misled by this[1]. By comparison, the Web3 (and broader cryptocurrency sphere) is largely predicated on two downstream sources of money: cynics attempting to profit on greater fools, and the greater fools themselves. [1]: https://www.youtube.com/watch?v=8C4lK41SX-Q https://www.youtube.com/watch?v=8C4lK41SX-Q
- jollyllama 3y ago
  >fans of Professional Wrestling also know it's fake aka Smart Marks
hinkley 3y ago
Those cranky old developers, some of them are just cranky old developers. Some of them know the game is wider and deeper than most people realize. We discard and recycle more old ideas than the fashion industry.
rattlesnakedave 3y ago
There are plenty of legitimate web3 and defi projects out there. The ethereum network, on-chain real world assets like USDC, protocols like Uniswap and AAVE, interesting stuff happening in the DID space. This blog post just reads like someone (who is this, by the way? this is a single post on a bear blog- why are we taking this so seriously?) who got caught up in and then burned by an overhyped NFT project.
- michaelmrose 3y ago
  What are the NFT projects that aren't over-hyped nothings that provide no real world utility?
  - rattlesnakedave 3y ago
    Lens Protocol, some DID stuff like disco.xyz, there are a few that gate access to interesting communities (more than just "here's a jpg"), I think benddao.xyz will be good for borrowing against IP (defined as NFTs). All still very fledgling, but I think these are the types of use cases that will last.
    - michaelmrose 3y ago
      What makes disco.xyz more meritorious than a simple subscription? Regarding bendao.xyz, borrowing against worthless things doesn't seem less worthnless than worthless things.

by lxe 3y ago

woodruffw 3y ago

I think the relevant distinction is that the fans of Professional Wrestling also know it's fake. Nobody is defrauded or misled by this[1]. By comparison, the Web3 (and broader cryptocurrency sphere) is largely predicated on two downstream sources of money: cynics attempting to profit on greater fools, and the greater fools themselves. [1]: https://www.youtube.com/watch?v=8C4lK41SX-Q https://www.youtube.com/watch?v=8C4lK41SX-Q

jollyllama 3y ago
>fans of Professional Wrestling also know it's fake aka Smart Marks

hinkley 3y ago

Those cranky old developers, some of them are just cranky old developers. Some of them know the game is wider and deeper than most people realize. We discard and recycle more old ideas than the fashion industry.

rattlesnakedave 3y ago

There are plenty of legitimate web3 and defi projects out there. The ethereum network, on-chain real world assets like USDC, protocols like Uniswap and AAVE, interesting stuff happening in the DID space. This blog post just reads like someone (who is this, by the way? this is a single post on a bear blog- why are we taking this so seriously?) who got caught up in and then burned by an overhyped NFT project.

michaelmrose 3y ago
What are the NFT projects that aren't over-hyped nothings that provide no real world utility?
- rattlesnakedave 3y ago
  Lens Protocol, some DID stuff like disco.xyz, there are a few that gate access to interesting communities (more than just "here's a jpg"), I think benddao.xyz will be good for borrowing against IP (defined as NFTs). All still very fledgling, but I think these are the types of use cases that will last.
  - michaelmrose 3y ago
    What makes disco.xyz more meritorious than a simple subscription? Regarding bendao.xyz, borrowing against worthless things doesn't seem less worthnless than worthless things.