Popular news aggregation and discussion website Reddit has changed its terms of service, allowing users to earn, purchase or sell currencies and items that can be cryptographically verified. The change in terms also explicitly outlined a clear separation in the definition of non-tokenized Web 2 virtual goods and tokenized Web 3 virtual goods, with a member of the Reddit product team disclosing plans to sunset the former.
I thought we all agreed web3 was dead and killed by shills and get rich quick schemes. Why are people still on this bandwagon?
Because of shills and get rich quick schemes.
A lot of their recent moves reek of desperation. Literally anything that might squeeze keep the valuation from dropping any further is going to be thrown at the wall.
Maybe Reddit’s investors haven’t caught up yet and love buzzwords like “crypto” and “blockchain” and NFT?
There was a guy joined my last organisation who would not shut the fuck up about Blockchain.
It was a retail org that sold branded mass produced stuff. There was no need for Blockchain but it was like, the only thing he knew about and his USP at interview stage.
He got fired. It was a good day.
Definitely a move just for the investors.
I think whoever is still on it is just jumping from one hype train to another in denial, following other web3 bros news. They really believe it is the future without any understanding how it works.
if selection of non-paywalled icons for reddit app is any indication this makes sense
I believe it’s the future and I 100% understand how it works. There are a ton of bad ideas, scams, and money grabs… But at the core the fundamental technologies have a lot of potential.
Edit: to those that downvote, I’m willing to be civil and discuss if you want. If you want to down vote and move on that’s cool too, I definitely get the skepticism.
We all want a free and better Internet, that’s why we are on lemmy. The core principals of bitcoin, Ethereum, monero (and a few others) are that. I don’t want scams, or a bunch of “digital collectible”/nft cash grabs either.
Its a solution looking for the right problem. Unfortunately, all the problems it can solve, have already been solved in other ways.
the problem doesn’t even exist unless you take extremely paranoid and terminally libertarian assumptions
Well, things like “How do we make sure the person who claims to own this house actually owns this house” is definitely a real problem. But we’ve already solved that problem in another way. And we’ve spent hundreds of years ironing out all the little kinks in the system.
And the problem with blockchain (and every other ‘disruptive’ technology) is that it goes “Nah, we’re going to throw all those unneeded things out”. That then goes massively wrong, because, surprise, the system isn’t complex for no reason.
“how we determine property ownership” is a solved problem
“how we determine property ownership without central governmental registry and enforcement” is a problem that arises when you want everything solvable without government at all. then it fails and they rely on other enforcers instead, for example giant corporation that grew in the meantime. it’s all very libertarian
That’s a good way of putting it. Reminds me of how the technology behind gorilla glass had been around for decades, but its use suddenly exploded when smartphones came along and needed something like it. Wouldn’t surprise me if Blockchain ends up existing as a niche thing for a long time until a killer app for it comes along.
In some ways yes, but current solutions arent always the best solutions. They aren’t always the most secure, or the fastest, or the most private, or the most trustworthy. With almost all main stream solutions, you have to trust some company, and then they have their fees, and sell your personal information to data brokers, and they try to get you in debt, etc. It’s not a solution looking for a problem, it’s a solution that isnt nearly as easy to use as current systems (yet), but all the hype has let scammers ride the wave.
Crypto is far from perfect, we have plenty of work to do, but don’t discount it entirely. There is a lot of smart people with good intentions working on the core technologies, that want to see a better world, me included. Definitely continue to be skeptical, but don’t write it off.
In the world of technology crypto is a rather old technology now, and so far the core technology has proven not to be applicable to any actual constructive real world scenarios, and the only existing things using the technology are all pyramid schemes.
And it is not a question of it having to be further refined or anything like that, the problem lies with its core concept, which makes it completely unsuited for any actual life uses capable of replacing existing technology.
Also, understandably people have long since grown weary of the constant claims of “just wait and see” or “you just don’t understand the technology”, made by cryptobros who have monetary interests in the thing and wants to inflate the artificial worth of their doomed investments by attempting to find new marks willing to shoot actual fiat into the project.
Just want to say that I wholeheartedly agree with you.
The problem is that the Blockchain needs to support actual applications with actual intrinsic value in order for the coins to also have intrinsic value in order to incentivize participation in the network. That application has to be more than just payment processing for the coins, because it’s kind of shitty at doing that compared to current infrastructure. And because that entire logic is very circular.
The reality is that as a compute or database model, Blockchains have a lot more overhead and don’t scale well. The marginal utility of having a decentralized application with some consensus-based validation layer just doesn’t rise above those limitations imposed by the tech so far.
you know lemmy is web3, right?
No it’s not. It doesn’t use blockchain as it’s distributed data store.
Yeah I was gonna say. I’m guessing OP meant cryptocurrencies in particular, but you’re not wrong. Federated services are an example of Web3 as well, since Web3 is defined by decentralization, which is the core premise of Lemmy
So I absolutely agree, lambasting Web3 as a whole is rather disingenuous
Because is still alive even if you don’t like it.
would you chill the fuck out? it’s just a database for fake internet points.