this post was submitted on 12 Jun 2023
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I hate how crypto bros and scammers kidnapped the term web3. In reality is a nice concept, but they just turned it into a libertarian dystopia.
I like the overall trend towards ownership and non-centralized tools implicit in web3. If everything happening on the internet is owned by wall street, then it's not going to act like the real internet.
If there's a crypto aspect that has uses beyond grift, I'm open to it. There are certain ways it could be used to disintermediate owners and creators. I'm not sure if that's happening yet. Ownership rights with digital content do leave a lot to be desired.
I hope we soon see the end of the "gold rush" era in crypto and start seeing actual cool stuff being done with it. Especially since legacy banking will simply co-opt it sooner or later.
The question is really, are the inefficiencies in blockchains or related solutions worth the trade off of Wall Street/Fed not running the economy. And they aren't all proof-of-work Bitcoin either, Ethereum for instance is pretty finely tuned and on proof-of-stake now.
About that: if you think a bunch of crypto bros can do a better job of managing an economy than the Federal Reserve can, then I seriously question your sanity. The Fed hasn't exactly done a great job of keeping the economy stable, but the value of cryptocurrency is not even remotely stable.
The value of cryptos are measured relative to USD and are highly volatile because they're based on subjective predictions of what the value will look like 10, 20, 30 years in the future. The Fed doesn't control the value of USD beyond their ability to manipulate its supply, which for the most part only serves to devalue it. Meanwhile, crypto supplies are algorithmically deterministic and not subject to human influence or corruption. It's a very poor comparison and TBPH shows you don't really understand the fundamentals.
Indeed. It's a vehicle for speculation (aka gambling), not a viable currency.
Then it's doomed to deflate endlessly. A quick look at the Great Depression should tell you why that's catastrophically bad. The Fed keeps the USD inflating for a reason.
No crypto bro has any business lecturing anyone on economic fundamentals. Especially not one who seemingly doesn't know that deflation of the main currency is to be prevented at all costs unless you want to see bread lines.
Lol no, it's the same way any up-and-comer has volatile value initially because there's uncertainty as to the outcome.
Great Depression "deflationary spiral" was a direct consequence of the Fed's inflationary policies during the 1920s. These are all just discredited mainstream econ talking points. And get out of here with this "crypto bro" BS, god forbid anyone have an original thought that differs from your thinking.
The problem is that crypto is unregulated, the regulations are there for a reason, to stop things like ponzischemes and all the other things that already has happened that fucked people over. Maybe if they got regulated in some way, so that those things couldn't happen easily, as it is now, I would say no.
Cryptocurrency is specifically designed to be infeasible to regulate.
That's where my head is at. They're building and improving it. Legacy banking isn't exactly green itself, as card transactions have a pretty hefty carbon footprint. Further, banks are eyeballing their own "CBDCs", which is basically cryptocurrency but without the intended benefits of decentralization.
Zero knowledge roll-ups have a lot of green promise with gas fees... but DeFi isn't better than legacy banking yet. Still, I think it will be sooner or later if only because some of those folks are actually trying to improve it (where banks are only really doing their best work at trying to get more exploitative).
My 2c, the development around Ethereum isn't really that dystopian or scammy, and there's still promise for decentralizing financial institutions. A lot of people tried to cash in on it is all. Was just reading an article about the gold rush around marketing cereal ~1860-today, companies loading it with sugary and cartoon marketing to brainwash kids, etc., but that doesn't mean cereal is bad for you.
someone tried making a Reddit clone called Plebbit and it was built on the Ethereum network, avatars had NFTs, the UI was similar to new Reddit, was clunky, extremely unresponsive and its mascot was the NPC wojak meme so it's just a 4channer trying to swindle money. To actually make an account you had to pay for an address LMAO
Yes, a lot of people saw easy money and tried to cash in on fads. Remember the "Million Dollar Website"? Just because that was stupid doesn't mean the internet was a scam.