Izo
Tranny Chaser
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Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
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Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!
Go here and give us your nominations!Who's been the biggest Asshat in the last year? Give us your worst ones!
Arden
Blackwing Lair Raider
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Yeah, if you're asking for my "sources" as to why I feel that way, I could definitely point you to a variety of articles, interviews, and general information that, all combined, lead me to this belief. But, honestly, it'd be a waste of time because I doubt you'd read/watch them. Not saying that as a knock to you in particular
Izo
, but I think really parsing the "cryptosphere" and it's future potential takes a deep dive, and deep dives take time and effort. If you aren't motivated to go digging on your own, somebody curating the info for you probably won't make a difference.
Izo
, but I think really parsing the "cryptosphere" and it's future potential takes a deep dive, and deep dives take time and effort. If you aren't motivated to go digging on your own, somebody curating the info for you probably won't make a difference.- 1
Izo
Tranny Chaser
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Yeah, if you're asking for my "sources" as to why I feel that way, I could definitely point you to a variety of articles, interviews, and general information that, all combined, lead me to this belief. But, honestly, it'd be a waste of time because I doubt you'd read/watch them. Not saying that as a knock to you in particular
But really, you could sum up why you think it is so, instead of just doing a dear diary. Summarize the points, dude. You've read and, apparently, youtube'd a lot of info. Share the wealth.
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Arden
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But really, you could sum up why you think it is so, instead of just doing a dear diary. Summarize the points, dude. You've read and, apparently, youtube'd a lot of info. Share the wealth.
People way, way smarter than I have a hard time breaking down the technical potential of Web3 into a concise summary, so I sure as fuck won't be able to do it. But I'll try and summarize my impressions at least, even though it will probably leave you with more questions than answers:
-Blockchain tech automates lots of processes that eliminate the need for middlemen. Importantly, it does so in a way that is extremely trustworthy and reliable, thanks (in part) to the immutability and distributed nature of the blockchain. Middlemen like governments, banks, and other organizations slow things down, drain resources, and put up roadblocks. Blockchain tech allows you to bypass many of these roadblocks.
-For example, if you want to set up a traditional company, you need to go through a painstaking process involving lawyers, governments, banks, courts, and various other regulatory bodies. With DAOs (decentralized autonomous organizations), blockchain tech automates and/or eliminates the need for most of those things. You can set up a DAO that serves the same function as a traditional company, but you can do it with a DAO much quicker, cheaper, and easier. DAOs are also trustless (again thanks to blockchain tech) and they are more transparent than traditional companies because everything is written immutably on the blockchain for everyone to see.
-As people really start to embrace using blockchain tech, crypto will skyrocket in use and value. Crypto "coins" are 100% necessary to using blockchain tech. I.e. you can't separate the crypto from the blockchain. Yes, coins can be used as a currency because they hold value, but they serve lots of other purposes. Primarily, they are the means by which users of blockchain systems interact with those systems. Examples? You can use an organizations' crypto coins to invest in the organization, to vote for changes in the organization, to establish authority within the organization, etc.
-Let's take stocks as an example. Like setting up a trad company, the process of going public is a huge pain in the ass, filled with all kinds of regulatory hurdles. Prior to crypto, buying stock in a company was the primary way for the public to invest in a company. You can invest in DAOs and other organizations that utilize crypto coins simply by buying their coin. This provides them with capital and provides you with a stake in their organization. Why the hell is any company in the future going to bother with trad stocks and IPOs when they can simply design their own coin and sell it to investors.
-Binance (which considers itself a DAO- in function if not in name) is a great example of this. Binance has hardly any external shareholders- investment in Binance is done through its proprietary coin, BNB. And it's a great deal for people who invest in the right organizations. People who invested early in BNB have gotten huge returns for their investment. This article is worth reading: Can Crypto’s Richest Man Stand the Cold?
Anyway, there's a lot more to it, but I don't want to spend my whole Saturday trying to summarize my deep dive into crypto and Web3. I'd recommend these interviews as definitely worth a listen if you are interested in this stuff:
Opinion | As Bitcoin Busts, What’s the Future of Web3? And What Even Is Web3? (Published 2022)
Kara Swisher talks to Chris Dixon of Andreessen Horowitz about why Silicon Valley is doubling down on crypto despite its slide.
Does the Crypto Crash Mean the Blockchain Is Over? - Freakonomics
Does the Crypto Crash Mean the Blockchain Is Over? - Freakonomics
freakonomics.com
Edit: if you listen to the freakonomics podcast do yourself a favor and skip to minute 6
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Please explain how blockchain eliminates the need for corporate lawyers and/or legal compliance. The laws are still there regardless of what the tech does or doesn't do.People way, way smarter than I have a hard time breaking down the technical potential of Web3 into a concise summary, so I sure as fuck won't be able to do it. But I'll try and summarize my impressions at least, even though it will probably leave you with more questions than answers:
-Blockchain tech automates lots of processes that eliminate the need for middlemen. Importantly, it does so in a way that is extremely trustworthy and reliable, thanks (in part) to the immutability and distributed nature of the blockchain. Middlemen like governments, banks, and other organizations slow things down, drain resources, and put up roadblocks. Blockchain tech allows you to bypass many of these roadblocks.
-For example, if you want to set up a traditional company, you need to go through a painstaking process involving lawyers, governments, banks, courts, and various other regulatory bodies. With DAOs (decentralized autonomous organizations), blockchain tech automates and/or eliminates the need for most of those things. You can set up a DAO that serves the same function as a traditional company, but you can do it with a DAO much quicker, cheaper, and easier. DAOs are also trustless (again thanks to blockchain tech) and they are more transparent than traditional companies because everything is written immutably on the blockchain for everyone to see.
-As people really start to embrace using blockchain tech, crypto will skyrocket in use and value. Crypto "coins" are 100% necessary to using blockchain tech. I.e. you can't separate the crypto from the blockchain. Yes, coins can be used as a currency because they hold value, but they serve lots of other purposes. Primarily, they are the means by which users of blockchain systems interact with those systems. Examples? You can use an organizations' crypto coins to invest in the organization, to vote for changes in the organization, to establish authority within the organization, etc.
-Let's take stocks as an example. Like setting up a trad company, the process of going public is a huge pain in the ass, filled with all kinds of regulatory hurdles. Prior to crypto, buying stock in a company was the primary way for the public to invest in a company. You can invest in DAOs and other organizations that utilize crypto coins simply by buying their coin. This provides them with capital and provides you with a stake in their organization. Why the hell is any company in the future going to bother with trad stocks and IPOs when they can simply design their own coin and sell it to investors.
-Binance (which considers itself a DAO- in function if not in name) is a great example of this. Binance has hardly any external shareholders- investment in Binance is done through its proprietary coin, BNB. And it's a great deal for people who invest in the right organizations. People who invested early in BNB have gotten huge returns for their investment. This article is worth reading: Can Crypto’s Richest Man Stand the Cold?
Anyway, there's a lot more to it, but I don't want to spend my whole Saturday trying to summarize my deep dive into crypto and Web3. I'd recommend these interviews as definitely worth a listen if you are interested in this stuff:
Opinion | As Bitcoin Busts, What’s the Future of Web3? And What Even Is Web3? (Published 2022)
Kara Swisher talks to Chris Dixon of Andreessen Horowitz about why Silicon Valley is doubling down on crypto despite its slide.www.nytimes.com
Does the Crypto Crash Mean the Blockchain Is Over? - Freakonomics
Does the Crypto Crash Mean the Blockchain Is Over? - Freakonomicsfreakonomics.com
Edit: if you listen to the freakonomics podcast do yourself a favor and skip to minute 6
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Arden
Blackwing Lair Raider
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Mist
REEEEeyore
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DAOs probably are a better way of getting initial public investment than the way we're doing it now.
Blockchains are a great mechanism for banks to transfer money to each other, from retail banks all the way up to central banks. It is a great way to keep the system honest and make transfers clear faster. They may one day replace the current clearinghouse model of stock transactions as well.
Bitcoin will probably remain a store of value with significant value appreciation.
But the idea that it'll take over everything and underpin every transaction, page request, etc you make online and offline is absolutely ridiculous. There's a reason we don't bring gold bricks to the supermarket.
Blockchains are a great mechanism for banks to transfer money to each other, from retail banks all the way up to central banks. It is a great way to keep the system honest and make transfers clear faster. They may one day replace the current clearinghouse model of stock transactions as well.
Bitcoin will probably remain a store of value with significant value appreciation.
But the idea that it'll take over everything and underpin every transaction, page request, etc you make online and offline is absolutely ridiculous. There's a reason we don't bring gold bricks to the supermarket.
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Mist
REEEEeyore
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It also amazes me how the techno-libertarian people are pro-Web3, which it is very clearly the most Orwellian system ever developed. You'd basically have an online identity where the history of everything you ever did anywhere on the net was tracked on a handful of blockchains aka public ledgers. Combine that with the fact that it would allow the paywalling of every bit of information on the internet and you've got the death of free speech, liberty and privacy all rolled together.
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Arden
Blackwing Lair Raider
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I'm not going to explain it because I don't think blockchains eliminate the need for corporate lawyers and/or legal compliance. There will always be lawyers as long as there are laws. I also don't think blockchain tech will eliminate middle men entirely, but it will reduce them and change what they look like.
Moving from horses to cars didn't eliminate the need for roads, but it changed their design and made traveling much more efficient. That's the way progress works; it's incremental and it never looks exactly like people predict. Web3 will be the same.
Anyway, I'm not here to sell anything or defend Web3. One, I'm not qualified and two I probably have as many questions as everyone else. Izo asked me why I believed DAOs and crypto were going to be a huge part of the future and I summarized the potential benefits. There's a zero percent chance that all of the "ideals" behind Web3 happen, but I think a lot of them will.
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Arden
Blackwing Lair Raider
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I'm guessing the proponents of Web3 had something more complicated in mind than the type of LLC you can set up from your home computer in 15 minutes.
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I just came across a great crytpo deal. Putting $100,000 into this exchange named Celsius.
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Tmac
Adventurer
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What in the hell? LOL.
"Receipts. Everyone uses receipts. Remember that KitKat you bought at the grocery store? You got a receipt for that. Soon that receipt will be an NFT. Today all of our receipts get thrown away, but in a decade they will become collectibles..."
WHAT AN IDIOT.
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