Not being sarcastic. I just want to understand how crypto/web3 is the new internet because I don’t get it: 1. Blockchain technology. I get the transparency aspect. But the transaction run time/resource seems cumbersome for real life purchases? Roblox has a virtual currency without using blockchain and it works just fine. Why must I use blockchain for future digital currencies? 2. Crypto currency. What’s wrong with USD? From a banking perspective, Chase never miss calculated anything. I have FDIC with USD and I got fed trying to keep it stable, however they might be failing. What is the benefit of owning crypto when it’s so volatile? And if you pitch stablecoin, that’s just usd so what’s the added benefit of using stablcoin vs usd? The higher yields of stablecoin are all Ponzi. It’s a zero sum game, they cannot guarantee 10% perpetually. 3. Cross border transaction. I do see some benefit here but again you can create a virtual currency without using block chain and still reduce the transaction fee. 4. Micro transactions. Sure you can take away more of bank’s lunch like visa/Amex but couldn’t you also just do this without blockchain? 5. Web3= Web2 + some crypto? What’s the product benefit here? I would really appreciate good answers here. TC 340 #blockchain #crypto Update 5/12: 1. Is everyone here a criminal or a criminal wanna be? Why so much concern about being sanctioned and blocked? This never crossed my mind. I am not a Russian oligarchs and my realm of thought is not when the USA government comes after me they won’t be able to freeze my asset. Like how wealthy are you and what shady things are you going to do? 2. Control aspects. I am libertarian so I understand that you don’t want anyone to control your money, etc. but even as a libertarian I recognize the benefit of relinquished control for benefit of others in the society, I.e. gun control. Is a regulated financial system that bad? Yea sure we have predatory practices like overdraft fee, but it’s getting better and on the other hand we also have things like FDIC. Is SEC such a bad organization that’s out to get you? Also, I really appreciate the intellectual debate here. Lots of great answers. I may have my doubts but I am open to ideas.
Post your true Google TC before free education
Crypto was used because it’s decentralized and money can’t be traced. So you can imagine that translates to use for illegal activity.
This is the only use, problem is bitcoin fails at even that. It's still traceable as soon as you use a ramp
It’s a fugazi
Right now? Most of big users would be shady characters whose trynna mask their purchase and sells on the dark web frankly. After couple wallet swap, it’s pretty hard to trace to a person and location.
Are you L5? Nice tc
Roblox currency isn't transparent. It's centralized and controlled and monitored by Roblox. You just trust Roblox not to mess with your money. Government can subpoena the record. Same thing for fiat. Blockchain is transparent. It's decentralized, not controlled by anyone, movement can't be monitored, and can't be manipulated by any single entity. My friend got an offer from a Web3 startup. Very well funded and flooded with VC money. Very good offer. You guys should consider joining/founding a web3 company, even if you think it's useless. At least it makes money.
Pretty sure the major defi currencies are largely controlled by the major players. Like IIRC the top 5 pools control about 52% of bitcoin. And a handful of players control most of eth. And sure, block chain is transparent, and it can inherently be monitored. It's whole jam is that it's transparent and anonymous, but the anonymity breaks down with transaction analysis where coins meet the real world. It's just a distributed ledger. Cryptocurrrency and blockchain are solutions in dire search of a problem.
>> Blockchain is transparent. It's decentralized, not controlled by anyone, movement can't be monitored, and can't be manipulated by any single entity. Those are just meaningless features, they don't make a currency more useful than other. Unless web3 is more useful (like the Internet is more useful than just telephones / mail / magazines); it means nothing.
Crypto is as beneficial as tulips, and only as valuable as what the next idiot is going to pay.
Thanks Mr.Munger
You are welcome and between the two of us you know who the billionaire is...
One of the biggest benefits of crypto and web 3 is that if you are a charismatic grifter you can get rich off of it
India
3h
286
'Hindutva': The Radical Hindu Ideology That Seeks to 'Push Christianity Out of India’
Tech Industry
Yesterday
3113
What happens when most of your team is Indian?
Tech Industry
Yesterday
436
Why are you not getting the job you want?
Health & Wellness
Yesterday
673
Lasik cost
AMA
Yesterday
780
PM Manager, early 40s, married and ENM (Ethical Non Monogamous) AMA
🍿