# I am the Watcher. I am your guide through this vast new twtiverse.
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# twt range = 1 11
# self = https://watcher.sour.is/conv/mlsmpia
web3 exists because circa 2016 or so, a bunch of venture capitalists figured out how to get a quick payday out of startups by getting them to issue a cryptocurrency ("Initial Coin Offering"), gifting a bunch of that currency to the VC at a discounted rate, and then pumping-and-dumping the rest. The VC avoids liability because the field is unregulated and even if it were the startup is guilty of whatever financial crimes might be present, not the VC. This happened to the tune of many many billions of dollars, flooding the world with cryptocurrencies that then everyone holding them had a vested interest in finding value for so that they din't end up empty handed. What we've watched transpire since is the unwinding of this criminal pyramid of financial bullshit.
web3 does not solve any problems that aren't already solved by significantly more efficient techniques. It is not an answer to the "centralization" of Web 2.0. You can't solve a social, economic, and political problem (monopolization) with Ponzi scheme.
yeah, a digital currency that is quick and easy to exchange with anyone in the world has a lot of possible virtues. But cryptocurrency is not that, and it was never meant to be. That's a libertarian fever dream that grounded out the way it did because that's what unconstrained libertarianism always turns into.
@abucci Very true. And it disgusts me a lot (as does you by the looks).
The worst part about all this Web3 / cryptocurrency / blockchain hype is just how much people get sucked into this shit. It's what I was saying to @eaplmx about the differences between distributed and decentralised systems and how often we blur the lines between them.
Calling any blockchain network of any kind "decentralized" is **total bullshit**.
@abucci Very true. And it disgusts me a lot (as does you by the looks).
The worst part about all this Web3 / cryptocurrency / blockchain hype is just how much people get sucked into this shit. It's what I was saying to @eaplmx about the differences between distributed and decentralised systems and how often we blur the lines between them.
Calling any blockchain network of any kind "decentralized" is **total bullshit**.
@prologic Oh I know, it's horrible on nearly every level, including how many people end up believing things that just aren't true because these web3 zombies push it so hard.
Calling blockchain decentralized is hilarious. Why people believe that particular one baffles me.
@abucci Yeah it really baffles me too. Just because you have a set of nodes participating in "work" in some "fancy algorithm" makes it no more decentralised than basically any centralised web service owned by a large corporation π€¦ββοΈ Its frankly deceitful π€¬
@abucci Yeah it really baffles me too. Just because you have a set of nodes participating in "work" in some "fancy algorithm" makes it no more decentralised than basically any centralised web service owned by a large corporation π€¦ββοΈ Its frankly deceitful π€¬
@prologic Another thing about it that really bothers me is that most (all?) blockchains are based ultimately on an append-only log, meaning there's no ability to delete anything. The blockchain acolytes I've talked to don't seem to care about how horrible that is from an infosec perspective.
Oh also also, at least some of these web3 things depend on a "security by obscurity" model where your super secret stuff is only protected by a long hash code that you're supposed to keep secret, but can never change or transfer. So, if anyone finds out your super secret hash code, you can't disavow it, or invalidate it, or revoke it, or anything--all your stuff is there for the taking, forevermore.
@abucci Yes you've just reminded me just what a stupid idea it is to "store" your "data" in a "blockchain" network π€¦ββοΈ I can't wait for all thebreachess, privacy and public outcry when people lose their data, or is stolen or all of the above π€£
@abucci Yes you've just reminded me just what a stupid idea it is to "store" your "data" in a "blockchain" network π€¦ββοΈ I can't wait for all thebreachess, privacy and public outcry when people lose their data, or is stolen or all of the above π€£
@prologic and people are trying to push for health care information on the blockchain in the form of NFTs. They truely donβt see how much of an awful idea this is