Comment by gillesjacobs
4 years ago
Cryptocurrency ecosystems have the advantage of economic incentivization and if they're decentralised, uncensorability.
Those are two major advantages.
4 years ago
Cryptocurrency ecosystems have the advantage of economic incentivization and if they're decentralised, uncensorability.
Those are two major advantages.
> uncensorability
I suspect that this will be a major issue in the long-run. Once these sort of crypto-based logins become synonymous with CP and terrorism, they're going to be shunned by the average person on the street.
Yes yes yes, people use email and whatsapp for the same, but at least there is the option for Google and Facebook to censor or block/ban those users (and it feels like there is increasing legal/legislational tension to try and compel the tech giants to actually do something in this area). You cannot say the same about an indelible blockchain.
if I run an online service, and you login with web3, if you're an asshole, I can still ban your "indelible" account
Web3 services will be run by assholes for assholes so they won't need to ban anyone.
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Yep - so there all these claims about no censorship or gatekeeping etc are clearly bullshit.
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In that case you're running a traditional centralised web2 service. If your service runs as a set of smart contracts, anyone willing to pay the fees can always use it. Forever.
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Yeah the economic incentive is the problem also. People just get into it for the money, not because they believe in it. This is the whole issue with crypto currency and web 3.0 too.
It's a bit sad because it never started out as something intended for "make money fast" kind of investors. Bitcoin started as a way to free users from the centralised banks and regulation.
Freeing users from regulated banks and taxes is a way to make money fast. It s never been the goal of bitcoin to provide any utility to businesses (insured loans, public offering, leverage financing, future contracts, merger consulting, asset management, wealth optimization).
And if they cant do what banks already provide, what sort of "freedom" do they offer ? The ability not to have a retail account, the low hanging fruit of banking ?
This BS kneejerk 2008 crisis reaction Satoshi pretend to have had at the time, made him both one of the richest financial force in the world and the biggest financial risk (if he sells for some random reason just one btc from a genesis wallet of 1M BTC, what do you think will happen?). He became Maddoff...
"Ecosystem" in tech means usually means vertical integration, which is not what it means in nature.
Anybody looking to build a tech ecosystem is looking to build vendor lock-in. There is no advantage to planning for decentralization, and no laws to force companies to adopt a decentralized approach.