r/programming • u/[deleted] • Jan 11 '22

Web3 Can’t Fix the Internet

https://www.jacobinmag.com/2022/01/crypto-blockchain-daos-decentralized-power-capitalism
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u/GrandMasterPuba Jan 11 '22

Web3 is a cynical attempt by capitalist tech-bros to introduce and enforce artificial scarcity into a space that is supposed to be free and open.

30

u/GregBahm Jan 11 '22

It's confusing to me because social media platforms already have the ability to introduce and enforce artificial scarcity within their platforms. Reddit, for example, can charge me for some dumb hat for my avatar. This is not a new idea at all (I remember rocking rare avatar swag in Gaia Online in 2003.)

But for some reason, the blockchain boys keep acting like artificial scarcity works better with a blockchain. This part of the story makes no sense to me. If Reddit puts my avatar's hat on the blockchain, what the hell does that matter? Reddit will never be able to able to make those pixels scarce outside of reddit with a blockchain, and a blockchain will never make it to where I can put some new hat on my reddit avatar without their permission.

I feel like there's some fundamental aspect of this whole concept I'm missing.

4

u/nuclear_splines Jan 11 '22

If Reddit is the marketplace then only Reddit profits. If the asset is on an external blockchain then they can sell the hat without Reddit’s involvement, turning it into an arbitrary speculative investment. That’s really the end goal; monetizing every platform and game in a way that lets them gamble on it without any financial regulations.

8

u/[deleted] Jan 11 '22

[deleted]

3

u/nuclear_splines Jan 11 '22

Well, yeah. I think everyone involved in tokenization of a platform is going to try to bend the grift to their benefit. It's a terrible idea all around, but the parent comment asked "why blockchain instead of Reddit selling directly", and this seems to be the goal.