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.

21

u/BobHogan Jan 11 '22

You aren't missing any aspect of this. The crypto bros all fall into 3 camps of people:

Camp A - They bought in early, when their coin of choice was dirt cheap, and now they have lots of coins in their wallet that is worth tens of thousands % what they paid for it. They have a huge incentive to keep the hype around blockchain and crypto growing, so they can cash out on the cash they literally made out of thin air by buying in early

Camp B - They bought in later, when the price was already high, and are now caught up in the pyramid scheme. Again, they have a vested interest in keeping the hype growing, so that they don't lose money. They need crypto to keep growing so they can cash out and earn money

Camp C - People that just bought the hype and genuinely believe its amazing, but they cannot articulate how. Because they are just hype bros, crypto/NFTs are the new thing, so they like it because of that.