Popular news aggregation and discussion website Reddit has changed its terms of service, allowing users to earn, purchase or sell currencies and items that can be cryptographically verified. The change in terms also explicitly outlined a clear separation in the definition of non-tokenized Web 2 virtual goods and tokenized Web 3 virtual goods, with a member of the Reddit product team disclosing plans to sunset the former.
I think whoever is still on it is just jumping from one hype train to another in denial, following other web3 bros news. They really believe it is the future without any understanding how it works.
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Its a solution looking for the right problem. Unfortunately, all the problems it can solve, have already been solved in other ways.
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Well, things like “How do we make sure the person who claims to own this house actually owns this house” is definitely a real problem. But we’ve already solved that problem in another way. And we’ve spent hundreds of years ironing out all the little kinks in the system.
And the problem with blockchain (and every other ‘disruptive’ technology) is that it goes “Nah, we’re going to throw all those unneeded things out”. That then goes massively wrong, because, surprise, the system isn’t complex for no reason.
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That’s a good way of putting it. Reminds me of how the technology behind gorilla glass had been around for decades, but its use suddenly exploded when smartphones came along and needed something like it. Wouldn’t surprise me if Blockchain ends up existing as a niche thing for a long time until a killer app for it comes along.
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In the world of technology crypto is a rather old technology now, and so far the core technology has proven not to be applicable to any actual constructive real world scenarios, and the only existing things using the technology are all pyramid schemes.
And it is not a question of it having to be further refined or anything like that, the problem lies with its core concept, which makes it completely unsuited for any actual life uses capable of replacing existing technology.
Also, understandably people have long since grown weary of the constant claims of “just wait and see” or “you just don’t understand the technology”, made by cryptobros who have monetary interests in the thing and wants to inflate the artificial worth of their doomed investments by attempting to find new marks willing to shoot actual fiat into the project.
Just want to say that I wholeheartedly agree with you.
The problem is that the Blockchain needs to support actual applications with actual intrinsic value in order for the coins to also have intrinsic value in order to incentivize participation in the network. That application has to be more than just payment processing for the coins, because it’s kind of shitty at doing that compared to current infrastructure. And because that entire logic is very circular.
The reality is that as a compute or database model, Blockchains have a lot more overhead and don’t scale well. The marginal utility of having a decentralized application with some consensus-based validation layer just doesn’t rise above those limitations imposed by the tech so far.