Web3 'contains the seeds of a dystopian nightmare' says analyst firm | Hacker News Reader

Web3 'contains the seeds of a dystopian nightmare' says analyst firm

theregister.com

19 pointsLinuxBender8 comments

> Ethereum cofounder Gavin Wood suggested the Ethereum blockchain become the foundation for a decentralized web.

Here is the problem. The web already is a decentralized construct. Anyone suggesting that their product or technology become the foundation for decentralization is a snake-oil salesman.

This is technically true, but there's no denying that web 2.0 has become more centralized.

``` Trust in code, not companies: the belief that a community’s smart contracts encode and enforce its rules We should all trust unknown developers why, exactly? ```

Don't trust, verify is one of our battle cries.

``` Users control the apps and networks they use Forrester can't see that happening beyond a few tech-savvy types ```

Internet 1998, Forrester can't see that happening beyond a few tech-savvy types

``` Decentralized autonomous organizations, entities that exist as a collection of smart contracts Have no legal basis and work on a utopian assumption that all possibilities can be coded; ``` Countries run by the will of common people is utopian ideal. Everyone knows you need monarchy

``` Decentralized finance (DeFi) Nice idea, shame it lacks consumer protection ```

No one is forcing anyone to use it. We want wild west, we know the risks, thats how we like it. Leave us alone !

I feel dumber having read that article

"Battle cry"? Sounds more like "unfunded mandate" to me. I can't even count the number of smart contract exploits I've seen over the years.

You don't get to have a wild west and to be left alone. Laws exist and must be followed. Enforcement is growing

They don't actually have to be followed.

There is a social contract: if I don't follow them then the gov can do X. But, of course, I may be happy with that trade-off if the expected value of my actions are positive. That is: payoff > probCaught * personalUtilityOfJail + (1 - probCaught) * personalUtilityOfBreakingLaw.

Sure, you can always be criminal, but most will not and the cryptos at large will never be adopted by the masses if govts ban them. This is unlikely, but public sentiment against mining has a higher probability to play out against the maximalists

Leave us alone only works if you don't solicit investment. If you ask for people's money, then you should at least be open to criticism.

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