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.

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133 points

I thought we all agreed web3 was dead and killed by shills and get rich quick schemes. Why are people still on this bandwagon?

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121 points

Because of shills and get rich quick schemes.

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43 points
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A lot of their recent moves reek of desperation. Literally anything that might squeeze keep the valuation from dropping any further is going to be thrown at the wall.

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22 points

Maybe Reddit’s investors haven’t caught up yet and love buzzwords like “crypto” and “blockchain” and NFT?

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12 points

There was a guy joined my last organisation who would not shut the fuck up about Blockchain.

It was a retail org that sold branded mass produced stuff. There was no need for Blockchain but it was like, the only thing he knew about and his USP at interview stage.

He got fired. It was a good day.

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8 points

Definitely a move just for the investors.

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10 points

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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4 points

if selection of non-paywalled icons for reddit app is any indication this makes sense

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-17 points
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I believe it’s the future and I 100% understand how it works. There are a ton of bad ideas, scams, and money grabs… But at the core the fundamental technologies have a lot of potential.

Edit: to those that downvote, I’m willing to be civil and discuss if you want. If you want to down vote and move on that’s cool too, I definitely get the skepticism.

We all want a free and better Internet, that’s why we are on lemmy. The core principals of bitcoin, Ethereum, monero (and a few others) are that. I don’t want scams, or a bunch of “digital collectible”/nft cash grabs either.

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34 points

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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12 points
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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.

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1 point

Because is still alive even if you don’t like it.

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1 point

you know lemmy is web3, right?

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9 points

No it’s not. It doesn’t use blockchain as it’s distributed data store.

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7 points
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Yeah I was gonna say. I’m guessing OP meant cryptocurrencies in particular, but you’re not wrong. Federated services are an example of Web3 as well, since Web3 is defined by decentralization, which is the core premise of Lemmy

So I absolutely agree, lambasting Web3 as a whole is rather disingenuous

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0 points

noo arbitrum nitro is le bad you have to use SQL instead

would you chill the fuck out? it’s just a database for fake internet points.

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