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Web3 Critique

Last updated Jan 8, 2022 Edit Source

Blockchains only really make sense for a very narrow subset of applications where

  1. Peer-to-peer operation: software that can be run by anyone, and messages are passed directly between them
  2. Strict global consensus: all peers must agree on exactly the same results

Till date, there are only two applications where both criteria are necessary: money & identity (and technically not strictly necessary either)

More in Polynya on Blockchain Apps

# Moxie

Really good piece by Moxie on web3

# Obessions with profit

Web3 supposed allows us to ‘codify’ the set of values that a public goods represents. Yet, in practice in web3, “little space has been made for different values to be discussed or enacted. Which is why, in the absence of ways to enact our shared values, we default to the lowest common denominator: profit.”

The United States Dollar does not have a responsibility to profit its holders. A cryptocurrency is a monetary instrument, not a business.