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

https://www.theregister.com/2022/04/01/forrester_web3_criticism/

by LinuxBender • 4 years ago

19 8 4 years ago

web3d3v• 4 years ago

``` 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

Commodore63• 4 years ago

"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.

verdverm2• 4 years ago

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

hellojesus• 4 years ago

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.

cuteboy19• 4 years ago

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.

softwarebeware• 4 years ago

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.

moron123• 4 years ago

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

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

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