The web3 concept that is slowly congealing is an interesting inversion of web 2.0. Back then the idea was "build social websites and figure out the money part later." Today it's "build money stuff and figure out some non-speculative use for it later."https://twitter.com/gponcin/status/1447948308907913218 …
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There are three non-fraud foundational problems with "web3": 1. No way to reference anything in the real world (oracle problem) 2. Immutable code makes any smart contract its own bug bounty. 3. Everything breaks (more) unless expensive distributed systems are run in perpetuity.
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Replying to @Pinboard
@mattereum solves the oracle problem by bridging crypto identity to real world identity via a valid legal structure and insured attestations. The other two are issues.1 reply 0 retweets 0 likes
That's not a solution, since it obviates the decentralized/trustless design of everything else. At that point you can just skip the blockchain theater entirely.
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