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Has there has ever been a technology more devoid of actual applications while getting as much funding as web3? Web in 99 was mostly clear utility stories. Some weren’t ready, some were. Nobody can explain how web3 shit creates actual utility. Just mumbling about new tech.

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Mark Brendanawicz

@MJBrendanawicz

Jul 4

crypto use cases: remote storage/compute that is unregulated/uncensorable prediction markets (already illegal) without a designated authority that determines the outcome of every bet (meaning you can bet on more things) private/unregulated/fast transfers tax compliance for ^

Daniel

@growing_daniel

Jul 4

I haven't seen the storage/compute story fleshed out. NFTs don't even store on the blockchain. Urbit isn't useful. How is this supposed to work

Mark Brendanawicz

@MJBrendanawicz

Jul 4

FileCoin is a specifc example. it's kinda like bittorrent with only magnet links allowed (ipfs) and people host your content bc they get paid. auctions determine the pricing & then hosters must regularly prove they're hosting the data (proof of spacetime) whitepaper.io/document/599/f

Daniel

@growing_daniel

Replying to

@MJBrendanawicz

so it's not storing anything on blockchain, it's just paying for it through the chain

8:55 PM · Jul 4, 2022Twitter Web App

Replying to

yeah, the actual storage is done offchain. filecoin just connects buyers with sellers, transfers payments, and performs storage validation.