Web 3.0 is a joke

In my country, if you are a criminal, then the gov. with the help of bank seize your assets, so you might have $xyz in your account, its not yours, they cannot do that with crypto. So nowadays, criminals are putting their money in crypto and are happily going to jail, knowing, their money can't be taken, and if we see the charts, crypto prices are all time high, and there will always be someone, willing to buy crypto, in exchange for real cash, off the shelf.
Even I am new to this, but I think this web3.0 can solve centralisation problem, but the thing is, you can give the best technology to help humanity, but people will find a way to centralise the power/control.

I agree with most of what you said. 99.9% of these web3 projects are complete crap and usually a scam since day 1.

However, in my opinion Bitcoin is an exception.

If you go back to basics of what crypto was meant to do, Satoshi was trying to invent a digital currency immune to inflation. An instrument to store and exchange value owned by nobody and at the same time by anybody. Yes it does not work as a daily transaction solution for buying coffee or doughnuts. But it does not need to.

Satoshi created an instrument that truly provides you a basic human right that cannot be taken away by anyone. The right to store and exchange value.

For anybody who does not see value Bitcoin, i first recommend studying the basics of how central banking works and only then would i study Bitcoin.

Good information ,but people only used tech for gambling and scams and programmers/ CEO also supported it to have world trip and buying Yacht ,thinking they are above the regulations since they know coding , so they keep fooling common people by giving false information and hope .

Thanks for the video, your suspicions are justified. I’m currently a Web 2 cybersecurity engineer and I am stuck in the middle of wanting to become an expert web 2 penetration tester or put that to the side on dive into Web 3 security and blockchain development. However, sometimes it feels like the Web 3 industry is a scam and not regulated with any real goals and I’m wasting my time. Also, the gas fees and transferring different funds to wallets and exchanges seems really overwhelming and unorganized. I will say the web 3 and blockchain market continues to grow each year and the salary looks good. A part of me doesn’t want to miss out on web 3 development/security in case it takes off, I want to get in early. However, the industry hasn’t really matured enough or shown any real goals besides saying we own our own data. It’s also worth mentioning that our funds in hot wallets can also be hacked into, so I guess we have to wait and see how the whole web 3 industry plays out.

This video is a honest accurate fair appreciation of the state of web3.0. This video is really good.

I agree, I was recently kicked out of my bank account after 10 years. The reason was my future plans for my money didn't meet their T's and C's. I dont understand how Web3 or crypto can help other than P2P. I can see the point of Blockchain in regards to voting. I love that idea. Where trust and transparency is key. However I echo your thoughts from a layman/luddite standpoint and really felt like it was "just me" like I'm too slow to get it. But the actually experience of using crypto is complex (each token/system is it's own universe). You can make fatal mistakes at any point and lose all your crypto (which network do you want to use...? Uh, the one that works!) The fees (started with 550 dollars and ended up with 500 once my coins were where I wanted them) etc. Theoretically crypto is exciting. But in practice I feel like I'm suddenly in a bad part of town and I have to hold my bag close to my chest and run!😂

Web 3 has been designed for the bankers that's , they will be able to move large amounts of cash to other countries in seconds as opposed to days or weeks & it's also allows the system to create a tighter global servilance on individuals who use that system

true many of the "decentralized" apps are not decentralized
but you are saying you need to pay 1k to deploy on ethereum doesnt make sense, i deployed smart contract to ethereum network before
i think point here is getting know your stack and how to use it, i think you think about directly converting your whole backend to smart contract in solidity
and thats not really how it works, you need to change your way of thinking how to build a backend

i have built my own decentralized, web3 forum prototype last year, it can be better but i did that

when it comes to hosting your content with ipfs, no you dont have to pay someone
you only need some hosting spot if there is nobody using your app, and this can be your own machine.
once people start using the thing for real, then you dont need to host it

so transition should be something like this
at first people access your site using an ipfs gateway, and your sites connects to a public rpc provider
then user can download a wallet such as metamask later if they want to btu they dont have to
then they can use a browser such as brave to use ipfs locally
then they can become a node to blockchain network and connect to the rpc on their own local node

so they dont need anything at first they can just use centralized gateways and they wont even realize they are using gateways
and using gateways is also just fine, if one gateway goes evil users can always change to other ones, thats the decentralized nature of the thing
but they can also connect to ipfs and blockchain network with their local node too but they dont have to

point here is, nobody maintains anything, there is no owner, and content and app is always accessible somewhere

people can use a local node or just change their gateways, just like changing DNS settings

nobody needs to maintain anything, you have a data on the blockchain and you index it with The Graph or similar
you have a front end on ipfs.
but people can also make their own front-ends and index the data differently add more features
so database is public but front end and indexing is dynamic

if i wanna build a competitor to an app that has been built this way
i can just have all of their content and users, and users can just smoothly switch to using my app without doing anything at all.
so nobody has monopoly on the content

i have been thinking about rewriting my decentralized forum thingy like this.

you cant get truly decentralized apps from companies, companies needs profits
its gonna come from people like open source developers
and no need to discourage them like this.

Dude you are more right by the minute since you posted this video

I will be honest when I first heard I thought it was going to be p2p websites. Once I dug deeper to find out how it would work I found it wasn’t as good as I thought. If it was p2p then search engines should be free. There would have to be some sort of DNS server or ranking system or something. How else are people going to find your site? The selling space on your computer or a bank is a good idea. And you still could make money on adds on you site if you want. Your site should be free to host from your home computer.

Web 3.0 is a success.
Actual global macroeconomic and political circumstances make everything look broken when, in fact, there's only one thing in need of fixing, although unfixable, and that's fiat with centralized banking.
Whoever says otherwise is either lying or clueless.

There are (3) kinds of people who encounter crypto, you're the first kind, you realize there's something not quite right but you don't know exactly what the root of the problem is.

About the banks, you gotta research that dude. The problem with banks has been well discussed, and it's not about avoiding transaction fees. It's much bigger than that.

The dream was that this would free the internet from the big tech. But all the gold diggers basically took away all the attention from the real goal I guess.

Yeah, I think that if blockchain is even going to be in a so called web3, then it would have an extremely niche use case. This stuff is certainly not worth millions.

Watch this clip "The Human Strategy | Sandy Pentland | Blockchain+AI+Human" from imagination in action.

I wish you were are right. It's not about crypto, it's never been about the crypto and the smart contract layer was in the works for decades before blockchain came around with bitcoin. its about cyber-physical interface and keeping all the track and trace data sets on interoperable blockchain ledgers, essentially decentralized cybernetic domination . All this crypto stuff is a distraction. Did you read the soul bound tokens white paper? Thats important.

The entire concept of a decentralized web app or service is just a lot of nonsense. Any piece of code requires hardware resources somewhere and that hardware doesn't just exist. They have to be manufactured and procured by someone and once that happens it is considered centralized (e.g. private ownership). Once the app is live, the owner needs to express the T&S for the use of the codebase. This entire way of building software cannot simply be put on its head. Maybe in some bizzarro-communist-style utopia where people will gladly build thousands of servers for free and thousands of software developer will build all the apps in a decentralized fashion and nobody owns anything then I'm all for Web 3.0.

bro your lighting is making your nose look big. like full jewish schnoz

I am a BIT behind the TIMES - I just saw this today . 12/2022 - About useful ETH2 blockchain contracts applied in TODAY's world with just every day PRACTICAL USE - In Asia someone is using "Blockchain" technology to TRACK grocery products like fish, & meats ( if they where to claim to be for example- organic ) you can scan the QR and verify - ORIGIN - FEED - TEMPS so on. So their approach is about selling a " SERVICE " .Thanks for your input, I am not a code writing person, so I would trust code based ADOPTION. - WHICH IS NAIVE. Best of luck, bye. .......

I've been a software engineer for a little over 10 years now and I honestly think crypto/blockchain stuff is just interesting to a lot of developers so they try to shoehorn it into something just so they can work with it. They're in denial because its new and cutting edge so it "must be" better, etc... The only real use case I can think of for blockchain stuff right now is a transaction ledger on a private/proprietary blockchain between parties unwilling to trust one another or unwilling to trust the same 3rd party. That is an extremely niche use case, and one where I would really question why those parties want anything to do with one another anyway if they have such a lack of trust like that. All of the other decentralized stuff can be done more easily and more efficiently with non-blockchain stuff. We could develop a set of open source standards for things like...social APIs. That would allow multiple social media services to work with decentralized content fully owned by users and hosted elsewhere. You don't need blockchains for that. You don't need blockchains for NFTs either. All you need is some agreed-upon protocol/API, and right now I do not see any intrinsic benefits of the blockchain/crypto implementation over other implementations.

You look like a techy version of PsychedSubstance

most of web3 stuff is scam

If web3 was useful, it would be used by criminals. But it's not.

Web 3 is web 2 with gas ⛽ fee

💯

Web3 can be built without "blockchain" or any other buzzword nonsense. The problem is, a platform that allows people to "own" what they buy requires people to develop content for it. You think EA games, Valve, Take Two Interactive, etc are gonna build games for "web3" knowing they have less control? Nope. You think movie studios will allow you to "own" your digital purchases? Nope. So, Web3 will be full of shitty looking JPGs for sale, and crappy music by Splice-loop using producers. Yay, can't wait.

Been having the same thoughts since I digged into Ethereum and deployed my own contract. Everything is nice in principle, It just doesn't work in practical terms.
Edit: TBF I love the concept of the Ethereum virtual machine, I believe it still has to get a lot of stuff figured out

$1000 dollars to deploy a contract is pretty absurd for eth.
Would have to be a very bloated contract.
$15-20 is what I have been averaging, and this is a one time hosting fee, and anyone can make a UI to use it.

A truly decentralized web would just have a whole bunch on non-authoritative hosts and vendors who won't provide any real guarantee of reliability for their product. It's like dealing with all the headaches that come with open source apps/services.

lol i've been a dev for 10+ years, everyone who tries to convince me of what 'it is' are non-technical product managers and are just reading off their marketing sheet.

i think you make some great points. I'd like to talk about my thoughts on this.

1. ethereum gas fee is expensive that's why there are other alternative blockchains addressing this issue.
2. international transfer can be easier and cheaper using blockchain, some countries have strict foreign exchange control, for example, in China, one can only exchange 50000 USD a year. and for many people, it's a good way to mitigate inflation caused by sanctions, war, etc. (of course I'm talking about stablecoins)
3. privacy: you can basically create unlimited amounts of wallets and before tornado cash was banned you can always use it to send money to your new wallets to avoid tracking. not sure how to do that after the ban thought, i guess there should be a way.
4. ipfs is a good use case, as you mentioned. If you like your application more decentralized you can also deploy your front end code to ipfs and run it there too.
5. upgradable smart contract: as a user you need to be cautious when using unaudited upgradable contract. as a builder, there are ways to make upgrading smart contract more decentralized like using DAO contract as owner of smart contract, only upgrade approved by the community can be deployed.

I'm no expert on this topic, to me the worst thing in web3 is scams, there are just so many of them. it probably doesn't live up to its hype right now but there are definitely interesting projects out there.

and it's extremely expensive to operate.

I don't understand why people want decentralization. Imagine you have a decentralized metaverse and because it is decentralized the users are the owners they have tokens and users can collectively shape the future of the metaverse . Suppose this metaverse is a massive hit and lot of people are there on this metaverse . Now when you want to make experience on the metaverse better and upgrade it then since there are a lot of users they will have different opinions and thoughts on how the metaverse should be upgraded . There will be a lot of confusion and chaos even after you vote. How is this good then? make me understand if I am wrong

"NFTs are just a giant joke" - LOL - pretty much man

So informative! I've been researching web3 extensively over the last few days. Since I'm still a beginner, I assumed that my ignorance of the subject is to blame for the problems I have with web3. 

I was fascinated by the almost limitless possibilities that web3 can give on my first day of studying, so it seems to be just a marketing trick (sell a dream). I'm glad I came across this video.

Crypto, NFT and web 3.0 all provide solutions to imaginary problems. They all belong in the same circle of the scam dynasty

Governments & criminals shutting down your website/frontend you will survive. Them blocking your bank account or emptying it will land you on the street. That is why money & payments needs to be decentralized.

I found your video as I was checking if anyone is talking about this or not. This is something to be said out loud. Web3 is so much hyped up, there will be a giant crash coming up when the fog clears. I understand how this makes a little sense theoretically, but this is no way feasible in the current state of things, web3 is supposed to be research led and not business led. It has no place in the public domain currently should be researched privately just like any other technology in its nascent stages.

there are a few select contracts that are immutable like UniS wap....NFTs are nonsense along with 99.999999% of projects in the space are trash and don't solve anything. My number one use-case for web3/blockchains(outside of self-sovereign value transfer ie bitcoin) is identity. Sign in with fb, google, apple, etc is a big issue. When 4-5 companies own your online identity and can erase you at any time is concerning. I believe user identity could provide a better experience if the user owned there identity.

The way you talk about paypal/cash app it's clear you haven't spent much time outside the US or functioning western democratic countries(the "1st world"). There is a lot of extreme corruption in governments in developing countries. You can't trust alot of these banking systems and on top of that the politics are constantly printing money essentially stealing purchasing power from citizens. Bitcoin's volatility is minuscule compared so countries with 10% inflation(A MONTH not annually A MONTH lol)...

Most L1s cost way too much to interact with and it's mostly a hype machine that thrives on bull market cycles. However, bitcoin is solving real world problems of store value outside of the global financial system.

Thanks for this video. Web3 sounds great in principle but under the hood things get very centralized very quick!

Systems tend to centralize when they scale out! People forget that!

I hear you and I agree. The issue with the current banking system is the banks or central parties freezing or confiscating your funds. Some people need this and hence why these blockchains are worth billions.

A lot of these blockchains are too costly, not reliable and project developers lie about their use case and utilization on the blockchain.

your opinions have been noted

Same here, I was like do we need to save user information instead of hashes.

As a developer with over 13 years of experience across multiple different technologies and industries, and a participant in the whole web 3.0 wave (it just pays good money don't judge me). I can safely say, it's completely useless. slow and annoying to integrate anything meaningful. However, there are a few good concepts around it, for example, authentication using ledgers and signatures is much better and nicer to integrate than the traditional authentication system, but that would be probably the only thing that has the advantage over anything else is just hype.

Also, the squid thing, how it's done it's through a proxy, so it's simple, you deploy a proxy contract that has the base functionality to buy sell the token, then when you're ready to pull the rug you just change the second the contract that's behind the proxy and clean house :)

I'm with you bro, I have been a software engineer for 15+ years and this shit doesn't make any sense, it is just turtles all the way down

Ahhh, 100%