Oddbean new post about login | logout Basically agree with most everything you've said here. Blockchains are great for *global* double-spend. And the classes of concern where double spend are relevant are money and other forms of asset ownership. Bitcoin as money and [ethereum or whatever else] as "the other, arbitrarily complicayed complicated things you could own" makes sense to me. But I also think thst most "ownership" should be in-network in voluntary patchwork subnets, not "global" - so a lot of that also doesn't need blockchains.
A patchwork of subnets with unified namespaces for events and actors. #nostr does this elegantly with event ids, npubs and relays.
"unified" is optional in my view. At least for namespaces. I think there is a lot of value in subnets being able to define their own names - like DNS, for instance. That should be local to a subnet. Nothing stopping multiple subnets from all using the same DNS provider, which would make it _something like_ global, but another federation of subnets could have their own DNS.
Oh man. I really wish I understood what you are saying. But my vocabulary is short-circuiting. Maybe, you'd be down to chat sometime and explain some of this in layman terms for a noob. Mostly, it's because I struggle with the reality I am realizing things are playing out where I am aware and witnessing really caring irl individuals with desire to make a difference in the world start, support and grow web3 projects in the last few years... While I've gotten myself organge and purple pilled the last year... And now I feel conflicted and trying to figure out the bridge or gap between these two worlds as I don't want to dismiss entirely what I know to be very heart based and caring initiatives by irl caring intelligent people with diverse real world experience bringing together community and earth wellbeing as a focus but I now also feel resistant to because they are not utilizing Bitcoin which in my understanding creates the rug-able vulnerability.
Yea I'd happily elaborate on my thoughts sometime / re-state in terms that are more familiar to you!
It’s not that everyone who works in crypto/web3 is a scammer. In fact, many are probably good-hearted and motivated people. The problem is that the vast majority of these project are backed by founders or VCs who recognize that they can get an almost immediate exist strategy by using a blockchain and a token, with lots of feel-good buzzwords, to “raise money” which actually means printing crypto for free, dumping it on retail investors in exchange for a massive fiat stack, and then not actually building the thing they said they would. (Look into ICO craze). It’s just that the “blockchain tech” is a poor way to build these projects — decentralization and “democratizing [insert whatever]” don’t require a blockchain, as evidenced by Nostr — but these crypto tokens are an excellent way to “part a fool from his money” and that is almost inevitably what happens. Cryptography is absolutely a tool for decentralization/democratization. Financialized crypto tokens - not so much. “Follow the money” and you’ll find the incentives behind the seductive stories.
Thank you, for taking time to further elaborate. Yeah, sadly I was a victim of a rug pull in similar fashion. :/ Really bitter pill to swallow and digest some of these valuable lessons.
Sorry to hear that 🫂 it’s a painful (and powerful) lesson. A friend got wrecked with FTX, despite numerous attempted warnings. Not a “lost my life’s savings” story, thankfully, but painful nonetheless.