The Metaverse

Clinamenic

Clinamenic

The Wild Drunkard
Even Vitalik Buterin, the lead creator of the blockchain on which these NFTs are made, slammed BAYC recently (the website I pulled this from formatted it in all caps, not Vitalik himself):

“ONE SILVER LINING OF THE SITUATION IN THE LAST THREE WEEKS IS THAT IT HAS REMINDED A LOT OF PEOPLE IN THE CRYPTO SPACE THAT ULTIMATELY THE GOAL OF CRYPTO IS NOT TO PLAY GAMES WITH MILLION-DOLLAR PICTURES OF MONKEYS, IT’S TO DO THINGS THAT ACCOMPLISH MEANINGFUL EFFECTS IN THE REAL WORLD.”
 
Clinamenic

Clinamenic

The Wild Drunkard
For context, the real world impact he's referring to is the over $100,000,000 in crypto donations sent to Ukraine.
 
Clinamenic

Clinamenic

The Wild Drunkard
It does look interesting, and its a good example of decentralized infrastructure that doesn't involve blockchain or native currencies. At least, I didn't see any mention of that web3 stuff on the seminar registration page. I might register for it.
 
sufi

sufi

lala
Clinamenic said:
It does look interesting, and its a good example of decentralized infrastructure that doesn't involve blockchain or native currencies. At least, I didn't see any mention of that web3 stuff on the seminar registration page. I might register for it.
Click to expand...
fascinating thread and replies:
"a fairly simple attack: 1. Propose a piece of code to the protocol that says "send the entire treasury to my address A" 2. Buy a bunch of equity tokens and vote the change in 3. Send the entire treasury to your address A"
"the governance hack"
"a piñata for black hats to whale on until money comes out."
"Is this even illegal?"
"Every step taken in the process played by the rules of the game. The money was literally there for anyone to take if they followed the same steps."
"Next thing: they will find out it is North Korea who found out that it is easier to make a national budget from the Web3 then actually producing anything"

web3 is a pyramid con of technical debt
 
sufi

sufi

lala
sufi said:
fascinating thread and replies:
"a fairly simple attack: 1. Propose a piece of code to the protocol that says "send the entire treasury to my address A" 2. Buy a bunch of equity tokens and vote the change in 3. Send the entire treasury to your address A"
"the governance hack"
"a piñata for black hats to whale on until money comes out."
"Is this even illegal?"
"Every step taken in the process played by the rules of the game. The money was literally there for anyone to take if they followed the same steps."
"Next thing: they will find out it is North Korea who found out that it is easier to make a national budget from the Web3 then actually producing anything"

web3 is a pyramid con of technical debt
Click to expand...
whereas matrix is a sustainable thing https://matrix.org/docs/guides/free-small-matrix-server we should er "spin one up" as they say
 
Clinamenic

Clinamenic

The Wild Drunkard
sufi said:
fascinating thread and replies:
"a fairly simple attack: 1. Propose a piece of code to the protocol that says "send the entire treasury to my address A" 2. Buy a bunch of equity tokens and vote the change in 3. Send the entire treasury to your address A"
"the governance hack"
"a piñata for black hats to whale on until money comes out."
"Is this even illegal?"
"Every step taken in the process played by the rules of the game. The money was literally there for anyone to take if they followed the same steps."
"Next thing: they will find out it is North Korea who found out that it is easier to make a national budget from the Web3 then actually producing anything"

web3 is a pyramid con of technical debt
Click to expand...
I do think, if one is to take an extreme stance, one is certainly better off taking the anti-crypto extreme, especially if one has no technical awareness of what they're talking about (EG "pyramid con" - if you're gonna stick with the anti-crypto extreme, at least use the more applicable term: Ponzi)
 
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