The Metaverse

[vimothy]

I'd still say they are secure, people just need to learn how to use them. Just because I could drive a car onto a sidewalk and mow down a bunch of pedestrians doesn't make cars a prohibitively dangerous technology. Its just a matter of regulation, and analyzing trade-offs.

I think maybe the biggest reason why such fraudulent activity is so rampant right now is because of a lack of regulation, another reason for the frontier metaphor, i.e. unsettled by major institutional actors who lay down the law.

if ppl regularly mow ppl down on the sidewalk then the claim that cars are safe becomes obviously false. in practice they are not safe regardless of academic claims made to the contrary

 

[vimothy]

But the fact that a bunch of computers can maintain a database that is prohibitively expensive to tamper with, without a central administrator, is profound.

why is that profound? it's not really profound it's just the definition of immutable, it only becomes profound when allied to a political arrangement that exists necessarily outside the db and the protocols which support it

 

[Clinamenic]

if ppl regularly mow ppl down on the sidewalk then the claim that cars are safe becomes obviously false. in practice they are not safe regardless of academic claims made to the contrary

They're safe because there are regulations, largely extrinsic to the technology itself, that allow the technology's value to be realized and that prohibit reckless usage of the technology.

 

[vimothy]

you cant ever escape politics, and the claim that you can is effective politics of itself

 

[Clinamenic]

why is that profound? it's not really profound it's just the definition of immutable, it only becomes profound when allied to a political arrangement that exists necessarily outside the db and the protocols which support it

Its profound because it offers an alternative to the kind of organization afforded by centralized administration and rule-making. Here, the rules are enshrined in code and adopted by people operating the computers.

 

[vimothy]

They're safe because there are regulations, largely extrinsic to the technology itself, that allow the technology's value to be realized and that prohibit reckless usage of the technology.

none of which are evident in crypto!

 

[Clinamenic]

none of which are evident in crypto!

Yes this is the problem that we are facing in web3, a lack of regulations that the technology requires to operate on a global scale with minimal fraudulent activity.

 

[Clinamenic]

But the technology itself is deeply secure, at least with Bitcoin. It does doesn't protect people against their own reckless instincts, and doing so would arguably be a cure worse than the ailment itself.

 

[vimothy]

so web3.0 still needs a central regulator even tho the whole point is that its fully decentralised

 

[Clinamenic]

so web3.0 still needs a central regulator even tho the whole point is that its fully decentralised

There really can't be a central regulator, which is the whole point of Bitcoin. But there can be enough of an impact made by national regulators to dissuade the kind of fraud we're seeing so much of right now. There doesn't need to be totalitarian regulation. Regulators just need to be versed in on-chain analytics, and the major onramps need to have thorough KYC standards.

 

[vimothy]

it's hot garb on it's own terms and a dumpster fire on everyone elses

 

[vimothy]

but no one involved cares bc the lure of easy money is overwhelming

 

[Clinamenic]

You were doing pretty well making reasonable arguments for a while.

 

[Clinamenic]

And there are plenty of major, reasonable criticisms to voice here, which I clearly see.

 

[Clinamenic]

but no one involved cares bc the lure of easy money is overwhelming

This is largely true though. Most of the people in crypto want to become rich overnight, and don't care about the technology itself.

 

[Clinamenic]

But thankfully the talent in the space will continue to persist despite the whims of the degenerates.

 

[vimothy]

dont get annoyed here bro I'm not averse to providing reasoned args for all of this but still

 

[luka]

so web3.0 still needs a central regulator even tho the whole point is that its fully decentralised

this bit was the finishing move, like a massive suplex, kapow!

 

[luka]

poor old Stan seeing stars, laid flat on the canvas!

 

[vimothy]

There really can't be a central regulator, which is the whole point of Bitcoin. But there can be enough of an impact made by national regulators to dissuade the kind of fraud we're seeing so much of right now. There doesn't need to be totalitarian regulation. Regulators just need to be versed in on-chain analytics, and the major onramps need to have thorough KYC standards.

what does decentralisation mean if you still rely on regulation in a broadly similar way to mainstream finance