Topic: [2019-05-12] Web 3.0 Will Change the World, Not Bitcoin (Read 273 times)
I respect what they want to deliver about bitcoin vs web 3.0 for me better to wait bitcoin future than to listen this negative news for bitcoin to give me an some bt and stress as bitcoin believer.
I don't quite see how web 3.0 can change the world.
The CEO of the Galaxy Digital and an extremely rich person, Michael Novogratz expressed that the inspecting of the cryptocurrency by one of the biggest and well-known espresso chain Starbucks for its user’s app is a major thing for the benefit class.
“Follow this space. This is a big deal. Crypto acceptance is coming. Bakkt to launch consumer app in the first half of 2020; will test the product with Starbucks.”
Source: TheCoinRepublic
“Follow this space. This is a big deal. Crypto acceptance is coming. Bakkt to launch consumer app in the first half of 2020; will test the product with Starbucks.”
Source: TheCoinRepublic
i'm quite skeptical about these web 3.0 and altcoin claims of his.
It's not viable to expect Ethereum to play a role of importance in what they call web 3.0.
I always become quite suspicious when I hear people assigning arbitrary version numbers to existing things, I think I've already heard about banking 4.0 and democracy 2.0 from ICO scammers. It always feels like they are just cheap buzzwords made up for creating empty hype.
There's a good chance that the Internet of the future will be different from todays Internet in some aspects, but I have a feeling that it will be more centralized and controlled by governments than now, because the masses don't care that much, so I don't see how this Ethereum-based web 3.0 will get any traction in a world when few people are bothered about censorship and privacy.
Is this something new coming from Novogratz, or was he saying similar things before? If so, he might have been paid by ETH people or some other altcoiners in order to boost their coins - things look pretty desperate for them, because they don't grow as fast as Bitcoin does, and they can easily be left behind in this rally, which will hurt their long-term prospects.
that sounds doubtful. novogratz always praised bitcoin, but he and his fund have always been shitcoiners at heart. they are heavily invested in ETH. i don't think "ETH people" are paying him to say anything. he has strong biases of his own already.
price-wise, altcoiners will also have their day in the sun again---they always do. i wouldn't dwell on one missed rally.
i'm quite skeptical about these web 3.0 and altcoin claims of his. but i actually agree that bitcoin isn't going to change the world much. it's just money. it may be the best form of money yet, but creating a new type of money isn't revolutionary. it's not going to change how society fundamentally works.
maybe I'm a little unfair on ETH, there's possibly some utility in those tokens, but that's not going to change the fact that Etheruem itself is a bloated blockchain that's far more onerous to download and validate than Bitcoin's, and that that allows the developer (there is only one) to make more or less any decision he wants to.
A little unfair? You and the rest responding here have a Bitcoin maximalist cap on and don't see how little of what you guys say makes sense. No wonder people strongly dislike Bitcoin maximalists....Ethereum's ecosystem counts way more developers than Bitcoin's ecosystem. All this decentralization you guys praise yourself with does is make sure Bitcoin lags behind in development and doesn't scale at all.
Segwit hasn't done anything other than provide a tiny bit of more block space. Transaction batching has done more to reduce fees than Segwit, and we can't even break the 50% support mark.... Nice.
Is this something new coming from Novogratz, or was he saying similar things before? If so, he might have been paid by ETH people or some other altcoiners in order to boost their coins - things look pretty desperate for them, because they don't grow as fast as Bitcoin does, and they can easily be left behind in this rally, which will hurt their long-term prospects.
Recently Vitalik made "charity-like" investments in various Eth based projects, and this might be his way to return the favor by sucking them off.
Mike is also financially motivated to shill the crap out of Ethereum and the sheer number of scam tokens running on top of it because he holds the famous bag, and boy is it heavy. Mike has seen his portfolio note a loss of almost $100 million as result of that.
It's not viable to expect Ethereum to play a role of importance in what they call web 3.0. Google, Microsoft, IBM, etc, are all better positioned to change the way we use the internet, and the mass doesn't give a single shit about what they use as long as it works.
Lightning will contribute to more importance to the internet through micro transactions than Ethereum. It allows people to only pay for what data they consume, and this is quite a powerful utility. Also think about skipping annoying ads by paying a fraction of a cent, get rid of paywalls, etc. This is useful to people, and not some flashy Dapps that look interesting on paper, but in reality no one uses them.
What the hell is Web 3.0?Is he talking about this?
Quote
Web 3.0 is slated to be the new paradigm in web interaction and will mark a fundamental change in how developers create websites, but more importantly, how people interact with those websites. Computer scientists and Internet experts believe that this new paradigm in web interaction will further make people's online lives easier and more intuitive as smarter applications such as better search functions give users exactly what they are looking for, since it will be akin to an artificial intelligence which understands context rather than simply comparing keywords, as is currently the case.
IOW it's a bunch of marketing nonsense that has zero relationship with the infrastructure of the internet, aka web 0.0
Maybe we should look at what's being built on existing blockchains though:
- Ethereum has a bunch of scammy/dumb tokens for no apparent reason other than to justify Ethereum's existence
- Bitcoin has a nascent network of payment channels (i.e. LN), some colored coins (whatever Mastercoin change name to), a inter-exchange settlment sidechain (Liquid) and someother basic smart contracts (e.g. good behavior bonds)
maybe I'm a little unfair on ETH, there's possibly some utility in those tokens, but that's not going to change the fact that Etheruem itself is a bloated blockchain that's far more onerous to download and validate than Bitcoin's, and that that allows the developer (there is only one) to make more or less any decision he wants to.
Ethereum is pretty much snakeoil tech at this point, "oh the possibilities!" has been it's USP for the whole time it's existed
What the hell is Web 3.0?Is he talking about this?
Techopedia quote.
We are too far away from building Web 3.0
Perhaps the blockchain technology is just the begining of Web 3.0 (Imagine blockchain combined with AI)
Anyway,Novogratz is a lousy analyst and I don't care that much about his opinions anymore.
Quote
Web 3.0 is slated to be the new paradigm in web interaction and will mark a fundamental change in how developers create websites, but more importantly, how people interact with those websites. Computer scientists and Internet experts believe that this new paradigm in web interaction will further make people's online lives easier and more intuitive as smarter applications such as better search functions give users exactly what they are looking for, since it will be akin to an artificial intelligence which understands context rather than simply comparing keywords, as is currently the case.
Techopedia quote.
We are too far away from building Web 3.0
Perhaps the blockchain technology is just the begining of Web 3.0 (Imagine blockchain combined with AI)
Anyway,Novogratz is a lousy analyst and I don't care that much about his opinions anymore.
Is this something new coming from Novogratz, or was he saying similar things before? If so, he might have been paid by ETH people or some other altcoiners in order to boost their coins - things look pretty desperate for them, because they don't grow as fast as Bitcoin does, and they can easily be left behind in this rally, which will hurt their long-term prospects.
Quote
The world’s largest cryptocurrency, bitcoin (BTC), is not going to change the world as it is just a store of value, Galaxy Digital CEO Michael Novogratz said at ConsenSys’ Ethereal Summit.
Starting with bitcoin, “as it came first,” Novogratz claimed that the coin has “really establishing itself as a store of value,” noting that it is “kind of finished” in terms of fulfilling its use case as a store of value. Novogratz also compares the asset to gold, arguing that both have value as a social construct.
Since bitcoin represents a store of value or acts as a “digital gold,” it is “not going to change the world,” Novogratz argued. He further stated that instead it is web 3.0 that “has the potential to change the world.” According to Novogratz, web 3.0 envisions a revolution in how networks function and data is treated as it is “a decentralized platform to process information. It’s separating data from the processing of it.” The investor noted that public ecosystems such as Ethereum and “lots of competitors are all vying for this space.”
Comparing various cryptocurrencies with chemical elements in the periodic table, Mike also considered the role of altcoins, hinting that each coin will have “to prove themselves out” in order to provide a certain use case. On this note, Novogratz argued out that “there’s no one building anything on the litecoin blockchain,” as opposed to the Ethereum blockchain, referencing a recent tweet of his.
Source: https://cointelegraph.com/news/mike-novogratz-web-30-will-change-the-world-not-bitcoin
There is now no question that Bitcoin is best when functioning as a store of value...in fact this is now called as the digital gold. And although there is nothing wrong with that, it would have its own limitations just like the physical gold. People who are thinking that Bitcoin can really change the world should lower their expectations and maybe we should just accept the many innovations that Bitcoin can bring to the world.
What is your thoughts on this statement coming from Michael Novogratz a well-known and longstanding advocate of cryptocurrency?
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