<story><title>Web3 Is Bullshit</title><url>https://www.stephendiehl.com/blog/web3-bullshit.html</url></story><parent_chain><item><author>toomuchtodo</author><text>Is this what the struggles of the transition from scarcity to post scarcity looks like? Building systems that simulate scarcity to generate the illusion of value and to front run that value?</text></item><item><author>Barrin92</author><text>&lt;i&gt;&amp;quot;The Ethereum virtual machine has the equivalent computational power of an Atari 2600 from the 1970s except it runs on casino chips that cost $500 a pop and every few minutes we have to reload it like a slot machine to buy a few more cycles. That anyone could consider this to be the computational backbone to the new global internet is beyond laughable. We’ve gone from the world of abundance in cloud computing where the cost of compute time per person was nearly at post-scarcity levels, to the reverse of trying to enforce artificial scarcity on the most abundant resource humanity has ever created. This is regression, not progress.&amp;quot;&lt;/i&gt;&lt;p&gt;One of the best, most concise things I&amp;#x27;ve read in a while. People are trying to move from a world in which compute resources are efficient and almost limitless to a world of scarcity because they want to build an economic system where you can trade your fortnite skins for online currency. Creating economic ownership schemes of things that nobody needs to own because they&amp;#x27;re not scarce in the first place.</text></item></parent_chain><comment><author>captainbland</author><text>Of course. It&amp;#x27;s even more clear with NFTs: people aren&amp;#x27;t spending thousands of dollars on low-quality NFT sprites because they think they&amp;#x27;re sound investments or artworks that are that unique and enjoyable in and of themselves. It&amp;#x27;s people with serious wealth, people who have benefited from scarcity in other domains, trying to promote a system of artificial scarcity in the digital art world. Artificial scarcity that they will later profit off of. This is why they attach huge prizes to what is really worthless crap in order to generate hype and adoption.</text></comment>
<story><title>Web3 Is Bullshit</title><url>https://www.stephendiehl.com/blog/web3-bullshit.html</url></story><parent_chain><item><author>toomuchtodo</author><text>Is this what the struggles of the transition from scarcity to post scarcity looks like? Building systems that simulate scarcity to generate the illusion of value and to front run that value?</text></item><item><author>Barrin92</author><text>&lt;i&gt;&amp;quot;The Ethereum virtual machine has the equivalent computational power of an Atari 2600 from the 1970s except it runs on casino chips that cost $500 a pop and every few minutes we have to reload it like a slot machine to buy a few more cycles. That anyone could consider this to be the computational backbone to the new global internet is beyond laughable. We’ve gone from the world of abundance in cloud computing where the cost of compute time per person was nearly at post-scarcity levels, to the reverse of trying to enforce artificial scarcity on the most abundant resource humanity has ever created. This is regression, not progress.&amp;quot;&lt;/i&gt;&lt;p&gt;One of the best, most concise things I&amp;#x27;ve read in a while. People are trying to move from a world in which compute resources are efficient and almost limitless to a world of scarcity because they want to build an economic system where you can trade your fortnite skins for online currency. Creating economic ownership schemes of things that nobody needs to own because they&amp;#x27;re not scarce in the first place.</text></item></parent_chain><comment><author>dekervin</author><text>if you are joking, I hope you realize you have stumbled on a real epiphany, and keep pulling the thread.</text></comment>