Web3 is centralized and inefficient

Re:Web3 is centralized and inefficient by TheCowboy on Wednesday March 23, 2022 @12:25AM (#30774940)

If we limit ourselves to Bitcoin then we're at a sliver of the web3 ecosystem everyone is casting their hopes upon. And Bitcoin in its current state still seems more like a blockchain working prototype and isn't 'feature-ful' enough to replace centralized finance.

But proof-of-work's energy consumption is what kills Bitcoin for me.

For what it's worth, I consider myself crypto agnostic. If a tech delivers something better then great.

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Re:Web3 is centralized and inefficient by xiphias2 on Wednesday March 23, 2022 @12:34AM (#30774986)

Bitcoin has nothing to do with Web3, they are two different things (web3 is a new term, Bitcoin is a system from 2008)

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Re:Web3 is centralized and inefficient by hestefisk on Wednesday March 23, 2022 @12:59AM (#30775118)

Bitcoin has a scripting system which gives it some limited smart contract capabilities. If web 3 is about programmable money and ownership I would argue BTC is very much relevant to Web 3.

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Re:Web3 is centralized and inefficient by m00dy on Wednesday March 23, 2022 @07:05AM (#30777177)

You can use Bitcoin as a collateral on web3.

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Re:Web3 is centralized and inefficient by aaaaaaaaata on Wednesday March 23, 2022 @08:17AM (#30777651)

Cryptocurrency agnostic — thank you. I'm going to borrow.

I don't necessarily like all of the community, current "leaders" etc — I just know a sticky concept when I see it.

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