Status Traps: Learning from Web2 Social Networks

Re:Status Traps: Learning from Web2 Social Networks by rglullis on Sunday August 14, 2022 @10:42PM (#32465300)

> Certainly nothing like legal recourse like you’d get in an actual court in the real world.

The "real world" is full of corrupt institutions and people in positions of authority that are not working with the interests of ordinary citizens in mind.

The "real world" is also a place where people have ubiquitous access to the internet, but don't have access to banking systems, easy credit or fast/cheap ways to settle minor disputes.

For these situations, a system that can provide an alternative to the established, well-functioning institutions is better than nothing, even if flawed.

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Re:Status Traps: Learning from Web2 Social Networks by robbiep on Monday August 15, 2022 @01:59AM (#32466332)

I know people who have lost money to defi hacks, scams and counterparty risk. The total value significantly exceeds what I believe my friends have ever lost in the real world. So I’m not seeing the corrupt institution risk that is so trumpeted by the cryptobros. I’m also not convinced that ubiquity of internet access is anywhere close to providing a decent alternative in terms of access.

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Re:Status Traps: Learning from Web2 Social Networks by rglullis on Monday August 15, 2022 @04:22AM (#32467106)

Let me guess: your friend is from a reasonably developed country and was putting money on defi as a way to "invest"?

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