What questions do you have about Crypto/web3 that you're too embarrassed to ask?
Chandula Perera
18 replies
Inspired by the discussion started by Sarah Wright!
As a person who has been in the web3 space for quite a while and building a product around it, I have always been interested in what keeps people away from the industry. I'm aware of the stigma around crypto due to the high level of scams, hacks, and rugs which keeps majority of the people away.
But I have seen and used the best of crypto and it has been a wonderful experience which I think most people would find the same if they were exposed to the better part of crypto/blockchain.
What are you too embarrassed to ask? I am by no means an 'expert' but happy to answer however I can or someone else here will!
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Mohammad Taha@mohammad_taha1
Understanding the basic structure and function of a blockchain can help demystify the technology. Many also wonder how to safely store and manage their cryptocurrencies, as the security of digital assets is paramount. Additionally, questions about the alerts risks associated with investing in cryptocurrencies are common, as the market's volatility can be intimidating.
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I'm not into crypto. Should I be interested in it?
Not embarrassed but interested :) I hear a lot about the "huge potential" in the market on intersection of Web3 and AI, but do not hear much about specifics or about successful products there (Reiki and Near are only cases that come to mind).
The question is: what are the best ideas that are out there of how AI and Web3 could be used together for the greater good
And another question - what makes you most inspired in Web3? :)
Launching soon!
@natella_nuralieva From what I know, this is a case of AI needing blockchain tech rather than vice versa. Companies require huge amounts of computing power/storage to enable AI, blockchain or to be more specific Decentralized Physical Infrastructure (DePin) solve this by using decentralized compute power/storage, some notable projects working on this are: ShdwDrive, Nosana, and RNDR. There are also instances where AI is used to optimize/analyze big data within blockchains.
For your second question, payments in web3 have been so good, decentralized, and bank-less.
@natella_nuralieva @chandula Don't forget, on the non-utxo chains (and even on some utxo chains), almost instantaneous! The fungibility aspect of EVM-based chains like Ethereum makes their base assets effectively not subject to chargebacks, which I know many merchants have long had a terrible time with.
Not to mention that in places like China where the value of the currency is not merely "manipulated" but more like "entirely plucked out of thin air" and is maintained that way by simply ensuring that no property is truly private, crypto assets is the realest thing that can be owned in any sense of the word "ownership", and this applies both in English and Chinese. Too often we take private property for granted but it cannot be taken for granted when dealing with customers overseas, but it does not mean that a market doesn't exist. the current system is cumbersome and overinfluenced by nonsensical political fingerpointing based on a flawed or simply made up understanding of the intentions of the consumer who had the misfortune of being born under authoritarian schemes, which is the one thing that no human being had any say in but is also the one thing in the US at least has been made almost okay to use as a basis of discrimination and scapegoating, regardles of party affiliation.
This creates a lot of friction based on assumptions that are not only false but in fact, imposssible, something that Web3 payments do not necessarily need to deal with. Both of my grandmothers have dementia and even though they have status that enables them to come to America, their health makes it impossible, but when my parents (they are divorced and act independently, although as they are from the same city which when I was born was 16x smaller than the size today) I am the only person who is able to pay their vehicle registrations or pretty much bills of all sorts on their properties. The California DMV has even blocked any Chinese IPs from being able to renew their licenses, which makes it particularly difficult when your car is prked at the parking lot of LAX but now with expired tags and no valid license. China doesn't even have DMVs, or at least not as American DMVs operate, and also, lacks federalism so your ID is nationally and centrally set and should not be treated as a source of truth. In fact nobody in my family has a set of Chinese identifications that accurately reflect their addresses or birthdays, none. It simply doesn't matter. The nonsensical policy - China skipped the credit card stage of payments and went straight to their walled gardens of payment apps, meaning that credit card fraud is far more common in countries where Visa and Masterard and such have a significant presence - or had, at least. That simply doesn't exist in China, yet, thanks to cultural incompetency, my American bank, while advertising its 150 years of existence, cannot even implement an anti-fraud heuristic that takes into account of Chinese new year and the ethnicity of their customers - which is obvious by my surname, and so on the day after the 2 weeks of CNY, a date not tied to the Gregorian calendar in a fixed manner, I found that I couldn't use my debit card over the renewal of a 60 dollar service.The service wasn't even in China proper (although the difference is superficial, it is nevertheless separate enough so that it matters in a few key industries, financial services being one of them). It took me 6 hours to get it cleared up over the phone. This would be impossible if it's a web3 based system. Because China had already banned nearly all Google services (GoogleFi seems to work, oddly), I find myself having to take care of all of their emails, bills, banking concerns, taxes, etc, all friction that does not need to exist. This is reflected in slightly different but immediately recognizable ways in the telegram chats I'm in where Chinese Sysadmins congregate.
America - or really many other western nations - are not short on those with actual expertise in how China operates, even today. That really goes for all major nations. In fact at one point I learned about the Bengazi incident because someone I played Fantasy Baseball with during the season in a small circle of area studies students mostly at U of Chicago but also some Ivies and schools like Berkeley and UNC suddenly stopped responding, only to reappear apologetically to say that he didn't have an opportunity to tell anyone what happened before all hell broke loose. My best friend in college, who is now a tenure tracked Middle Eastern Studies faculty member at a top institution, missed the Cubs winning the World Series despite hving tickets for what turned out to be meaningless deployment. He's the 4th generation of his family in this country, and the season tickets were passed to him by his father, who passed the year before, and was someone I knew as well and would've liked nothing more. My friend regularly gets recruitment phone calls and instead of "no" he replies in much more vulgar terms. And so you get the second or third tier or when it comes to China, a literal fanfiction writer of Yellow Peril racist fantasy erotica as your advisor. Every decision being made will almost inevitably be wrong, and so far, that has proven true.
Web3 is the validation in a real way that state entites and their interests are not going to be able to effectively fetter commerce and cooperation even with the threat of violence as the basis of their perceived legitimacy. The web3 press sadly is in shambles and much of the reporting contains so many errors that I've given up on attempting to correct them. Devs are too busy to read poorly written pieces that say nothing new and misinterpret the tech anyway. Like any new tech, there will be bugs and scewups. Unlike most in the closed source sphere, especially when banking is concerned, there is ctual transparency. Give it time. Banks had a millennium+ worth of head start and they screw up daily. I bought my first bitcoins on May 4, 2011. We have a long time to refine things.
One common question people might feel embarrassed to ask about crypto and web3 is, "What exactly is blockchain technology?" Many hear about it but may not fully grasp its fundamental workings or its practical applications beyond cryptocurrencies like Bitcoin. Understanding blockchain involves comprehending its decentralized nature, cryptographic security, and potential for transparent, tamper-proof record-keeping across various industries beyond finance. It's okay to seek clarification on such foundational concepts; grasping blockchain is key to comprehending the broader implications of cryptocurrencies and decentralized applications in the web3 ecosystem.
is crypto still relevant? See the people losing its charm.
Launching soon!
@amit_arora It has never been as relevant as now! Just a few major news happened within 5 months of 2024: Bitcoin ETFs, PayPal launching PYUSD, Stripe Integrating Crypto Payments, Visa and Mastercard partnering with projects, global users up to 540 million from 420m in 2023, and a whole lot more!
Yeah, I'm pretty new to the crypto/web3 space myself and have been hesitant to dive in deeper because of all the scams and hacks you hear about. I'd be curious to learn more about how to identify legitimate projects vs scams, and what the most user-friendly entry points are for a crypto newbie. Like what are the most reputable exchanges, wallets, educational resources etc for getting started? Appreciate you offering to share your knowledge!
Launching soon!
@lindarobinson2 If you're completely new to the space, stick to reputable exchanges like Coinbase, Kraken, and Binance until you get good enough knowledge. Right now, the barrier to entry for purely web3 projects is slightly high.
Each blockchain has its wallets but some wallets support multiple chains, like Phantom Wallet. I would say Solana is a good place to start since UX-wise it's pretty much the easiest/smoothest out there.
As for educational resources, I honestly don't know, I learned by doing and just messing with what I could find. Once you have your wallet outside of an exchange, it's your world to play with. There's the Jupiter Swap if you want to swap between tokens, Vault X Protocol for transactions with an escrow, and Famous Fox Federation for a whole lot of tools like sending a message to another wallet, the list could go on and on.
And ofc, don't click any random links, don't connect your wallet to random sites, and ALWAYS double verify your address when sending a transaction (even better if you do a test transaction first).
Curious about how to start with Crypto but feeling hesitant? No worries, diving into web3 is like learning to ride a bike - intimidating at first, but once you get the hang of it, the wind in your hair makes it all worth it!
You do not need any knowledge or experience to invest with cryptocurrencies. Because now everything is at your fingertips with just one click.
https://cryptonforecast.com
As someone deeply involved in the web3 space, I understand the reservations many have about crypto due to scams and hacks.
However, my experience with the positive aspects of crypto has been incredibly rewarding and enlightening. Don't hesitate to ask any questions you might have, no matter how basic or complex—they're all valid, and the community here is ready to assist!
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From the Senator's YouTube channel: https://youtu.be/0LEbSi021eI?si=...
Comment at 3:50
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