[rvz]

> If true, this means that much of Ethereum’s promise to decentralize the web is in fact a lie: it may instead be controlled by a group of elites whose existence has been purposefully concealed.

> This also means that if Eth switches to proof of stake, the larger hodlers will have the power to determine consensus.

Absolutely correct and this is where the web3 hype origins were from. They are using web3 to pump their bags to get late comers buying into the Ethereum dream of 'decentralisation'. First it was the ICOs, then ERC-20 tokens, NFTs, The DAO scandal and now you have web3.

Sounds like 'decentralies' from the start. This article [0] summarises the entire problems in 'web3' and the mismatch of its proposed goals.

[0] https://blog.mollywhite.net/blockchains-are-not-what-they-sa...

[capableweb]

> First it was the ICOs, then ERC-20 tokens, NFTs, The DAO scandal and now you have web3.

You have it backwards. Web3 is what Ethereum called it's client APIs since as far as I can remember.

[tata71]

Taking problem with this ignores the other 6500 coins that ETH has helped turn from worthless into ETH-comparable money.

[defaultprimate]

>helped turn from worthless into ETH-comparable money

So still worthless.

[cinntaile]

How do you explain all the money floating around in an industry supposedly worth $0?

[qeternity]

You're conflating two things: the tokens, and the industry. The industry has value precisely because most of the tokens do not.

Getting people to buy worthless things from you is a phenomenal business.

[cinntaile]

That's why you can get all the tokens for free I guess?

[defaultprimate]

Speculation does not impart value. Price and value are not the same

[cinntaile]

You could put your house up for sale at $20 million but if people aren't buying it, then that's not what it's worth. Then value and price don't match. This isn't the case for cryptocurrencies that are traded on liquid markets, price discovery is happening all the time. Maybe it's worth $100 tomorrow or $5000, it doesn't really matter. It's still what it's worth at the time.

[defaultprimate]

Maybe you didn't see what I said the first time:

Price and value are not the same. Ponzi schemes require buy in but still have no underlying value.

Also lol at crypto markets being liquid. In stablecoins maybe. Liquidity literally means volume has very limited effects on the price of an underlying. $100 or $5000 tomorrow is definitionally illiquid

[Lurkars]

I think this is the definition of a bubble.