More on Web3 & Crypto
Sam Hickmann
3 years ago
A quick guide to formatting your text on INTΞGRITY
[06/20/2022 update] We have now implemented a powerful text editor, but you can still use markdown.
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> Human beings face ever more complex and urgent problems, and their effectiveness in dealing with these problems is a matter that is critical to the stability and continued progress of society. \- Doug Engelbart, 1961
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Matt Ward
3 years ago
Is Web3 nonsense?
Crypto and blockchain have rebranded as web3. They probably thought it sounded better and didn't want the baggage of scam ICOs, STOs, and skirted securities laws.
It was like Facebook becoming Meta. Crypto's biggest players wanted to change public (and regulator) perception away from pump-and-dump schemes.
After the 2018 ICO gold rush, it's understandable. Every project that raised millions (or billions) never shipped a meaningful product.
Like many crazes, charlatans took the money and ran.
Despite its grifter past, web3 is THE hot topic today as more founders, venture firms, and larger institutions look to build the future decentralized internet.
Supposedly.
How often have you heard: This will change the world, fix the internet, and give people power?
Why are most of web3's biggest proponents (and beneficiaries) the same rich, powerful players who built and invested in the modern internet? It's like they want to remake and own the internet.
Something seems off about that.
Why are insiders getting preferential presale terms before the public, allowing early investors and proponents to flip dirt cheap tokens and advisors shares almost immediately after the public sale?
It's a good gig with guaranteed markups, no risk or progress.
If it sounds like insider trading, it is, at least practically. This is clear when people talk about blockchain/web3 launches and tokens.
Fast money, quick flips, and guaranteed markups/returns are common.
Incentives-wise, it's hard to blame them. Who can blame someone for following the rules to win? Is it their fault or regulators' for not leveling the playing field?
It's similar to oil companies polluting for profit, Instagram depressing you into buying a new dress, or pharma pushing an unnecessary pill.
All of that is fair game, at least until we change the playbook, because people (and corporations) change for pain or love. Who doesn't love money?
belief based on money gain
Sinclair:
“It is difficult to get a man to understand something when his salary depends upon his not understanding it.”
Bitcoin, blockchain, and web3 analogies?
Most blockchain and web3 proponents are true believers, not cynical capitalists. They believe blockchain's inherent transparency and permissionless trust allow humanity to evolve beyond our reptilian ways and build a better decentralized and democratic world.
They highlight issues with the modern internet and monopoly players like Google, Facebook, and Apple. Decentralization fixes everything
If we could give power back to the people and get governments/corporations/individuals out of the way, we'd fix everything.
Blockchain solves supply chain and child labor issues in China.
To meet Paris climate goals, reduce emissions. Create a carbon token.
Fixing online hatred and polarization Web3 Twitter and Facebook replacement.
Web3 must just be the answer for everything… your “perfect” silver bullet.
Nothing fits everyone. Blockchain has pros and cons like everything else.
Blockchain's viral, ponzi-like nature has an MLM (mid level marketing) feel. If you bought Taylor Swift's NFT, your investment is tied to her popularity.
Probably makes you promote Swift more. Play music loudly.
Here's another example:
Imagine if Jehovah’s Witnesses (or evangelical preachers…) got paid for every single person they converted to their cause.
It becomes a self-fulfilling prophecy as their faith and wealth grow.
Which breeds extremism? Ultra-Orthodox Jews are an example. maximalists
Bitcoin and blockchain are causes, religions. It's a money-making movement and ideal.
We're good at convincing ourselves of things we want to believe, hence filter bubbles.
I ignore anything that doesn't fit my worldview and seek out like-minded people, which algorithms amplify.
Then what?
Is web3 merely a new scam?
No, never!
Blockchain has many crucial uses.
Sending money home/abroad without bank fees;
Like fleeing a war-torn country and converting savings to Bitcoin;
Like preventing Twitter from silencing dissidents.
Permissionless, trustless databases could benefit society and humanity. There are, however, many limitations.
Lost password?
What if you're cheated?
What if Trump/Putin/your favorite dictator incites a coup d'état?
What-ifs abound. Decentralization's openness brings good and bad.
No gatekeepers or firefighters to rescue you.
ISIS's fundraising is also frictionless.
Community-owned apps with bad interfaces and service.
Trade-offs rule.
So what compromises does web3 make?
What are your trade-offs? Decentralization has many strengths and flaws. Like Bitcoin's wasteful proof-of-work or Ethereum's political/wealth-based proof-of-stake.
To ensure the survival and veracity of the network/blockchain and to safeguard its nodes, extreme measures have been designed/put in place to prevent hostile takeovers aimed at altering the blockchain, i.e., adding money to your own wallet (account), etc.
These protective measures require significant resources and pose challenges. Reduced speed and throughput, high gas fees (cost to submit/write a transaction to the blockchain), and delayed development times, not to mention forked blockchain chains oops, web3 projects.
Protecting dissidents or rogue regimes makes sense. You need safety, privacy, and calm.
First-world life?
What if you assumed EVERYONE you saw was out to rob/attack you? You'd never travel, trust anyone, accomplish much, or live fully. The economy would collapse.
It's like an ant colony where half the ants do nothing but wait to be attacked.
Waste of time and money.
11% of the US budget goes to the military. Imagine what we could do with the $766B+ we spend on what-ifs annually.
Is so much hypothetical security needed?
Blockchain and web3 are similar.
Does your app need permissionless decentralization? Does your scooter-sharing company really need a proof-of-stake system and 1000s of nodes to avoid Russian hackers? Why?
Worst-case scenario? It's not life or death, unless you overstate the what-ifs. Web3 proponents find improbable scenarios to justify decentralization and tokenization.
Do I need a token to prove ownership of my painting? Unless I'm a master thief, I probably bought it.
despite losing the receipt.
I do, however, love Web 3.
Enough Web3 bashing for now. Understand? Decentralization isn't perfect, but it has huge potential when applied to the right problems.
I see many of the right problems as disrupting big tech's ruthless monopolies. I wrote several years ago about how tokenized blockchains could be used to break big tech's stranglehold on platforms, marketplaces, and social media.
Tokenomics schemes can be used for good and are powerful. Here’s how.
Before the ICO boom, I made a series of predictions about blockchain/crypto's future. It's still true.
Here's where I was then and where I see web3 going:
My 11 Big & Bold Predictions for Blockchain
In the near future, people may wear crypto cash rings or bracelets.
While some governments repress cryptocurrency, others will start to embrace it.
Blockchain will fundamentally alter voting and governance, resulting in a more open election process.
Money freedom will lead to a more geographically open world where people will be more able to leave when there is unrest.
Blockchain will make record keeping significantly easier, eliminating the need for a significant portion of government workers whose sole responsibility is paperwork.
Overrated are smart contracts.
6. Tokens will replace company stocks.
7. Blockchain increases real estate's liquidity, value, and volatility.
8. Healthcare may be most affected.
9. Crypto could end privacy and lead to Minority Report.
10. New companies with network effects will displace incumbents.
11. Soon, people will wear rings or bracelets with crypto cash.
Some have already happened, while others are still possible.
Time will tell if they happen.
And finally:
What will web3 be?
Who will be in charge?
Closing remarks
Hope you enjoyed this web3 dive. There's much more to say, but that's for another day.
We're writing history as we go.
Tech regulation, mergers, Bitcoin surge How will history remember us?
What about web3 and blockchain?
Is this a revolution or a tulip craze?
Remember, actions speak louder than words (share them in the comments).
Your turn.
Coinbase
3 years ago
10 Predictions for Web3 and the Cryptoeconomy for 2022
By Surojit Chatterjee, Chief Product Officer
2021 proved to be a breakout year for crypto with BTC price gaining almost 70% yoy, Defi hitting $150B in value locked, and NFTs emerging as a new category. Here’s my view through the crystal ball into 2022 and what it holds for our industry:
1. Eth scalability will improve, but newer L1 chains will see substantial growth — As we welcome the next hundred million users to crypto and Web3, scalability challenges for Eth are likely to grow. I am optimistic about improvements in Eth scalability with the emergence of Eth2 and many L2 rollups. Traction of Solana, Avalanche and other L1 chains shows that we’ll live in a multi-chain world in the future. We’re also going to see newer L1 chains emerge that focus on specific use cases such as gaming or social media.
2. There will be significant usability improvements in L1-L2 bridges — As more L1 networks gain traction and L2s become bigger, our industry will desperately seek improvements in speed and usability of cross-L1 and L1-L2 bridges. We’re likely to see interesting developments in usability of bridges in the coming year.
3. Zero knowledge proof technology will get increased traction — 2021 saw protocols like ZkSync and Starknet beginning to get traction. As L1 chains get clogged with increased usage, ZK-rollup technology will attract both investor and user attention. We’ll see new privacy-centric use cases emerge, including privacy-safe applications, and gaming models that have privacy built into the core. This may also bring in more regulator attention to crypto as KYC/AML could be a real challenge in privacy centric networks.
4. Regulated Defi and emergence of on-chain KYC attestation — Many Defi protocols will embrace regulation and will create separate KYC user pools. Decentralized identity and on-chain KYC attestation services will play key roles in connecting users’ real identity with Defi wallet endpoints. We’ll see more acceptance of ENS type addresses, and new systems from cross chain name resolution will emerge.
5. Institutions will play a much bigger role in Defi participation — Institutions are increasingly interested in participating in Defi. For starters, institutions are attracted to higher than average interest-based returns compared to traditional financial products. Also, cost reduction in providing financial services using Defi opens up interesting opportunities for institutions. However, they are still hesitant to participate in Defi. Institutions want to confirm that they are only transacting with known counterparties that have completed a KYC process. Growth of regulated Defi and on-chain KYC attestation will help institutions gain confidence in Defi.
6. Defi insurance will emerge — As Defi proliferates, it also becomes the target of security hacks. According to London-based firm Elliptic, total value lost by Defi exploits in 2021 totaled over $10B. To protect users from hacks, viable insurance protocols guaranteeing users’ funds against security breaches will emerge in 2022.
7. NFT Based Communities will give material competition to Web 2.0 social networks — NFTs will continue to expand in how they are perceived. We’ll see creator tokens or fan tokens take more of a first class seat. NFTs will become the next evolution of users’ digital identity and passport to the metaverse. Users will come together in small and diverse communities based on types of NFTs they own. User created metaverses will be the future of social networks and will start threatening the advertising driven centralized versions of social networks of today.
8. Brands will start actively participating in the metaverse and NFTs — Many brands are realizing that NFTs are great vehicles for brand marketing and establishing brand loyalty. Coca-Cola, Campbell’s, Dolce & Gabbana and Charmin released NFT collectibles in 2021. Adidas recently launched a new metaverse project with Bored Ape Yacht Club. We’re likely to see more interesting brand marketing initiatives using NFTs. NFTs and the metaverse will become the new Instagram for brands. And just like on Instagram, many brands may start as NFT native. We’ll also see many more celebrities jumping in the bandwagon and using NFTs to enhance their personal brand.
9. Web2 companies will wake up and will try to get into Web3 — We’re already seeing this with Facebook trying to recast itself as a Web3 company. We’re likely to see other big Web2 companies dipping their toes into Web3 and metaverse in 2022. However, many of them are likely to create centralized and closed network versions of the metaverse.
10. Time for DAO 2.0 — We’ll see DAOs become more mature and mainstream. More people will join DAOs, prompting a change in definition of employment — never receiving a formal offer letter, accepting tokens instead of or along with fixed salaries, and working in multiple DAO projects at the same time. DAOs will also confront new challenges in terms of figuring out how to do M&A, run payroll and benefits, and coordinate activities in larger and larger organizations. We’ll see a plethora of tools emerge to help DAOs execute with efficiency. Many DAOs will also figure out how to interact with traditional Web2 companies. We’re likely to see regulators taking more interest in DAOs and make an attempt to educate themselves on how DAOs work.
Thanks to our customers and the ecosystem for an incredible 2021. Looking forward to another year of building the foundations for Web3. Wagmi.
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Vishal Chawla
3 years ago
5 Bored Apes borrowed to claim $1.1 million in APE tokens
Takeaway
Unknown user took advantage of the ApeCoin airdrop to earn $1.1 million.
He used a flash loan to borrow five BAYC NFTs, claim the airdrop, and repay the NFTs.
Yuga Labs, the creators of BAYC, airdropped ApeCoin (APE) to anyone who owns one of their NFTs yesterday.
For the Bored Ape Yacht Club and Mutant Ape Yacht Club collections, the team allocated 150 million tokens, or 15% of the total ApeCoin supply, worth over $800 million. Each BAYC holder received 10,094 tokens worth $80,000 to $200,000.
But someone managed to claim the airdrop using NFTs they didn't own. They used the airdrop's specific features to carry it out. And it worked, earning them $1.1 million in ApeCoin.
The trick was that the ApeCoin airdrop wasn't based on who owned which Bored Ape at a given time. Instead, anyone with a Bored Ape at the time of the airdrop could claim it. So if you gave someone your Bored Ape and you hadn't claimed your tokens, they could claim them.
The person only needed to get hold of some Bored Apes that hadn't had their tokens claimed to claim the airdrop. They could be returned immediately.
So, what happened?
The person found a vault with five Bored Ape NFTs that hadn't been used to claim the airdrop.
A vault tokenizes an NFT or a group of NFTs. You put a bunch of NFTs in a vault and make a token. This token can then be staked for rewards or sold (representing part of the value of the collection of NFTs). Anyone with enough tokens can exchange them for NFTs.
This vault uses the NFTX protocol. In total, it contained five Bored Apes: #7594, #8214, #9915, #8167, and #4755. Nobody had claimed the airdrop because the NFTs were locked up in the vault and not controlled by anyone.
The person wanted to unlock the NFTs to claim the airdrop but didn't want to buy them outright s o they used a flash loan, a common tool for large DeFi hacks. Flash loans are a low-cost way to borrow large amounts of crypto that are repaid in the same transaction and block (meaning that the funds are never at risk of not being repaid).
With a flash loan of under $300,000 they bought a Bored Ape on NFT marketplace OpenSea. A large amount of the vault's token was then purchased, allowing them to redeem the five NFTs. The NFTs were used to claim the airdrop, before being returned, the tokens sold back, and the loan repaid.
During this process, they claimed 60,564 ApeCoin airdrops. They then sold them on Uniswap for 399 ETH ($1.1 million). Then they returned the Bored Ape NFT used as collateral to the same NFTX vault.
Attack or arbitrage?
However, security firm BlockSecTeam disagreed with many social media commentators. A flaw in the airdrop-claiming mechanism was exploited, it said.
According to BlockSecTeam's analysis, the user took advantage of a "vulnerability" in the airdrop.
"We suspect a hack due to a flaw in the airdrop mechanism. The attacker exploited this vulnerability to profit from the airdrop claim" said BlockSecTeam.
For example, the airdrop could have taken into account how long a person owned the NFT before claiming the reward.
Because Yuga Labs didn't take a snapshot, anyone could buy the NFT in real time and claim it. This is probably why BAYC sales exploded so soon after the airdrop announcement.
Jenn Leach
3 years ago
How Much I Got Paid by YouTube for a 68 Million Views Video
My nameless, faceless channel case study
The Numbers
I anonymize this YouTube channel.
It's in a trendy, crowded niche. Sharing it publicly will likely enhance competition.
I'll still share my dashboard numbers:
A year ago, the video was released.
What I earned
I'll stop stalling. Here's a screenshot of my YouTube statistics page displaying Adsense profits.
YouTube Adsense made me ZERO dollars.
OMG!
How is this possible?
YouTube Adsense can't monetize my niche. This is typical in faceless niches like TikTok's rain videos. If they were started a while ago, I'm sure certain rain accounts are monetized, but not today.
I actually started a soothing sounds faceless YouTube channel. This was another account of mine.
I looped Pexels films for hours. No background music, just wind, rain, etc.
People could watch these videos to relax or get ready for bed. They're ideal for background noise and relaxation.
They're long-lasting, too. It's easy to make a lot from YouTube Adsense if you insert ads.
Anyway, I tried to monetize it and couldn’t. This was about a year ago. That’s why I doubt new accounts in this genre would be able to get approved for ads.
Back to my faceless channel with 68 million views.
I received nothing from YouTube Adsense, but I made money elsewhere.
Getting paid by the gods of affiliate marketing
Place links in the video and other videos on the channel to get money. Visitors that buy through your affiliate link earn you a commission.
This video earned many clicks on my affiliate links.
I linked to a couple of Amazon products, a YouTube creator tool, my kofi link, and my subscribe link.
Sponsorships
Brands pay you to include ads in your videos.
This video led to many sponsorships.
I've done dozens of sponsorship campaigns that paid $40 to $50 for an end screen to $450 for a preroll ad.
Last word
Overall, I made less than $3,000.
If I had time, I'd be more proactive with sponsorships. You can pitch brand sponsorships. This actually works.
I'd do that if I could rewind time.
I still can, but I think the reaction rate would be higher closer to the viral video's premiere date.
Web3Lunch
3 years ago
An employee of OpenSea might get a 40-year prison sentence for insider trading using NFTs.
The space had better days. Those greenish spikes...oh wow, haven't felt that in ages. Cryptocurrencies and NFTs have lost popularity. Google agrees. Both are declining.
As seen below, crypto interest spiked in May because of the Luna fall. NFT interest is similar to early October last year.
This makes me think NFTs are mostly hype and FOMO. No art or community. I've seen enough initiatives to know that communities stick around if they're profitable. Once it starts falling, they move on to the next project. The space has no long-term investments. Flip everything.
OpenSea trading volume has stayed steady for months. May's volume is 1.8 million ETH ($3.3 billion).
Despite this, I think NFTs and crypto will stick around. In bad markets, builders gain most.
Only 4k developers are active on Ethereum blockchain. It's low. A great chance for the space enthusiasts.
An employee of OpenSea might get a 40-year prison sentence for insider trading using NFTs.
Nathaniel Chastian, an OpenSea employee, traded on insider knowledge. He'll serve 40 years for that.
Here's what happened if you're unfamiliar.
OpenSea is a secondary NFT marketplace. Their homepage featured remarkable drops. Whatever gets featured there, NFT prices will rise 5x.
Chastian was at OpenSea. He chose forthcoming NFTs for OpenSeas' webpage.
Using anonymous digital currency wallets and OpenSea accounts, he would buy NFTs before promoting them on the homepage, showcase them, and then sell them for at least 25 times the price he paid.
From June through September 2021, this happened. Later caught, fired. He's charged with wire fraud and money laundering, each carrying a 20-year maximum penalty.
Although web3 space is all about decentralization, a step like this is welcomed since it restores faith in the area. We hope to see more similar examples soon.
Here's the press release.
Understanding smart contracts
@cantino.eth has a Twitter thread on smart contracts. Must-read. Also, he appears educated about the space, so follow him.
