Hive: Truly Understanding What Web 3.0 And Cryptocurrency Is All About

We have to give credit to people on Hive. Overall, I would say that, when it comes to Web 3.0 and cryptocurrency, they are smarter than the average bear. We see all the maximalism on Twitter, much of it rooted in ignorance. It is truly amazing how little people understand about the monetary system, the Internet, and what is taking place.

With Hive it is different. Perhaps it stems from the fact that we have the ability to blog, whereby many knowledgeable people are sharing their views. Within each of these posts, there is the ability to debate and discuss different matters. Depth is something that can be achieved on Hive, unlike Twitter which is a cesspool of just "yelling".

For this reason, when things happen, people on Hive are not surprised.

An example of this is the latest update for Ethereum, called Merge. What happened since that went live? We see articles about how centralized it is. There are fears now that it is reported 80% of blocks were routed by Flashbots.

Then we get these gems.

Is any of this a surprise to anyone on Hive? @theycallmedan was harping on this for at least 2 years. Anyone who listened to his audios or tuned into to CTT was repeatedly exposed to his views on this. Turns out he was 100% correct.

Now we get this gem.

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Spreading Foolishness

The above Tweet shows how little people understand. Notice how over 1,400 people liked it. It is uncertain how many people saw this ignorance yet did not like it.

Here is the core problem? It seems our Tweeter has no idea what Bitcoin is. To make this comparison is rather foolish.

So let us start from the top: what is Bitcoin?

It is a decentralized ledger of financial transactions. Period. The Bitcoin blockchain allows the monitoring of transactions moving from one wallet to another. The miners maintain the database, which is decentralized, to ensure against any double-spend problems. Since it is all transparent, there is no reason to doubt the data. It is updated on all the nodes around the world. These block producers confirm each transaction and share the ledger with all others.

That is the essence of Bitcoin.

So where does the idea of comparing a financial ledger of transactions to Twitter or YouTube enter the picture? This is where the misleading and spreading of ignorance enters the picture.

There are now videos tied to Bitcoin. We do not see microblogging content stored on chain. There is no social media activities tracked on Bitcoin. It is a ledger of financial transactions, nothing more.

Can you see how something is being promoted that simply is not true?

If this person had any concern about accuracy, the comparison would be between Bitcoin and one's Bank of America or Barclay's account. Then we would be dealing with similarities.

Instead, we get what is akin to correlating a Tesla to a petrified tree as opposed to ICE vehicles.

Understanding Web 3.0

The proper Tweet should read like this:

  • You can cancel my Twitter account
  • You can cancel my YouTube account
  • You cannot cancel my Hive account

Why is that?

Because Hive offers the ability to engage in both microblogging and video content creation via one's account. Through Hive's account management system, no individual or company can shut it down.

Hive is a decentralized database of data that extends far beyond financial transactions. Naturally, those are included. We also see social media activities stored on-chain. There is also the ability to build decentralized databases similar to Wikipedia on Hive.

Where is all that on Bitcoin? It does not exist.

Web 3.0 is more than just cryptocurrency and tokenization. This is something that many miss (or do not care about). Taking a Web 2.0 application and adding a token does not make it Web 3.0. The account is still under centralized control plus the data is controlled.

With Hive, we see something completely different. The understanding of Web 3.0 comes from the fact we are all using it. If one is interested in doing some microblogging, he or she can head over to LeoThreads. There is also the ability to Medium style blogging. Of course, if one is interested in an Instagram like experience, Liketu is an option.

Obviously, none of these compare, at this point, with the Web 2.0 version. It is, however, important to note that we have the features available. Now it is a matter of updates, development, and expansion. That is much different than trying to promote the idea of a ledger of financial transactions as Web 3.0.

Getting Things Right

There is enough FUD and lies being spread by the likes of Jamie Dimon. We do not need to compound the problem by doing it within the cryptocurrency community.

Sadly, tribalism got to the point where the biggest enemy to the future of cryptocurrency could be from the people who are involved with it. These infighting and trying to promote one's coin or token above all else is what could be fatal. The maxi mindset causes people like this one on Twitter to promote complete foolishness. Ironic the established system only needs to sit back and watch the activities of the industry sabotage itself.

One can support Bitcoin all he or she wants. However, do not try to make it out to be something that it is not. The utility of blockchains is in the database they offer. With Bitcoin, it is a ledger of financial transactions which means it is rather limited. That does not make it a Ponzi scheme (sorry Jamie) or worthless. In fact, a decentralized ledger outside the control of the banks has great value. Yet it is nothing like a database that houses more than just transactions.

This is in line with the same crap Jack Dorsey pulled with his Web 5.0.

Fortunately, on Hive, the understanding and comprehension level is much greater.


If you found this article informative, please give an upvote and rehive.

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Bang, I did it again... I just rehived your post!
Week 124 of my contest just started...you can now check the winners of the previous week!
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Glad you wrote a piece on this topic. It's like comparing apples with a hammer.. I call it logical types. Apples are one logical type, hammers are another. Thus it makes no sense comparing the two. There's so much confusion and ignorance about this concept in the world, not just on crypto twitter...

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Obviously, none of these compare, at this point, with the Web 2.0 version. It is, however, important to note that we have the features available. Now it is a matter of updates, development, and expansion.

I have to disagree that Hive doesn't "compare". Users can mostly do anything here that they can do on Twitter. The limitations only come if you are an advanced user who is a fan of the bots, manager services, and other things that the average user never bothers with.

This post has been manually curated by the VYB curation project

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Well I would say that the fact that Twitter is a standalone app does separate it from what is on Hive. Threads is still in its infancy and DBuzz is a blog layer app.

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But doesn't the fact that Hive can offer so much more than Twitter make it the better choice?

At least for those who never know if their account will be active from day to day, Hive is obviously a better option - even before they really dig in, and see how awesome it is :)

!PIZZA !ALIVE !LOL

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This is a very elaborate and informative article. Misinformation is the center of communication in the world. That is the tool used most by government to propagate any agenda. The dude on the other hand did justice to the misinformation and is leading to blatant unrelated comparison.

Indeed the right approach would have been rather compare Hive to twitter since both are socail media with one belonging to a censor-proof domain whiles the other can easily be censored. The question i pose to my self on the regular basis is how dow we correct such wrong misinformations moving around about web3?

I believe, we are to use those censorable domains to correct the problem. Thats why i believe so much in @poshtoken initiative of spreading all the activities on hive back to other social media to obtain good PR. Being able to voice your opinion without censorship is worth more than any amount of money.

Great blog over here

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Bitcoin Account?
Don't know how is he relating Bitcoin Account to social media like Twitter, YouTube.

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Me neither. You cannot post and you cannot watch (or upload) videos with a Bitcoin (BTC) account. There would need to be alternative services on blockchain technology to do that. But to replace Twitter and YouTube, Web 3.0 would need to develop and improve a lot. And successful platforms are needed. Something better than Twitter and than YouTube. Currently we are very far from that.

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There are quite a few comparisons people tend to draw in the crypto space that just leave me laughing or scratching my head. The one you mentioned here is definitely one of them. It's interesting how people want BTC to be so much more than it is. I think a lot of it has to do with the maximalist mentality that you mentioned.

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I've come across one on Hive that thinks Hive will never grow beyond its present stage and thinks Bitcoin is the only real cryptocurrency out there, while still here milking the system I often ask myself why don't this person go create content on Bitcoin blockchain for earnings. It is crazy how maximalizm can make one lose sense of reasoning.

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Yeah, that is pretty interesting. Seems a bit duplicitous to me. I personally think it is foolish to expect that one token is going to be the only one that survives. Taskmaster makes some really good arguments for the tokenization of everything.

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!PGM
!PIZZA

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So where does the idea of comparing a financial ledger of transactions to Twitter or YouTube enter the picture?

We do not see microblogging content stored on chain. There is no social media activities tracked on Bitcoin. It is a ledger of financial transactions, nothing more.

If social media influencer can make such a blunder, it is no longer surprising to see such mistake among ordinary people who are not trained to think taking such type of distinction into consideration.

!PIZZA

!CTP

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We learn for free on Hive for what we could have paid for those lessons elsewhere which is another benefit of being on Hive.

It is vital to understand each blockchain characteristics and what is capable of doing and can't.

Sadly, tribalism got to the point where the biggest enemy to the future of cryptocurrency could be from the people who are involved with it.

This is what I see within the crypto space, the intentions are narrow minded, there's no genuine interest for decentralized blockchain to disrupt the unfavorable centralization systems.
People forget at the end of the day we we fail to make cryptocurrency work in the favor of humanity we will all go back to the miserable system we are sick and tired of.

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I am not sure it is free. We do have to put in time and we heave experience that is costly. It might not be monetary but it is there.

The School of Hard Knocks has a price with it.

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I think "bitcoin account" is not the right comparison, but this tweet if worded properly could turn out to be a good Hive ad. I also think that tribalism is somthing inevitable. And tribalism has no cure, it can temporarily be controlled but can't be stopped.

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I only dislike that my participation in receiving created Hive can be zeroed out by someone with a greater amount of Hive stake. Money can be mixed with my time to get a much better ROI than just passive investing. Except for Bitcoin in the first ten years. I'm just not that productive. 🤷‍♀

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#Hive is a few steps ahead of other social networks so if you want to invest in a project that generates profits in the present and more with a view to the future #Hive represents that opportunity

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The tribalism is really bad but it's true that they only have control over the centralized platforms. I agree with the third statement about Hive because there is only so much you can do with BTC and the fees would be huge if it could do more.

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Es verdad pero sería mejor la comparación con "Mi billetera de bitcoin".

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