Cautionary Tales from Cryptoland

Who is web3 for? • Robin Rendle

Thoughts from Robin, prompted by the Web History podcast I’m narrating and the other Robin’s notes on web3 that I linked to:

Who is the web for? Everyone, everywhere, and not only the few with a financial stake in it. It’s still this enormously beautiful thing that has so much potential.

But web3? That’s just not it, man.

Exactly! The blinkered web3 viewpoint is a classic example of this fallacious logic (also, as Robin points out, exemplified by AMP):

1. Something must be done!
2. This (terrible idea) is something.
3. Something has been done.

Cryptocurrency is an abject disaster

Cosigned.

Cryptocurrency is one of the worst inventions of the 21st century. I am ashamed to share an industry with this exploitative grift. It has failed to be a useful currency, invented a new class of internet abuse, further enriched the rich, wasted staggering amounts of electricity, hastened climate change, ruined hundreds of otherwise promising projects, provided a climate for hundreds of scams to flourish, created shortages and price hikes for consumer hardware, and injected perverse incentives into technology everywhere. Fuck cryptocurrency.

Norton

It me.

Occasionally, I wonder whether I’ve got it all wrong. Is my age, my technical unsophistication, or my fond remembrance of an internet unencumbered by commerce blinding me to the opportunities that crypto offers me? But then I read something terrible and I recant my doubts, meditate for a while and get on with my life.

Blockchain-based systems are not what they say they are

Blockchain technologies have somehow managed to land in the worst of both worlds—decentralized but not really, immutable but not really.

A great analysis of the system of smoke and mirrors that constitutes so-called web3:

Instead of being at the mercy of the “big tech” companies like Amazon and Google that monopolize the traditional way of doing things on the web, you are now at the mercy of a few other tech companies that are rapidly monopolizing the blockchain way of doing things.

Crypto: the good, the bad and the ugly | Seldo.com

A very even-handed and level-headed assessment by Laurie, who has far more patience than me when it comes to this shit.